Leledc Exhaustion Indicator for ThinkorSwim

[BenTen]

Leledc Exhaustion Bar does a great job of pointing out when a trend may be coming to an end.

An Exhaustion Bar is a bar which signals the exhaustion of the trend in the current direction. In other words, an exhaustion bar is “A bar of the last seller” in case of a downtrend and “A bar of last buyer” in case of an uptrend. Having said that when a party cannot take the price further in their direction, naturally the other party comes in, takes charge and reverses the direction of the trend.

Note: This indicator does not repaint

thinkScript Code

#Leledc Exhaustion Port
#Joy_Bangla
#
#https://www.tradingview.com/script/pQv1kge2-Leledc-Exhaustion-V4/
#The Psychology
#Let's assume that we have a group of people, say 100 people who decide to go for a casual running.
#After running for a few KM's few of them will say “I am exhausted. I cannot run further”.
#They will quit running. After running further, another bunch of runners will say I am exhausted. I can’t run further
#and they also will quit running. This goes on and on and then there will be a stage where only a few will be left
#in the running. Now a stage will come where the last person left in the running will say am exhausted and he stops running.
#That means no one is left now in the running. This means all are exhausted in the running.
#
#The same way an exhaustion bar works. The reason is an exhaustion bar sometimes formed at almost tops and bottoms.
#
#Timeframe
#The exhaustion bars are found on all Time frames as a trend also exists on all Timeframes.
#However, as a thumb rule Higher the Time frame, higher will be the accuracy as well as the profitability.
#
#Trading the Leledec Exhaustion Bars
#I may trade as soon as it is shown on the chart.
#I may trade when price breaks the high/low of the bar depending on whether I am getting bullish or bearish signal
#I may trade when price breaks the high/low of the bar depending on whether I am getting bullish or bearish signal.
#I may also be looking to ensure the current volume is higher than the previous few
#(? how many?) bar volumes.
#
# Ported 2019.11.16
# Release 1.0
#

input maj_qual = 6;
input maj_len = 30;


script lele {
    input qual = 6; #default major
    input len = 30; #default major

    def bIndex = CompoundValue(1,
     if (bIndex[1] > qual) and (close < open) and high >= Highest(high, len) then 0 else
     if (close > close[4]) then bIndex[1] + 1 else bIndex[1]
    , 0);

    def sIndex = CompoundValue(1,
     if ((sIndex[1] > qual) and (close > open) and (low <= Lowest(low, len))) then 0 else
     if (close < close[4]) then sIndex[1] + 1 else sIndex[1]
    , 0);

    def ret =
     if (bIndex[1] > qual) and (close < open) and high >= Highest(high, len) then -1 else
     if ((sIndex[1] > qual) and (close > open) and (low <= Lowest(low, len))) then 1
    else 0;

    plot sData = ret;
}

#PLOTS

def major = lele(maj_qual,maj_len);

plot pUP = major == 1;
pUP.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
pUP.SetDefaultColor(Color.GREEN);
pUP.SetLineWeight(2);

plot pDown = major == -1;
pDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
pDown.SetDefaultColor(Color.RED);
pDown.SetLineWeight(2);

# Alerts
Alert(pUP, " ", Alert.Bar, Sound.Chimes);
Alert(pDown, " ", Alert.Bar, Sound.Bell);

 

[Jenny]

Hi Ben

Thanks for sharing. Looks interesting especially when it doenst repaint . Can you help by adding an audio alert on the arrows? Thanks !

 

[BenTen]

@Jenny Sure, code has been updated with support for alerts.

 

[Jenny]

Thank you. Ben !

