RSI w/ ATR trailing stop For ThinkOrSwim

tobywon

New member
Plus
I want to draw an up or down arrow based on the RSI (3) condition and whether price is above or below the ATR Trailing Stop (5, 10.0, wilders). The code for down arrows is as follows (5 min charts). I only want to activate down arrows when price is below the ATR trailing stop. I just need to add that condition to this code.

def RSI = RSI(3);
def OverBought = 80;
def OverSold = 20;
def sell = RSI[1] > 80 and RSI <80;
plot value = if sell then -1 else 0;
value.AssignValueColor(if value == -1 then Color.red else Color.GRAY);
AddLabel(yes, "", Color.BLACK);
#Alert(RSI[2] > 80 and RSI[1] < 80 and RSI <80, "RSI SELL", Alert.BAR, Sound.ding);
 

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

OK, I figured it out by referring to scripts posted on this website. Thanks, guys. ATR Trailing Stop and RSI (3) Combo used with 5 min chart
Arrows show either the end of RSI overbought or RSI oversold. Up arrows plot when price is above the ATR line. Down arrows plot when price is below the ATR line.

#ATR Trailing Stop and RSI (3) Combo used with 5 min chart
#Arrows show end of RSI overbought and RSI oversold. Up arrows plot when price is above the ATR line. Down arrows plot when price is below the ATR line.

input trailType = {default modified, unmodified};
input ATRPeriod = 5;
input ATRFactor = 10.0;
input firstTrade = {default long, short};
input averageType = AverageType.WILDERS;

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

def HiLo = Min(high - low, 1.5 * Average(high - low, ATRPeriod));
def HRef = if low <= high[1] then high - close[1] else (high - close[1]) - 0.5 * (low - high[1]);
def LRef = if high >= low[1] then close[1] - low else (close[1] - low) - 0.5 * (low[1] - high);
def trueRange;

switch (trailType) { case modified: trueRange = Max(HiLo, Max(HRef, LRef));
case unmodified: trueRange = TrueRange(high, close, low); }

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 = close - loss;
case short: state = state.short; trail = close + loss; } } else { state = state.init; trail = Double.NaN; }
case long: if (close > trail[1]) { state = state.long; trail = Max(trail[1], close - loss); } else { state = state.short;
trail = close + loss; }
case short: if (close < trail[1]) { state = state.short; trail = Min(trail[1], close + loss); } else { state = state.long;
trail = close - 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.POINTS);
TrailingStop.DefineColor("Buy", GetColor(0));
TrailingStop.DefineColor("Sell", GetColor(1));
TrailingStop.AssignValueColor(if state == state.long
then TrailingStop.Color("Sell")
else TrailingStop.Color("Buy"));

def RSIS = RSI(3);
def OverBoughtS = 80;
def OverSoldS = 20;
def sell = RSIS[1] > 80 and RSIS <80;
plot DnArrow = if state == state.short and sell then -1 else 0;
DnArrow.SetPaintingStrategy(PaintingStrategy.Boolean_Arrow_Down);
DnArrow.setlineweight(2);
DnArrow.assignValueColor(Color.Red);

Alert(DnArrow, "Short", Alert.BAR, Sound.ring);
#AddLabel(yes, "", Color.BLACK);

def RSIL = RSI(3);
def OverBoughtL = 80;
def OverSoldL = 20;
def buy = RSIL[1] < 20 and RSIL > 20;
plot UpArrow = if state == state.long and buy then 1 else 0;
UpArrow.SetPaintingStrategy(PaintingStrategy.Boolean_Arrow_Up);
UpArrow.setlineweight(2);
UpArrow.assignValueColor(Color.Blue);

#Alert(UpArrow, "Long", Alert.BAR, Sound.ring);
#AddLabel(yes, "", Color.BLACK);
 

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
355 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