Trend Exhaustion Indicator for ThinkorSwim

[madeinnyc]

Hi @BenTen - I'm testing this indicator on a 30D 10M bar chart on the /NQH20. I think I've only seen 1 arrow. I'm curious to ask if this works on the chart timeframe and symbol I'm using? Thanks!

 

[BenTen]

@madeinnyc Since you mentioned that you saw one signal, it means the indicator is working. This indicator is known to produce rare signals.

 

[madeinnyc]

@madeinnyc Since you mentioned that you saw one signal, it means the indicator is working. This indicator is known to produce rare signals.

Ahh....ok! Thanks for clarifying!

 

[mangotrader]

@tenacity11 You are not supposed to paste the entire indicator into the scanner. Add a new Study filter > select the indicator’s name > choose which type of signal you’re looking to scan.

i don't understand what this means, can you elaborate?

 

[BenTen]

@mangotrader See this thread and its video: https://usethinkscript.com/threads/how-to-use-the-tos-scanner.284/

 

[DudeDastic]

How do you interpret the colors on the labels (white, yellow, cyan) and the arrow?

I don't mean to resurrect an old thread, but what is that green/red box thing with the dashed lines? Looks interesting.

 

[BenTen]

@DudeDastic That is the opening range breakout indicator. You can find it here https://usethinkscript.com/threads/opening-range-breakout-indicator-for-thinkorswim.16/

 

[Stockbug]

For the non VIP people here is a possible alternative. Make sure to set the time agg to your chart time.
https://tos.mx/mfbFUp

Cannot see the exhaustion code so no good idea how it compares.

Horserider,
1. Thanks for the share link - interesting code.
2. Where did get this Ema Cloud script?
3. Why did you say for non VIP members - try this - https://tos.mx/mfb. Is there something similar in the VIP section?
4. Did you intend for this cloud script to somehow replace the exhaustion code?
4. I took your code and made what I hope are some improvements.

# Found code at,
# https://usethinkscript.com/threads/trend-exhaustion-indicator-for-thinkorswim.333/
# Post #8, by Horserider.
# Original share link found was by Horserider = https://tos.mx/mfbFUp
# ===============================
# Notes.
# Suggested name = UTS_HorseRider_EmaCloud_1
# Rearraged code to flow better.
# Renamed vPeriod to be AggPeriod.
# Updated "Agg Period Choice Routine" - code by CG.
# Added chioce to turn off labels.
# Nice little code - TY horserider.
# ===============================
# Begin.
#MUST ADJUST TIME FRAME OF THIS FORMULA TO MATCH CHART;# Oiginal note.
declare upper;
# -------------------------------------------
input Force_Study_To_Use_Chart_Agg = yes; # code by CG.
def fstuca = Force_Study_To_Use_Chart_Agg;
input SeectedAggPeriod = AggregationPeriod.DAY;
def AggPeriod = if fstuca then GetAggregationPeriod() else SeectedAggPeriod;
# -------------------------------------------

input EMALength1 = 9; # default = 9.
input EMALength2 = 21; # default = 21.
input Display_Labels = yes;
input price = close;
input displace = 0;

def O = open (period = AggPeriod);
def H = high (period = AggPeriod);
def C = close (period = AggPeriod);
def L = low (period = AggPeriod);
def V = volume(period = AggPeriod);
# ===========================================
# It was nagging at me where I've seen this code routine that uses, V & HLC.
# It may be other placed too.
# www.floatchecker.com/blog/better-volume-indicators-for-thinkorswim

def SV = V * (H - C) / (H - L);
def BV = V * (C - L) / (H - L);

# ===========================================
def DL = if Display_Labels then 1 else 0;

AddLabel(yes * DL, "Buyer Vol Strong ", if high > high[1] and low > low[1] and BV*1.05 > SV then Color.GREEN else color.GRAY);

AddLabel(yes * DL, "Seller Vol Strong", if high < high[1] and low < low[1] and SV*1.05 > BV then Color.MAGENTA else color.GRAY);

AddLabel(yes * DL, "Price Strong ", if high > high[1] and high [1] > high[2] and low > low[1] and low[1] > low[2] then Color.GREEN else color.GRAY);

AddLabel(yes * DL, "Price Weak", if high < high[1] and high[1] < high[2] and low < low[1] and low[1] < low[2] then Color.MAGENTA else color.GRAY);

plot upper = ExpAverage(data = price[-displace], length = EMALength1);
upper.SetDefaultColor(Color.RED);
plot lower = ExpAverage(data = price[-displace], length = EMALength2);
lower.SetDefaultColor(Color.BLUE);
AddCloud(upper, lower);

def iscolormeBuy = upper >= lower;
def iscolormeSell = upper <= lower;

AddLabel(iscolormeBuy * DL, " EMA9 IS STILL GREATER THAN EMA21 :" , if UPPER >= LOWER + .1 then Color.GREEN else Color.BLACK);
AddLabel(iscolormeSell * DL, " SELL SIGNAL EMA9 LESS THAN EMA21: ", if UPPER <= LOWER - .1 then Color.MAGENTA else Color.BLACK);

# Unused left over code in original - https://tos.mx/mfbFUp
#def iscolormeWaiting = high<=high[1] and low >= low[1];
#AddLabel(yes, Concat (if iscolormeBuy then " EMA9 > EMA21: " else "", COLOR.BLACK));
#AddLabel(yes, Concat (if iscolormeSell then " EMA9 < EMA21: " else"", COLOR.BLACK));
#AddLabel (iscolormeWaiting, " WAITING FOR BEST TIMING: ", if high <= high[1] OR low >= low[1] then Color.YELLOW else Color.BLUE);
#AddLabel (iscolormeWaiting, " WAITING FOR BEST TIMING: ", IF high <=high[1] and low >= low[1]then Color.GRAY else Color.YELLOW);
#def agg = getAggregationPeriod(); # Unused in original horserider code.
#input AggPeriod = AggregationPeriod.day; # original was hour;now unsed.
# END.

 

[dc2uh]

Hey quick question! Is there a way to code this so the labels are the top are grey unless the statement is correct and then it changes color. No arrow.

Example if the bulls arent exhausted then the label is gray but as soon as they become exhaust the label on the top now turns green. and vice versa the bears arent exhausted then the label is gray and as soon as they become exhausted the label turns red.


Thanks!