Inventory Retracement Bar (IRB) Indicator for ThinkorSwim

[henry1224]

I modified it further as I mentioned above.

# Inventory Retracement Bar
# Originally Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/VNByUGpE-Rob-Hoffman-s-Inventory-Retracement-Bar-by-UCSgears/
# Inventory Retracement Bar and inverse IRB as modified by the_yeti
# Modified further to show only buy/sell signals by theLEMband


input z = 45;

def r = AbsValue(high - low);
def b = AbsValue(close - open);
def c = z / 100;

def IRB = Min(close, open) > ((r * c) + low);
def revIRB = Max(close, open) < high - ((r * c));

plot IRBUpTrend = if IRB[1] and high > close[1] and close[1] > open[1] then low - TickSize() * 2 else Double.NaN;
IRBUpTrend.SetPaintingStrategy(PaintingStrategy.TRIANGLES);
IRBUpTrend.SetDefaultColor(Color.GREEN);
IRBUpTrend.SetLineWeight(3);

plot InvIRBUpTrend = if revIRB[1] and high > close[1] and close[1] > open[1] then low - TickSize() * 2 else Double.NaN;
InvIRBUpTrend.SetPaintingStrategy(PaintingStrategy.SQUARES);
InvIRBUpTrend.SetDefaultColor(Color.GREEN);
InvIRBUpTrend.setLineWeight(3);

plot IRBDownTrend = if IRB[1] and low < close[1] and close[1] < open[1] then high + TickSize() * 2 else Double.NaN;
#plot IRBDownTrend = if IRB and close < regime then high + TickSize() * 2 else Double.NaN;
IRBDownTrend.SetPaintingStrategy(PaintingStrategy.TRIANGLES);
IRBDownTrend.SetDefaultColor(Color.MAGENTA);
IRBDownTrend.SetLineWeight(3);

plot InvIRBDownTrend = if revIRB[1] and low < close[1] and close[1] < open[1] then high + TickSize() * 2 else Double.NaN;
InvIRBDownTrend.SetPaintingStrategy(PaintingStrategy.SQUARES);
InvIRBDownTrend.SetDefaultColor(Color.MAGENTA);
InvIRBDownTrend.SetLineWeight(3);

Here is the MTF Version

# Inventory Retracement Bar
# Originally Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/VNByUGpE-Rob-Hoffman-s-Inventory-Retracement-Bar-by-UCSgears/
# Inventory Retracement Bar and inverse IRB as modified by the_yeti
# Modified further to show only buy/sell signals by theLEMband

input agg1 = AggregationPeriod.FIVE_MIN;
input z = 45;
def O = Open(Period = AGG1);
def C = Close(Period =AGG1);
def H = High(Period = AGG1);
def L = Low(Period =AGG1);

def r = AbsValue(H-L);
def b = AbsValue(C-O);
def d = z / 100;

def IRB = Min(C, O) > ((r * d) + L);
def revIRB = Max(C, O) < H - ((r * d));

plot IRBUpTrend = if IRB[1] and H > C[1] and C[1] > O[1] then L - TickSize() * 2 else Double.NaN;
IRBUpTrend.SetPaintingStrategy(PaintingStrategy.TRIANGLES);
IRBUpTrend.SetDefaultColor(Color.GREEN);
IRBUpTrend.SetLineWeight(3);

plot InvIRBUpTrend = if revIRB[1] and H > C[1] and C[1] > O[1] then L - TickSize() * 2 else Double.NaN;
InvIRBUpTrend.SetPaintingStrategy(PaintingStrategy.SQUARES);
InvIRBUpTrend.SetDefaultColor(Color.GREEN);
InvIRBUpTrend.setLineWeight(3);

plot IRBDownTrend = if IRB[1] and L < C[1] and C[1] < O[1] then H + TickSize() * 2 else Double.NaN;
IRBDownTrend.SetPaintingStrategy(PaintingStrategy.TRIANGLES);
IRBDownTrend.SetDefaultColor(Color.MAGENTA);
IRBDownTrend.SetLineWeight(3);

plot InvIRBDownTrend = if revIRB[1] and L < C[1] and C[1] < O[1] then H + TickSize() * 2 else Double.NaN;
InvIRBDownTrend.SetPaintingStrategy(PaintingStrategy.SQUARES);
InvIRBDownTrend.SetDefaultColor(Color.MAGENTA);
InvIRBDownTrend.SetLineWeight(3);

 

[3AMBH]

Hoffman Trading Strategy​

 

[JP782]

Check your math on the indicators... something isnt right. I loaded both versions I have and they do not match Hoffmans chart in his vid. I used OnDemand went back to June 3 2021 as dated on the SPY Daily chart he uses and the alerts over the bars(that do match so chart is the same on that front) do not match... and I also checked tradingview one by UCGears, that doesnt match either