Repaints Trend Reversal for ThinkorSwim

[markos]

@Joreha I don't day trade but I use the RSI Laguerre for purchase timing. Using it as one of 2 main indicators (TMO is the other). Do your DD, don't just follow what some guy (Me) said on the web.

 

[markos]

@BenTen I like your trend reversal indicator. My suggestion, to see if you can optomize signals, is to set superfast to 8, fast to 13, and slow to 21. Just to see if that might help you. On my RSILg above, it is for mobile use but works great on a chart. When you load it, the settings should already be 8, 13 and 8. Those settings are what I use. For daytrading, 5, 13 and 8 may be better, but you would have to try it out.

 

[markos]

The RSILg is actually called RSI auto-adjusting in Laguerre time with fractal energy.

I just knew you needed to know that! 😂 🤣

 

[BenTen]

@markos Ahh I see. The default settings on the reversal indicator are set to 9, 14, and 21. Based on your suggestion, the new settings would be 8, 13, and 21. Not much of a difference there (don't you think?) but I'm interested to see how much improvement this will get me. I'll be sure to try it out.

 

[markos]

When you're day trading, you need all the edge you can get. One other tweak I have seen traders make is changing the superfast to 5. Lemme know how it works out for you!

 

[mo2020]

it is called Dynamic StopLoss following an indicator I need your help ben to convert it to TOS . Thanks

 

[San]

@Markos, TFYI: Try to change 8, 13, and 5, 13 and 8 . or Superfast to 5 alone BUT don't see any difference, I notice 9, 14, and 21. ( Default ) is better then others.

 

[San]

@BenTen, I have back tested "Trend Reversal Indicator " 1mt time frame and noticed that STOP LOSS LINE forming delay like .. Stop loss line shows and disappear / some time its forming after 3 candle / some time previous drawn line disappear based on candle forming against the reversal. Is it possible to fix those delay and disappearing the line.

 

[BenTen]

@San I highly advise that you don’t use this on the 1min timeframe. The 5min is minimum and even with it comes a lot of false signals. I usually use this on the 10m and 15m

 

[San]

@Benten, Thanks.....

 

[ukwildcat1998]

Is it possible to turn this indicator into a scan? I have imported the study and looks great but would love to scan against my watchlist.

 

[BenTen]

@ukwildcat1998 This is the scanner for the signals https://tos.mx/6m77gW. I removed the labels and replace them with up arrows for bullish alerts and down arrows for bearish alerts.



To scan, just switch over to the Scanner tab, look up the new indicator and scan for _upArrow_ and _downArrow_.

Do note that I also included the Neutral reversal signals in the mix. Did not separate them. So it's better that you use this to scan instead of as the main indicator on your chart. Keep using the original one.

Here is the new snippet I added in there. (Ignore this if you don't know what you're looking at. The scanner is in the link I just shared above).

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));

 

[mc01439]

@markos

Made a few changes to the RSIlg. May be easier to understand and use. "C" = FE_Consolidation and "E" = FE_Exhaustion for the gamma line.

RSI.DefineColor("Up", CreateColor( 0,  220, 0)); 
RSI.DefineColor("Down",  Color.MAGENTA); 
RSI.SetLineWeight(4); 
RSI.AssignValueColor(if RSI > RSI[1] and RSI[1] > RSI [2] then RSI.Color("Up") else if RSI < RSI[1] and RSI[1] < RSI [2] then RSI.Color("Down") else color.YELLOW);

#Gamma Line Color
gamma.DefineColor("Con", CreateColor( 153,  153, 153)); 
gamma.DefineColor("EX",  CreateColor( 153,  153, 153));
gamma.AssignValueColor(if gamma > .62 then gamma.Color("Con") else if gamma < .38 then gamma.Color("EX") else color.LIME);

AddCloud(gamma, .62, Color.GRAY, Color.Current);
AddCloud(gamma, .38, Color.Current, Color.GRAY);

 

[San]

@mc01439, Can you upload full script ..

 

[Joreha]

@BenTen Is it possible to add this to the watchlist column? Thanks!

 

[BenTen]

@Joreha I tried to. But ThinkorSwim said it's too complex to work in real-time. I'll continue to look into it for now.

 

[Joreha]

@BenTen Thanks!!

 

[mc01439]

@San

Here you go.



https://tos.mx/K1jtyx

 

[San]

@mc01439 Thanks...

 

[ukwildcat1998]

@BenTen Thanks. I had the same complex error and gave up. I hope you have good luck! I have been using the script with $$ success.