The Vostro Indicator for ThinkorSwim

BenTen

BenTen

Administrative
Staff
VIP
The VOSTRO indicator is a trend indicator that automatically provides buying and selling signals. The indicator marks in a window the potential turning points. The indicator is recommended for scalping.

The Vostro indicator determines the overbought zones (value greater than +80) and the oversold zones (less than the -80 level)
  • BUY signal: The Vostro curve moves below the -80 level and forms a trough – Turnaround of the upward trend
  • SELL signal: The Vostro curve moves above the +80 level and forms a peak – Downward trend
Original source: https://www.prorealcode.com/prorealtime-indicators/vostro-vst/


thinkScript Code

Code:
# The Vostro
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/3XngolO2/

declare lower;

input period156 = 100;
input level = 8;
input over = 80;
input under = -80;
def gd120 = sum(hl2, 5);
def gd128 = gd120 * .2;
def gd121 = sum(high - low, 5);
def gd136 = gd121 * .2 * .2;

def ibuff116 = (low - gd128) / gd136;
def ibuff112 = (high - gd128) / gd136;

def ibuff108 = if(ibuff112 > level and high > wma(hl2, period156), 90, if(ibuff116< -level and low<wma(hl2, period156), -90, 0));
def ibuff109 =if((ibuff112>level and ibuff112[1]>level) or(ibuff116<-level and ibuff116[1]<-8),0,ibuff108);

plot vostro = ibuff109;
plot upper = over;
plot lower = under;

upper.SetDefaultColor(color.red);
lower.SetDefaultColor(color.green);
vostro.AssignValueColor(color.white);
 
T

tomsk

Well-known member
VIP
@BenTen More than likely think he means that by varying the length, it does not appear to affect the display of the plots
 
BenTen

BenTen

Administrative
Staff
VIP
@tomsk I see. Thanks for the clarification.
 
T

tomsk

Well-known member
VIP
@BenTen After responding to literally thousands of user requests over the years I've learnt to read minds, or attempted to do so. Sometimes it works and sometimes it doesn't. That's why it is always best to be specific or misunderstandings can arise.
 
horserider

horserider

Well-known member
VIP
@tomsk Good point. I was asking why the period did nothing. Thought it was a clear question but maybe not.
 
D

diazlaz

Well-known member
2019 Donor
VIP
@tomsk Good point. I was asking why the period did nothing. Thought it was a clear question but maybe not.
it's actually influenced in the calc but not directly in the plot; in ibuff109, 108 is a default value if the condition is not matched.
 
T

tradebyday

Active member
@BenTen I have noticed you have been converting indicators over to TOS recently. I have an indicator that may catch your eye... RenkoCloud
 

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