Use a ATR Trailing stop loss indicator with the trend painter, also you can copy and past the trend painter to make a column and it will tell you the trend that that stock is in, just make sure you change the time frame at the top to what ever you prefer
def arrowup = buysignal;
def arrowdown = sellsignal;
def trigger = if arrowup then 100 else if arrowdown then -100 else trigger [1];
AddLabel(yes,(if trigger == 100 then "👍" else if trigger == -100 then "👎" else "NA"));
AssignbackgroundColor(if trigger == 100 then Color.dark_Green else if arrowdown == -100 then Color.dark_Red else Color.black);def uptrend = buy;
def Stronguptrend = strongbuy;
def downtrend = sell;
def Strongdowntrend = strongsell;
AssignbackgroundColor (if uptrend then Color.Dark_GREEN else if Stronguptrend then Color.Green else if downtrend then color.dark_RED else if Strongdowntrend then Color.RED else Color.Black);
AddLabel(yes,if uptrend then "UP" else if Stronguptrend then "Buy" else if downtrend then "Down" else if Strongdowntrend then "Bear" else "Neutral", if stronguptrend then color.black else if strongdowntrend then color.black else color.white );
def uptrend = buy;
def Stronguptrend = strongbuy;
def downtrend = sell;
def Strongdowntrend = strongsell;
AssignbackgroundColor (if uptrend then Color.Dark_GREEN else if Stronguptrend then Color.Green else if downtrend then color.dark_RED else if Strongdowntrend then Color.RED else Color.Black);
AddLabel(yes,if uptrend then "UP" else if Stronguptrend then "Buy" else if downtrend then "Down" else if Strongdowntrend then "Bear" else "Neutral", if stronguptrend then color.black else if strongdowntrend then color.black else color.white );input ThermoLookBackBars = 50;
input PlotType = {default AdaptiveMovingAverages, Standard};
def HighLowScore = 1000 * ((high - high[1]) / (high[1]) +
(low - low[1]) / low[1]);
#ATR TrailingStop Code
input trailType = {default modified, unmodified};
input ATRPeriod = 5;
input ATRFactor = 3.5;
input firstTrade = {default long, short};
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 ATRMod = ExpAverage(Max(HiLo, Max(HRef, LRef)), 2 * ATRPeriod - 1);
def loss;
switch (trailType) {
case modified:
loss = ATRFactor * ATRMod;
case unmodified:
loss = ATRFactor * Average(TrueRange(high, close, low), ATRPeriod);
}
rec state = {default init, long, short};
rec 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.Hide();
#End ATR Trailing Stop Code
def A = Highest(high[1], ThermoLookBackBars);
def B = Lowest(low[1], ThermoLookBackBars);
def FiftyTwoWeekHigh = A;
def FiftyTwoWeekLow = B;
def FiftyTwoWeekScore = 10 * (((high
- FiftyTwoWeekHigh) / FiftyTwoWeekHigh) +
((low - FiftyTwoWeekLow) / FiftyTwoWeekLow));
def ThermoScore = ExpAverage(HighLowScore + FiftyTwoWeekScore, ThermoLookBackBars);
input FastLengthShort = 5;
input SlowLengthShort = 15;
input EffRatioShort = 10;
input FastLengthLong = 10;
input SlowLengthLong = 25;
input EffRatioLong = 5;
def AMA = MovAvgAdaptive(ThermoScore, FastLengthShort, SlowLengthShort, EffRatioShort);
def AMA2 = MovAvgAdaptive(ThermoScore, FastLengthLong, SlowLengthLong, EffRatioLong);
plot Line1;
Line1.Hide();
plot Line2;
Line2.Hide();
switch (PlotType) {
case AdaptiveMovingAverages:
Line1 = AMA;
Line2 = AMA2;
case Standard:
Line1 = ThermoScore;
Line2 = ThermoScore;
}
def InvisibleLine = close * 0;
plot Line3 = InvisibleLine;
Line3.Hide();
def Buy = Line1 > 0 and Line2 < 0 and state == state.long;
def StrongBuy = Line1 > 0 and Line2 >= 0 and state == state.long;
def Sell = Line1 < 0 and Line2 > 0 and state == state.short;
def StrongSell = Line1 < 0 and Line2 <= 0 and state == state.short;
plot GU = BuySignal;
GU.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
GU.SetDefaultColor(GetColor(8));
GU.SetLineWeight(2);
plot GX = SellSignal;
GX.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
GX.SetDefaultColor(GetColor(8));
GX.SetLineWeight(2);
AssignPriceColor(if Buy then Color.DARK_GREEN else if StrongBuy then Color.GREEN else if Sell then Color.DARK_RED else if StrongSell then Color.RED else Color.BLUE);
