Potential Breakout (PBO) Indicator for ThinkorSwim

gravityflyer

New member
Hi all,

I just wanted to share my first thinkScript indicator and kindly seeking your assistance in refining the code.

Code:
# Potential Breakout (PBO) indicator
# gravityflyer
# v1.0 - 2021.04.05

declare lower;
declare real_size;

#Input Price Line
input priceType = PriceType.LAST;
plot LastPrice = close(priceType = priceType);
LastPrice.SetDefaultColor(GetColor(7));

#Input Bolinger Band Width
input averageType = AverageType.Simple;
input price = close;
input displace = 0;
input length = 20;
input Num_Dev_Dn = -1.0;
input Num_Dev_Up = 1.0;
input BulgeLength = 150;
input SqueezeLength = 150;

def upperBand = BollingerBands(price, displace, length, Num_Dev_Dn, Num_Dev_Up, averageType).UpperBand;
def lowerBand = BollingerBands(price, displace, length, Num_Dev_Dn, Num_Dev_Up, averageType).LowerBand;
def midLine = BollingerBands(price, displace, length, Num_Dev_Dn, Num_Dev_Up, averageType).MidLine;

plot Bandwidth = (upperBand - lowerBand) / midLine * 100;
Bandwidth.SetDefaultColor(Color.WHITE);

#Painting Strategy
LastPrice.SetPaintingStrategy(PaintingStrategy.LINE_VS_POINTS);
LastPrice.DefineColor("Normal", Color.GRAY);
LastPrice.DefineColor("BuySignal", Color.GREEN);
LastPrice.DefineColor("SellSignal", Color.RED);
LastPrice.AssignValueColor(if LastPrice > upperBand then LastPrice.Color("BuySignal") else if LastPrice < lowerBand then LastPrice.Color("SellSignal") else LastPrice.Color("Normal"));

#Input Reference Line
plot ZeroLine = 0;
ZeroLine.SetDefaultColor(GetColor(8));
ZeroLine.setStyle(Curve.SHORT_DASH);

In short, the indicator works as I intended. Yay for me! :giggle: That said, the presentation needs more refinement. Some issues I'm having:
  • The scale is obviously not consistent with the price/BB superimposed. I thought "declare real_size" would fix the issue?
  • How do I fill the upper and lower bands with a color, ideally with a lower opacity? Would that be with the "Add.Cloud" code? As indicated by the code, buy/sell signals would occur above/below such values.
  • In terms of painting strategy, you'll notice it's painting the LastPrice and thus the signal is slightly delayed (see pic below). Is there a way to repaint on the current price or should I not worry about it?
xKuJkIc.png

  • Finally, how can I add buy/sell signals at the bottom of the indicator below the 0 reference line?
Thank you in advance for your assistance!
 

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interesting. this actually looks pretty good on the 2min chart

Glad you're enjoying it! Here's v2 of my script if interested...

Code:
# Potential Breakout (PBO) indicator
# gravityflyer
# v1.0 - 2021.04.05
# v2.0 - 2021.04.07: Converted indicator into single line.

declare lower;

#Input Bolinger Band Width
input averageType = AverageType.Simple;
input price = close;
input displace = 0;
input length = 20;
input Num_Dev_Dn = -1.0;
input Num_Dev_Up = 1.0;
input BulgeLength = 150;
input SqueezeLength = 150;


def upperBand = BollingerBands(price, displace, length, Num_Dev_Dn, Num_Dev_Up, averageType).UpperBand;
def lowerBand = BollingerBands(price, displace, length, Num_Dev_Dn, Num_Dev_Up, averageType).LowerBand;
def midLine = BollingerBands(price, displace, length, Num_Dev_Dn, Num_Dev_Up, averageType).MidLine;

#plot Bandwidth = (upperBand - lowerBand) / midLine * 100;
#Bandwidth.SetDefaultColor(Color.WHITE);

#Input Price Line
#input priceType = PriceType.LAST;
#plot LastPrice = close(priceType = priceType);
#LastPrice.SetDefaultColor(GetColor(7));

