Request for Three Line Break CHARTS OR INDICATOR DEVELOPMENT

ykd2018x

Member
2019 Donor
hello friends

recently i have been looking at THREE LINE BREAK CHARTS at some software and found its a very good way to look at price movments specially for trading breakouts and breakdowns in the markets.

In TOS this option of charting is not available , wonder is anyone is interested to develop an indicator which can change normal candle stick chart to TLB CHART.

For reference how TLB is calculated and made pls click to the link below

https://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:three_line_break
Full details for TLB is mentioned in the link. Happy trading & thanks in advance if anyone shows interest

reds
yogesh
 
Last edited by a moderator:

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
I found this one. Hope it's what you're looking for.

Code:
# THREELINEBREAK
# DREWGRIFFITH15 (C) 2014
# Found in https://github.com/hwrdprkns/ThinkOrSwim/blob/master/ThreeLineBreakSTUDY.ts

## NOT IN PRODUCTION ##

def FirstLineHigh = if close[2] > close[3] then close[2] else close[3];

def FirstLineLow = if close[2] < close[3] then close[2] else close[3];

def SecondLineHigh = if close[1] > FirstLineHigh then close[1] # new high
                     else FirstLineHigh; # stays the same

def SecondLineLow = if close[1] < FirstLineLow then close[1] # new low
                    else FirstLineLow; # stays the same

def ThirdLineHigh = if close[0] > max(FirstLineHigh,SecondLineHigh) then close[0] # new high
                    else if close[0] < min(FirstLineLow,SecondLineLow) then SecondLineHigh # prev high becomes low
                    else SecondLineHigh; # stays the same

def ThirdLineLow = if close[0] < min(FirstLineLow,SecondLineLow) then close[0] # new low
                   else if close[0] > max(FirstLineHigh,SecondLineHigh) then SecondLineLow # prev low becomes high
                   else SecondLineLow; # stays the same

def tlbH = if ThirdLineHigh > max(ThirdLineHigh[1],ThirdLineHigh[2]) then ThirdLineHigh
           else ThirdLineHigh[1];

def tblL = if ThirdLineLow < min(ThirdLineLow[1],ThirdLineLow[2]) then ThirdLineLow
           else ThirdLineLow[1];

def isWhite = if ThirdLineHigh > max(ThirdLineHigh[1],ThirdLineHigh[2]) then yes
             else if ThirdLineLow < min(ThirdLineLow[1],ThirdLineLow[2]) then no
             else isWhite[1];

DefineGlobalColor( "3LBH", Color.WHITE );
DefineGlobalColor( "3LBL", Color.DARK_RED );
plot TLB_High = tlbH;
TLB_High.SetPaintingStrategy( PaintingStrategy.BOOLEAN_POINTS );
TLB_High.AssignValueColor( if isWhite then GlobalColor("3LBH") else GlobalColor("3LBL"));
plot TLB_Low = tblL;
TLB_Low.SetPaintingStrategy( PaintingStrategy.BOOLEAN_POINTS );
TLB_Low.AssignValueColor( if isWhite then GlobalColor("3LBH") else GlobalColor("3LBL"));
#AddCloud( TLB_High, TLB_Low, color1 = Color.WHITE, COLOR2 = COLOR.RED );
plot P = close;
P.SetPaintingStrategy( PaintingStrategy.POINTS );
P.Hide();
 

lance

New member
Hi - is there a line break chart bar type available for thinkorswim? I see indicators on the forum but wasn't sure if anyone has created an actual bar type.
 

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
Here is what ThinkorSwim currently offer:

3RMYGba.png
 

lance

New member
Hi Ben - is there a way to add a user input that customizes the number for line breaks i.e. 4 or 5 line break instead of 3? Also, there a way to set a scan for when the break happens (from high break to a low break)?
 

Piper792

New member
VIP
Here is a TradingView Three Line Strike Indicator if anyone is interested in converting it to TOS.

https://www.tradingview.com/script/y5vWSXSt-Kewl-Strike/

Code:
// 
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © KewlTradez (Free to Use)

//@version=5
indicator(title='Kewl Strike', shorttitle='KS', overlay=true)
plot(close)

// Inputs
bear = input.bool(title='Bearish Three Line Strike', defval=true, group='Three Line Strike', tooltip="The Bearish Three Line Strike candlestick pattern has Three Bullish green candles followed by a Bearish engulfing candle. Signals the possible end of a retracement as part of a trend continuation strategy.\n\n")
bull = input.bool(title='Bullish Three Line Strike', defval=true, group='Three Line Strike', tooltip="The Bullish Three Line Strike candlestick pattern has Three Bearish red candles followed by a Bullish engulfing candle. Signals the possible end of a retracement as part of a trend continuation strategy.\n\n")

// Three Line Strike Condition
bearplot = close[3] > open[3] and close[2] > open[2] and close[1] > open[1] and close < open[1]
bullplot = close[3] < open[3] and close[2] < open[2] and close[1] < open[1] and close > open[1]

// Plots Three Line Strike Signals
plotshape(bull  ? bullplot : na, style=shape.arrowup, color=color.rgb(0, 255, 0, 0), location=location.belowbar, size=size.normal, text='Bull', title='Three Line Strike Bull')
plotshape(bear  ? bearplot : na, style=shape.arrowdown, color=color.rgb(255, 0, 0, 0), location=location.abovebar, size=size.normal, text='Bear', title='Three Line Strike Bear')

// Alert Conditions
alertcondition(bull, title='Bullish Three Line Strike', message='{{exchange}}:{{ticker}} {{interval}} - Bullish Three Line Strike')
alertcondition(bear, title='Bearish Three Line Strike', message='{{exchange}}:{{ticker}} {{interval}} - Bearish Three Line Strike')

// New Alert Conditions
if (bull and bullplot)
    m = '{{exchange}}:{{ticker}} {{interval}} - Bullish Three Line Strike'
    alert(message=m, freq=alert.freq_once_per_bar)
if (bear and bearplot)
    m = '{{exchange}}:{{ticker}} {{interval}} - Bearish Three Line Strike'
    alert(message=m, freq=alert.freq_once_per_bar)   

// End ###
 
Last edited:

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