SP indicator For ThinkOrSwim

[QUIKTDR1]

Author states:
SP Indicator - One of the best indicators for scalping trading on any timeframes. The best readings are given on 5, 15 and 30 minute frames.
For readings, several indicators are combined into one, which allows you to get a more accurate forecast.
Instruction.
The indicator is easy to use. Just install it and follow the arrows to go long or short. Stop loss set small, about 1-2%. In most cases, this is sufficient.

Original Tradingview code:
https://www.tradingview.com/script/zhe6EyHi-sp-indicator/

New ThinkOrSwim code found below

 

[samer800]

Could we get this open source code converted?

SP Indicator
https://www.tradingview.com/script/zhe6EyHi-sp-indicator/

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © Smoker024

//@version=5
indicator("SP Indicator", overlay=true)
ma(src, len) => ta.wma(2 * ta.wma(src, len / 2) - ta.wma(src, len), math.round(math.sqrt(len)))

BBMC = ma(close, 60)
rangema = ta.ema(ta.tr, 60)
upperk =BBMC + rangema * 0.2
lowerk = BBMC - rangema * 0.2
color_bar = close > upperk ? color.blue : close < lowerk ? color.fuchsia : color.gray

ExitHigh = ma(high, 15)
ExitLow = ma(low, 15)
Hlv3 = int(na)
Hlv3 := close > ExitHigh ? 1 : close < ExitLow ? -1 : Hlv3[1]
sslExit = Hlv3 < 0 ? ExitHigh : ExitLow
base_cross_Long = ta.crossover(close, sslExit)
base_cross_Short = ta.crossover(sslExit, close)
codiff = base_cross_Long ? 1 : base_cross_Short ? -1 : na

plotarrow(codiff, colorup=color.blue, colordown=color.fuchsia,title="Exit Arrows", maxheight=20, offset=0)
plot(BBMC, color=color_bar, linewidth=4,title='MA Trendline')
alertcondition(codiff == 1, 'Long', 'Long Condition at {{close}}')
alertcondition(codiff == -1, 'Short', 'Short Condition at {{close}}')

plot(close)

https://www.tradingview.com/script/zhe6EyHi-sp-indicator/

check the below:

#// Indicator for TOS
#// © Smoker024
#indicator("SP Indicator", overlay=true)
# Converted by Sam4Cok@Samer800    - 10/2024

input showBands = yes;
input source = close;
input lookback = 60;
input multi = 0.2;

def na = Double.NaN;
def exitLength = RoundUp(lookback / 4, 0);

Script ma {
input src = close;
input len = 15;
    def sqLen = Round(sqrt(len), 0);
    def wma1 = wma(src, len);
    def wma2 = wma(src, len / 2);
    def ma = wma(2 * wma2 - wma1, sqLen);
    plot out = ma;
}
def tr = TrueRange(high, close, low);
def BBMC = ma(source, lookback);
def rangema = ExpAverage(tr, lookback);
def upperk =BBMC + rangema * multi;
def lowerk = BBMC - rangema * multi;
def col = if source > upperk then 1 else if source < lowerk then -1 else 0;

def ExitHigh = ma(high, exitLength);
def ExitLow = ma(low, exitLength);
def Hlv3 = if source > ExitHigh then 1 else if source < ExitLow then -1 else Hlv3[1];
def sslExit = if Hlv3 < 0 then ExitHigh else ExitLow;
def base_cross_Long = (close > sslExit) and (close[1] <= sslExit[1]);
def base_cross_Short = (sslExit > close) and (sslExit[1] <= close[1]);
def codiff = if base_cross_Long then 1 else if base_cross_Short then -1 else 0;

plot ExitArrowUp = if codiff>0 then low else na;
plot ExitArrowDn = if codiff<0 then low else na;
plot maTrendLine = BBMC;     # 'MA Trendline'
plot limitUp = if showBands then upperk else na;
plot limitDn = if showBands then lowerk else na;

maTrendLine.SetLineWeight(2);
maTrendLine.AssignValueColor(if col>0 then Color.CYAN else if col<0 then Color.MAGENTA else Color.GRAY);
limitUp.AssignValueColor(if col>0 then Color.CYAN else if col<0 then Color.MAGENTA else Color.GRAY);
limitDn.AssignValueColor(if col>0 then Color.CYAN else if col<0 then Color.MAGENTA else Color.GRAY);
ExitArrowUp.SetDefaultColor(Color.CYAN);
ExitArrowDn.SetDefaultColor(Color.MAGENTA);
ExitArrowUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
ExitArrowDn.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);


