Repaints MTF Price Trend Indicator for ThinkorSwim

[BenTen]

This is a fairly simple indicator for ThinkorSwim that shows the price trend in the candles.

Created by Drew Griffith.

Color candlesticks based on price movement. New highs are green; New lows are red; Sideways trading are grey.

thinkScript Code

declare upper;

input trail = 1;
input displace = 1;
input aggregationperiod = aggregationperiod.day;

def new_high = close > highest(high(period = aggregationperiod), trail)[displace];
def new_low = close < lowest(low(period = aggregationperiod), trail)[displace];

def greenprice = if new_high then yes else if new_low then no else new_high[1];
def redprice = if new_low then yes else if new_high then no else new_low[1];

plot bullish = greenprice;
plot neutral = !greenprice and !redprice;
plot bearish = redprice;

plot rating =
if greenprice then 1
else if redprice then .5
else 0;

def paintbars = yes;

bullish.setdefaultcolor(color.uptick);
bullish.setpaintingstrategy(paintingstrategy.boolean_points);
bullish.setlineweight(3);
bullish.hide();
neutral.setdefaultcolor(color.gray);
neutral.setpaintingstrategy(paintingstrategy.boolean_points);
neutral.setlineweight(3);
neutral.hide();
bearish.setdefaultcolor(color.downtick);
bearish.setpaintingstrategy(paintingstrategy.boolean_points);
bearish.setlineweight(3);
bearish.hide();
rating.hide();
rating.hidebubble();

defineglobalcolor("bullish", color.uptick);
defineglobalcolor("neutral", color.gray);
defineglobalcolor("bearish", color.downtick);
assignpricecolor(if !paintbars then color.current else if greenprice then globalcolor("bullish") else if redprice then globalcolor("bearish") else globalcolor("neutral"));

Shareable Link

https://tos.mx/gxwvi5

 

[BenTen]

Another trend following indicator for ThinkorSwim. Similar to the one here, it will plot bearish, bullish, and neutral trend signals in the form of candles color. When adding the indicator, your candles will be assigned to either red, green, or grey.

Notes:

• Red candles = bearish trend
• Green candles = bullish trend
• Gray = Neutral or Sideways trend

thinkScript Code

# PRICETREND
# DREWGRIFFITH15 (C) 2014
# Posted at https://github.com/hwrdprkns/ThinkOrSwim/blob/master/PriceTrendSTUDY.ts

DECLARE UPPER;

INPUT TRAIL = 1;
INPUT DISPLACE = 1;
INPUT AGGREGATIONPERIOD = AGGREGATIONPERIOD.DAY;

DEF NEW_HIGH = CLOSE > HIGHEST(HIGH(PERIOD = AGGREGATIONPERIOD), TRAIL)[DISPLACE];
DEF NEW_LOW = CLOSE < LOWEST(LOW(PERIOD = AGGREGATIONPERIOD), TRAIL)[DISPLACE];

DEF GREENPRICE = IF NEW_HIGH THEN YES ELSE IF NEW_LOW THEN NO ELSE NEW_HIGH[1];
DEF REDPRICE = IF NEW_LOW THEN YES ELSE IF NEW_HIGH THEN NO ELSE NEW_LOW[1];

PLOT BULLISH = GREENPRICE;
PLOT NEUTRAL = !GREENPRICE AND !REDPRICE;
PLOT BEARISH = REDPRICE;

PLOT RATING =
IF GREENPRICE THEN 1
ELSE IF REDPRICE THEN .5
ELSE 0;

DEF PAINTBARS = YES;

BULLISH.SETDEFAULTCOLOR(COLOR.UPTICK);
BULLISH.SETPAINTINGSTRATEGY(PAINTINGSTRATEGY.BOOLEAN_POINTS);
BULLISH.SETLINEWEIGHT(3);
BULLISH.HIDE();
NEUTRAL.SETDEFAULTCOLOR(COLOR.GRAY);
NEUTRAL.SETPAINTINGSTRATEGY(PAINTINGSTRATEGY.BOOLEAN_POINTS);
NEUTRAL.SETLINEWEIGHT(3);
NEUTRAL.HIDE();
BEARISH.SETDEFAULTCOLOR(COLOR.DOWNTICK);
BEARISH.SETPAINTINGSTRATEGY(PAINTINGSTRATEGY.BOOLEAN_POINTS);
BEARISH.SETLINEWEIGHT(3);
BEARISH.HIDE();
RATING.Hide();
RATING.HideBubble();

DEFINEGLOBALCOLOR("BULLISH", COLOR.UPTICK);
DEFINEGLOBALCOLOR("NEUTRAL", COLOR.GRAY);
DEFINEGLOBALCOLOR("BEARISH", COLOR.DOWNTICK);
ASSIGNPRICECOLOR(IF !PAINTBARS THEN COLOR.CURRENT ELSE IF GREENPRICE THEN GLOBALCOLOR("BULLISH") ELSE IF REDPRICE THEN GLOBALCOLOR("BEARISH") ELSE GLOBALCOLOR("NEUTRAL"));

Shareable Link

https://tos.mx/FCNKHF

 

[HighBredCloud]

@BenTen hmm...very curious to see to see how this particular trend stacks up against Mobius SuperTrend...SuperTrend with Laguerre RSI and a Mobius version of a SuperTrend that I found somewhere down the grapevine...I don't think that version of the Mobius SuperTrend is on this site...I will share the code once I do the test to make sure how it compares and perhaps a NEW SuperTrend can be enhanced.

OK...So incase any one is interested how this PriceTrend compares to the rest of the trend indicators here are the results on a 15 min chart...Everything you see is in default settings.

From left to right:

Heikin Ashi
Standard Candlesticks
Blast Off SuperTrend with Laguerre RSI by @netarchitech
SuperTrend by Mobius found on this site
CandleTrend by Mobius from my archives
PriceTrend

As you can see the PriceTrend indicator stacks up quite nicely and makes the entries precise with the specific candle color...What is really surprising to me is the CandleTrend by Mobius that I found in my archives...it has an option for higher aggregation period which will display the color of candles based on the aggregation period selected. For example...If you select a 15 min time aggregation but you're trading on a 5 min chart...the color trend will paint the candles based on the 15 min time frame on the 5 min chart...hence, the multi time frame as with everything else that we have seen. Very cool feature.

On both the PriceTrend and the Mobius CandleTrend the painting of the candles is somewhat sensitive and does change midway through the candles sometimes. This could be because its more sensitive or because of the higher timeframe my test was done at. Looking at both the CandleTrend and the PriceTrend simultaneously netted the best results from what I found in this test. I never really had all of them up and running at the same time until I stumbled upon this PriceTrend indicator post.

This leaves me to questions...is it possible to somehow merge the the Mobius CandleTrend and the PriceTrend together and form one Super Candle Price Trend Indicator?

The least accurate from my test was actually the original and most popular SuperTrend by Mobius...on a higher timeframe such as 15 min it just hit way to late although the candles did not change as much during the same time frame as on the Price Trend and Candle Trend...Same could be said about the Super Trend with Laguerre RSI...

Since @netarchitech helped with the Blast Off SuperTrend and did exactly what I wanted perhaps I can get an opinion on this new idea of enhancing the existing SuperTrends?