Miesal Trend Following Indicator for ThinkorSwim

[BenTen]

Very simple script.

# Miesal Indicator
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/Tdp90Pee/

declare lower;

input length = 10;
input src = close;

def Mi = sum(if(src > src[1], +1, if(src < src[1], -1, 0)), length);

plot line = Mi;
line.AssignValueColor(if line >= 0 then color.green else color.red);

 

[J007RMC]

I like the indicator for its simplicity I ran it today but it seems a little late vs my full stochastic and macd

 

[BenTen]

@J007RMC Interesting. Thanks for letting us know.

 

[diazlaz]

Nice - good fit at lower time frames:

MSFT - 1 Minute

SPY - 1 Minute

Don't underestimate it - it looks simple, but could be useful. Play around with it and mix it up with other indicators. Report back any good pairings

 

[diazlaz]

for short time frame try a 9 of length instead of 10, it makes a difference in the P&L.

 

[diazlaz]

I like the indicator for its simplicity I ran it today but it seems a little late vs my full stochastic and macd

a length of 9 in shorter time frame seems to work (really) well. what stochastic, macd are you using and what time frame do you trade?

 

[allpozitiv]

diazlaz can you share indicator you use on chart (upper)?

 

[J007RMC]

a length of 9 in shorter time frame seems to work (really) well. what stochastic, macd are you using and what time frame do you trade?

The standard TOS full and MACD. I stand corrected its very accurate I have it on the 8 now on a 3 and 5min charts now. Ill watch it Mon on the 5min as a stand alone indicator. Off the low or high its great and right on. I'm excited to take her for a spin lol. Thanks guys it catches the highs and low well on the 15min too, I was using a 8/49 ema on the 5 min but recently switched over to 10/20/30 ema,s. my chart is the cci/atr with the atr. and with the Misael looks like a perfect match along with for my laptop.

Several days later, I'm sold on this one and keep it as standard to my charts now

 

[3AMBH]

Thanks for the input and Charts, @diazlaz.

Please tell me how you get the signal arrows and matching candle colors.

Thanks

 

[3AMBH]

Thanks for Posting BenTen.

 

[diazlaz]

Thanks for Posting BenTen.

thanks all - not in front of my trading laptop this weekend, but will provide the deltas early next week.

 

[BenTen]

@diazlaz @J007RMC I tried 8 and 9 as the length and definitely can say that it's much better than the default setting. Thank you all for looking into it and experimenting.

 

[mc01439]

https://tos.mx/ThhmezU
Played around with a bit and found longer numbers seem to work better for my style. Whipsaws could be an issue for some. Made a few additions for quick testing.

https://imgur.com/fj16wLz

 

[GiantBull]

@diazlaz I know this is a very old thread but I would really like your help in getting the upper study you have in your post. It is visually easy to see when the indicator goes above or below zero when the candles repaint red or green. I would really appreciate if you could do that for me, thanks!

 

[MerryDay]

@diazlaz I know this is a very old thread but I would really like your help in getting the upper study you have in your post. It is visually easy to see when the indicator goes above or below zero when the candles repaint red or green. I would really appreciate if you could do that for me, thanks!

Add the following statement to the study in the top post:

AssignBackgroundColor(if line >= 0 then color.green else color.red);