Price Channels HOLP/LOHP

[JamesB]

I am wondering if someone has a thinkscript for John Carter's price channels' Holp/Lohp breakout arrows?

 

[Joshua]

Try this, let me know how it works out, might need to be tweaked a little bit.

input Length = 20;
def LowLow; def HighBar;
def HighThresh; def Sig;
if Close == lowest(Close,Length) {
    LowLow = lowest(Low,Length);
    if Low == LowLow {
        HighBar = Double.NaN;
        HighThresh = High;
    } else {
        HighBar =
        fold Index = 0 to Length - 1 with Bar while IsNan(Bar) do
        if Low[Index] == LowLow then Index
        else Double.NaN;
        HighThresh = getValue(High,HighBar);
    }
    Sig = Double.NaN;
} else {
    Sig = crosses(High, HighThresh[1], crossingDirection.ABOVE);
    HighThresh = if Sig then Double.NaN else HighThresh[1];
    LowLow = Double.NaN;
    HighBar = Double.NaN;
}
plot Signal = Sig;
Signal.setPaintingStrategy(paintingStrategy.BOOLEAN_ARROW_UP);
plot Threshold = HighThresh;
Threshold.setPaintingStrategy(paintingStrategy.HORIZONTAL);

 

[JamesB]

Hi Joshua,

Thanks for your response. This gets part of it some of the time. We need to be able to reverse it for bearish entries/or bullish exits. Second, there are times that it does not record the break of the low bar. And third, I wonder if there is a way to have the arrow shown when the low is equal to the price channel or close to it, then starts to reverse in the opposite direction as the point of the indicator.

Thank you for your time!

 

[Joshua]

I just googled it and found this, and that's what I went off of. I am not sure what you mean by break of the low bar, or anything about a channel.

 

[JamesB]

Joshua, John Carter's indicator HOLP/LOHP is based upon price channels a standard indicator in TOS (some call them Donchain Channels). If you were to put the indicator that you found onto a chart then add TOS price channels adjusting them to a 21 period, you would see that at times the indicator that you found does work for bullish entries. The indicator that you found is based on the low touching the lower price channel (even though your indicator does not plot the lower price channel), then a following price bar's high being greater than that previous bar's high that touched the lower price channel. So you can have additional candlestick lows that are equal to that one that touched the lower price channel or really close to it that would form better entries, yet herein lies the struggle of charting it.

 

[JamesB]

#Here is a version that I have been able to develop. But I believe that others may have a better version.


input showBreakoutSignals = yes;
input displace = 0;
input lengthDon = 21;

plot DonLowerBand = if Lowest(low [-displace + 1], lengthDon) then Lowest (low) else Double.NaN;
DonLowerBand.SetDefaultColor(Color.BLUE);
DonLowerBand.HideBubble();
DonLowerBand.SetLineWeight(1);
#DonLowerBand.Hide();

plot DonUpperBand = if Highest(high [-displace + 1], lengthDon) then Highest(high) else Double.NaN;
DonUpperBand.SetDefaultColor(Color.BLUE);
DonUpperBand.HideBubble();
DonUpperBand.SetLineWeight(1);
#DonUpperBand.Hide();
plot centerBand = (DonUpperBand + DonLowerBand) / 2;
centerBand.SetLineWeight(1);
centerBand.HideBubble();
centerBand.Hide();
centerBand.SetStyle(Curve.LONG_DASH);
centerBand.SetDefaultColor(Color.BLUE);



plot DownDonSignal = if (high[1] >= DonUpperBand or high[2] >= DonUpperBand) and ohlc4 < DonUpperBand and low < low[1]
then high else Double.NaN;

plot UpDonSignal = if (low[1] <= DonLowerBand or low[2] <= DonLowerBand) and ohlc4 > DonLowerBand and high > high[1]

then low else Double.NaN;
UpDonSignal.SetHiding(!showBreakoutSignals);
DownDonSignal.SetHiding(!showBreakoutSignals);
UpDonSignal.SetDefaultColor(Color.BLUE);
DownDonSignal.HideBubble();
UpDonSignal.HideBubble();

UpDonSignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_WEDGE_UP);
DownDonSignal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_WEDGE_DOWN);
UpDonSignal.SetLineWeight(5);
DownDonSignal.SetDefaultColor(Color.BLUE);
DownDonSignal.SetLineWeight(5);
Alert(UpDonSignal[1], "Don Reversal to North", Alert.BAR, Sound.Ring);
Alert(DownDonSignal[1], "Don Reversal to South", Alert.BAR, Sound.Chimes);
AddVerticalLine (UpDonSignal, "", Color.BLUE);
AddVerticalLine (DownDonSignal, "", Color.BLUE);

 

[Joshua]

Ok, I'll take a look at it when I get some time, maybe later on tonight.

 

[Joshua]

@JamesB is the code you posted working for you... or do you still need help with something?

 

[JamesB]

@Joshua This is the code that I currently have. However, it has a fair amount of false signals. Therefore, I am wondering if anyone has a better code or ideas of how to make it better?