Potential Breakout Arrow Plots Indicator for ThinkorSwim

[J007RMC]

Aside from script one bought basic market structure script, compliments to Robert Payne and Advanced Market Moves 2.0 by Ben and that's it really except for the public swing hi/lo study.. I've tied so many scripts over the last 12 months and I always revert back to simple as possible.

 

[YungTraderFromMontana]

@YungTraderFromMontana
Very interesting indicator! I wonder though - Why did you remove the exit/sell signals? I see in this post the script includes them but in your most recent they do not!

Will test this tomorrow side-by-side with a trend painter to get an idea of exits.

Thanks for your hard work!

Sorry I'm very unorganized with my code and sometimes I misplace certain versions. That was a good primitive exit indicator but one issue is that on longer runs it gets you out to soon so I was working on that.

 

[wnozick]

Sorry I'm very unorganized with my code and sometimes I misplace certain versions. That was a good primitive exit indicator but one issue is that on longer runs it gets you out to soon so I was working on that.

Got it! Thanks for the response. I'll see if I can add that portion of the code to the latest version you've provided - very excited to try this tomorrow! Been tracking /ES with it and I see some solid buy signals.

 

[J007RMC]

There is only one more script I am having very good success with if anybody is interested public domain https://tos.mx/l4pRdFf

grid share https://tos.mx/z5UeewE

 

[BenTen]

@YungTraderFromMontana I would make a note of that in the original thread just in case.

 

[YungTraderFromMontana]

I know this is somewhat of a mess of lines and arrows but this is how I currently use it.
@mashume recently made an amazing HMA concavity indicator and I know use it to assist my trades.
Here is the general idea. Trade on candles where there are multiple arrows or 2 consecutive arrows, many of the indicators use different approaches on determining a buy so they work well in harmony. If many of my arrows say buy, then it usually works. @wnozick I also re added the exit signals as big white arrows. They don't give an exit to every trade but they give a good one. If it doesn't give an exit use the concavity arrows instead. I hope you guys find a use out of my or @J007RMC's set ups. Happy trading. Also just a warning that some of the small arrows don't perform well on intraday, especially < 5m and the exit indicator was designed for the daily chart so on any intraday timeframes use the concavity signals (orange down arrows) as a exit. The big arrows however work on everything. Second warning is don't buy with the concavity signals, they look tempting but they are slightly delayed( 1 bar delay for confirmation), despite this you can use them delayed and they pair greatly with my arrows to confirm signal. I know this strategy sounds confusing so if you need any clarifications speak up.
Chart
https://tos.mx/tVpAmkF
edit: I updated the link, previous link had accidently included strategy arrows and lines unrelated to the strat. This should hurt your eyes less.

 

[YungTraderFromMontana]

@YungTraderFromMontana I would make a note of that in the original thread just in case.

Added it although there is no repaint on earlier versions and only one of the 5+ plots has a small chance to repaint. Only the versions with J007RMC suggested indicator will there be a rare issue. I wouldn't take the time to make an indicator myself that often repaints because it is rarely useful in trading. Spent multiple hours playing with this to get it somewhat right.

 

[YungTraderFromMontana]

@BenTen can you change the title to "promising arrow plots" or whatever you think is more fitting because we established it wasn't an atr. I don't want to have people confused where the atr component in the study is because there isn't one. I'm not sure if there is a name for indicators that use similar logic but it's essentially a breakout of lines established by previous candles h,l,o, and c. Along with other indicators to enhance/confirm signals.

 

[wnozick]

@YungTraderFromMontana

Thanks for the updated chart! Are all of the spaghetti-looking likes buy & sell points? Just wondering what I can get rid of because even with the edited version you shared there's still a lot going on!

 

[J007RMC]

Those are fibs I believe .50,.382,.618,.786 I like these be because my chart does no fill with lines. View the source code may be more information thanks.

 

[J007RMC]

And if you need you can check those lines against fibs I believe they come very close.

 

[J007RMC]

See member source of script on our platform for more information.

