Momentum Pinball LBR For ThinkOrSwim

[jhorton56]

Here's another Linda Raschke indicator
Momentum Pinball,

1. when you get a buy/sell signal,
2. wait for the next day
3. enter on the high or low of the first hour (depending on the signal)
4. and place a stop in the low/high of the first hour.
5. If the day you get filled closes profitable
   1. you can decide to close the trade by the end of the day or
   2. hold overnight (if there was a considerable move)
   3. and exit the following morning.

This strategy is based on the 3-period RSI of the 1-period ROC.
(My note: LBR stated that she used the 2-period ROC).

I found in TradingView.https://www.tradingview.com/script/fBpVB1ez-Momentum-Pinball-Indicator/

mod note:

script converted. see below

 

[samer800]

Here's another Linda Raschke indicator I found in TradingView. This coder has several more LBR indicators that I may research later on. https://www.tradingview.com/script/fBpVB1ez-Momentum-Pinball-Indicator/

Momentum Pinball, when you get a buy/sell signal, wait for the next day enter on the high or low of the first hour (depending on the signal) and place a stop in the low/high of the first hour. If the day you get filled closes profitable you can decide to close the trade by the end of the day or hold overnight (if there was a considerable move) and exit the following morning. This strategy is based on the 3-period RSI of the 1-period ROC. (My note: LBR stated that she used the 2-period ROC).

View attachment 22297

//@version=3
////////////////////////////////////////////////////////////////////////////////////////////////
//// Momentum Pinball, when you get a buy/sell signal, wait for the next day
//// enter on the high or low of the first hour and place a stop in the low/high
//// of the first hour. If the day you get filled closes profitable you can decide to close
//// the trade buy the end of the day or hold overnight and exit the following morning
////////////////////////////////////////////////////////////////////////////////////////////
study("Momentum Pinball")
rocPeriod = input(title="ROC Period", type=integer, defval=1)
rsiPeriod = input (title="RSI Period", type=integer, defval=3)
oversoldLevel = 30
overboughtLevel = 70
lbrrsi = rsi(roc(close, rocPeriod), rsiPeriod)
buySetup = lbrrsi < oversoldLevel
sellSetup = lbrrsi > overboughtLevel
plotshape(buySetup, color=green, style=shape.triangleup, location=location.bottom)
plotshape(sellSetup, color=red, style=shape.triangledown, location=location.top)
hline(overboughtLevel, title='Overbought', color=#5E606B, linestyle=dashed, linewidth=2)
hline(oversoldLevel, title='Oversold', color=#5E606B, linestyle=dashed, linewidth=2)
plot(lbrrsi, color=#5E606B)

check below:

# Indicator for TOS
#//// Momentum Pinball, when you get a buy/sell signal, wait for the next day
#//// enter on the high or low of the first hour and place a stop in the low/high
#//// of the first hour. If the day you get filled closes profitable you can decide to close
#//// the trade buy the end of the day or hold overnight and exit the following morning
#study("Momentum Pinball")
# Converted by Sam4Cok@Samer800    - 07/2024
Declare lower;

input src = close;
input rocPeriod = 1; #(title="ROC Period", type=integer, defval=1)
input rsiPeriod = 3; # (title="RSI Period", type=integer, defval=3)
input oversoldLevel = 30;
input overboughtLevel = 70;

def na = Double.NaN;
def last = IsNaN(close);

def roc = RateOfChange(Length = rocPeriod, Price = src);
def lbrrsi = rsi(Price = roc, Length = rsiPeriod);

def buySetup = lbrrsi < oversoldLevel;
def sellSetup = lbrrsi > overboughtLevel;

plot momRsi = lbrrsi; #, color=#5E606B)
plot sigUp = if buySetup then lbrrsi - 3 else na;
plot sigDn = if sellSetup then lbrrsi + 3 else na;
plot ob = if last then na else overboughtLevel; #, title='Overbought'
plot os = if last then na else oversoldLevel; #, title='Oversold'
plot mid = if last then na else (overboughtLevel + oversoldLevel) / 2;

AddCloud(momRsi, ob, Color.DARK_RED, Color.CURRENT);
AddCloud(os, momRsi, Color.DARK_GREEN, Color.CURRENT);

momRsi.SetLineWeight(2);
mid.SetStyle(Curve.SHORT_DASH);
ob.SetDefaultColor(Color.GRAY);
os.SetDefaultColor(Color.GRAY);
mid.SetDefaultColor(Color.DARK_GRAY);
momRsi.SetDefaultColor(Color.PLUM);
sigUp.SetDefaultColor(Color.GREEN);
sigDn.SetDefaultColor(Color.RED);
sigUp.SetPaintingStrategy(PaintingStrategy.SQUARES);
sigDn.SetPaintingStrategy(PaintingStrategy.SQUARES);

#-- END of CODE

 

[jhorton56]

Super Duper Samer does it again! Thanks, amigo!