Leg Counting Indicator

[iAskQs]

I've been trying to write an indicator that will draw lines over price action (similar to zigzag) using simple bar (candle) counting rules. Despite my efforts, I've been unable to do so. Can anyone help me out with the code? Leg counting rules are as follows:

1. Upbar is up direction
2. Downbar is down direction
3. Inside and Outside bars continue direction of the previous bar.

Here is the code I have for the actual candles:

Def UpBar = high > high[1] and low >= low[1];
Def DownBar = low < low[1] and high <= high[1];
def insidebar = high <= high[1] and low >= low[1];
def outsidebar= high >= high[1] and low <= low[1];

I can't figure out the rest (everything I've thrown together has errors and is not worth adding here). Btw, here's a nice video on bar counting (and the specific logic I've mentioned above)

.

I don't currently care about labeling the actual leg counts. I just want the line to follow the legs. Thanks in advance for your help.

 

[BenTen]

Did you try using the Candlestick Pattern Editor in ThinkorSwim? It's the best solution for creating custom candlestick patterns.

https://tlc.thinkorswim.com/center/howToTos/thinkManual/charts/Patterns/Candlestick-Pattern-Editor

Give it a try.

 

[iAskQs]

Did you try using the Candlestick Pattern Editor in ThinkorSwim? It's the best solution for creating custom candlestick patterns.

https://tlc.thinkorswim.com/center/howToTos/thinkManual/charts/Patterns/Candlestick-Pattern-Editor

Give it a try.

Thanks, I didn't know about that resource. I'll experiment there to see what I can get it to do. I assume that I can get it to mark turning points for the legs.

 

[iAskQs]

@BenTen While I'm able to mark certain candles using patterns, I don't see the ability to replicate what I envision for this indicator.

 

[BenTen]

I believe the actual pattern you're looking for is subjective. You would need to start with what is given to you first. Then recognize the pattern based on the price action.

I could be wrong, but that's what I'm getting from the video.

 

[iAskQs]

I believe the actual pattern you're looking for is subjective. You would need to start with what is given to you first. Then recognize the pattern based on the price action.

I could be wrong, but that's what I'm getting from the video.

It's a purely objective leg counting approach. There is no room for subjectivity at all. Up leg continues if upbar or insidebar or outside bar. Down leg continues if downbar, insidebar, or outside bar. Upbar starts up leg and downbar starts downleg.

 

[halcyonguy]

I've been trying to write an indicator that will draw lines over price action (similar to zigzag) using simple bar (candle) counting rules. Despite my efforts, I've been unable to do so. Can anyone help me out with the code? Leg counting rules are as follows:

1. Upbar is up direction
2. Downbar is down direction
3. Inside and Outside bars continue direction of the previous bar.

Here is the code I have for the actual candles:

Def UpBar = high > high[1] and low >= low[1];
Def DownBar = low < low[1] and high <= high[1];
def insidebar = high < high[1] and low > low[1];
def outsidebar= high >= high[1] and low <= low[1];

I can't figure out the rest (everything I've thrown together has errors and is not worth adding here). Btw, here's a nice video on bar counting (and the specific logic I've mentioned above)

.

I don't currently care about labeling the actual leg counts. I just want the line to follow the legs. Thanks in advance for your help.

i am curious about this and will look at it friday. (can't watch video now)

your rules, 1 & 2 , are not rules. they mean nothing.
up is up...?
what defines up? open to close? close to close?...

 

[iAskQs]

i am curious about this and will look at it friday. (can't watch video now)

your rules, 1 & 2 , are not rules. they mean nothing.
up is up...?
what defines up? open to close? close to close?...

I've defined the code for upbar and downbar in the original post (code is also in the video). Here's an image that may clarify for you: it's a 2m chart of NQ today (PST on the chart). The numbers mark each leg change according to the rules.

