Red bar ignored

[pegasis]

Hello

does anyone know how to create a TOS scan for red/green bar ignored:

see https://www.quora.com/What-are-well-known-profitable-trading-strategies/answer/Hasan-King-4

 

[mn88]

Hi pegasis. Welcome to useThinkscript!

I'm at work at the moment but I might be able to help you with this later tonight if someone doesnt do it before me.

If you search youtube for "Jared Wesley" and / or "3 bar play" you will see another similar pattern. I was thinking about trying to do an indicator for so maybe I can do both at once

 

[mn88]

Here you go.

I tried to capture the first bar going up or down, and the green or red bar that will be ignored, but stopped there so you can watch for the third bar to break and decide when to get into the trade.

RBI Scan: https://tos.mx/GOKL8N2

GBI Scan: https://tos.mx/Qpvilm1

and in case you are interested

RBI_GBI Indicator: https://tos.mx/V0kAd7C

 

[pegasis]

thanks

I will try it

 

[mn88]

Lol was jumping around in the forums and looked at indicators...@Benten did the same indicator, it was just called something different.

https://usethinkscript.com/threads/ftr-failed-to-return-candles-indicator-for-thinkorswim.557/
Looks pretty similar but his indicates on the third bar.

Check that one out too @pegasis

 

[pegasis]

this scan is not quit right, shows dojis instead of full bodied engulfing type candles

 

[pegasis]

Here is my code from creating a scan using pattern creator for red bar ignored.

let me know what you think:

def IsUp = close > open;
def IsDown = close < open;
def IsDoji = IsDoji();
def avgRange = 0.05 * Average(high - low, 20);
plot PatternPlot =
    IsUp[2] and
    IsDown[1] and
    IsUp[0] and
    close[2] == open[1] and
    high[2] == high[1] and
    low[2] < low[0] and
    close[1] == open[0] and
    high[1] < close[0];

PatternPlot.SetPaintingStrategy(PaintingStrategy.BOOLEAN_POINTS);
PatternPlot.SetDefaultColor(GetColor(0));

I am not sure how def avgRange, and the Pattern plot is adding value?