LBR Indicator Label, Watchlist, Scan For ThinkOrSwim

[MBF]

Raschke's LBR 3 10 Oscillator is similar to the MACD indicator but uses simple moving averages instead of exponential ones.

It calculates the difference between fast and slow (3 and 10 bar) simple moving averages, then adds a 16 bar simple moving average of the difference. The input for the oscillator comes from the Closes during the lookback period.

The LBR 3 10 Oscillator can be combined with higher timeframe trend filters, statistical tools, and range/volume analysis for enhanced trading insights.

Here is my final chart setup based one of Linda Raschke's strategy..
I requested signals for the LBR 3/10 crossing above the slow 16. @tomsk's script below provided the triggers.

 

[tomsk]

Now that it's clear what LBR stands for, I Googled "Linda Radschke Three Ten Oscillator" and found quite a number of hits. Hence it must be a trading system of some sort. Looking at the TOS version of this oscillator, there are essentially 4 plots.

The FastLine is calculated based on the DIFFERENCE between SMA(3) and SMA(10) which is based on PRICE
The SlowLine is the SMA(16) of the FastLine
The Hist is the histogram version of the FastLine - essentially it displays the exact same values as the FastLine
The ZeroLine is self explanatory

Usually when we look at moving averages, it is based on price. Here we have a very different situation. The FastLine is not based on price alone per se but is derived from the difference between SMA(3) and SMA(10). The SlowLine is not based on price, but is the SMA(16) of the computation of FastLine

My belief is that it is important to have clarity because this might be the cause of confusion as to what @MBF mentioned earlier. Now we have a clear relationship between what the SMA(3), SMA(10) and the SMA(16) are truly measuring. For all intents and purposes we can ignore the histogram, so all we're left with are the FastLine and the SlowLine plots. Perhaps one simple way to look at this is just to look at the crossover of these two plots

Hope this helps clear up some of the confusion

Here then is the study based on crossUp as requested by @MBF earlier, if my interpretation is correct. The user interface can be used to select cross down signals, just whatever style you prefer

I have tested this, ready to go out of the box.

# LBR Three Ten Signal Arrows
# tomsk
# 12.11.2019

# Displays signals when the FastLine crosses the SlowLine.
# Configure your preferences to display CrossUp/CrossDn signals

input showCrossUp = yes;
input showCrossDn = no;
input price = close;
input calculationMode = {default Normal, Alternate};

def FastLine;
switch (calculationMode) {
case Normal:
    FastLine = Average(price, 3) - Average(price, 10);
case Alternate:
    FastLine = Average(price - Average(price[3], 3), 2);
}
def SlowLine = Average(FastLine, 16);

plot crossUp = if showCrossUp and FastLine crosses above SlowLine then 0.995 * close else Double.NaN;
crossUp.SetpaintingStrategy(PaintingStrategy.ARROW_UP);
crossUp.SetDefaultColor(Color.YELLOW);
crossUp.SetLineWeight(4);

plot crossDn = if showCrossDn and FastLine crosses below SlowLine then 1.005 * close else Double.NaN;
crossDn.SetpaintingStrategy(PaintingStrategy.ARROW_DOWN);
crossDn.SetDefaultColor(Color.CYAN);
crossDn.SetLineWeight(4);
# End LBR Three Ten Signal Arrows

 

[MBF]

@tomsk Thank you! I will use this tonight on demand. Had a great day today. Im suspect everyone did.

 

[Sully]

This is very useful! Is it possible to move the arrows to give a little space between the high or low of the price bar?

 

[tomsk]

This is very useful! Is it possible to move the arrows to give a little space between the high or low of the price bar?

