Momentum Keltner Channels for ThinkorSwim

[cswu1211]

@camerdr Check if this provides the results you wish -

Scanner Code -

# Momentum Keltner Channels Scan
# Based on the FW_MOBO code by TOS user davidinc (aka Firstwave, aka David Elliott)

input length       =     34;
input factor       =     0.5;
input displace     =     0;
input price        =     close;
input type         =     AverageType.SIMPLE;

def nan      =   double.nan;
def shift    =   factor * MovingAverage(type, TrueRange(high, close, low), length);
def avg      =   MovingAverage(type, price, length);
def line1    =   avg[-displace] - shift[-displace];
def line2    =   avg[-displace] + shift[-displace];
def Chg      =   if(close > line2, 1, if(close < line1, -1, 0));
def Hold     =   CompoundValue(1,if(Hold[1] == Chg or Chg == 0, Hold[1], if(Chg == 1, 1, -1)), 0);

def n1 = Hold[0] == 1;
def n2 = Hold[0] == -1;
def countup = if n1 and !n1[1] then 1 else countup[1]+1;
def countdn = if n2 and !n2[1] then 1 else countdn[1]+1;

plot scan_for_break_up = if n1 then if(countup < 3, 1, 0) else 0;
#plot scan_for_break_down = if n2 then if(countdn < 3, 1, 0) else 0;

#End of code

Also, here is a watchlist column for anyone interested. Figured might as well make one.

Watchlist Code -

# Momentum Keltner Channels Watchlist Column
# Based on the FW_MOBO code by TOS user davidinc (aka Firstwave, aka David Elliott)
# The count displayed in the watchlist shows the number of bars since a break up or break down

input length       =     34;
input factor       =     0.5;
input displace     =     0;
input price        =     close;
input type         =     AverageType.SIMPLE;

def nan      =   double.nan;
def shift    =   factor * MovingAverage(type, TrueRange(high, close, low), length);
def avg      =   MovingAverage(type, price, length);
def line1    =   avg[-displace] - shift[-displace];
def line2    =   avg[-displace] + shift[-displace];
def Chg      =   if(close > line2, 1, if(close < line1, -1, 0));
def Hold     =   CompoundValue(1,if(Hold[1] == Chg or Chg == 0, Hold[1], if(Chg == 1, 1, -1)), 0);

def n1 = Hold[0] == 1;
def n2 = Hold[0] == -1;
def count1 = if n1 and !n1[1] then 1 else count1[1]+1;
def count2 = if n2 and !n2[1] then 1 else count2[1]+1;

plot n = if n1 then count1 else if n2 then count2 else double.nan;
     n.setdefaultcolor(color.black);
assignbackgroundcolor(if n1 and count1 then color.green else color.red);
#End of code

Great job. I’m running out of the custom watchlist variables, could you make a share link of the watchlist script so I can download directly to TOS? Tks

 

[graf]

Can anyone tell me why the links are not working or is it just me?

 

[BenTen]

@cswu1211 You asked the same question a few days ago and I gave you a shared link for that watchlist column https://usethinkscript.com/threads/momentum-keltner-channels-for-thinkorswim.2855/post-51588

@graf TOS shareable links have been broken since Friday. I'm sure they're working on getting it fixed.

 

[cswu1211]

@cswu1211 You asked the same question a few days ago and I gave you a shared link for that watchlist column https://usethinkscript.com/threads/momentum-keltner-channels-for-thinkorswim.2855/post-51588

@graf TOS shareable links have been broken since Friday. I'm sure they're working on getting it fixed.

Tks, Ben, I messed up the script after trying to fix the problem you taught me!

 

[jgresham1979]

I have the momentum scanner installed as well as the momentum study for my charts. Does anyone know if there is a way to get an alert as soon as a candle closes with a green arrow under it (in the chart momentum study)? I would like to make another scanner to notify me of a stock where the arrow has populated. It seems that once a stock comes up on the momentum scanner, it has already had it's run. Thank you.

P.S. - I tried to attach a pic of the momentum scanner I am currently using but I can't attach it for some reason.

