Repaints Trend Reversal for ThinkorSwim

[Rojo Grande]

Oil (CL) today is a great example - has been in consolidation all day in my view so I have not taken a trade. Take a look at FE - has shown consolidation for most of the day and supported by other indicators as well.

Hello MC01439, Can you share the link to the energy price filter that is in the picture? Thank you.

 

[mc01439]

Hello MC01439, Can you share the link to the energy price filter that is in the picture? Thank you.

https://tos.mx/IK1jis3

 

[Rojo Grande]

https://tos.mx/IK1jis3

Thank you kindly. What is the blue line running down the center in the picture?

 

[mc01439]

Thank you kindly. What is the blue line running down the center in the picture?

@Rojo Grande - That is a combination of several different indicators to form one indicator (my take of the Binary Wave). The window has the Binary Wave and the Laguerre in one window to make for a cleaner chart. This old guy needs the price window to dominate the screen.

https://tos.mx/819qdsG

 

[Rojo Grande]

@Rojo Grande - That is a combination of several different indicators to form one indicator (my take of the Binary Wave). The window has the Binary Wave and the Laguerre in one window to make for a cleaner chart. This old guy needs the price window to dominate the screen.

https://tos.mx/819qdsG

From one old guy to another, a heartfelt thank you.

 

[Rojo Grande]

From one old guy to another, a heartfelt thank you.

Hello mc, any alerts for this? i.e. when the line hits 1 or -1.

 

[mc01439]

Hello mc, any alerts for this? i.e. when the line hits 1 or -1.

@Rojo Grande - try this.

https://tos.mx/pgXmeOl

 

[Rojo Grande]

@Rojo Grande - try this.

https://tos.mx/pgXmeOl

Thank you kind sir!!!

 

[MBF]

This reversal label seems to work best on higher time frames. I've also noticed that if all TF have same signal premarket that the stock will usually go in that direction. Is it possible to build dynamic watchlist columns for this indicator? I use other signals too but it would be really nice on a watchlist for different TFs.

 

[BenTen]

@MBF Simplest way for now is to save your scanner (for this indicator) as a watchlist and they should update regularly. Be sure to have them displayed on your sidebar.

 

[MBF]

@MBF Simplest way for now is to save your scanner (for this indicator) as a watchlist and they should update regularly. Be sure to have them displayed on your sidebar.

Thanks Ben!

 

[pdxtrader]

@2sureshk Try this. Add it as a Strategy.

# Trend Reversal Scanner
# Scanner by https://usethinkscript.com/u/theelderwand
# Discuss https://usethinkscript.com/d/183-trend-reversal-indicator-with-signals-for-thinkorswim

# Modified into a Strategy for backtesting. Not recommended since this indicator reapaint.

def price = close;
def superfast_length = 9;
def fast_length = 14;
def slow_length = 21;
def displace = 0;

def mov_avg9 = ExpAverage(price[-displace], superfast_length);
def mov_avg14 = ExpAverage(price[-displace], fast_length);
def mov_avg21 = ExpAverage(price[-displace], slow_length);

#moving averages
def Superfast = mov_avg9;
def Fast = mov_avg14;
def Slow = mov_avg21;

def buy = mov_avg9 > mov_avg14 and mov_avg14 > mov_avg21 and low > mov_avg9;
def stopbuy = mov_avg9 <= mov_avg14;
def buynow = !buy[1] and buy;
def buysignal = CompoundValue(1, if buynow and !stopbuy then 1 else if buysignal[1] == 1 and stopbuy then 0 else buysignal[1], 0);

def Buy_Signal = buysignal[1] == 0 and buysignal == 1;
def Momentum_Down = buysignal[1] == 1 and buysignal == 0;

def sell = mov_avg9 < mov_avg14 and mov_avg14 < mov_avg21 and high < mov_avg9;
def stopsell = mov_avg9 >= mov_avg14;
def sellnow = !sell[1] and sell;
def sellsignal = CompoundValue(1, if sellnow and !stopsell then 1 else if sellsignal[1] == 1 and stopsell then 0 else sellsignal[1], 0);
def Sell_Signal = sellsignal[1] == 0 and sellsignal;