 

[halcyonguy]

I've defined the code for upbar and downbar in the original post (code is also in the video). Here's an image that may clarify for you: it's a 2m chart of NQ today (PST on the chart). The numbers mark each leg change according to the rules.

'up direction', is not a definition, it is not a rule. 'up' is not a price parameter on a chart.
you didn't understand my previous post, read it again.

will look at later

 

[iAskQs]

'up direction', is not a definition, it is not a rule. 'up' is not a price parameter on a chart.
you didn't understand my previous post, read it again.

will look at later

In the original post, I asked for a zigzag like line drawing indicator according to these rules. Upbar= Up direction means that when there's an upbar (as defined by the code I provided), the line of the zigzag should go in the up direction. Consider it an up leg if it's easier for you to understand it that way. And downbar = down direction, would be down leg. Since I'm discussing a line being drawn over price on the chart, and it only goes up and down (like a zigzag indicator), I've used terms up direction and down direction. Take a look at the image I posted and the video I posted, which may help in understanding the rules.

Here's an example of the same 2m chart I posted above with actual lines drawn over it as I would like the indicator to do (I did it manually with the trendline drawing tool).

 

[halcyonguy]

In the original post, I asked for a zigzag like line drawing indicator according to these rules. Upbar= Up direction means that when there's an upbar (as defined by the code I provided), the line of the zigzag should go in the up direction. Consider it an up leg if it's easier for you to understand it that way. And downbar = down direction, would be down leg. Since I'm discussing a line being drawn over price on the chart, and it only goes up and down (like a zigzag indicator), I've used terms up direction and down direction. Take a look at the image I posted and the video I posted, which may help in understanding the rules.

Here's an example of the same 2m chart I posted above with actual lines drawn over it as I would like the indicator to do (I did it manually with the trendline drawing tool).

wow, i am very sorry for coming across as a %$#%##. i must be tired or meds or..... something, as i was incapable of understanding your post#1.
( skipped right over Def UpBar = high > high[1] and low >= low[1]; )

watching video...

 

[halcyonguy]

In the original post, I asked for a zigzag like line drawing indicator according to these rules. Upbar= Up direction means that when there's an upbar (as defined by the code I provided), the line of the zigzag should go in the up direction. Consider it an up leg if it's easier for you to understand it that way. And downbar = down direction, would be down leg. Since I'm discussing a line being drawn over price on the chart, and it only goes up and down (like a zigzag indicator), I've used terms up direction and down direction. Take a look at the image I posted and the video I posted, which may help in understanding the rules.

Here's an example of the same 2m chart I posted above with actual lines drawn over it as I would like the indicator to do (I did it manually with the trendline drawing tool).

short answer - how to plot zigzag lines

create a variable that has price numbers for the peaks and valleys, and n/a's for all the other bars.
then plot it , using EnableApproximation()

once it starts plotting across the chart. it can't be turned off and on

https://tlc.thinkorswim.com/center/reference/thinkScript/Functions/Look---Feel/EnableApproximation

 

[BenTen]

Maybe you can start by exploring the ZigZag indicator here https://usethinkscript.com/threads/zigzag-high-low-with-supply-demand-zones-for-thinkorswim.172/

 

[iAskQs]

wow, i am very sorry for coming across as a %$#%##. i must be tired or meds or..... something, as i was incapable of understanding your post#1.
( skipped right over Def UpBar = high > high[1] and low >= low[1]; )

watching video...

No worries at all. I appreciate your input and attempt to help. You caused me to create several images that will help everyone else understand what I'm requesting as well.

 

[iAskQs]

short answer - how to plot zigzag lines

create a variable that has price numbers for the peaks and valleys, and n/a's for all the other bars.
then plot it , using EnableApproximation()

once it starts plotting across the chart. it can't be turned off and on

https://tlc.thinkorswim.com/center/reference/thinkScript/Functions/Look---Feel/EnableApproximation

Yes, this is essentially the challenge for me. I don't know enough coding to create this. As you and @BenTen have suggested, before I even started this thread, I tried to alter a zigzag indicator to suit my needs but I got tripped up in the code.