@Sully Absolutely, here is version 1.1 of the code with the adjusted arrows as requested

# LBR Three Ten Signal Arrows
# tomsk
# 12.14.2019

# V1.0 - 12.11.2019 - tomsk - Initial release of LBR Three Ten Signal Arrows
# V1.1 - 12.14.2019 - tomsk - Adjusted buy/sell arrows to display outside daily range

# Displays signals when the FastLine crosses the SlowLine.
# Configure your preferences to display CrossUp/CrossDn signals

input showCrossUp = yes;
input showCrossDn = no;
input price = close;
input calculationMode = {default Normal, Alternate};

def FastLine;
switch (calculationMode) {
case Normal:
    FastLine = Average(price, 3) - Average(price, 10);
case Alternate:
    FastLine = Average(price - Average(price[3], 3), 2);
}
def SlowLine = Average(FastLine, 16);

plot crossUp = if showCrossUp and FastLine crosses above SlowLine then 0.998 * low else Double.NaN;
crossUp.SetpaintingStrategy(PaintingStrategy.ARROW_UP);
crossUp.SetDefaultColor(Color.YELLOW);
crossUp.SetLineWeight(4);

plot crossDn = if showCrossDn and FastLine crosses below SlowLine then 1.002 * high else Double.NaN;
crossDn.SetpaintingStrategy(PaintingStrategy.ARROW_DOWN);
crossDn.SetDefaultColor(Color.CYAN);
crossDn.SetLineWeight(4);
# End LBR Three Ten Signal Arrows

 

[markos]

@MBF Here is a Watchlist Column for you to load & try out. I think it looks good. Many thanks to our friend, Paris!
You can put the "LBR Three Ten Signal Arrows" study on an upper that @tomsk created.

# LBR Three Ten Watchlist Xup-Xdn
# Paris
# 12.19.2019
# Based on initial work by tomsk/markos, December 2019
# Watchlist column to display crossUp/Dn signals of FastLine over or under SlowLine
#
# Ordinarily I like one single marketwatch column to display a single condition
# Suggest that you implement the crossUp/Dn via a single column instead of two
# You can achieve this via different colors.


input price = close;
input calculationMode = {default Normal, Alternate};

def FastLine;
switch (calculationMode) {
case Normal:
    FastLine = Average(price, 3) - Average(price, 10);
case Alternate:
    FastLine = Average(price - Average(price[3], 3), 2);
}

def SlowLine = Average(FastLine, 16);
def crossUp = CompoundValue(1, FastLine crosses above SlowLine, 0);
def crossDn = CompoundValue(1, FastLine crosses below SlowLine, 0);

AddLabel(1, if crossUp then "XUP" else if crossDn then "XDN" else "", Color.BLACK);
AssignBackgroundColor(if crossUp then Color.CYAN
                      else if crossDn then Color.YELLOW
                      else Color.BLACK);
# End Code

 

[MBF]

@markos THAT is remarkable! Thank you SOOOO much Markos! I know you've been working hard on this and I can't tell you how much I appreciate this. I really love this indicator and its great for day trading and scalping along with Lag/TMO and @tomsk 's Indi. Oh and I love Paris!

 

[J007RMC]

@Sully Absolutely, here is version 1.1 of the code with the adjusted arrows as requested

# LBR Three Ten Signal Arrows
# tomsk
# 12.14.2019

# V1.0 - 12.11.2019 - tomsk - Initial release of LBR Three Ten Signal Arrows
# V1.1 - 12.14.2019 - tomsk - Adjusted buy/sell arrows to display outside daily range

# Displays signals when the FastLine crosses the SlowLine.
# Configure your preferences to display CrossUp/CrossDn signals

input showCrossUp = yes;
input showCrossDn = no;
input price = close;
input calculationMode = {default Normal, Alternate};

def FastLine;
switch (calculationMode) {
case Normal:
    FastLine = Average(price, 3) - Average(price, 10);
case Alternate:
    FastLine = Average(price - Average(price[3], 3), 2);
}
def SlowLine = Average(FastLine, 16);

plot crossUp = if showCrossUp and FastLine crosses above SlowLine then 0.998 * low else Double.NaN;
crossUp.SetpaintingStrategy(PaintingStrategy.ARROW_UP);
crossUp.SetDefaultColor(Color.YELLOW);
crossUp.SetLineWeight(4);

plot crossDn = if showCrossDn and FastLine crosses below SlowLine then 1.002 * high else Double.NaN;
crossDn.SetpaintingStrategy(PaintingStrategy.ARROW_DOWN);
crossDn.SetDefaultColor(Color.CYAN);
crossDn.SetLineWeight(4);
# End LBR Three Ten Signal Arrows

FANTASTIC thank you

@MBF Here is a Watchlist Column for you to load & try out. I think it looks good. Many thanks to our friend, Paris!
You can put the "LBR Three Ten Signal Arrows" study on an upper that @tomsk created.