AddLabel(yes, Concat("Current Reading is ", (if Buy then "Up Trend" else if StrongBuy then "Strong Up Trend" else if Sell then "Down Trend" else if StrongSell then "Strong Down Trend" else "Neutral")), if Buy then Color.DARK_GREEN else if StrongBuy then Color.GREEN else if Sell then Color.DARK_RED else if StrongSell then Color.RED else Color.GRAY);
def uptrend = buy;
def Stronguptrend = strongbuy;
def downtrend = sell;
def Strongdowntrend = strongsell;
AssignbackgroundColor (if uptrend then Color.Dark_GREEN else if Stronguptrend then Color.Green else if downtrend then color.dark_RED else if Strongdowntrend then Color.RED else Color.Black);
AddLabel(yes,if uptrend then "UP" else if Stronguptrend then "Buy" else if downtrend then "Down" else if Strongdowntrend then "Bear" else "Neutral", if stronguptrend then color.black else if strongdowntrend then color.black else color.white );input ThermoLookBackBars = 50;
input PlotType = {default AdaptiveMovingAverages, Standard};
def HighLowScore = 1000 * ((high - high[1]) / (high[1]) +
(low - low[1]) / low[1]);
#ATR TrailingStop Code
input trailType = {default modified, unmodified};
input ATRPeriod = 5;
input ATRFactor = 3.5;
input firstTrade = {default long, short};
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 ATRMod = ExpAverage(Max(HiLo, Max(HRef, LRef)), 2 * ATRPeriod - 1);
def loss;
switch (trailType) {
case modified:
loss = ATRFactor * ATRMod;
case unmodified:
loss = ATRFactor * Average(TrueRange(high, close, low), ATRPeriod);
}
rec state = {default init, long, short};
rec 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.Hide();
#End ATR Trailing Stop Code
def A = Highest(high[1], ThermoLookBackBars);
def B = Lowest(low[1], ThermoLookBackBars);
def FiftyTwoWeekHigh = A;
def FiftyTwoWeekLow = B;
def FiftyTwoWeekScore = 10 * (((high
- FiftyTwoWeekHigh) / FiftyTwoWeekHigh) +
((low - FiftyTwoWeekLow) / FiftyTwoWeekLow));
def ThermoScore = ExpAverage(HighLowScore + FiftyTwoWeekScore, ThermoLookBackBars);
input FastLengthShort = 5;
input SlowLengthShort = 15;
input EffRatioShort = 10;
input FastLengthLong = 10;
input SlowLengthLong = 25;
input EffRatioLong = 5;
def AMA = MovAvgAdaptive(ThermoScore, FastLengthShort, SlowLengthShort, EffRatioShort);
def AMA2 = MovAvgAdaptive(ThermoScore, FastLengthLong, SlowLengthLong, EffRatioLong);
plot Line1;
Line1.Hide();
plot Line2;
Line2.Hide();
switch (PlotType) {
case AdaptiveMovingAverages:
Line1 = AMA;
Line2 = AMA2;
case Standard:
Line1 = ThermoScore;
Line2 = ThermoScore;
}
def InvisibleLine = close * 0;
plot Line3 = InvisibleLine;
Line3.Hide();
def Buy = Line1 > 0 and Line2 < 0 and state == state.long;
def StrongBuy = Line1 > 0 and Line2 >= 0 and state == state.long;
def Sell = Line1 < 0 and Line2 > 0 and state == state.short;
def StrongSell = Line1 < 0 and Line2 <= 0 and state == state.short;
plot GU = BuySignal;
GU.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
GU.SetDefaultColor(GetColor(8));
GU.SetLineWeight(2);
plot GX = SellSignal;
GX.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
GX.SetDefaultColor(GetColor(8));
GX.SetLineWeight(2);
def uptrend = buy;
def Stronguptrend = strongbuy;
def downtrend = sell;
def Strongdowntrend = strongsell;
AssignbackgroundColor (if uptrend then Color.Dark_GREEN else if Stronguptrend then Color.Green else if downtrend then color.dark_RED else if Strongdowntrend then Color.RED else Color.Black);
AddLabel(yes,if uptrend then "UP" else if Stronguptrend then "Buy" else if downtrend then "Down" else if Strongdowntrend then "Bear" else "Neutral", if stronguptrend then color.black else if strongdowntrend then color.black else color.white );
Yes, i’ve been trading with it for the last two weeks and my success rate is 87.5%; however, i do not buy and sell solely when the reverse signal appears. I set a profit target and get out once i hit it.
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