Swing High/Low Indicator for ThinkorSwim

J007RMC

Well-known member
2019 Donor
Wonder if it is possible to create a scan from the swing waves script?
 
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BenTen

Administrative
Staff member
Staff
VIP
@J007RMC I don't see how you shouldn't be able to. Here is an example:

1epN3Xt.png
 

RajB

New member
Here is my attempt/compiled code for a Broadening Pattern. I am new to thinkscript but not new to programming. Please see if this can help you. Also, I would appreciate it if you can review/test and provide comments. Reminded me of middle school/high school math :)

Rich (BB code):
#Broadening Pattern
#Multiple Sources
# Fun with thinkscript: https://researchtrade.com/forum/read.php?7,2258,page=31
# UseThinkScript: https://usethinkscript.com/threads/create-column-based-on-peak-and-valley-indicator.901/
# https://funwiththinkscript.com/count-the-number-of-bars-between-successive-highs/
# Idea source: https://www.patternsmart.com/cart/index.php?route=product/product&product_id=430&search=broadening

# 20201019 Raj B, initial code upto calculating peaks/valleys, getting barNumbers , checking if broadening pattern conditions exist
# 20201020 Raj B. Added ability for separate left/right threshold to allow indepedent values
# 20201020 Raj B. Added initial column/watchlist alerts, needs testing
# TODO complete alert part

# Inputs

input LeftBarsThreshold = 5;
input RightBarsThreshold = 5;
input isAlertSetup = no;
input debug = yes;

# Setup
def bn = BarNumber();

# Calculate values for peaks
def peak = high > Highest(high[1], LeftBarsThreshold) and high >= Highest(high[-RightBarsThreshold], RightBarsThreshold);
plot peakBoolean = peak;

def peakValue = if peak then high else peakValue[1];
def peakBar = if peak then BarNumber() else Double.NaN;

# Calculate barNumbers for previous 2 peaks

def lastPeakBarNumber = HighestAll(if peak then bn else 0);
def prevPeakBarNumber = HighestAll(if peak and bn < lastPeakBarNumber then bn else 0);

# Get values for previous 2 peaks
def lastPeakValue = GetValue(high, bn - HighestAll(peakBar));
def prevPeakValue = GetValue(peakValue[1], bn - HighestAll(peakBar));

#  Calculate values for valleys/low points
def valley = low < Lowest(low[1], LeftBarsThreshold) and low <= Lowest(low[-RightBarsThreshold], RightBarsThreshold);
plot valleyBoolean = valley;

def valleyValue = if valley then low else valleyValue[1];
def valleyBar = if valley then BarNumber() else Double.NaN;

# Get barNumbers for previous 2 valleys
def lastValleyBarNumber = HighestAll(if valley then bn else 0);
def prevValleyBarNumber = HighestAll(if valley and bn < lastValleyBarNumber then bn else 0);

# Get values for previous 2 valleys
def lastValleyValue = GetValue(low, bn - HighestAll(valleyBar));
def prevValleyValue = GetValue(valleyValue[1], bn - HighestAll(valleyBar));

# Do we have valid values for peaks/valleys and
# are they  increasing peaks and decreasing valleys
def areLast2PeaksIncreasing =  !IsNaN(lastPeakValue) and !IsNaN(prevPeakValue) and lastPeakValue > prevPeakValue;
def areLast2ValleysDecreasing = !IsNaN(lastValleyValue) and !IsNaN(prevValleyValue) and lastValleyValue < prevValleyValue;

# Do we have interlaced peaks/valleys
def peaksValleysInterlaced = (prevValleyBarNumber > prevPeakBarNumber and prevValleyBarNumber < lastPeakBarNumber)
                                or
                              (prevPeakBarNumber > prevValleyBarNumber and prevPeakBarNumber < lastValleyBarNumber);

def  inBroadeningPattern = areLast2PeaksIncreasing and areLast2ValleysDecreasing and peaksValleysInterlaced;