 

[horserider]

Some of the code is not used. Took it out.

input maj_qual = 6;
input maj_len = 30;


script lele {
    input qual = 6; #default major
    input len = 30; #default major

    def bIndex = CompoundValue(1,
     if (bIndex[1] > qual) and (close < open) and high >= Highest(high, len) then 0 else
     if (close > close[4]) then bIndex[1] + 1 else bIndex[1]
    , 0);

    def sIndex = CompoundValue(1,
     if ((sIndex[1] > qual) and (close > open) and (low <= Lowest(low, len))) then 0 else
     if (close < close[4]) then sIndex[1] + 1 else sIndex[1]
    , 0);

    def ret =
     if (bIndex[1] > qual) and (close < open) and high >= Highest(high, len) then -1 else
     if ((sIndex[1] > qual) and (close > open) and (low <= Lowest(low, len))) then 1
    else 0;

    plot sData = ret;
}

#PLOTS

def major = lele(maj_qual,maj_len);

plot pUP = major == 1;
pUP.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
pUP.SetDefaultColor(Color.GREEN);
pUP.SetLineWeight(2);

plot pDown = major == -1;
pDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
pDown.SetDefaultColor(Color.RED);
pDown.SetLineWeight(2);

 

[hanimusa]

Thanks, does it work for scan

 

[BenTen]

@hanimusa Watch the video in this thread to get started using ToS scanner.

 

[Nomak]

Does the signal happen after the close or calculates in real-time?

 

[BenTen]

@Nomak Just like everything else, wait for the candle to close for confirmation.

 

[MatthewA]

input maj_qual = 12;#6
input maj_len = 45;#30
script lele {
input qual =12; #6 default major
input len = 45; #30 default major

I am finding the above a little more dependable on the 1 minute timeline

 

[jhorton56]

input maj_qual = 12;#6
input maj_len = 45;#30
script lele {
input qual =12; #6 default major
input len = 45; #30 default major

I am finding the above a little more dependable on the 1 minute timeline

Also the authors mentioned a NO SUPPLY NO DEMAND indicator that I am guessing from their statements elsewhere they are using alongside this indicator. I bet it is like a hangtime of sorts. https://www.abundancetradinggroup.com/nsnd-mt4-indicator/ I bet that removes false positives from the exhaustion

They crowdsourced this work amongst tradeview and mt4 communities. They sell other unrelated scripts. I will get mt4 or a file opener later unless someone else who already has mt4 could post the code?

Matt, did you replace the similar code in the study, or add this piece of code to the study?

 

[zeek]

Did some backtesting today with this indicator, seeing some really nice results. And the best part, it doesn't repaint
Thanks @BenTen for posting it and @diazlaz for converting

 

[Nomak]

@jhorton56 He's replacing the values 6 to 12 and 30 to 45.

 

[MatthewA]

He's replacing the values 6 to 12 and 30 to 45.

Nothing in particular is special about those values I am reminding people that if they change one set they may wish to change both to match... TY

 

[horserider]

No need to change both. Just change the inputs.

 

[Jenny]

Thanks @BenTen and @diazlaz on the above. I am just trying out on a 10 mins /ES to see how well it works. @BenTen, or anyone who can help with coding ..

can you help to convert it the above exhaustion bar into strategy whereby an entry ( either long or short) whenever the arrows complete the bar and to exit with a 4 points ? I would like to see if the report generated makes sense...Thanks a lot!

 

[BenTen]

@Jenny Here is a simple backtesting strategy of the indicator. Not precisely the buy and sell condition you want, but it's a good start if you want to modify it to fit your needs.

• Go long = up arrow
• Exit position = down arrow

# Basic backtesting strategy for Leledc Exhaustion
# Ported to ThinkorSiwm by @diazlaz

input maj_qual = 6;
input maj_len = 30;
input min_qual = 5;
input min_len = 5;

input showMajor = yes; #show major
input showMinor = no; #show minor

script lele {
    input qual = 6; #default major
    input len = 30; #default major

    def bIndex = CompoundValue(1,
     if (bIndex[1] > qual) and (close < open) and high >= Highest(high, len) then 0 else
     if (close > close[4]) then bIndex[1] + 1 else bIndex[1]
    , 0);

    def sIndex = CompoundValue(1,
     if ((sIndex[1] > qual) and (close > open) and (low <= Lowest(low, len))) then 0 else
     if (close < close[4]) then sIndex[1] + 1 else sIndex[1]
    , 0);

    def ret =
     if (bIndex[1] > qual) and (close < open) and high >= Highest(high, len) then -1 else
     if ((sIndex[1] > qual) and (close > open) and (low <= Lowest(low, len))) then 1
    else 0;

    plot sData = ret;
}

#PLOTS

def major = lele(maj_qual,maj_len);

plot pUP = major == 1;
pUP.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
pUP.SetDefaultColor(Color.GREEN);
pUP.SetLineWeight(2);

plot pDown = major == -1;
pDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
pDown.SetDefaultColor(Color.RED);
pDown.SetLineWeight(2);