#-- END of CODE

 

[QUIKTDR1]

check the below:

#// Indicator for TOS
#// © Smoker024
#indicator("SP Indicator", overlay=true)
# Converted by Sam4Cok@Samer800    - 10/2024

input showBands = yes;
input source = close;
input lookback = 60;
input multi = 0.2;

def na = Double.NaN;
def exitLength = RoundUp(lookback / 4, 0);

Script ma {
input src = close;
input len = 15;
    def sqLen = Round(sqrt(len), 0);
    def wma1 = wma(src, len);
    def wma2 = wma(src, len / 2);
    def ma = wma(2 * wma2 - wma1, sqLen);
    plot out = ma;
}
def tr = TrueRange(high, close, low);
def BBMC = ma(source, lookback);
def rangema = ExpAverage(tr, lookback);
def upperk =BBMC + rangema * multi;
def lowerk = BBMC - rangema * multi;
def col = if source > upperk then 1 else if source < lowerk then -1 else 0;

def ExitHigh = ma(high, exitLength);
def ExitLow = ma(low, exitLength);
def Hlv3 = if source > ExitHigh then 1 else if source < ExitLow then -1 else Hlv3[1];
def sslExit = if Hlv3 < 0 then ExitHigh else ExitLow;
def base_cross_Long = (close > sslExit) and (close[1] <= sslExit[1]);
def base_cross_Short = (sslExit > close) and (sslExit[1] <= close[1]);
def codiff = if base_cross_Long then 1 else if base_cross_Short then -1 else 0;

plot ExitArrowUp = if codiff>0 then low else na;
plot ExitArrowDn = if codiff<0 then low else na;
plot maTrendLine = BBMC;     # 'MA Trendline'
plot limitUp = if showBands then upperk else na;
plot limitDn = if showBands then lowerk else na;

maTrendLine.SetLineWeight(2);
maTrendLine.AssignValueColor(if col>0 then Color.CYAN else if col<0 then Color.MAGENTA else Color.GRAY);
limitUp.AssignValueColor(if col>0 then Color.CYAN else if col<0 then Color.MAGENTA else Color.GRAY);
limitDn.AssignValueColor(if col>0 then Color.CYAN else if col<0 then Color.MAGENTA else Color.GRAY);
ExitArrowUp.SetDefaultColor(Color.CYAN);
ExitArrowDn.SetDefaultColor(Color.MAGENTA);
ExitArrowUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
ExitArrowDn.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);


#-- END of CODE

ty for ur qik reply

 

[keepthefaith613]

This is fantastic. I found it through the community email, and it really works well. Nicely done!

 

[Wallace]

I like SPIndicator. Thank you for sharing it. I have tried to create a scan for a watchlist but TOS tells me I can't have 2 timeframes (which I don't). Can you tell me how to set up a scan that will alert me early enough to take a long position.

 

[useThinkScript]

I like SPIndicator. Thank you for sharing it. I have tried to create a scan for a watchlist but TOS tells me I can't have 2 timeframes (which I don't). Can you tell me how to set up a scan that will alert me early enough to take a long position.

You are correct. This script does not have two timeframes.
When scanned correctly, that error is not possible.

The scan hacker filter condition would be:

ExitArrowUp is true

or

ExitArrowDn is true

You will find a tutorial on how to set up the scan hacker with your filter condition:
https://usethinkscript.com/threads/how-to-use-thinkorswim-stock-hacker-scans.284/

hope this helps

 

[DB01]

Anyone backtest this?

 

[useThinkScript]

Anyone backtest this?

No research has found that a single indicator can be profitable across all market conditions.
Therefore, backtesting would not be appropriate for this study.

For more information, optimizing scalping entry and exit conditions
VIP members can go here: https://usethinkscript.com/threads/scalping-entries-and-exits.19025/