# if we have a broadening pattern, get last 2 values and draw a line with extension


# get scaling factor for high side, low side
# initial line is drawn using last 2 peaks/valleys
# However, after those 2 points, we need to use scaling factors to extend the line y=mx+c
# Thank you to my middle school math teachers in India :)
# Expect valleyScalePerBar to be negative number

def peakScalePerBar = (lastPeakValue - prevPeakValue) / (lastPeakBarNumber - prevPeakBarNumber );
def valleyScalePerBar = (lastValleyValue - prevValleyValue) / (lastValleyBarNumber - prevValleyBarNumber );

def peakExtendedValue = lastPeakValue + (bn - lastPeakBarNumber) * peakScalePerBar;
def valleyExtendedValue = lastValleyValue + (bn - lastValleyBarNumber) * valleyScalePerBar;

#Draw UpperLine, initial with 2 points, then extend with scaling factor
plot upperLine = if !isAlertSetup and inBroadeningPattern and bn > lastPeakBarNumber
                 then peakExtendedValue
                 else if inBroadeningPattern and peak and bn >= prevPeakBarNumber
                 then high
                 else Double.NaN;
upperLine.EnableApproximation();
upperLine.SetDefaultColor(Color.LIME);
upperLine.SetLineWeight(2);

plot lowerLine = if !isAlertSetup and inBroadeningPattern and bn > lastValleyBarNumber
                 then valleyExtendedValue
                 else if inBroadeningPattern and valley and bn >= prevValleyBarNumber
                 then low
                 else Double.NaN;

lowerLine.EnableApproximation();
lowerLine.SetDefaultColor(Color.PLUM);
lowerLine.SetLineWeight(2);

# alert when crosses over/above line?

#get highestPrice after last peak

#def highValueAfterLastPeak = Highest(high[-(bn-lastPeakBarNumber)], RightBarsThreshold);

# scantype=1; for price cross above upper line
#def scantype_1 = inBroadeningPattern and high >

# scantype=2; for price cross below lower line
# scantype=3; for price is below lower line
def scantype_3 = inBroadeningPattern and high > peakExtendedValue;
# scantype=4; for price is above upper line
def scantype_4 = inBroadeningPattern and low < valleyExtendedValue;
# scantype=5; for price is inside two lines.
def scantype_5 = inBroadeningPattern and high < peakExtendedValue
                                     and low  > valleyExtendedValue;

# getDisplayValue for alerts/scans


AddLabel(scantype_3, "Above BF", Color.CYAN);
AddLabel(scantype_4, "Below BF", Color.CYAN);
AddLabel(scantype_5, "Between BF", Color.CYAN);




AddLabel(debug, "BarNumber:" + bn, Color.WHITE);
AddLabel(debug, "lastpeakbar:" + lastPeakBarNumber, Color.WHITE);
AddLabel(debug, "prevPeakGetValue:" + prevPeakBarNumber, Color.WHITE);
AddLabel(debug, "lastpeakvalue:" + lastPeakValue, Color.WHITE);
AddLabel(debug, "previouspeakvalue:" + prevPeakValue, Color.WHITE);

AddLabel(debug, "lastvalleybar:" + lastValleyBarNumber, Color.YELLOW);
AddLabel(debug, "prevValleyGetValue:" + prevValleyBarNumber, Color.YELLOW);
AddLabel(debug, "lastvalleyvalue:" + lastValleyValue, Color.YELLOW);
AddLabel(debug, "previousvalleyvalue:" + prevValleyValue, Color.YELLOW);

AddLabel(debug, "IncPeaks?:" + areLast2PeaksIncreasing, Color.WHITE);
AddLabel(debug, "DecPeaks?:" + areLast2ValleysDecreasing, Color.WHITE);
AddLabel(debug, "ValuesInterlaced?:" + peaksValleysInterlaced, Color.WHITE);
AddLabel(debug, "BroadPattern?:" + inBroadeningPattern, if inBroadeningPattern then Color.LIGHT_GREEN else Color.LIGHT_RED);

AddLabel(debug, "peakSideScaleFactor:" + peakScalePerBar, Color.YELLOW);
AddLabel(debug, "valleySideScaleFactor:" + valleyScalePerBar, Color.YELLOW);

AddLabel(debug, "peakExtendedValue:" + peakExtendedValue, Color.YELLOW);
AddLabel(debug, "valleyExtendedValue:" + valleyExtendedValue, Color.YELLOW);

#AddLabel(debug, "LastPrice:" + last, Color.YELLOW);
 
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Slydog482

New member
VIP
Hey @RajB. Thank you so much for the formula. I'm having trouble seeing the yellow and purple lines on my chart. Is there something I need to fix in the settings of the formula or does it only work on certain time frames? Any help would be appreciated. Thanks
 

RajB

New member
@Slydog482 Hi, The script works on all different timeframes. However, it will ONLY draw the lines when conditions for broadening formation are valid. It needs 2 higher/increasing peaks and two lower decreasing valleys and the highs/lows interlaced.