AddOrder(OrderType.BUY_TO_OPEN, condition = pUP, price = close,1, tickcolor = Color.GREEN, arrowcolor = Color.GREEN, name = "Long");
AddOrder(OrderType.SELL_TO_CLOSE, condition = pDown, price = close,1, tickcolor = Color.GREEN, arrowcolor = Color.GREEN, name = "Cover");

 

[tem2005]

Any ideas of spotting stop losses and best entries and exits?

 

[Jenny]

Hi All

Wonder if anyone can help me out. I have been trying out this exhaustion bar on the /ES and it seem to work well. Ben posted the entry when the bar bars appear and exit when the next opposite bar closes. I am trying to see if I can work out taking a profit of 4 points and SL of 1 point on the ES with no further trade as long as there's open position/ am trying to see if the strategy report generated makes sense. But I tried the below code on the entry and exit and did not generate a preferred SL ...Can anyone help me to take a look on the orders? Thank you and much appreciated

input profit=16;

input stop=1;

input size=1;

INPUT long_trades=yes;

input short_trades=yes;

input maj_qual = 6;

input maj_len = 30;

input min_qual = 5;

input min_len = 5;

input showMajor = yes; #show major

input showMinor = no; #show minor

script lele

{

input qual = 6; #default major

input len = 30; #default major

def bIndex = CompoundValue(1, if (bIndex[1] > qual) and (close < open) and high >= Highest(high, len) then 0 else if (close > close[4]) then bIndex[1] + 1 else bIndex[1] , 0); def sIndex = CompoundValue(1, if ((sIndex[1] > qual) and (close > open) and (low <= Lowest(low, len))) then 0 else if (close < close[4]) then sIndex[1] + 1 else sIndex[1] , 0); def ret = if (bIndex[1] > qual) and (close < open) and high >= Highest(high, len) then -1 else if ((sIndex[1] > qual) and (close > open) and (low <= Lowest(low, len))) then 1 else 0;

plot sData = ret; } #PLOTS

def major = lele(maj_qual,maj_len);

plot pUP = major == 1;

pUP.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);

pUP.SetDefaultColor(Color.GREEN); pUP.SetLineWeight(2);

plot pDown = major == -1; pDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN); pDown.SetDefaultColor(Color.RED);

pDown.SetLineWeight(2);

AddOrder(OrderType.BUY_TO_OPEN, long_trades and pUP, price = close,size, tickcolor = Color.GREEN, arrowcolor = Color.GREEN, name = "Long");

AddOrder(OrderType.SELL_TO_CLOSE, low<=entryPrice()-stop,low,size, tickcolor = Color.GREEN, arrowcolor = Color.GREEN, name = "STOP");

AddOrder(OrderType.SELL_TO_CLOSE, HIGH>=entryPrice()+profit,high,size, tickcolor = Color.GREEN, arrowcolor = Color.GREEN, name = "SELL");



AddOrder(OrderType.sell_TO_OPEN, short_trades and pdown, price = close,size, tickcolor = Color.red, arrowcolor = Color.red, name = "SHORT");

AddOrder(OrderType.buy_TO_CLOSE, low<=entryPrice()-stop,low,size, tickcolor = Color.red, arrowcolor = Color.red, name = "COVER");

AddOrder(OrderType.buy_TO_CLOSE, HIGH>=entryPrice()+profit,high,size, tickcolor = Color.red, arrowcolor = Color.red, name = "STOP");



# Alerts

Alert(pUP, " ", Alert.Bar, Sound.Chimes);

Alert(pDown, " ", Alert.Bar, Sound.Bell);

 

[MatthewA]

@Jenny could you please attach a chart and I will try to see what is up with your P/L...
I am not super familiar with this sort of strategy but I will try when I have a free moment