Keltner Channel Strategy - Need help Coding

[Lone Wolf]

Hi,

Does anybody know if I can scan using TOS for stocks where the body of the candle is COMPLETELY above or below the upper/lower Keltner Channel (using length 20, and 2.25 ATR)?

I see there are criteria for Bollinger bands there, but I am looking to scan for stocks where the body is completely outside the Keltner channel.

Let me know.

Thanks!

 

[halcyonguy]

This should be easy for you all but I am having a hard to doing this. I want to show the column to show a 1 if both of the last 2 bars have closed above the Keltner Channel. Of course the same with below but that's just the opposite. Here is what I have. The issue is that it is still sometimes showing a 1 when clearly the last 2 bars are not above the band.

close from 2 bars ago is greater than KeltnerChannels("factor" = 2.0)."Upper_Band" and close from 1 bars ago is greater than KeltnerChannels("factor" = 2.0)."Upper_Band"

you are comparing close from a previous bar to the current bar of keltner price.
i would set 2 variables, to close and keltner. then reference them with offsets ( [1] and [2] ) in another formula.

 

[chrislid33]

you are comparing close from a previous bar to the current bar of keltner price.
i would set 2 variables, to close and keltner. then reference them with offsets ( [1] and [2] ) in another formula.

I thought two bars ago and one bars ago were not the current bar? I thought my code was basically saying if one bar ago and two bars ago are both above KC upper band then show 1 and if not 0. It seems to work in most cases but not all.

 

[halcyonguy]

I thought two bars ago and one bars ago were not the current bar?

correct
the 1 bar ago and 2 bars ago , only apply to close, not to keltner.
do you want to compare the value of keltner on the current bar, to previous bars of close ?
i would think you would want to compare close and keltner from the same bar.

here is an equivalent code.
see how keltner is read from the current bar, not a previous one.
is this what you intended?

def cls1 = close from 1 bars ago;
def cls2 = close from 2 bars ago;
def k = KeltnerChannels("factor" = 2.0)."Upper_Band";
def z = (cls2 > k and cls1 > k);

i don't use words. i would write the formulas this way.

def cls0 = close;
def cls1 = cls0[1];
def cls2 = cls0[2];

 

[chrislid33]

Thanks guys but it says I need at least one plot with the code above.

 

[halcyonguy]

Thanks guys but it says I need at least one plot with the code above.

they were just code examples.
change
def z= ...
to
plot z = ...
to produce a true/false output.

 

[chrislid33]

Thanks. Just made the change and same issue. I don't know how to include a screenshot to show but USD/CHF is showing a 1 and it's clearly not above the upper Keltner Channel band. Everything lines up, 15min timeframe on code and chart, factor of 2 lines up, I don't know what is going on. I've seen others include screenshots, maybe if someone can help me figure out how to include a screenshot it may make it easier.

 

[halcyonguy]

Thanks. Just made the change and same issue. I don't know how to include a screenshot to show but USD/CHF is showing a 1 and it's clearly not above the upper Keltner Channel band. Everything lines up, 15min timeframe on code and chart, factor of 2 lines up, I don't know what is going on. I've seen others include screenshots, maybe if someone can help me figure out how to include a screenshot it may make it easier.

reread post 4
i think you are missing what i am saying.

do you want to compare the value of keltner from the current bar, OR the same offset used on close?

i would think you would want to compare a keltner value from the same bar as close, a previous bar.

# this version adds an offset to the keltner variable, so the data comes from the same bar as the close data.
def cls = close;
def k = KeltnerChannels("factor" = 2.0)."Upper_Band";
plot z = (cls[2] > k[2] and cls[1] > k[1]);

post images
thinkscript heading
questions
5th post at top, in tan area.
https://usethinkscript.com/threads/how-to-insert-image-in-a-post-thread.277/

 

[chrislid33]

Thank you. Nothing is above the KC band right now so I'll wait to see if this works. But essentially what I am trying to do is check 2 bars ago and compare the close of that bar to the KC band at that time as well as look at last bar's close and compare that to the KC upper band at that same bar. In other words, is the close of the bar above the KC band at each of those two points in time.

 

[halcyonguy]

... compare the close of a past bar to the KC band on the same past bar...

that what i thought you meant, close and keltner data come from the same bar.
your code in post #1 does not have an offset for keltner, so it is from a different bar.

 

[chrislid33]

Gotcha, thanks! The new code you provided does appear to work as intended. Thank you so much!