If you edit the settings for the script and set debug=yes, then it will show you the values for highs/lows and its overall assessment. If you find a bug, do let me know and I will attempt to fix it. What does it say for the value of BroadPattern? 0 or 1?

regards,
Raj
 

RajB

New member
:) Thank you. If you find any issues, please let me know. It would be great if you like the post with script above and also post 1-2 images of you using it on your stock of choice. I may learn something about trading/watching it.
 

yaarione

New member

RajB

New member
Hi @yaarione ,
- I saw both links/posts
- Can you share some complete charts? Say specific tickets and timeframes that this has happened? For example: AMZN on 01/03/21 at 2 PM and price crossed a critical level of $x. The underlying chart was set to 5 D/5M.
- I usually have to play with charts and get a feel, if that makes sense

regards,
Raj
 

tenacity11

Active member
2019 Donor
@cswu1211

Code:
# Swing High and Swing Low
# tomsk
# 11.18.2019

# As requested by chillc15 I have modified [USER=1174]@RobertPayne[/USER] code to include SwingHigh
# points which are now plotted in CYAN with the swing high points painted in PINK.
# So now you have both swing high and low on your charts

#  +------------------------------------------------------------+
#  |  Example: How to extend levels to the right of the chart   |
#  |                        Robert Payne                        |
#  |               [URL]https://funwiththinkscript.com[/URL]               |
#  +------------------------------------------------------------+

# SWING LOW

# define swing low points
input length = 10;
def bn = BarNumber();
def lastBar = HighestAll(if IsNaN(close) then 0 else bn);
def offset = Min(length - 1, lastBar - bn);
def swingLow = low < Lowest(low[1], length - 1) and low == GetValue(Lowest(low, length), -offset);

# identify the very last swing low point
def lowPointOneBarNumber = HighestAll(if swingLow then bn else 0);
def lowPointOneValue = if bn == lowPointOneBarNumber then low else lowPointOneValue[1];
plot low1 = if bn < lowPointOneBarNumber then Double.NaN else lowPointOneValue;
low1.SetDefaultColor(Color.LIGHT_RED);

# identify the 2nd to last swing low point
def lowPointTwoBarNumber = HighestAll(if swingLow and bn < lowPointOneBarNumber then bn else 0);
def lowPointTwoValue = if bn == lowPointTwoBarNumber then low else lowPointTwoValue[1];
plot low2 = if bn < lowPointTwoBarNumber then Double.NaN else lowPointTwoValue;
low2.SetDefaultColor(Color.Light_RED);

# just keep doing ths for as many lines as you want to add to the chart
# identify then 3rd to last swingHigh point low
def lowPointThreeBarNumber = HighestAll(if swingLow and bn < lowPointTwoBarNumber then bn else 0);
def lowPointThreeValue = if bn == lowPointThreeBarNumber then low else lowPointThreeValue[1];
plot low3 = if bn < lowPointThreeBarNumber then Double.NaN else lowPointThreeValue;
low3.SetDefaultColor(Color.Light_RED);

# identify then 4th to last swingHigh point low
def lowPointFourBarNumber = HighestAll(if swingLow and bn < lowPointThreeBarNumber then bn else 0);
def lowPointFourValue = if bn == lowPointFourBarNumber then low else lowPointFourValue[1];
plot low4 = if bn < lowPointFourBarNumber then Double.NaN else lowPointFourValue;
low4.SetDefaultColor(Color.Light_RED);

# identify then 5th to last swingHigh point low
def lowPointFiveBarNumber = HighestAll(if swingLow and bn < lowPointFourBarNumber then bn else 0);
def lowPointFiveValue = if bn == lowPointFiveBarNumber then low else lowPointFiveValue[1];
plot low5 = if bn < lowPointFiveBarNumber then Double.NaN else lowPointFiveValue;
low5.SetDefaultColor(Color.Light_RED);

