Indicator that Ignores the Wicks.

[BrokeTeacher]

Good afternoon. I am trying to find a custom indicator/study for ToS that only tracks a stock's main body, top or bottom, ignoring the wicks. The scenario I am trying to avoid: I custom short a stock that buys when the close crosses above the high of the previous bar. The main body of the current bar stays below the high of the previous bar, but a wicks pops up and causes the buy to occur. Here is an illustration from today's trade (www.screencast.com/t/3khvLCX7h1)... lost out on a big drop due to that wick. I would greatly appreciate help finding a solution. Thank you for reading!

 

[halcyonguy]

Good afternoon. I am trying to find a custom indicator/study for ToS that only tracks a stock's main body, top or bottom, ignoring the wicks. The scenario I am trying to avoid: I custom short a stock that buys when the close crosses above the high of the previous bar. The main body of the current bar stays below the high of the previous bar, but a wicks pops up and causes the buy to occur. Here is an illustration from today's trade (www.screencast.com/t/3khvLCX7h1)... lost out on a big drop due to that wick. I would greatly appreciate help finding a solution. Thank you for reading!

something like this ?
it compares the body top to previous body top. ( and bottoms)

# prev_body_hi_0

# https://usethinkscript.com/threads/indicator-that-ignores-the-wicks.12754/
input candle_levels = { "wick" , default "body" };
def highx;
def lowx;
switch (candle_levels) {
case "wick":
    highx = high;
    lowx = low;
case "body":
    highx = Max( open, close);
    lowx = Min( open, close);
}


def hihi = (close crosses above highx[1]);
def lolo = (close crosses below lowx[1]);

plot u = hihi;
u.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
u.SetDefaultColor(Color.green);

plot d = lolo;
d.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
d.SetDefaultColor(Color.red);
#

 

[BrokeTeacher]

Thank you for the quick response, Halcyonguy! This looks cool on the ToS main chart, but when I try to make it a study I can use for custom buying/selling, within the Thinkscript Editor, it is rejected. Should I be only copying a section of it (I have tried some variations)? Thank you for your time & assistance.

 

[halcyonguy]

Thank you for the quick response, Halcyonguy! This looks cool on the ToS main chart, but when I try to make it a study I can use for custom buying/selling, within the Thinkscript Editor, it is rejected. Should I be only copying a section of it (I have tried some variations)? Thank you for your time & assistance.

i'm not sure what section of TOS you are trying to apply a study...
are you trying to apply a study as a rule in an order?

i'll make some guesses, but will request someone else answer this.

i'm guessing it needs to be changed so that the plot formula is true or false?

plot hihi = (close crosses above Max( open[1], close[1] );

or maybe plot isn't needed?

 (close crosses above Max( open[1], close[1] );

 

[BrokeTeacher]

Thank you again, halcyonguy! I apologize if I was not clear. I want to use this indicator for two purposes:

1) When I create an order, I want to make this one of the Conditions (clicking on the gear icon to the right of the order, then choosing "Condition"), specifically a study I can insert as a condition that must be met to buy or sell.

2) A scan indicator I can use, so I am alerted when the body of a bar, not a wick, has moved in a certain direction.

Thank you again for your time and assistance.