Potential Breakout Arrow Plots Indicator for ThinkorSwim

What should I focus on making next

  • an exit indicator

    Votes: 37 39.4%
  • improving signals

    Votes: 39 41.5%
  • making new signals

    Votes: 10 10.6%
  • a sell calls plot

    Votes: 8 8.5%

  • Total voters
    94
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
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.
 
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.
 
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.
 
Last edited:
@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.
 
@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.
 
@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!
 
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.
 
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.
Code:
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.
 

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