# identify then 6th to last swingHigh point low
def lowPointSixBarNumber = HighestAll(if swingLow and bn < lowPointFiveBarNumber then bn else 0);
def lowPointSixValue = if bn == lowPointSixBarNumber then low else lowPointSixValue[1];
plot low6 = if bn < lowPointSixBarNumber then Double.NaN else lowPointSixValue;
low6.SetDefaultColor(Color.Light_RED);

# identify then 7th to last swingHigh point low
def lowPointSevenBarNumber = HighestAll(if swingLow and bn < lowPointSixBarNumber then bn else 0);
def lowPointSevenValue = if bn == lowPointSevenBarNumber then low else lowPointSevenValue[1];
plot low7 = if bn < lowPointSevenBarNumber then Double.NaN else lowPointSevenValue;
low7.SetDefaultColor(Color.Light_RED);

# identify then 8th to last swingHigh point low
def lowPointEightBarNumber = HighestAll(if swingLow and bn < lowPointSevenBarNumber then bn else 0);
def lowPointEightValue = if bn == lowPointEightBarNumber then low else lowPointEightValue[1];
plot low8 = if bn < lowPointEightBarNumber then Double.NaN else lowPointEightValue;
low8.SetDefaultColor(Color.Light_RED);

# identify then 9th to last swingHigh point low
def lowPointNineBarNumber = HighestAll(if swingLow and bn < lowPointEightBarNumber then bn else 0);
def lowPointNineValue = if bn == lowPointNineBarNumber then low else lowPointNineValue[1];
plot low9 = if bn < lowPointNineBarNumber then Double.NaN else lowPointNineValue;
low9.SetDefaultColor(Color.Light_RED);

# identify then 10th to last swingHigh point low
def lowPointTenBarNumber = HighestAll(if swingLow and bn < lowPointNineBarNumber then bn else 0);
def lowPointTenValue = if bn == lowPointTenBarNumber then low else lowPointTenValue[1];
plot low10 = if bn < lowPointTenBarNumber then Double.NaN else lowPointTenValue;
low10.SetDefaultColor(Color.Light_RED);





# SWING HIGH

# define swing high points
def swingHigh = high > Highest(high[1], length - 1) and high == GetValue(Highest(high, length), -offset);

# identify the very last swing high point
def highPointOneBarNumber = HighestAll(if swingHigh then bn else 0);
def highPointOneValue = if bn == highPointOneBarNumber then high else highPointOneValue[1];
plot high1 = if bn <  highPointOneBarNumber then Double.NaN else highPointOneValue;
high1.SetDefaultColor(Color.CYAN);

# identify the 2nd to last swing high point
def highPointTwoBarNumber = HighestAll(if swingHigh and bn < highPointOneBarNumber then bn else 0);
def highPointTwoValue = if bn == highPointTwoBarNumber then high else highPointTwoValue[1];
plot high2 = if bn < highPointTwoBarNumber then Double.NaN else highPointTwoValue;
high2.SetDefaultColor(Color.CYAN);

# just keep doing ths for as many lines as you want to add to the chart

def highPointThreeBarNumber = HighestAll(if swingHigh and bn < highPointTwoBarNumber then bn else 0);
def highPointThreeValue = if bn == highPointThreeBarNumber then high else highPointThreeValue[1];
plot high3 = if bn < highPointThreeBarNumber then Double.NaN else highPointThreeValue;
high3.SetDefaultColor(Color.CYAN);

def highPointFourBarNumber = HighestAll(if swingHigh and bn < highPointThreeBarNumber then bn else 0);
def highPointFourValue = if bn == highPointFourBarNumber then high else highPointFourValue[1];
plot high4 = if bn < highPointFourBarNumber then Double.NaN else highPointFourValue;
high4.SetDefaultColor(Color.CYAN);

def highPointFiveBarNumber = HighestAll(if swingHigh and bn < highPointFourBarNumber then bn else 0);
def highPointFiveValue = if bn == highPointFiveBarNumber then high else highPointFiveValue[1];
plot high5 = if bn < highPointFiveBarNumber then Double.NaN else highPointFiveValue;
high5.SetDefaultColor(Color.CYAN);

def highPointSixBarNumber = HighestAll(if swingHigh and bn < highPointFiveBarNumber then bn else 0);
def highPointSixValue = if bn == highPointSixBarNumber then high else highPointSixValue[1];
plot high6 = if bn < highPointsixBarNumber then Double.NaN else highPointsixValue;
high6.SetDefaultColor(Color.CYAN);

