Reversal Indicators That Won't Repaint

[fungus12]

I'm currently using the Trend Reversals indicator but I have a question about repainting. I saw that BenTen had a post about repainting but my question didn't get answered there. So from what I understanding, on the Trend Reversals script specifically, signals can come and go or "repaint" because that's just how the code works out. My question is, is this still the case after the candlestick closes? I know that in real time as a candle is forming, signals can appear and disappear. But is this still the case after the closing of a candle? And if so, is there a certain amount of bars Trend Reversals checks after that close to determine whether or not to remove that signal? Because if there is, then we can know for certain if the signal is good if after x number of bars the signal remains.

Thanks in advance!

 

[rad14733]

@fungus12 Yes, some indicators do actually repaint up to several bars into the future... It all depends on the conditional logic used within the study and that is why some indicators repaint more than others... A little repainting can be livable, to an extent, but excessive repainting simply renders an indicator unreliable or worthless... Some work better on longer timeframes while others do not... The only way to know what may or may not work for you is to install an indicator, watch it's performance, tweak the settings in an effort to reduce repainting, and decide whether or not you can trust the indicator...

 

[fungus12]

@fungus12 Yes, some indicators do actually repaint up to several bars into the future... It all depends on the conditional logic used within the study and that is why some indicators repaint more than others... A little repainting can be livable, to an extent, but excessive repainting simply renders an indicator unreliable or worthless... Some work better on longer timeframes while others do not... The only way to know what may or may not work for you is to install an indicator, watch it's performance, tweak the settings in an effort to reduce repainting, and decide whether or not you can trust the indicator...

I wonder what the maximum number of bars it checks is. But yea I was doing some backtesting with onDemand just to get as close to real time trading as possible and honestly it didn't noticeably repaint. Maybe that's because I'm not purely relying on the buy signal for entries but more using them to orient myself and look out for another confirmation, regardless the only time I noticed a repaint was like 2 or 3 bars after which is fine by me.

 

[MerryDay]

@fungus12 Good question! We don't delve into what is causing the repainting enough so posters don't know what to be on the look-out for.
The basis for the Trend Reversal Indicator is a TOS study called "ZigZagHighLow". The study stores the last lowest low value and the last highest high value. It uses a fold operation to keep repainting the lowest low until the next highest high is hit. There is no limit on how long or far back, it will repaint.

The ZigZagHighLow study is designed by Sylvain Vervoort as part of his 7-part swing-trade "1-2-3 Wave Count" and "V-Trade" systems. It was never designed to work in isolation.

 

[fungus12]

@fungus12 Good question! We don't delve into what is causing the repainting enough so posters don't know what to be on the look-out for.
The basis for the Trend Reversal Indicator is a TOS study called "ZigZagHighLow". The study stores the last lowest low value and the last highest high value. It uses a fold operation to keep repainting the lowest low until the next highest high is hit. There is no limit on how long or far back, it will repaint.

The ZigZagHighLow study is designed by Sylvain Vervoort as part of his 7-part swing-trade "1-2-3 Wave Count" and "V-Trade" systems. It was never designed to work in isolation.

Ah interesting. Well thanks for the response, I'll see if I can get more info Sylvian's strategy to get some new ideas.

 

[nktkobby]

@samer800
This might be a stretch but wanted to know if you have a non-repainting reversal indicator to share, thank you in advance

 

[MerryDay]

@samer800
This might be a stretch but wanted to know if you have a non-repainting reversal indicator to share, thank you in advance

A Trend Reversal indicator looks for the lowest low. Given that there is no way to know if the lowest low is the real lowest low or if it is going to trend lower; there are no Trend Reversals that don't repaint.

Many members use Support/Resistance, Pivots, Fibonacci, VWAP, Bands, Ranges, Channels, Z-scores, to find stocks that have dropped in price.
Searching the forum for these key terms will give you a place to start your quest.

 

[nktkobby]

A Trend Reversal indicator looks for the lowest low. Given that there is no way to know if the lowest low is the real lowest low or if it is going to trend lower; there are no Trend Reversals that don't repaint.

Many members use Support/Resistance, Pivots, Fibonacci, VWAP, Bands, Ranges, Channels, Z-scores, to find stocks that have dropped in price.
Searching the forum for these key terms will give you a place to start your quest.

Thank you @MerryDay

 

[TPTrades]

Hello Everyone,

I'm an overnight options swing trader that would like to improve and hopefully get into scalping. I'm new to the think script community and I was wondering if there is an accurate trend reversal indicator that won't repaint preferably with arrows or labels. I've tested all different types of indicators and have seen some that repaints and some that won't repaint. I have found that the ATR, simple moving averages and exponential moving averages is able to provide indicators of trend reversals without repainting.
I would like to be able to scan for overnight swing trades and something accurate for scalping without getting stopped out if at all possible. I'm hoping to learn more about indicators that don't repaint and also to hopefully help someone out in regarding to this topic.

Thanks everyone!

 

[MerryDay]

Hello Everyone,

I'm an overnight options swing trader that would like to improve and hopefully get into scalping. I'm new to the think script community and I was wondering if there is an accurate trend reversal indicator that won't repaint preferably with arrows or labels. I've tested all different types of indicators and have seen some that repaints and some that won't repaint. I have found that the ATR, simple moving averages and exponential moving averages is able to provide indicators of trend reversals without repainting.
I would like to be able to scan for overnight swing trades and something accurate for scalping without getting stopped out if at all possible. I'm hoping to learn more about indicators that don't repaint and also to hopefully help someone out in regarding to this topic.

Thanks everyone!

Reversal indicators and all scripts that attempt to find the lowest low or the highest high are repainters.
Think about it, a stock hits a low point, how is it possible to predict that point is going to be the lowest low?
If the price goes lower, it has to erase that signal and post a new alert on the new low and so on and so forth until it hits the final lowest low (which could still go lower, it is not truly known until the price actually hits the new high).

There is power in repainters:
https://usethinkscript.com/threads/the-power-of-repainters-in-thinkorswim.16461/

 

[TPTrades]

Thanks @MerryDay good to know!

I'm currently looking at trend reversals using the simple moving averages and exponential moving averages to predict the trend reversals I think I will start there!