germanburrito
Active member
This is basically an RSI as candles you can do a lot with this, but adding the trailstop to RSI instead of price will a lot of the times gauge when the stop is truly ready to reverse its not perfect like many indicators but this is interesting, lets play around with the settings! this uses Mobius code for candles as RSI, on the notes he noticed that you cant really change the colors of the candles, maybe someone can figure it out, also it would be cool to change the candle colors when the RSI goes oversold or overbought.
Code:
# RSI as Candles with atr trailing_stop
# Mobius
# German Burrito
# The AddChart() function isn't supported by TOS and so the colors are broken. If someone wants to go to the trouble it would be worked around with several instances of the plot.
declare lower;
def RSI = RSI();
def o = (RSI + RSI[1]) / 2;
def h = Max(RSI, RSI[1]);
def l = Min(RSI, RSI[1]);
def c = RSI;
AddChart(high = h, low = l, open = o, close = c, type = ChartType.CANDLE, Color.WHITE);
#
# TD Ameritrade IP Company, Inc. (c) 2009-2020
#
input trailType = {default modified, unmodified};
input ATRPeriod = 5;
input ATRFactor = 3.5;
input firstTrade = {default long, short};
input averageType = AverageType.WILDERS;
Assert(ATRFactor > 0, "'atr factor' must be positive: " + ATRFactor);
def HiLo = Min(o - l, 1.5 * Average(h - l, ATRPeriod));
def HRef = if l <= h[1]
then h - c[1]
else (h - c[1]) - 0.5 * (l - h[1]);
def LRef = if h >= l[1]
then c[1] - l
else (c[1] - l) - 0.5 * (l[1] - h);
def trueRange;
switch (trailType) {
case modified:
trueRange = Max(HiLo, Max(HRef, LRef));
case unmodified:
trueRange = TrueRange(h, c, l);
}
def loss = ATRFactor * MovingAverage(averageType, trueRange, ATRPeriod);
def state = {default init, long, short};
def trail;
switch (state[1]) {
case init:
if (!IsNaN(loss)) {
switch (firstTrade) {
case long:
state = state.long;
trail = c - loss;
case short:
state = state.short;
trail = c + loss;
}
} else {
state = state.init;
trail = Double.NaN;
}
case long:
if (c > trail[1]) {
state = state.long;
trail = Max(trail[1], c - loss);
} else {
state = state.short;
trail = c + loss;
}
case short:
if (c < trail[1]) {
state = state.short;
trail = Min(trail[1], c + loss);
} else {
state = state.long;
trail = c - loss;
}
}
def BuySignal = Crosses(state == state.long, 0, CrossingDirection.ABOVE);
def SellSignal = Crosses(state == state.short, 0, CrossingDirection.ABOVE);
plot TrailingStop = trail;
TrailingStop.SetPaintingStrategy(PaintingStrategy.LINE);
TrailingStop.DefineColor("Buy", (Color.RED));
TrailingStop.DefineColor("Sell", (Color.GREEN));
TrailingStop.AssignValueColor(if state == state.long
then TrailingStop.Color("Sell")
else TrailingStop.Color("Buy"));
TrailingStop.SetLineWeight(3);
plot OverSold = if IsNaN(close[1]) then Double.NaN else 70;
plot OverBought = if IsNaN(close[1]) then Double.NaN else 30;
overBought.SetDefaultColor(Color.yellow);
overbought.SetLineWeight(3);
oversold.SetDefaultColor(Color.yellow);
oversold.SetLineWeight(3);