def highPointSevenBarNumber = HighestAll(if swingHigh and bn < highPointSixBarNumber then bn else 0);
def highPointSevenValue = if bn == highPointSevenBarNumber then high else highPointSevenValue[1];
plot high7 = if bn < highPointSevenBarNumber then Double.NaN else highPointSevenValue;
high7.SetDefaultColor(Color.CYAN);

def highPointEightBarNumber = HighestAll(if swingHigh and bn < highPointSevenBarNumber then bn else 0);
def highPointEightValue = if bn == highPointEightBarNumber then high else highPointEightValue[1];
plot high8 = if bn < highPointEightBarNumber then Double.NaN else highPointEightValue;
high4.SetDefaultColor(Color.CYAN);

def highPointNineBarNumber = HighestAll(if swingHigh and bn < highPointEightBarNumber then bn else 0);
def highPointNineValue = if bn == highPointNineBarNumber then high else highPointNineValue[1];
plot high9 = if bn < highPointNineBarNumber then Double.NaN else highPointNineValue;
high4.SetDefaultColor(Color.CYAN);

def highPointTenBarNumber = HighestAll(if swingHigh and bn < highPointNineBarNumber then bn else 0);
def highPointTenValue = if bn == highPointTenBarNumber then high else highPointTenValue[1];
plot high10 = if bn < highPointTenBarNumber then Double.NaN else highPointTenValue;
high4.SetDefaultColor(Color.CYAN);



# ADJUST CANDLE COLORS

# change candle colors just to make it easier to see what we are working with

AssignPriceColor(if swingLow then Color.cyan else if swingHigh then Color.mageNTA else Color.current);
# End Swing High and Swing Low
 

newrulez

New member
VIP
@RajB Feedback regarding Broadening Pattern, observed the Broadening Pattern in XLNX yesterday with positive momentum at Friday close. Stock has a nice run at market open Monday morning.

Could anyone else please confirm their experience with the Broadening Pattern?
 

Earthian

Member
VIP
@tenacity11 @BenTen Looking at the swing high and swing low script. It will be a killer with BTD if we could predict such moves of swing high/low. I understand it could repaint as we go in to the future. However, I have two questions? Forgive my newbeeness.
1. How many candles or bars or time does it take for it to not repaint? From the default script it looks like mostly it takes 10 candles? Am i right?
2. Also, you guys being a pro in the forum, can someone suggest any other script that could go well with the swing high and low script (or zig zag scripts) to confirm the reversal without repainting? Like RSI-Lagurre/TTM Squeeze? Thank You.
 
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rad14733

Well-known member
VIP
@Earthian There is no exact number of candles/bars to eliminate repainting but it's "usually" until after the candle/bar closes - but not always... It all depends on how many criteria the study/indicator is derived from...

As for your second question, neither of the indicators you mentioned are intended to indicate trend reversal, per se, but lower indicators especially oscillators work better for indicating trade entries and exits... It isn't good trading practice to attempt to get in and out at the very top or bottom of a trend... Your trading style also comes into play, whether scalping, day trading, swing trading, or long term investing... Which categories you fall into will help determine which indicators might best suit your needs... What might those be...???
 

Earthian

Member
VIP
Thanks @rad14733 😃 I get your point. I intend to scalp /ES for 2-3 points and swing trade vertical spreads. I am curious to know what oscillators you have witnessed from your experience work well for these scenarios 👍🏻
 
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rad14733

Well-known member
VIP
@Earthian I'm not fond of using true oscillators but prefer histograms instead... I'd suggest taking a look at THIS trading strategy that was started by @Hypoluxa for trading SPX... I have played with that combination and have also swapped several of my other favorite indicators into the mix... I usually modify indicators to my liking, most notably the TOS MACD_Histogram and ErgodicOsc indicators... The ErgodicOsc being one of the indicators that @Hypoluxa also uses in his trading system... I have used quite a few indicators extensively but am always playing with different indicators, some of which may not be popular with the masses, and like I stated, I tweak them to my liking... My advice would be to set up several charts with a couple indicators each and determine which ones you are most comfortable with... Don't just jump on what may seem to be the latest popular indicator, however... Make your own decisions because it will be your money at stake... If you have additional questions, ask away in the appropriate topic or start one that we can better assist you in without derailing existing unrelated topics...

Hope this helps... Other members may also chime in with suggestions...
 

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