 

[mini]

Who can help to code this study without any lines showing in the chart? I only want the swing high and swing low color candles? https://tos.mx/SUgr2bw

 

[J007RMC]

Just open the study and uncheck the low 1-10 and high 1-10 selections

 

[Playstation]

@YungTraderFromMontana The colored candle, i think (magenta?) signals a bearish reversal point and (cyan?) means bullish reversal? sorry I have minor colorblindness.
seems very accurate!

 

[Playstation]

ahh...the candles repaint..

 

[J007RMC]

I generally have to wait for a major/minor line to form

 

[J007RMC]

https://imgur.com/kZnKVUf

 

[J007RMC]

Looked at this rather confusing script to better see what is being used. Removed a lot of unused code. Made one change to the original script code by removing plot b = QS[1] and plot x = QS[1] and just plotting QS and QB.

input conso = .02;
input outo = .01;
input coc = close;
input linRegLength = 21;
input smLength = 3;
input displace2 = 0;

def value = Average(Inertia(coc[-displace2], linRegLength), smLength);
def error = Average(sterr(coc[-displace2], linRegLength), smLength);
def MiddleLine = value;
def total = if close < open then (high + 2 * low + close) / 2 else if close > open then (2 * high + low + close) / 2 else (high + low + 2 * close) / 2;
def UpperPr = total[1] - low[1];
def LowerPr = total[1] - high[1];

def price = close;
def length4 = 10;
def displace = 0;
def AvgExp = ExpAverage(price[-displace], length4);
def length6 = 48.5;
def AvgExp2 = ExpAverage(price[-displace], length6);
def c = close;

def length2 = 30;
def calclength2 = 5;
def smoothlength2 = 3;
input agg = AggregationPeriod.DAY;

def o10 = open(period = agg);
def c10 = close(period = agg);
def data = fold i = 0 to length2
           with s
           do s + (if c10 > GetValue(o10, i)
                   then 1
                   else if c10 < GetValue(o10, i)
                        then - 1
                        else 0);
def EMA5 = ExpAverage(data, calclength2);
def Main = ExpAverage(EMA5, smoothLength2);
def Signal = ExpAverage(Main, smoothLength2);

def  ob3 = if IsNaN(c10) then Double.NaN else Round(length2 * .7);

input BuyEntry = 3;
input SellEntry = 3;

plot QB = Highest(high, BuyEntry);
plot QS = Lowest(low, SellEntry);

plot midline = (qs[1]+qb[1])/2;

plot differencechange = ((main-signal) < 1) and ((main - signal) > -1)  and (main < ob3);


plot comboupstrongstrongstrong = (close > qb[1]) and (c[1] < qb[2]) and (((open - qb[1])/100) < outo) and (((qb[1] - Avgexp)/100) < conso) and (close < midline[1]);

plot comboupstrongstrong = (close > qb[1]) and (c[1] < qb[2]) and (((open - qb[1])/100) < outo) and (((qb[1] - Avgexp)/100) < conso) and (open[1] or open[2] or open[3] < midline) and comboupstrongstrongstrong is false and (open < qb[1]) and (open[1] > Qs[2]) and (close[1] < midline[2]);

plot comboupstrong = (close > qb[1]) and (close[1] < qb[2]) and (((open - qb[1])/100) < outo) and (((qb[1] - Avgexp)/100) < conso)  and comboupstrongstrongstrong is false and comboupstrongstrong is false and (close > open) and (low < middleline) and (close > open);

plot midcrossgapup = (((open < midline) and ((close > midline)) or ((close[1] < midline[2])) and (open > midline[1]))) and (close > open) and (differencechange) and (close[1] < qb[2]) and (close > upperpr);

plot combodown = (qs[1] > qs[2]) and (close < qs[1]) and (c[1] > qs[2]) and (((qs[1] - open)/100) < outo) and (((Avgexp - qs[1])/100) < conso);
plot midcrossgapdown = (((open > midline) and ((close < midline)) or ((close[1] > midline[2])) and (open < midline[1]))) and (close < open) and (close[1] > qs[2]) and (close < lowerpr);

plot sellputs = (lowerpr < QS);

Horesrider your modifications are great traded it today.

 

[mini]

Just open the study and uncheck the low 1-10 and high 1-10 selections

Thank you!