 

[BenTen]

@jgresham1979 Take a look at this tutorial https://usethinkscript.com/threads/how-to-receive-thinkorswim-alert-notifications-via-phone.5430/

For image attachment, see this thread: https://usethinkscript.com/threads/how-to-insert-image-in-a-post-thread.277/

 

[jgresham1979]

@jgresham1979 Take a look at this tutorial https://usethinkscript.com/threads/how-to-receive-thinkorswim-alert-notifications-via-phone.5430/

For image attachment, see this thread: https://usethinkscript.com/threads/how-to-insert-image-in-a-post-thread.277/

Thanks Ben, but I think you're not understanding my question. So I used the code at the beginning of this thread to create a "Momentum Scanner" as well as the "Momentum Study" to add to my charts. The chart will show a green arrow underneath the candle once that condition is met, signaling that the stock may begin to rise quickly. I was wanting to create a scanner to scan for this signal.

The "Momentum Scanner" will mainly scan for high relative volume, which is great, but by the time I click on the chart, the stock has already risen rapidly from the green arrow several candles before. Is there a way to create a scanner that scans for this signal? I know how to set it as a watchlist and create alerts to myself when one is added.

I am including a pic of the "Momentum Scanner" settings that I am using. Thank you.

 

[BenTen]

@jgresham1979 So this has nothing to do with the Momentum Ketlner Channels then? I would take this over to the other momentum scanner thread: https://usethinkscript.com/threads/...gy-and-momentum-scanner-for-thinkorswim.3002/

 

[tom23824]

@CT88 Watch the second half of the video below. It walks you through the process of adding a custom watchlist column.

How to push the results of multiple scans into WatchList?

 

[BenTen]

@tom23824 See this tutorial https://usethinkscript.com/threads/how-to-receive-thinkorswim-alert-notifications-via-phone.5430/

 

[iSul]

Is there anyway to make scan to show the green ARROW as soon as it appears . ?
what do you mean by the number in watchlist ( green box and red box ) .

thank u

 

[sunnybabu]

Is there anyway to make scan to show the green ARROW as soon as it appears . ?
what do you mean by the number in watchlist ( green box and red box ) .

thank u

# The count displayed in the watchlist shows the number of bars since a break up or break down. Just scan for 1 bar count

 

[Iceman1205us]

Thank you @BenTen and Mr. Ken Rose for sharing the script. Really fun and promising strategy. Made some adjustment to work with 1min chart, added bullish/bearish arrow, added alert, and watchlist scan. Good luck! @cabe1332

Wonder if you could share your code how you got thumbs to color both red/green? Mine is only coloring for green:

AddLabel(yes, if ArUp then "" else if ArDn then "" else " ", if ArUp then Color.green else if ArDn then Color.red else Color.red);

 

[MerryDay]

@Iceman1205us
I do not use this indicator. So I can't say if the logic of your code is sound.
However, this is the code that the author of this study uses for watchlist, scanners and labels, modified to display your 'thumbs'.
Watchlist Column:

# Momentum Keltner Channels Watchlist Column
# Based on the FW_MOBO code by TOS user davidinc (aka Firstwave, aka David Elliott)

input length       =     34;
input factor       =     0.5;
input displace     =     0;
input price        =     close;
input type         =     AverageType.SIMPLE;

def nan      =   double.nan;
def shift    =   factor * MovingAverage(type, TrueRange(high, close, low), length);
def avg      =   MovingAverage(type, price, length);
def line1    =   avg[-displace] - shift[-displace];
def line2    =   avg[-displace] + shift[-displace];
def Chg      =   if(close > line2, 1, if(close < line1, -1, 0));
def Hold     =   CompoundValue(1,if(Hold[1] == Chg or Chg == 0, Hold[1], if(Chg == 1, 1, -1)), 0);

def n1 = Hold[0] == 1;
def n2 = Hold[0] == -1;
def count1 = if n1 and !n1[1] then 1 else count1[1]+1;
def count2 = if n2 and !n2[1] then 1 else count2[1]+1;

def n = if n1 then count1 else if n2 then count2 else double.nan;
AddLabel(1,
if n1 then "👍" else "👎",
if n1 then color.green else color.red);
 
#End of code

Label Study:

