L2 Trend Upper Chart Label For ThinkOrSwim

[Aktion]

This Indicator Tracks the L2 and shows its trending directions. In addition a ATR Strength label to track as well.

Scalping / very fast
input sampleSeconds = 3;
input fastLength = 2;
input slowLength = 6;
input atrLength = 10;
input atrMultiplier = 0.03;

Balanced day trading
input sampleSeconds = 5;
input fastLength = 3;
input slowLength = 9;
input atrLength = 14;
input atrMultiplier = 0.05;

Cleaner signals / less noise
input sampleSeconds = 10;
input fastLength = 5;
input slowLength = 13;
input atrLength = 21;
input atrMultiplier = 0.07;

For SPY / QQQ options intraday
Use this as your starting point:
input sampleSeconds = 5;
input fastLength = 3;
input slowLength = 8;
input atrLength = 14;
input atrMultiplier = 0.04;

For 1–2 minute charts, use atrMultiplier 0.03–0.05.
For 5 minute charts, use 0.05–0.08.
For choppy markets, raise the multiplier.
For early morning momentum, lower it slightly.

# Smart Reversal Trend Label
# Dynamic ATR-Based Strength
# No BID/ASK dependency

input sampleSeconds = 3;
input fastLength = 3;
input slowLength = 8;

# ATR settings
input atrLength = 14;
input atrMultiplier = 0.05;

def price = close;

# Simulated 3-second sampling
def bucket = Floor(GetTime() / (sampleSeconds * 1000));
def newSample = bucket != bucket[1];

# Fast EMA
rec fastEMA =
    if IsNaN(fastEMA[1]) then price
    else if newSample then
        ExpAverage(price, fastLength)
    else fastEMA[1];

# Slow EMA
rec slowEMA =
    if IsNaN(slowEMA[1]) then price
    else if newSample then
        ExpAverage(price, slowLength)
    else slowEMA[1];

# Trend score
def trend = fastEMA - slowEMA;

# Momentum acceleration
def momentum = trend - trend[1];

# ATR-based adaptive threshold
def atr = Average(TrueRange(high, close, low), atrLength);
def dynamicStrength = atr * atrMultiplier;

# Trend conditions
def trendUp = trend > dynamicStrength;
def trendDown = trend < -dynamicStrength;

# Reversal conditions
def reversingUp =
    trendDown[1] and momentum > 0;

def reversingDown =
    trendUp[1] and momentum < 0;

# Labels
# Optional debug label
AddLabel(
    yes,
    "ATR Strength: " + Round(dynamicStrength, 3),
    Color.LIGHT_GRAY
);

AddLabel(
    yes,

    if reversingUp then
        "REV UP ▲ " + Round(price, 2)

    else if reversingDown then
        "REV DN ▼ " + Round(price, 2)

    else if trendUp then
        "TREND UP ▲ " + Round(price, 2)

    else if trendDown then
        "TREND DN ▼ " + Round(price, 2)

    else
        "FLAT → " + Round(price, 2),

    if reversingUp then Color.CYAN
    else if reversingDown then Color.MAGENTA
    else if trendUp then Color.GREEN
    else if trendDown then Color.RED
    else Color.YELLOW
);