# LBR Three Ten Watchlist Xup-Xdn
# Paris
# 12.19.2019
# Based on initial work by tomsk/markos, December 2019
# Watchlist column to display crossUp/Dn signals of FastLine over or under SlowLine
#
# Ordinarily I like one single marketwatch column to display a single condition
# Suggest that you implement the crossUp/Dn via a single column instead of two
# You can achieve this via different colors.


input price = close;
input calculationMode = {default Normal, Alternate};

def FastLine;
switch (calculationMode) {
case Normal:
    FastLine = Average(price, 3) - Average(price, 10);
case Alternate:
    FastLine = Average(price - Average(price[3], 3), 2);
}

def SlowLine = Average(FastLine, 16);
def crossUp = CompoundValue(1, FastLine crosses above SlowLine, 0);
def crossDn = CompoundValue(1, FastLine crosses below SlowLine, 0);

AddLabel(1, if crossUp then "XUP" else if crossDn then "XDN" else "", Color.BLACK);
AssignBackgroundColor(if crossUp then Color.CYAN
                      else if crossDn then Color.YELLOW
                      else Color.BLACK);
# End Code

FANTASTIC thank you

 

[stocksniper]

Can anyone make the LBR script paint the chart candles green on the cross up and red on the cross down. Thanks in advanced!

 

[MerryDay]

Can anyone make the LBR script paint the chart candles green on the cross up and red on the cross down. Thanks in advanced!

Add this to the bottom of your study:

AssignPriceColor(if hist crosses above 0 then color.green else
                 if hist crosses below 0 then color.red   else color.gray);

 

[8t8]

I am 15% fundamental analyst, 85% technical analyst.

The balance swings more to the technical side every day, and I am looking forward to getting a better handle on some of these crazy tech indicators.

For the past couple weeks, I've been using:

• a Heiken Ashi chart https://usethinkscript.com/threads/use-of-heiken-ashi-candles-in-thinkorswim.19049/
• with the LBR 3-10 Histogram https://toslc.thinkorswim.com/cente...rs/studies-library/G-L/LBR-ThreeTenOscillator

shared chart link: http://tos.mx/!XQe9bjbU Click here for --> Easiest way to load shared links

I am finding that if you use the first histo bar off a low for a buy on a swing trade, LBR will get you in about as close to the bottom as you can expect: same if you use the first down histo bar off the high for a sell.

There are two versions of the LBR 3-10 histo, the "normal" and "alternate" calculations in the indicator settings.

The "alternate" calculation gives you a more articulated differential for the heights of the histo bars, and actually fires the first reversal bar a candlestick earlier than the normal version.

 

[xasthur]

I am 15% fundamental analyst, 85% technical analyst. The balance swings more to the technical side every day, and I am looking forward to getting a better handle on some of these crazy tech indicators.

For the past couple weeks, I've been using a Heiken Ashi chart, mostly daily, with the LBR 3-10 Histogram.
I am finding that if you use the first histo bar off a low for a buy on a swing trade, LBR will get you in about as close to the bottom as you can expect: same if you use the first down histo bar off the high for a sell.

There are two versions of the LBR 3-10 histo, the "normal" and "alternate" calculations in the indicator settings. The "alternate" calculation gives you a more articulated differential for the heights of the histo bars, and actually fires the first reversal bar a candlestick earlier than the normal version.

I just started with LBR, and I'm curious about what "paint bars" are. If anybody who is more experienced with LBR would like to play professor, gimme a shout.
Happy trading!

Where do I find this indicator? Ty

 

[useThinkScript]

Where do I find this indicator? Ty

Here ya go:
shared chart link: http://tos.mx/!XQe9bjbU Click here for --> Easiest way to load shared links