#PBO Painting Strategy
plot PBO = If(IsNaN(close), Double.NaN, 0);
PBO.DefineColor("Normal", Color.GRAY);
PBO.DefineColor("BuySignal", Color.GREEN);
PBO.DefineColor("SellSignal", Color.RED);
PBO.AssignValueColor(if price > upperBand then PBO.Color("BuySignal") else if price < lowerBand then PBO.Color("SellSignal") else PBO.Color("Normal"));
PBO.SetPaintingStrategy(PaintingStrategy.POINTS);
PBO.SetLineWeight(3);

#Arrows#
plot BUY = 0;
plot TakeProfit = 0;
plot UpSignal = if price crosses above upperBand then BUY else Double.NaN;
plot DownSignal = if price crosses below lowerBand then TakeProfit else Double.NaN;

input showBreakoutSignals = yes;
UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

UpSignal.SetDefaultColor(Color.GREEN);
DownSignal.SetDefaultColor(Color.RED);
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
 
I was trying out .... its works great for scalp ... i am in tick chart , don't know about higher time frame ... works great on Nadex to scalp 20 - 30 / per contract on ES for 20 min exp. (please dont take your trading decision based off only this indicator... you have to have NADEX strategy )
 
I've been backtesting and this has helped with some false signals from other indicators. Thank you for sharing :)
 
Nice indicator, thanks for sharing. Novice coder (that's being generous) looking to see if I could make a watchlist column out of this study by comparing yours to a column I found from somewhere that gave a thumbs up/thumbs down in what looks like to be off the ATR indicator. Anyhoo...code's comparison and comprehension is beyond my level.

There anyway someone could make a watchlist column using this PBO indicator? I'd like to set it to check on the one min candle and paint the Arrows if a PBO hits.

Much gracious in advance.
 
I saw this PBO posted by another member and was wondering how to add labels? I am a novice to programming and wanted to ask some of you veterans. Thank you for any responses.

Code:
# Potential Breakout (PBO) indicator
# gravityflyer
# v1.0 - 2021.04.05
# v2.0 - 2021.04.07: Converted indicator into single line.

declare lower;

#Input Bolinger Band Width
input averageType = AverageType.Simple;
input price = close;
input displace = 0;
input length = 20;
input Num_Dev_Dn = -1.0;
input Num_Dev_Up = 1.0;
input BulgeLength = 150;
input SqueezeLength = 150;


def upperBand = BollingerBands(price, displace, length, Num_Dev_Dn, Num_Dev_Up, averageType).UpperBand;
def lowerBand = BollingerBands(price, displace, length, Num_Dev_Dn, Num_Dev_Up, averageType).LowerBand;
def midLine = BollingerBands(price, displace, length, Num_Dev_Dn, Num_Dev_Up, averageType).MidLine;

#plot Bandwidth = (upperBand - lowerBand) / midLine * 100;
#Bandwidth.SetDefaultColor(Color.WHITE);

#Input Price Line
#input priceType = PriceType.LAST;
#plot LastPrice = close(priceType = priceType);
#LastPrice.SetDefaultColor(GetColor(7));

#PBO Painting Strategy
plot PBO = If(IsNaN(close), Double.NaN, 0);
PBO.DefineColor("Normal", Color.GRAY);
PBO.DefineColor("BuySignal", Color.GREEN);
PBO.DefineColor("SellSignal", Color.RED);
PBO.AssignValueColor(if price > upperBand then PBO.Color("BuySignal") else if price < lowerBand then PBO.Color("SellSignal") else PBO.Color("Normal"));
PBO.SetPaintingStrategy(PaintingStrategy.POINTS);
PBO.SetLineWeight(3);

#Arrows#
plot BUY = 0;
plot TakeProfit = 0;
plot UpSignal = if price crosses above upperBand then BUY else Double.NaN;
plot DownSignal = if price crosses below lowerBand then TakeProfit else Double.NaN;

input showBreakoutSignals = yes;
UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);

UpSignal.SetDefaultColor(Color.GREEN);
DownSignal.SetDefaultColor(Color.RED);
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
 

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