 

[chrislid33]

Oh one more question....right now it just shows 0 or 1, how can I have it not show numbers and just colors? green if it would have been a 1 or and red if it were to say 0

 

[halcyonguy]

Oh one more question....right now it just shows 0 or 1, how can I have it not show numbers and just colors? green if it would have been a 1 or and red if it were to say 0

column study, with just a colored cell

# column study
def cls = close; 
def k = KeltnerChannels("factor" = 2.0)."Upper_Band"; 
def z = (cls[2] > k[2] and cls[1] > k[1]);

# if you want to display a value
#addlabel(1, ",z= " + z, color.yellow);

assignbackgroundcolor( if z == 1 then color.green else color.red) );

 

[jake438899]

@Lone Wolf Here you go:

# KeltnerChannels
# TD Ameritrade IP Company, Inc. (c) 2007-2020
# Modified by BenTen at UseThinkScript.com
# Added paintbars

declare weak_volume_dependency;

input displace = 0;
input factor = 1.5;
input length = 20;
input price = close;
input averageType = AverageType.SIMPLE;
input trueRangeAverageType = AverageType.SIMPLE;

def shift = factor * MovingAverage(trueRangeAverageType, TrueRange(high, close, low), length);

def average = MovingAverage(averageType, price, length);

plot Avg = average[-displace];
Avg.SetDefaultColor(GetColor(1));

plot Upper_Band = average[-displace] + shift[-displace];
Upper_Band.SetDefaultColor(GetColor(8));

plot Lower_Band = average[-displace] - shift[-displace];
Lower_Band.SetDefaultColor(GetColor(5));

AssignPriceColor(if close > Upper_Band then color.green else if close < Lower_Band then color.red else color.white);

Hey ben, Is there a way I can turn this to a label where the label will only display Upper Range : (Value) Lower Range: (Value)

 

[MerryDay]

Hey ben, Is there a way I can turn this to a label where the label will only display Upper Range : (Value) Lower Range: (Value)

This script is for the label only.

# KeltnerChannels
# TD Ameritrade IP Company, Inc. (c) 2007-2020
# Modified by BenTen at UseThinkScript.com
# Added paintbars

declare weak_volume_dependency;

input displace = 0;
input factor = 1.5;
input length = 20;
input price = close;
input averageType = AverageType.SIMPLE;
input trueRangeAverageType = AverageType.SIMPLE;

def shift = factor * MovingAverage(trueRangeAverageType, TrueRange(high, close, low), length);

def average = MovingAverage(averageType, price, length);
def Avg = average[-displace];
def Upper_Band = average[-displace] + shift[-displace];
def Lower_Band = average[-displace] - shift[-displace];
AddLabel(yes,
"Keltner Upper: " +round(Upper_Band,2) +" | "+
"Keltner Lower: " +round(Lower_Band,2) , color.blue);

 

[rta]

Sorry guys,
problem solved.
Thanks

 

[Lone Wolf]

Hello,

I have not used my TOS platform in a few years and forgot most of its functionality. Any input on how to create this scanner would be greatly appreciated.

I am looking to create a scan to look for stocks with the following conditions.

1. The stock made a new all-time high within the last 30 - 90 days ( the days I can adjust but just looking here for a starting point. This may be more or less depending on what I see).
2. The stock is currently trading below its new all-time high (pulling back) but not too far off.

A picture is worth a thousand words so I will just show you approximately how to quantify a setup like this (see image below). I am basically trying to find pullback-type setups. Stock has recently made a new high and currently pulling back to about the 50% ish level from the most recent upswing.

The picture below is like textbook what I'm looking for, but really just looking for a scan to get to set ups that more or less look something like this. From there I will discreditably choose if I like the set up, but just looking for a start.

Thanks in advance!

 

[BenTen]

Start with this simple search page https://usethinkscript.com/google-search/?q=new+all-time+high

Look through the results, find the "new all-time high" indicator that you're referring to, and create a scanner based on it.

 

[Lone Wolf]

Start with this simple search page https://usethinkscript.com/google-search/?q=new+all-time+high

Look through the results, find the "new all-time high" indicator that you're referring to, and create a scanner based on it.

BenTen, do you know how I would be able to create this strategy on TOS? I am trying to create a backtest for this in TOS.

 

[Lone Wolf]

Rules for buy entries

1. Price closes above the upper Keltner channel
2. Following the price close above the upper channel, buy when price crosses back below the upper channel, and the closing bar is equal to or below the value of the prior periods moving average value.
3. Exit at the most recent pivot high.

Keltner Channel settings: 2.25, 20pd, exponential.

Also looking to test exits of 1,5,10, and 20 days after entry.


Sell signals would just be the opposite.

See the picture below.

1. Price closes above the upper channel
2. Following that, entering when price closes at or below the previous day's moving average value.
3. Exit at the most recent swing high that set up the trade. Somewhere around the #3 area on the chart.

Thanks!

 

[halcyonguy]

Rules for buy entries

1. price closes about the upper keltner channel
2. Following the close of the upper channel, buy when price crosses back below the upper channel, and is equal to or below the value of the prior periods moving average value.
3. Exit 10 days after entry

Also looking to test exits of 1,5,10, and 20 days after entry.

Sell signals would just be the opposite.

Thanks!

can you edit your post and rewrite your rules to clarify a few things.

what does closes about mean?
...price closes about the


what does this mean? upper channel is a line. there is no close.
...Following the close of the upper channel,


... buy when price crosses back below the upper channel,


not sure on this, what is prior period?
and is equal to or below the value of the prior periods moving average value.