Leledc Exhaustion Indicator for ThinkorSwim

[Jenny]

Hi Matt

Thanks for offering to help. Hope the image showed below :

Basically I keyed in 1 point SL for the ES ( the code supposedly allow for any adjustments on the profit / SL) but as per the P/L, it did not execute the SL at 1 point.

Thanks again for trying

 

[Alex]

Could anybody help me make the signal appear as a painted candle instead of an arrow? much thx

I tried using "AssignPriceColor" but didn't work.

 

[BenTen]

@Alex Here you go:

#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;
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);

def pUP = major == 1;
def pDown = major == -1;

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

AssignPriceColor(if pUp then color.green else if pDown then color.red else color.white);

 

[Bhai]

i'm trying to create the scanner, its not working
can someone please help.

 

[BenTen]

@Bhai Middle column should be "is true" instead of "is equal to"

 

[scott69]

Just like any other indicator, employing a study that identifies reversal candles needs to be used in conjunction with other indicators (stochastic, RSI, ADX) to support the reversal. Plus, the longer the time frame, the more accurate the reversal. Looking at a 1 minute chart, for instance, you can have multiple reversal candles in a row, and then price action continues on its merry way in the same direction as before. Watching the 15 minute chart for these, the signals have a higher accuracy percent for the turn. Personally, I have always made it a point to watch price structure, i.e. candle and pattern formation. It is probably THE most important observation. This is a nice study, though. Thanks to the traders that worked on it.

 

[Bhai]

hi @BenTen - I tried the "is true" but still not getting any result.
i changed the bar from 1 to 10 values. and different time (1h, 1d) - still not getting any result.

 

[BenTen]

@Bhai Worked for me

 

[zeek]

I am wondering if someone could help me with an addition to this fine study. I looking for a way to plot a short horizontal line next to the candle that has a Leledc signal like in the picture below (yellow line). And i want the line to be plotted halfway on the candle that has the signal and because the candle is still developing, the line will also dynamically move up/down before the candle close but it should always be in the middle of the candle.
I only need it for bear signals right now but if it's possible, would be great if i could select to plot for either bull and/or bear signals.

Anyone can help me with this addition? Would be much appreciated.

 

[generic]

@zeek Add this after def major line.

def mid = if major == -1 then (high + low)/2 else mid[1];
plot midline = mid;
midline.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

 

[zeek]

@generic Thank you! Works great

 

[GoldStriple]

I added the code below to show Minor. Seems to be working.

def minor = lele(min_qual,min_len);

plot pMinorUP = minor == 1 and showMinor;
pMinorUP.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
pMinorUP.SetDefaultColor(Color.GREEN);
pMinorUP.SetLineWeight(2);

plot pMinorDown = minor == -1 and showMinor ;
pMinorDown.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
pMinorDown.SetDefaultColor(Color.RED);
pMinorDown.SetLineWeight(2);

 

[Partner]

Can somebody help to convert the below codes to the custom watchlist column, with the background as Green or Red Color depending on the up Arrow or Down arrow?

#Leledc Exhaustion Port
#Joy_Bangla
#The Psychology
# Release 1.0
#
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);

#UpHorizontal Line
def mid = if major == -1 then (high + low)/2 else mid[1];
plot midline = mid;
midline.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

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

 

[generic]

@Partner Replace everything under def major with this.

AddLabel(yes, major, color.black);
AssignBackgroundColor(if major == 1 then color.green else if major == -1 then color.red else color.black);

 

[Partner]

@Partner Replace everything under def major with this.

AddLabel(yes, major, color.black);
AssignBackgroundColor(if major == 1 then color.green else if major == -1 then color.red else color.black);

@generic, I tried all the options to add the above code. But it doesn't work.
if you don't mind can you share entire code?

 

[generic]

@Partner

#Leledc Exhaustion Port
#Joy_Bangla
#The Psychology
# Release 1.0
#
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);

AddLabel(yes, major, color.black);
AssignBackgroundColor(if major == 1 then color.green else if major == -1 then color.red else color.black);

 

[zeek]

Curious to know if it’s possible to add a condition for the signals to trigger. Would like the signals to only trigger when price is above (for bearish) 1.0 standard VWAP deviation and vice versa, when price is below 1.0 std for bullish signals. Can this be added as a condition somehow?

I am seeing good reliable signals when these two are combined.

 

[MerryDay]

@zeek
The easiest method to see signals from two or more studies is to set up a scan for the various study triggers. The results will only be those candidates that have met all your conditions. This method can even eliminate the need to have those studies on your chart if you are in need of real estate.

This method is favored over attempting to create a kitchen sink indicator as it is much easier to change out indicators as your strategy develops.

 

[zeek]

@zeek
The easiest method to see signals from two or more studies is to set up a scan for the various study triggers. The results will only be those candidates that have met all your conditions. This method can even eliminate the need to have those studies on your chart if you are in need of real estate.

This method is favored over attempting to create a kitchen sink indicator as it is much easier to change out indicators as your strategy develops.

Yes, i already did that actually and it works but because of the way scans doesn’t update in real time, i am missing quite a lot of signals. But yes, it’s one way to do it for sure. Would still prefer to have the condition added into the study if possible.

 

[EastMan]

Leledc Exhaustion Bar is an indicator converted by @diazlaz for ThinkorSwim. It does a great job of pointing out when a trend may be coming to an end.

Some comments found on TradingView:



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;
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);

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

Hi Ben,

This code doesn't seems to address the minqual and minlen parameters. Can you add thee too into the code.