Trend Painter Indicator With Buy & Sell Signals for ThinkorSwim

@murkr I made it a lower study for you:

Code:
declare lower;

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 value = 0;
Value.AssignValueColor(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);
 
@BenTen THANKS! This works great!
EDIT: It's a little hard to see the color transition because the line is so thin.

Is there a way you can change that line to bars? Similar to this Advanced Volume Indicator?

image.png


image.png
 
Last edited by a moderator:
@murkr Sure, find the last two lines in the modified script I posted and replace them with the following:

Code:
plot value = volume;
Value.AssignValueColor(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);
Value.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
 
Hey, @BenTen I was wondering if it's possible to have a label or some type of other indication for a reversal trend instead of the arrows. With this indicator, I've had plenty of success over the last 5 weeks and I had to test different strategies to make it as profitable as possible; however, I place limit orders instead of market orders, so it would be really helpful to see where the trend reverses by seeing a specific dollar amount it has to hit for a reversal arrow to appear.

For instance, in the picture I provided the down trend reversal arrow appeared around $1.73 and the up trend reversal arrow appeared around $1.95. I wanted to know if there's anyway we can see that price before the arrow were to appear. That way I can place a limit order expecting a reversal. I would try myself, but I'm not the best coder.

jDY5s4b.jpg


Thanks
 
@Gabrielx77 The arrow will appear during the formation of the candle. If you really want to get technical, you would have to dig deep into the code and figure it out. But in short, it would be almost impossible to figure out at which price point you will see the reversal arrow.
 
@Gabrielx77 The arrow will appear during the formation of the candle. If you really want to get technical, you would have to dig deep into the code and figure it out. But in short, it would be almost impossible to figure out at which price point you will see the reversal arrow.
Yeah that's what I was thinking too. Thanks anyways. I usually buy at the break of the 5m high and go based off of the 1m candle. That's when I usually get an exact entry point for when the arrow reverses.
 
@jonmac303 I have no issue adding it.

UeIpCiK.png


Watch the second half of the video below if you don't know where to add the custom watchlist column.

 
@BenTen I'm new to TOS and to coding as well. I added this script and getting the following error message: "AddLabel is not allowed in this context"

Any help will be highly appreciated.
 
Hi @BenTen I am new here and hope you can help. If possible, would you please explain the error I am getting for this act?

Basically, I am trying to add Buy signals in a scan so I used the same script as one used for the watchlist (with exception that I removed the
"asignbackground color" and "addlabel' script and replaced the 'plot" with "def". add statement "plot scan = strongbuy;"

The issue is: when adding the condition into scan (GU and GX) I get an error stated "com.devexperts.tos.thinkscript.runtime.TooComplexException: The complexity of the expression suggests that it may not be reliable with real-time data."

Although I tried to follow the video provided on post #49 but still can't get that to work.

Thoughts/inputs?
 
@SAA448 Why aren't you using the code provided on the first page of this thread? I have no trouble using the scanner with it.

uYgqO3G.png


KmAoItr.png
 

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