Potential Breakout Arrow Plots Indicator for ThinkorSwim

[Chemmy]

Thanks, but do these arrows reprint at all??

No, once the candles close the arrows shouldn't repaint.

 

[JOSHTHEBANKER]

I've made an updated version. Improvements include, accuracy, sell signals, and a scan.
It now has some more instructions so listen up:

Tip 1: Personally I'll only be using the big arrow signals as well as the sell put signal. The shared link will exclude the plot "combostrong" which is still usable but slighlty less accurate.

Instruction 1: The neon blue size 1 up arrows are the new "sellput" plot. The amazing thing about this plot is that it is calculated one day ahead so arrows will be plotted ahead of the current candle that created the signal. I use a scan that I will post in the last hour of trading to find stocks to sell weekly or biweekly otm puts on. Do not use this arrow unless you are familiar with how selling options works, if you make a mistake it could put you in a bad spot. The reasoning behind the signal is that it forecasts candles where there is an extremely small chance they will gap down, often times actually they will make you tons on a volatility crush as well as a gap up. Sell your position before the close of the candle with the signal or about a day after buying it.

Instruction 2: The red and green arrows are simple, up arrow means up, down arrow means down. Use them as you wish, personally I think they are perfect for weekly options or stock trades. These can be scaned for before the candle closes for maximum gains, only use the scan in the last 30 minutes or so of trading to ensure that arrows don't switch up on you. Looking at SPY this would virtually never happen.

Instruction 3: The purple and orange arrows are also very simple, they simply just use some different metrics and therefore catch moves where the other arrows don't. They are well used in a similar fashion to the red and green arrows. These can be scaned for before the candle closes for maximum gains, only use the scan in the last 30 minutes or so of trading to ensure that arrows don't switch up on you. Looking at SPY this would virtually never happen.

Essential Instruction 4: From studying the arrows I can say that you should never do these things.
Never trade on a Purple down arrow if a sellput signal is given for the next day (remember sellplot plots one day ahead)
Never trade on a sellput signal if there is a down arrow on the previous day.
To simplify it in terms of superiority of signals
red arrow > sellput and purple arrow < sellput.

Instruction 5: Become a rich as mofo

Link:
https://tos.mx/Khie61d

Scans (To scan for a specific arrow make sure only that code is a plot)

input extremeuptrend =no;
input conso = .02;
input outo = .01;


input coc = close;
input linRegLength = 21;
input smLength = 3;
input displace2 = 0;
input Num_Dev_Dn = -2.0;
input Num_Dev_Up = 2.0;

def value = Average(Inertia(coc[-displace2], linRegLength), smLength);
def error = Average(sterr(coc[-displace2], linRegLength), smLength);

def MiddleLine = value;
def LowerBand = value + Num_Dev_Dn * error;
def UpperBand = value + Num_Dev_Up * error;

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 ROClength = 10;
def lengthm = 10;

assert(ROCLength > 0, "'roc length' must be positive: " + ROCLength);

def diff = high - low;
def avg = Average(diff, lengthm);

def CV = if avg[roclength] == 0 then 100 else (avg - avg[roclength]) / avg[roclength] * 100;

def negLine = -25;



# End Code RSI_Laguerre Self Adjusting with Fractal Energy
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 zeroline = 0;
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 zero = if IsNaN(c) then Double.NaN else 0;
def ob = if IsNaN(c) then Double.NaN else Round(length2 * .7);
def ob2 = if IsNaN(c) then Double.NaN else Round(length2* .3);
def  ob3 = if IsNaN(c10) then Double.NaN else Round(length2 * .7);
def os = if IsNaN(c) then Double.NaN else -Round(length2 * .2);



input BuyorSell = {default Buy, Sell};
input ShowTodayOnly = yes;
input ShowEntryExitBands = yes;
input ShowBubbles = yes;
input BuyEntry = 3;
input SellEntry = 3;
input BuyExit = 20;
input SellExit = 20;

input ATRLength = 50;
input TargetATRMult = 1;
input DisplayLines = yes;
input PriceDigit = 2;

def today = !ShowTodayOnly or GetDay() == GetLastDay() and SecondsFromTime(0930) >= 0;

# High

def H1  = Highest(high, SellExit);
def H2  = fold i3 = 1 to SellExit
          with ip = 0.0
          do if GetValue(high, i3) == H1 or GetValue(high, i3) < ip
             then ip
             else GetValue(high, i3);
def H3  = fold i1 = 1 to SellExit
          with ip1 = 0.0
          do if GetValue(high, i1) == H1 or GetValue(high, i1) == H2 or GetValue(high, i1) < ip1
             then ip1
             else GetValue(high, i1);
def HH  = (H2 + H3) / 2.0;

# Low

def L1  = Lowest(low, BuyExit);
def L2  = fold i4 = 1 to BuyExit
          with ip2 = 10000000.0
          do if GetValue(low, i4) == L1 or GetValue(low, i4) > ip2
             then ip2
             else GetValue(low, i4);
def L3  = Lowest(if low == L1 or low == L2 then 1000000 else low, BuyExit);
def LL  = (L2 + L2) / 2.0;

def QB = Highest(high, BuyEntry);
def QS = Lowest(low, SellEntry);
plot b = QS[1];
plot x = QB[1];
def y = LL[1];
def nottolate = ((main[7] - main) < 15);
plot midline = (qs[1]+qb[1])/2;
def ATRVal = ATR(length = ATRLength, averageType = AverageType.SIMPLE);
def mATR = Highest(ATRVal, ATRLength);
def badhammer = (((high-close) < ((close + open)/2) - low)) and (open > qb[1]);
plot differencechange = ((main-signal) < 1) and ((main - signal) > -1)  and (main < ob3);


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

plot comboupstrongstrong = (high > 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 = (high > 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 (high > open) and (low < middleline) and (high > open);

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

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

plot sellputs = (lowerpr < QS);

After using the scan, look at the stock and make sure the high/low isn't far from the current price. Make sure there isn't a huge wick.
More improvements to come!

Hi I am having trouble loading the scanner for this indicator? Can you post a TOS link to the scanner? I am not to familiar with coding scanners.

 

[MerryDay]

Hi I am having trouble loading the scanner for this indicator? Can you post a TOS link to the scanner? I am not to familiar with coding scanners.

This MTF scan will never work because secondary aggregations cannot be used in the scan hacker.
The MTF portion has been removed from the script which means this scan won't match your charts.

Even with that, this scan has EIGHT different scan statements. But scans can only have one.
SEVEN of the plot statements have been commented out.

You did not indicate which of the eight conditions you were attempting to scan for; so one was chosen at random. Feel free to change to one of the other seven.

shared scan link: http://tos.mx/LZUG8yi Click here for --> Easiest way to load shared links