Momentum Keltner Channels for ThinkorSwim

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stockscouter87 said:
Hey @Pensar, is there anyway you can edit the code and take out the actual keltner channels and leave the alerts? I find the alerts are more than accurate, they are almost precise. They work best for Orbs but anyways, I am a technical trader and the channels get in my way sometimes. Any help would be appreciated!

And while we're at it, if you can edit the code to remove the keltner channels, can you make an alert like a ring sound when an arrow pops up? TIA. I am actually starting my first coding class in a week. What you guys do has inspired me to learn. TIA
Click to expand...
I did minor modification to show or hide the channel. Moreover, I included the label alone with count in the script.
# 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 ShowLines = yes;
input Label = yes;
input arrows = yes;
input alerts = no;
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 = if ShowLines then line1 else nan;
UB.SetLineWeight(1);
UB.AssignValueColor(if Hold[0] == 1 then GlobalColor("Channel Up")
else GlobalColor("Channel Down"));
plot LB = if ShowLines then line2 else nan;
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);
# Labels
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(Label,
if n1 then "👍(" + count1 + ")" else "👎(" + count2 + ")",
if n1 then color.green else color.red);

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

# --- End code ---
Click to expand...
 
@samer800 I tried to make this a MTF something is off could you take a look and make the right adjustments thanks


# 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;
def price = close(period = Period);
input type = AverageType.SIMPLE;
input pricecolor = yes;
input fill = yes;
input arrows = yes;
input alerts = yes;
input sound = {default "Ding", "Bell", "Chimes", "NoSound", "Ring"};
input Period = aggregationPeriod.Day;

#Variables
def nan = double.nan;
def shift = factor * MovingAverage(type, TrueRange(high(period = Period), close(period = Period), low(period = Period)), length);
def avg = MovingAverage(type, price, length);
def line1 = avg[-displace] - shift[-displace];
def line2 = avg[-displace] + shift[-displace];
def Chg = if(close(period = Period) > line2, 1, if(close(period = Period) < 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);
 
Last edited by a moderator:
Trading51 said:
@samer800 I tried to make this a MTF something is off could you take a look and make the right adjustments thanks


# 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(period = Period);
input type = AverageType.SIMPLE;
input pricecolor = yes;
input fill = yes;
input arrows = yes;
input alerts = yes;
input sound = {default "Ding", "Bell", "Chimes", "NoSound", "Ring"};
input Period = aggregationPeriod.Day;

#Variables
def nan = double.nan;
def shift = factor * MovingAverage(type, TrueRange(high(period = Period), close(period = Period), low(period = Period)), length);
def avg = MovingAverage(type, price, length);
def line1 = avg[-displace] - shift[-displace];
def line2 = avg[-displace] + shift[-displace];
def Chg = if(close(period = Period) > line2, 1, if(close(period = Period) < 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);
Click to expand...
@Trading51
ALL the close, high, low needed to be changed. Your script above has been fixed
 
I have found the the Momentum Keltner Channels study and scan can be a very accurate and effective way to find stocks that are ready for a move. If anyone else uses this please comment on your results. It is very useful, in my opinion. The scan produces potential movers, and the study arrows are great. Give it a try.

https://usethinkscript.com/threads/momentum-keltner-channels-for-thinkorswim.2855/

The settings I use (FWIW) are: length=15, factor=.3, price= (H+L+ C)/3, type =weighted.

I do only Swing Trading, so your setting may need adjustment if you are a day trader.
 
Pensar said:
Code: 
# 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 ---

View attachment 7328
Click to expand...
Very nicely done, thank you !
 
Last edited by a moderator:
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