Reversal Candles (Saikou / Hikui) Trend Change for ThinkorSwim

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
This indicator for ThinkorSwim will indicate a reversal in trend through two types of candles: Saikou / Hikui.
  • Saikou means reversal to the downside.
  • Hikui means reversal to the upside.

0YMotoJ.png


thinkScript Code

Rich (BB code):
# Blown Top (Reversal Candle)
# Mobius
# V01.02.2015 Shared Chat Room 01.16.2016

input n = 10;
input n2 = 5;

def o = open;
def h = high;
def l = low;
def c = close;
def RelRange = (close - Lowest(low, n)) /
    (highest(high, n) - lowest(low, n)) > .8;
def Range = High - Low;
def hR = Range == GetValue(Range, GetMaxValueOffset(range, n), n);
def hh = high == GetValue(high, GetMaxValueOffset(high, n), n);
def bodyTop = Max(close, open);
def BlownTop = (high - bodyTop) > .75 * Average(BodyHeight(), n);
plot HighRB = RelRange and hR and hh and BlownTop and Low < Low[1] and close < open;
     HighRB.SetPaintingStrategy(PaintingStrategy.Boolean_Arrow_Down);
     HighRB.SetLineWeight(2);
     HighRB.SetDefaultColor(Color.Plum);
AddChartBubble(HighRB, High + (TickSize() * 4), "BlownTop", Color.Gray, yes);

# Saikou / Hikui Candles that indicate a reveresal in trend
# Candle Pattern originated by Mobius
#Saikou (Supreme Candle)   Hikui (low/humble Candle)
# V01.2014

plot Saikou = h == GetValue(h, GetMaxValueOffset(h, n2), n2) and
              c < c[2] and
              isLongBlack() and
              BodyHeight() > Average(BodyHeight(), n2) and
              l <= getValue(l, GetMaxValueOffset(l, n2), n2);
     Saikou.SetPaintingStrategy(PaintingStrategy.Boolean_Arrow_Down);
     Saikou.SetLineWeight(3);
     Saikou.SetDefaultColor(Color.Plum);
AddChartBubble(Saikou, High + (TickSize() * 4), "Saikou", Color.Gray, yes);
plot Hikui = l == GetValue(l, GetMinValueOffset(l, n2), n2) and
             c > c[2] and
             BodyHeight() > Average(BodyHeight(), n2) and
             h > h[1];
     Hikui.SetPaintingStrategy(PaintingStrategy.Boolean_Arrow_Up);
     Hikui.SetLineWeight(3);
     Hikui.SetDefaultColor(Color.White);
AddChartBubble(Hikui, low - (TickSize() * 10), "Hikui", Color.Gray, no);
# End Reversal Candles

Shareable Link

https://tos.mx/Setf03
 
Last edited:

tomsk

Well-known member
VIP
Thought I might provide some additional info regarding Mobius Blown Top study that @BenTen posted above.

If you look through the code, there are three signals called HighRB, Saikou and Hikui
When he first posted this code in 2016, Mobius mentioned that the HighRB is a rare signal but if it alerts it's worth following.
The other two signals namely Saikou and Hikui are much more common occurrences.

Just as the man said HighRB is a rare signal, I scanned that against the S&P 500 and found no results.
Hope this is helpful

Here is a link to the definition of Blown Top that I found online that you may wish to read

https://www.investopedia.com/terms/b/blowofftop.asp
 
Last edited:

tomsk

Well-known member
VIP
@BenTen Indeed, sometimes it is useful to provide context especially since I happened to see Mobius comments when he posted that study in the lounge. Sure has some possibilities that's for sure.
 

dolomick

Member
So I have a lot of scripts that paint arrows and they sometimes paint on top of each other and I can't see them.

I tried to modify the Japanese reversal script to just give a big dot over or the under the relevant candles, but it's not working. Can someone please fix it for me? I saw a NinjaTrader reversal script that does this and I tried to copy the relevant parts, but I am out of ideas. Should be VERY easy for someone who knows what they are doing. Thanks so much. The Saikou and Hikui ones are the ones I tried to change.
 
Last edited by a moderator:

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
@dolomick Try this, it will paint the color of your candles with the following:
  • CYAN = Hikui
  • MAGENTA = Saikou
  • Blown Top = HighRB
  • No signal = white
Code:
assignPriceColor(if Saikou then color.Magenta else if Hikui then color.CYAN else if HighRB then color.blue else color.white);
 

MerryDay

Administrative
Staff member
Staff
VIP
Lifetime
@pegasis Are you having difficulty scanning for one of the reversal candles? A scan for the Hiku reversal showed 8 results.

dKWE6o4.png

Google has 70,000 video results for setting up a TOS scan, if you are not familiar w/ the process.
 

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Top