Oil Break Out Indicator for ThinkorSwim

[Ty199]

Here is a small and simple Oil Break indicator. It runs off the previous days high and low and add a percentage. But it will break out almost everyday and some times a few times. Get some nice runs on it. But Change it have fun with it and see how you can make it better or just use it as it is. I tried to upload a picture but I cant seem to find out how. But here is the code.

declare upper;


def y_high = high(period=aggregationperiod.day)[1];
def y_low = low(period=aggregationperiod.day)[1];

def y_range = y_high-y_low;

def d_open = open(period=aggregationPeriod.DAY);

plot upper = d_open+(.25*y_range);

plot lower = d_open-(.25*y_range);

#########

 

[blakecmathis]

@Ty199 Have you tried this with ES? Just threw it up on a chart. Simple. Clean. I like it brotha.

 

[blakecmathis]

Check out this thread for uploading pics https://usethinkscript.com/threads/how-to-insert-image-in-a-post-thread.277/

 

[Ty199]

Check out this thread for uploading pics https://usethinkscript.com/threads/how-to-insert-image-in-a-post-thread.277/

I never really used it on anything but oil. I couldnt get it to show very good results on anything else. Thanks for the link to upload pictures.

 

[chillc15]

I never really used it on anything but oil. I couldnt get it to show very good results on anything else. Thanks for the link to upload pictures.

What time frame are you using it on?

Thanks

 

[mc01439]

In case you do not want to add more lines to your chart - below is the code as labels only.

@Ty199 - thank you for sharing!

https://imgur.com/os21Wdt

##########################################################

def y_high = high(period=aggregationperiod.day)[1];
def y_low = low(period=aggregationperiod.day)[1];

def y_range = y_high-y_low;

def d_open = open(period=aggregationPeriod.DAY);

def upper = d_open+(.25*y_range);
def lower = d_open-(.25*y_range);

def Unb = close <= upper;
def Ub = close crosses above upper;
def Ubip = close > upper;
AddLabel(Unb, "Upper under @ "+upper, Color.GRAY);
AddLabel(Ub, "Upper BREAK @ "+upper, Color.GREEN);
AddLabel(Ubip, "Upper over @ "+upper, Color.DARK_GREEN);

def Lnb = close >= lower;
def Lb = close crosses below lower;
def Lbip = close < lower;
AddLabel(Lnb, "Lower over @ "+lower, Color.GRAY);
AddLabel(Lb, "Lower BREAK @ "+lower, Color.RED);
AddLabel(Lbip, "Lower under @ "+lower, Color.DARK_RED);

###################################################################

 

[Ty199]

That will work also and cleans up some space. I usually just set it on another screen with /CL or /QM and watch it when Im on trading. Works pretty good and can make some good gains. Been stetting PT at the closest same break line of the previous 5 days. It will blow right past and keep going almost every time, but its a start of a target price area. @mc01439

 

[mc01439]

That will work also and cleans up some space. I usually just set it on another screen with /CL or /QM and watch it when Im on trading. Works pretty good and can make some good gains. Been stetting PT at the closest same break line of the previous 5 days. It will blow right past and keep going almost every time, but its a start of a target price area. @mc01439

@Ty199 - Today on /CL it bounced around the low bar a number of times and the high line seem to act as resistance. Fridays after 11:30 I rarely make a trade on /CL. Only trade for me today was at 10:42. CL stopped right at the low line for the day before bouncing and breaking it for a short time waiting for the 13:00 report.

https://imgur.com/q6OLvJM

 

[Shrum]

So is this 25 percent of previous daily range breakout?

 

[Ty199]

Not for sure of the percent on it. I forgot what the numbers was for the code. I did not come up with the strategy, I had it coded so it could go on a chart with out adding it up everyday and drawing lines. I will see if I can find the complete strategy.

 

[Shrum]

Thanks for the input

 

[Ty199]

Found it, here is the strategy before being coded.
It is figured like this.
Previous day High 58.70 Previous day Low 53.20
These are now subtracted for the difference which is 5.50
That value is divided by 4 which values at 1.375
Now 1.375 is added to the next day open price (ex. open price is 56.10 + 1.375 = 57.475 )
It is also subtracted from the open price ( ex. open price is 56.10 - 1.375 = 54.725 )
Now you have a high and a low that is calculated automatically and placed on the chart for that day of trading.
High 57.475 Low 54.725
It works pretty good, but can use some changing to what a person likes to trade. The good thing about it is there is not limited to any certain time frame. Use it how ever you want on a time frame. 30 min is decent but 15 also works good.

 

[Shrum]

Thanks...will check it out

 

[mc01439]

Found it, here is the strategy before being coded.
It is figured like this.
Previous day High 58.70 Previous day Low 53.20
These are now subtracted for the difference which is 5.50
That value is divided by 4 which values at 1.375
Now 1.375 is added to the next day open price (ex. open price is 56.10 + 1.375 = 57.475 )
It is also subtracted from the open price ( ex. open price is 56.10 - 1.375 = 54.725 )
Now you have a high and a low that is calculated automatically and placed on the chart for that day of trading.
High 57.475 Low 54.725
It works pretty good, but can use some changing to what a person likes to trade. The good thing about it is there is not limited to any certain time frame. Use it how ever you want on a time frame. 30 min is decent but 15 also works good.

As @Ty199 outlines - the code comes up with the same number. Again @Ty199 , thanks for sharing.

 

[Ty199]

You welcome @mc01439 , Glad you like it. If you find a Gem with it please share !

 

[john3]

@blakecmathis In your screengrab, on the left, upper study that colors the candles. What is it? Would you please share it? Thank you.

 

[Ty199]

@john3 Are you talking about how the candles run in a green or red pattern ? If so where your studies icon is at the top of your platform it will say "style". Click that and it will drop down, it will give you options of what candle you want. Try the Hienki Ashi candle. It makes it more of a trend style pattern on your candles. It is a good style but does change your candles to what I think to be harder to read the price action and also shows differant candle patterns as the standard ones. Its nice to use to get a familiar style of using some indicators, but for best profit on my case I changed back to standard candles to be more accurate on entries and exits of trades. Hope this helps.

 

[uawgmsmco]

@john3 Are you talking about how the candles run in a green or red pattern ? If so where your studies icon is at the top of your platform it will say "style". Click that and it will drop down, it will give you options of what candle you want. Try the Hienki Ashi candle. It makes it more of a trend style pattern on your candles. It is a good style but does change your candles to what I think to be harder to read the price action and also shows differant candle patterns as the standard ones. Its nice to use to get a familiar style of using some indicators, but for best profit on my case I changed back to standard candles to be more accurate on entries and exits of trades. Hope this helps.

I second the inquiry on your candle setup. They're definitely Heiken-Ashi, but it looks like they're painted based upon ParabolicSAR with yellow candles being a neutral area??

 

[john3]

@Ty199 Have you tried this with ES? Just threw it up on a chart. Simple. Clean. I like it brotha.

Would you please share the chart on the left? Thank you.

 

[Ty199]

The charts shown are not ones I posted.