# Momentum Keltner Channels Upper Study Label
# Based on the FW_MOBO code by TOS user davidinc (aka Firstwave, aka David Elliott)

input length       =     34;
input factor       =     0.5;
input displace     =     0;
input price        =     close;
input type         =     AverageType.SIMPLE;

def nan      =   double.nan;
def shift    =   factor * MovingAverage(type, TrueRange(high, close, low), length);
def avg      =   MovingAverage(type, price, length);
def line1    =   avg[-displace] - shift[-displace];
def line2    =   avg[-displace] + shift[-displace];
def Chg      =   if(close > line2, 1, if(close < line1, -1, 0));
def Hold     =   CompoundValue(1,if(Hold[1] == Chg or Chg == 0, Hold[1], if(Chg == 1, 1, -1)), 0);

def n1 = Hold[0] == 1;
def n2 = Hold[0] == -1;
def count1 = if n1 and !n1[1] then 1 else count1[1]+1;
def count2 = if n2 and !n2[1] then 1 else count2[1]+1;

def n = if n1 then count1 else if n2 then count2 else double.nan;

AddLabel(1,
if n1 then "👍" else "👎",
if n1 then color.green else color.red);

 

[K_O_Trader]

Is there a custom code written on here that gives me an arrow for when the price closes outside the Keltner Channels, something just like the Bollinger Band Crossover?

 

[MerryDay]

@K_O_Trader see the 1st post.

 

[Trading51]

@Iceman1205us
I do not use this indicator. So I can't say if the logic of your code is sound.
However, this is the code that the author of this study uses for watchlist, scanners and labels, modified to display your 'thumbs'.
Watchlist Column:
View attachment 908

# Momentum Keltner Channels Watchlist Column
# Based on the FW_MOBO code by TOS user davidinc (aka Firstwave, aka David Elliott)

input length       =     34;
input factor       =     0.5;
input displace     =     0;
input price        =     close;
input type         =     AverageType.SIMPLE;

def nan      =   double.nan;
def shift    =   factor * MovingAverage(type, TrueRange(high, close, low), length);
def avg      =   MovingAverage(type, price, length);
def line1    =   avg[-displace] - shift[-displace];
def line2    =   avg[-displace] + shift[-displace];
def Chg      =   if(close > line2, 1, if(close < line1, -1, 0));
def Hold     =   CompoundValue(1,if(Hold[1] == Chg or Chg == 0, Hold[1], if(Chg == 1, 1, -1)), 0);

def n1 = Hold[0] == 1;
def n2 = Hold[0] == -1;
def count1 = if n1 and !n1[1] then 1 else count1[1]+1;
def count2 = if n2 and !n2[1] then 1 else count2[1]+1;

def n = if n1 then count1 else if n2 then count2 else double.nan;
AddLabel(1,
if n1 then "👍" else "👎",
if n1 then color.green else color.red);
 
#End of code

Label Study:
View attachment 907

# Momentum Keltner Channels Upper Study Label
# Based on the FW_MOBO code by TOS user davidinc (aka Firstwave, aka David Elliott)

input length       =     34;
input factor       =     0.5;
input displace     =     0;
input price        =     close;
input type         =     AverageType.SIMPLE;

def nan      =   double.nan;
def shift    =   factor * MovingAverage(type, TrueRange(high, close, low), length);
def avg      =   MovingAverage(type, price, length);
def line1    =   avg[-displace] - shift[-displace];
def line2    =   avg[-displace] + shift[-displace];
def Chg      =   if(close > line2, 1, if(close < line1, -1, 0));
def Hold     =   CompoundValue(1,if(Hold[1] == Chg or Chg == 0, Hold[1], if(Chg == 1, 1, -1)), 0);

def n1 = Hold[0] == 1;
def n2 = Hold[0] == -1;
def count1 = if n1 and !n1[1] then 1 else count1[1]+1;
def count2 = if n2 and !n2[1] then 1 else count2[1]+1;

def n = if n1 then count1 else if n2 then count2 else double.nan;

AddLabel(1,
if n1 then "👍" else "👎",
if n1 then color.green else color.red);

Hello, post #74 has 2 codes is there any difference?

 

[MerryDay]

Hello, post #74 has 2 codes is there any difference?