 

[SleepyZ]

Yes, this is essentially the challenge for me. I don't know enough coding to create this. As you and @BenTen have suggested, before I even started this thread, I tried to alter a zigzag indicator to suit my needs but I got tripped up in the code.

See if this helps. It includes a price color option and zigzag option. The price color will follow an upbar or downbar (I used a different definition for each than was in the video and your code, but I think it seems to work) until it changes from one to the other. The inside or outside bars will therefore follow the upbar or downbar that preceded these.

The zigzag uses the price color logic.

#Gann Bar Counting Replica

input showpricecolor = yes;
input showzigzag     = yes;

def UpBar   =  high > high[1] and low > low[1];
def DownBar = low < low[1] and high < high[1];
def insidebar  = high < high[1] and low > low[1];
def outsidebar = high >= high[1] and low < low[-1];

#Price Color
def x = if UpBar then 1 else if DownBar then 0 else x[1];

AssignPriceColor(if !showpricecolor then color.current       
                 else if x > 0 then Color.CYAN else Color.MAGENTA);

#ZigZag
def sh  = if x[1] == 1 and x == 0 then 1 else 0;
def sl  = if x[1] == 0 and x == 1 then 1 else 0;
def sh1 = if (sh) then high else double.nan;
def sl1 = if (sl) then low else double.nan;

plot zz = if !showzigzag then double.nan       
          else if sh>sl then sh1 else sl1;
zz.EnableApproximation();

 

[iAskQs]

See if this helps. It includes a price color option and zigzag option. The price color will follow an upbar or downbar (I used a different definition for each than was in the video and your code, but I think it seems to work) until it changes from one to the other. The inside or outside bars will therefore follow the upbar or downbar that preceded these.

The zigzag uses the price color logic.

This is great and exactly what I was trying to figure out but couldn't; I appreciate your help. One thing I can try to figure out is how to get the lines to snap to and turn around at the swing high point of the price action, even though the leg count may not shift until the next bar or few bars later. For example, in your image, at 10:10 is the swing low in price action but leg doesn't shift till next candle and that's where zigzag line attaches to low of that 10:15 candle. I would like it to attach to the low of the 10:10 candle. I don't know how but will try to figure it out.

In the meantime, I created a lower study that shows the legs in case some traders don't want zigzags over their candles.

#Shimi's Price Action Legs, according to Gann bar counting rules.  Upbar starts and continues up leg.  Downbar starts and continues down leg.  Inside and outside bars continue current leg.

declare lower;

# Definitions
def UpBar = high > high[1] and low >= low[1];
def DownBar = low < low[1] and high <= high[1];
def Signal = if UpBar then 1 else if DownBar then -1 else signal[1] ;

# Calculate the cumulative total of the signal
def CumulativeSignal = CompoundValue(1, if BarNumber() == 1 then Signal else Sum(Signal, 1) + GetValue(CumulativeSignal, 1), 0);

# Plot the signal line
plot SignalLine = CumulativeSignal;
SignalLine.AssignValueColor(if CumulativeSignal > CumulativeSignal[1] then Color.green else if CumulativeSignal < CumulativeSignal[1] then Color.red else Color.white);

Here's a pic of what it looks like, with my manually drawn trendlines to mimic Gann legs in the upper area for comparison.

 

[Piper792]

te a var

I've been trying to write an indicator that will draw lines over price action (similar to zigzag) using simple bar (candle) counting rules. Despite my efforts, I've been unable to do so. Can anyone help me out with the code? Leg counting rules are as follows:

1. Upbar is up direction
2. Downbar is down direction
3. Inside and Outside bars continue direction of the previous bar.

Here is the code I have for the actual candles:

Def UpBar = high > high[1] and low >= low[1];
Def DownBar = low < low[1] and high <= high[1];
def insidebar = high < high[1] and low > low[1];
def outsidebar= high >= high[1] and low <= low[1];

I can't figure out the rest (everything I've thrown together has errors and is not worth adding here). Btw, here's a nice video on bar counting (and the specific logic I've mentioned above)

.

