Trend Painter Indicator With Buy & Sell Signals for ThinkorSwim

BenTen

BenTen

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@blake007 Click on the little gear icon under your watchlist > Customize > Custom Quotes
 
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Diamondlil

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@K_O_Trader I'd like to set up a scanner based on your Trend Painter of June 11th. I'd like it to scan for a buy signal on a smaller time frame (eg. 1 hr. or 30 min.) while the daily chart is in an Uptrend or Strong Uptrend. How would you suggest I do that?
Thanks in advance.
 
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K_O_Trader

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@K_O_Trader I'd like to set up a scanner based on your Trend Painter of June 11th. I'd like it to scan for a buy signal on a smaller time frame (eg. 1 hr. or 30 min.) while the daily chart is in an Uptrend or Strong Uptrend. How would you suggest I do that?
Thanks in advance.
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
 
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shakenbake

New member
Just found this tonight and works nicely with on-demand for some randomly picked ETFs i found. Has anyone tested this on paper trading or actually traded with it and just bought on the buy signals and sold on the sell signals. I'd imagine this method works well with some stocks but not with others. Does anyone have realtime experience with it? btw i'm not using in the scanner, i just popped it in the chart studies so it's enabled for whatever chart i have active. I didn't bother with the scanner.
 
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Diamondlil

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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
ok, thanks, will try that.
 
BonBon

BonBon

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Greetings everyone. For those of you who found the trendpainter useful please see below the addition to the thinkscript. I used the original trendpainter thinkscript to creates a watchlist column for the "current trend" and the buy and sell signals (arrow up and arrow down within the chart) (see chart below). I hope you find this useful as well.

Thumbs Up/Down Watchlist column (based on the trendpainter thinkscript originally coded by @BenTen.) The thumbs up is based on the buysignal section of the thinkscript.

The thumbs up is aligned to the thumps up or thumps down within the chart.) The time frame is the same as the chart 1m but you can change the time frame. Remember if you change the time frame for the trendpainter chart you have to change it for the watchlist as well. I also created a scan for the trendpainter where you can scan for stocks that are only strongbuy, etc. I also use this with the RVI as well. In this way it would only show RVI stocks that are strongbuy.

The below code was added to the original trendpainter code to create the custom Thumbs up/down watchlist.

Code:
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);
TrendPainter Watchlist Column

I used the original trendpainter script and added the following script to create the custom watchlist.

Code:
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 );
This is an example using today's aftermarket gapper scan. The watchlist column shows the trendpainter column and the arrowstay column. As you can see they mirror the chart. Before I would review each chart to determine trends. Now that I created the column for the watchlist that is not necessary. I can filter using these columns as well to find all the stocks that are currently in a strong up trend( Up is "uptrend", buy is "strong uptrend," down is "down trend", bear is "strong downtrend."

There are instances where a ticker can be in or coming out of a downtrend and give a buy signal due to the volume etc.

 
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shakenbake

New member
@BonBon This is really cool. Has anyone here tested this and made any sort of profit from it? What's the reliability of the buy and sell signals?
 
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k8be

New member
@BonBon n are you saying you added your two codes for thumbs and signals to the end of BenTen's trend code as a study, then you also created a custom column with the custom watchlist column creator by selecting that study, and then added that as a column to the watchlist?

Or is this meant to be created as a study first and then added to TOS Scanner?
 
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BonBon

BonBon

New member
has anyone actually traded with this and made a profit?
Yes I use this to trade with profits

Yesterday, I used my premarket scanner just to get a feel for the pm movers. Then at 9:30 I ran my RVI scanner (using the thinkscript "buysignal" instead of the thinkscript strongbuyl). IPDN, PEIX, IZEA and ARC were the top ones based on my scan. I usually scan .05-$3.00

The buy signal for IPDN came at $1.20 and it went to a high of $2.20 before retracing.
The buy signal for PEIX came at $1.93 and it went to a high of $2.48. It has not retraced or made a significant dip as yet.
The buy signal for ARC came at $1.09 and it went to a high of $1.39.
The buy signal for IZEA came at $1.36 and it went to a high of $1.72.

I created a scanner for the trendpainter as well. This correlates with the chart and watchlist columns. (see my post on Relative Volume Strategy and Momentum Scanner for ThinkorSwim pages 9 -10
 
BonBon

BonBon

New member
has anyone actually traded with this and made a profit?
@BonBon n are you saying you added your two codes for thumbs and signals to the end of BenTen's trend code as a study, then you also created a custom column with the custom watchlist column creator by selecting that study, and then added that as a column to the watchlist?

Or is this meant to be created as a study first and then added to TOS Scanner?
Yes I did. However, first I created the watchlist columns months ago. Recently, I had an "ah ha" moment that resulted in the creation of the trendpainter scanner. I added them to the end of BenTen's code but had to make some tweaks (I could only use one plot in the scan). see my post on Relative Volume Strategy and Momentum Scanner for ThinkorSwim pages 9 -10.

I also embedded the study within my RVI scan as well. This enabled me to use the "buy signal" resulting in RVI stocks that showed an increase in volumn that were on the uptrend based on the signal.

Hope this helps.
 
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