The 1st script is the watchlist column code, the 2nd is the label code

 

[High_Velocity]

I made this indicator some time ago based on the FW_MOBO code. After doing a few changes recently, I thought I might share it here. It is similar to Raghee Horner's GRaB indicator, but uses keltner channels instead of offset 34 EMAs. I feel it is best for showing trends in the market.

# MomentumKeltnerChannels
# Pensar
# 06/06/2020
# Based on the FW_MOBO code by TOS user davidinc (aka Firstwave, aka David Elliott)
# Modified code to use Keltner Channels, changed code structure.
# Added colored price and user-adjustable global colors.

#Inputs
input length       =     34;
input factor       =     0.5;
input displace     =     0;
input price        =     close;
input type         =     AverageType.SIMPLE;
input pricecolor   =     yes;
input fill         =     yes;
input arrows       =     yes;
input alerts       =     yes;
input sound        =     {default "Ding", "Bell", "Chimes", "NoSound", "Ring"};

#Variables
def nan      =   double.nan;
def shift    =   factor * MovingAverage(type, TrueRange(high, close, low), length);
def avg      =   MovingAverage(type, price, length);
def line1    =   avg[-displace] - shift[-displace];
def line2    =   avg[-displace] + shift[-displace];
def Chg      =   if(close > line2, 1, if(close < line1, -1, 0));
def Hold     =   CompoundValue(1,if(Hold[1] == Chg or Chg == 0, Hold[1], if(Chg == 1, 1, -1)), 0);
def ArUp     =   if !arrows or Hold[0] == Hold[1] then nan else if Hold[0] == 1 then line1 else nan;
def ArDn     =   if !arrows or Hold[0] == Hold[1] then nan else if Hold[0] == -1 then line2 else nan;
def LBUp     =   if fill and Hold[0] == 1 then line2 else nan;
def UBUp     =   if fill and Hold[0] == 1 then line1 else nan;
def LBDn     =   if fill and Hold[0] == -1 then line2 else nan;
def UBDn     =   if fill and Hold[0] == -1 then line1 else nan;
def AlertUp  =   alerts and Hold[1] ==  1 and (Hold[1] <> Hold[2]);
def AlertDn  =   alerts and Hold[1] == -1 and (Hold[1] <> Hold[2]);

#Colors
DefineGlobalColor("Cloud Up", color.dark_green);
DefineGlobalColor("Cloud Dn", color.dark_red);
DefineGlobalColor("Channel Up", color.green);
DefineGlobalColor("Channel Down", color.red);
DefineGlobalColor("Price Up", color.green);
DefineGlobalColor("Price Neutral", color.gray);
DefineGlobalColor("Price Down", color.red);

#Plots
plot UB = line1;
     UB.SetLineWeight(1);
     UB.AssignValueColor(if Hold[0] == 1 then GlobalColor("Channel Up")
                         else GlobalColor("Channel Down"));
plot LB = line2;
     LB.SetLineWeight(1);
     LB.AssignValueColor(if Hold[0] == 1 then GlobalColor("Channel Up")
                         else GlobalColor("Channel Down"));
plot BOA = ArUp;
     BOA.SetPaintingStrategy(PaintingStrategy.Arrow_Up);
     BOA.SetDefaultColor(color.green);
     BOA.SetLineWeight(2);
plot BDA = ArDn;
     BDA.SetPaintingStrategy(PaintingStrategy.Arrow_Down);
     BDA.SetDefaultColor(color.red);
     BDA.SetLineWeight(2);

#Clouds
AddCloud(LBUp, UBUp, GlobalColor("Cloud Up"), GlobalColor("Cloud Dn"));
AddCloud(LBDn, UBDn, GlobalColor("Cloud Dn"), GlobalColor("Cloud Up"));

#Price Color
AssignPriceColor(if pricecolor then if close > line2 then GlobalColor("Price Up")
                 else if close < line1 then GlobalColor("Price Down")
                 else GlobalColor("Price Neutral")
                 else color.current);

#Alerts
Alert(AlertUp, "BREAKOUT!",  Alert.Bar, Sound);
Alert(AlertDn, "BREAKDOWN!", Alert.Bar, Sound);

# --- End code ---

Hello,
Do you tell if this Keltner is based on ema? Thanks

 

[MerryDay]

Hello,
Do you tell if this Keltner is based on ema? Thanks

In settings change average type from sma to ema