input method = {default average, high_low};
def bubbleoffset = .0005;
def percentamount = .01;
def revAmount = .05;
def atrreversal = 2.0;
def atrlength = 5;
def pricehigh = high;
def pricelow = low;
def averagelength = 5;
def averagetype = AverageType.EXPONENTIAL;
def mah = MovingAverage(averagetype, pricehigh, averagelength);
def mal = MovingAverage(averagetype, pricelow, averagelength);
def priceh = if method == method.high_low then pricehigh else mah;
def pricel = if method == method.high_low then pricelow else mal;
def EI = ZigZagHighLow("price h" = priceh, "price l" = pricel, "percentage reversal" = percentamount, "absolute reversal" = revAmount, "atr length" = atrlength, "atr reversal" = atrreversal);
rec EISave = if !IsNaN(EI) then EI else GetValue(EISave, 1);
def chg = (if EISave == priceh then priceh else pricel) - GetValue(EISave, 1);
def isUp = chg >= 0;
def EIL = if !IsNaN(EI) and !isUp then pricel else GetValue(EIL, 1);
def EIH = if !IsNaN(EI) and isUp then priceh else GetValue(EIH, 1);
def dir = CompoundValue(1, if EIL != EIL[1] or pricel == EIL[1] and pricel == EISave then 1 else if EIH != EIH[1] or priceh == EIH[1] and priceh == EISave then -1 else dir[1], 0);
def signal = CompoundValue(1, if dir > 0 and pricel > EIL then if signal[1] <= 0 then 1 else signal[1] else if dir < 0 and priceh < EIH then if signal[1] >= 0 then -1 else signal[1] else signal[1], 0);

def bullish2 = signal > 0 and signal[1] <= 0;
plot upArrow = bullish2;
upArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
upArrow.SetDefaultColor(CreateColor(145, 210, 144));

def bearish2 = signal < 0 and signal[1] >= 0;
plot downArrow = bearish2;
downArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
downArrow.SetDefaultColor(CreateColor(255, 15, 10));

AddOrder(OrderType.BUY_TO_OPEN, condition = bullish2, price = close,100, tickcolor = Color. GREEN, arrowcolor = Color.GREEN, name = "BUY");

AddOrder(OrderType.SELL_TO_CLOSE, condition = bearish2, price = close,100, tickcolor = Color.RED, arrowcolor = Color.RED, name = "SELL");

Hi @BenTen Thanks for putting the work. I am relatively new to TOS and really excited to put this into work. I have set up both the study/indicator and the above as strategy.
I already performed back testing and seems it is good.
My next step is try few manual trades real time from the generated signal for a few days and see the results.
My question is how will I enable automatic trading in TOS based on the generated signal with S/L?

 

[BenTen]

@pdxtrader Before you get all hyped up, I'd thought I should let you know that this indicator repaints. Which means all the false signals will disappear. What you see on your chart is just the right signals (and that's kind of misleading if you don't know what you're doing or not familiar with this type of indicator). I would recommend watching it live first and see how the signal react in real-time.

 

[stocksniper]

@BenTen love the trend reversal, would you be able to add sound alerts to the script above. Thanks in advance!

 

[BenTen]

@stocksniper We tried but it didn't work for this particular indicator, I have no idea why

 

[Charles]

I tried to run the scan associated with this indicator and couldn't get it to return any results. I wanted to if there may be something obvious that I may be missing. All suggestions appreciated. Thanks!

 

[BenTen]

@Charles How did you run the scanner? What was the conditions?

 

[pdxtrader]

@pdxtrader Before you get all hyped up, I'd thought I should let you know that this indicator repaints. Which means all the false signals will disappear. What you see on your chart is just the right signals (and that's kind of misleading if you don't know what you're doing or not familiar with this type of indicator). I would recommend watching it live first and see how the signal react in real-time.

I can try it in a paper money account, right and see the real results?
Also can u name a few strategy that are good but doesn't repaint?
Also what is the reason for not taking out the repaint thing?

 

[BenTen]

@pdxtrader I'm not sure if you get real-time data with a paper trading account. The trend reversal indicator and this indicator both repaints. The reason being they're constantly looking for new highs and lows. As a result, we can't take out the repainting. Check out our Explore page and see if it can be helpful.

 

[pdxtrader]

@pdxtrader I'm not sure if you get real-time data with a paper trading account. The trend reversal indicator and this indicator both repaints. The reason being they're constantly looking for new highs and lows. As a result, we can't take out the repainting. Check out our Explore page and see if it can be helpful.

Well even if the paper trading account is 10mins or so behind, we still can do some trading with paper money with TR strategy to see how much it can pull.
Also I am thinking to put this TR indicator on those ETFs(JNUG, DGAZ, UGAZ, UWT etc) that are more volatile.
So back to the Q, how can I buy/sell automatically with this indicators.