Repaints Trend Reversal for ThinkorSwim

[Falconuc]

@theelderwand awesome! it works, thank you.

 

[markos]

@BenTen There is now a tutorial of how to use the RSI Laguerre w Fractal Energy posted in the Tutoials Section. 😀

 

[CHOZEN]

@markos For day trading are you saying to change the 21 to 8?

 

[markos]

@CHOZEN For day trading with the Trend Reversal Indicator, use Ben's 9-14-21 just as in the code unless he comes up with a different tweak. I only added the RSILg because it works on Android and it could be a good complement to Ben's excellent TRI.

For the RSI Laguerre with Fractal Energy, the "standard settings" are 8-13-8. The RSILg Auto-Adjusts for time, so once you find the settings you like, Keep them that way for all time frames. Please be sure to read the tutorial I placed in the tutorial section.

https://tos.mx/K1jtyx I like the coloring of @mc01439 on the RSILg indicator. You may not even need the FE indicator. It is lipstick according to it's creator.

 

[Clam-shell]

Thanks for sharing. Does the indicator use volume at all?

 

[ykd2018x]

@BenTen how to use the same indicator for scan ?????

 

[ukwildcat1998]

@BenTen I am following up on the below. Did you make any tweaks to the indicator? If yes, can you share the strategy?

I'm currently using the higher TF signals as a direction for trend and lower TF for entry. I'll be testing a few different strategies around this indicator. Do let me know if you guys find anything cool.

 

[BenTen]

@Clam-shell Nope. @ykd2018x You need to use the scanner.

 

[BenTen]

@ukwildcat1998 I did not make any modifications to it. I’ll see if I can put together something

 

[WuerthJR]

@BenTen Hi Ben, Is there any way to edit this to take away the repainting properties of this indicator? In my opinion it makes the indicator look better than it actually is because in real time it will tell you a reversal is coming and a few bars later that indication may go away. So when looking back in charts it looks pretty good but in reality it gave plenty of false signals. Thank you

 

[BenTen]

@WuerthJR Unfortunately not possible to keep the repaints. Since this indicator is using ZigZag High Low, it's always looking for new tops and bottoms hence the stop loss is placed in there to avoid taking big losses. I highly recommend using this on timeframes such as 15m and higher to avoid as much false signals as possible.

 

[8Nick8]

@mc01439

Hi

Thanks for your sharing and i am impressed with the stuff you shared. I would like to seek some clarifications on how we should interpret both the RSI and FE indicator.

• 1. RSI line is the momentum indicator that defines the potential entry points whenever it crosses 0.1 when it changes from yellow to green when the stock is oversold
  
• 2. when RSI is bought, and line change from yellow to RED at 0.9 indicates a potential sell signal.

Here is my qns, how do we interpret the FE in conjunction with the price action? Or do we interpret the FE with the RSI?

When FE is Consolidation and FE line maintains abv 0.38, does it mean the trend is still up?

 

[mc01439]

I use the FE (gamma) as a measure of possible price exhaustion and consolidation. An example – In a long trade and gamma starts to show the possibility of exhaustion I become very aware of price action and start looking to exit part or all of trade. FE (gamma) in the exhaustion state can remain there for a period of time so may miss out on some profits if you exit just because of the FE reading.

In consolidation will look for breakouts and remain in open trades until I have addition signs that trade may turn against me.

 

[mc01439]

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.

 

[WuerthJR]

@BenTen First of all, I just wanted to thank you very much for taking time to respond and also sharing the code in the first place. It is a beautiful code. If you cannot keep it from repainting, do you mind sharing what is the criteria for it repainting? in other words, what causes the signal to go away?

 

[BenTen]

@WuerthJR Part of the indicator is based off of ZigZag high low and it always gets the tops and bottoms because it will keeps on repainting until it finds the top/bottom.

 

[Thinkprofits]

@BenTen Hey man, I'm new here, awesome script, thanks for sharing.

Im using the first script on the charts which works really good but The only issue I'm having is when I use the second script for the scanner and scan it, I get an error message saying :Trying to self assign a non initialized rec: state. Not sure what I'm doing wrong

 

[BenTen]

@Thinkprofits Welcome 😀 @theelderwand mentioned this before. I'll quote his tip below:

> This means that you are using a very large scan set. Reduce it to a watchlist of stocks that you are intensive. As you can guess, this scanner is pretty CPU intensive. i have a scan list of 20 odd stocks and it works well. Hope this helps.

 

[Thinkprofits]

@BenTen Got It, I will be trying that out.

Thanks for the quick response!!

 

[markos]

@mc01439 An excellent description of how to use Gamma. @Joreha fyi...