RSI as Candles with ATR Trailing Stop For ThinkOrSwim

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.

oWCfLef.png



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);
 
im not sure how to do it, so i created blackflags swingarms with rsi as candles, its pretty cool, this should give you alerts
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);

# blackFLAG FTS SwingArms
# Edited by: Jose Azcarate
# blackFLAG Futures Trading - FOR EDUCATIONAL PURPOSES ONLY
# TWITTER: @blackflagfuture
# Settings Vary. My preferred setting is 28 / 5  But also use 30 / 8 and 5 / 3.5 depending on strategy.

input trailType = {default modified, unmodified};
input ATRPeriod = 28;
input ATRFactor = 5;
input firstTrade = {default long, short};
input averageType = AverageType.WILDERS;

input fib1Level = 61.8;
input fib2Level = 78.6;
input fib3Level = 88.6;

Assert(ATRFactor > 0, "'atr factor' must be positive: " + ATRFactor);

def HiLo = Min(h - 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);

def ex = if BuySignal then h else if SellSignal then l else if state == state.long then Max(ex[1], h) else if state == state.short then Min(ex[1], l) else ex[1];

plot TrailingStop = trail;

TrailingStop.SetPaintingStrategy(PaintingStrategy.POINTS);
TrailingStop.DefineColor("Long", Color.GREEN);
TrailingStop.DefineColor("Short", Color.RED);
TrailingStop.AssignValueColor(if state == state.long
    then TrailingStop.Color("Long")
    else TrailingStop.Color("Short"));

plot Extremum = ex;
Extremum.SetPaintingStrategy(PaintingStrategy.POINTS);
Extremum.DefineColor("HH", Color.GREEN);
Extremum.DefineColor("LL", Color.RED);
Extremum.AssignValueColor(if state == state.long
    then Extremum.Color("HH")
    else Extremum.Color("LL"));
Extremum.Hide();

def f1 = ex + (trail - ex) * fib1Level / 100;
def f2 = ex + (trail - ex) * fib2Level / 100;
def f3 = ex + (trail - ex) * fib3Level / 100;
def l100 = trail + 0;

plot Fib1 = f1;
Fib1.SetPaintingStrategy(PaintingStrategy.POINTS);
Fib1.SetDefaultColor(Color.BLACK);
Fib1.Hide();

plot Fib2 = f2;
Fib2.SetPaintingStrategy(PaintingStrategy.POINTS);
Fib2.SetDefaultColor(Color.BLACK);
Fib2.Hide();

plot Fib3 = f3;
Fib3.SetPaintingStrategy(PaintingStrategy.POINTS);
Fib3.SetDefaultColor(Color.BLACK);
Fib3.Hide();

AddCloud(f1, f2, Color.LIGHT_GREEN, Color.LIGHT_RED, no);
AddCloud(f2, f3, Color.GREEN, Color.RED, no);
AddCloud(f3, l100, Color.DARK_GREEN, Color.DARK_RED, no);

def l1 = state[1] == state.long and c crosses below f1[1];
def l2 = state[1] == state.long and c crosses below f2[1];
def l3 = state[1] == state.long and c crosses below f3[1];
def s1 = state[1] == state.short and c crosses above f1[1];
def s2 = state[1] == state.short and c crosses above f2[1];
def s3 = state[1] == state.short and c crosses above f3[1];

def atr = Average(TrueRange(h, c, l), 14);

plot LS1 = if l1 then l - atr else Double.NaN;
plot LS2 = if l2 then l - 1.5 * atr else Double.NaN;
plot LS3 = if l3 then l - 2 * atr else Double.NaN;
plot SS1 = if s1 then h + atr else Double.NaN;
plot SS2 = if s2 then h + 1.5 * atr else Double.NaN;
plot SS3 = if s3 then h + 2 * atr else Double.NaN;

LS1.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
LS1.SetDefaultColor(Color.GREEN);
LS1.SetLineWeight(1);
LS1.Hide();
LS2.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
LS2.SetDefaultColor(Color.GREEN);
LS2.SetLineWeight(1);
LS2.Hide();
LS3.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
LS3.SetDefaultColor(Color.GREEN);
LS3.SetLineWeight(1);
LS3.Hide();

SS1.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
SS1.SetDefaultColor(Color.RED);
SS1.SetLineWeight(1);
SS1.Hide();
SS2.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
SS2.SetDefaultColor(Color.RED);
SS2.SetLineWeight(1);
SS2.Hide();
SS3.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
SS3.SetDefaultColor(Color.RED);
SS3.SetLineWeight(1);
SS3.Hide();

Alert(l1, "Price crossed below Fib1 level in long trend", Alert.BAR, Sound.Bell);
Alert(l2, "Price crossed below Fib2 level in long trend", Alert.BAR, Sound.Bell);
Alert(l3, "Price crossed below Fib3 level in long trend", Alert.BAR, Sound.Bell);
Alert(s1, "Price crossed above Fib1 level in short trend", Alert.BAR, Sound.Bell);
Alert(s2, "Price crossed above Fib2 level in short trend", Alert.BAR, Sound.Bell);
Alert(s3, "Price crossed above Fib3 level in short trend", Alert.BAR, Sound.Bell);
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);
uPLhtP9.png
 
Last edited:

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
521 Online
Create Post

Similar threads

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.
Back
Top