I don't currently care about labeling the actual leg counts. I just want the line to follow the legs. Thanks in advance for your help.

Have you found any existing code like on TradingView etc? I watched the video and it aligns with how I trade trend reversals. It is definitely different than how pivots are calculated and is 100% mechanical.

I've defined the code for upbar and downbar in the original post (code is also in the video). Here's an image that may clarify for you: it's a 2m chart of NQ today (PST on the chart). The numbers mark each leg change according to the rules.

@iAskQs this video walks through coding it you would have to adapt to TOS

 

[Piper792]

Coding the Indicator

• Down Bar: Low<Low [-1] and High<High [-1]
• Up Bar: High>High [-1] and Low>Low [-1]
• Inside Bar: High<High [-1] and Low>Low [-1]

• Everything else is an Outside Bar
○ High>=High [-1] and Low<=Low [-1]

Labels
Up Bar = Up | Down Bar = Down
Inside Bar = Same as last Bar

Outside Bar = Same as last Bar

 

[SleepyZ]

This is great and exactly what I was trying to figure out but couldn't; I appreciate your help. One thing I can try to figure out is how to get the lines to snap to and turn around at the swing high point of the price action, even though the leg count may not shift until the next bar or few bars later. For example, in your image, at 10:10 is the swing low in price action but leg doesn't shift till next candle and that's where zigzag line attaches to low of that 10:15 candle. I would like it to attach to the low of the 10:10 candle. I don't know how but will try to figure it out.

In the meantime, I created a lower study that shows the legs in case some traders don't want zigzags over their candles.

#Shimi's Price Action Legs, according to Gann bar counting rules.  Upbar starts and continues up leg.  Downbar starts and continues down leg.  Inside and outside bars continue current leg.

declare lower;

# Definitions
def UpBar = high > high[1] and low >= low[1];
def DownBar = low < low[1] and high <= high[1];
def Signal = if UpBar then 1 else if DownBar then -1 else signal[1] ;

# Calculate the cumulative total of the signal
def CumulativeSignal = CompoundValue(1, if BarNumber() == 1 then Signal else Sum(Signal, 1) + GetValue(CumulativeSignal, 1), 0);

# Plot the signal line
plot SignalLine = CumulativeSignal;
SignalLine.AssignValueColor(if CumulativeSignal > CumulativeSignal[1] then Color.green else if CumulativeSignal < CumulativeSignal[1] then Color.red else Color.white);

Here's a pic of what it looks like, with my manually drawn trendlines to mimic Gann legs in the upper area for comparison.

This adjusts the zigzag but leaves the bar coloring the same as before.

#Gann Bar Counting Replica

input showpricecolor = yes;
input showzigzag     = yes;

def UpBar   =  high > high[1] and low > low[1];
def DownBar = low < low[1] and high < high[1];
def insidebar  = high < high[1] and low > low[1];
def outsidebar = high >= high[1] and low < low[-1];

#Price Color
def x = if UpBar then 1 else if DownBar then 0 else x[1];

AssignPriceColor(if !showpricecolor then color.current       
                 else if x > 0 then Color.CYAN else Color.MAGENTA);

#ZigZag
def sh  = if x[-1] == 0 and x == 1 then 1 else 0;
def sl  = if x[-1] == 1 and x == 0 then 1 else 0;
def sh1 = if (sh) then high else double.nan;
def sl1 = if (sl) then low else double.nan;

plot zz = if !showzigzag then double.nan       
          else if sh>sl then sh1 else sl1;
zz.EnableApproximation();