Repaints Trend Reversal for ThinkorSwim

[Gabrielx77]

Sounds good..Look forward to the results

I won't lie to you, looking at all three for a reversal roughly around the same time is about to give me aneurysm lol. I think I'm going to stick with just the TR and the TMO, using the second strategy I back tested where I found the RR to be 1 to 2.2 and success rate of 53%. I'm going to try this strategy live on account taking 1-2 shares per trade (less risk involved) and get back to you with the results.

 

[tenacity11]

I won't lie to you, looking at all three for a reversal roughly around the same time is about to give me aneurysm lol. I think I'm going to stick with just the TR and the TMO, using the second strategy I back tested where I found the RR to be 1 to 2.2 and success rate of 53%. I'm going to try this strategy live on account taking 1-2 shares per trade (less risk involved) and get back to you with the results.

LOL. I get it...the 10m could be setting up now

 

[Gabrielx77]

LOL. I get it...the 10m could be setting up now

Yeah I’m looking at that too.. bad start for the market this morning

 

[Jerald643]

LOL. I get it...the 10m could be setting up now

I cant seem to get the arrows right under the reversal point. Its slightly off. Any tips ?

 

[Thomas]

Thanks your the best @tenacity11. I'm going to try and create a test where I will long when the swing high candle appears, followed by a trend reversal arrow combined with the TMO reversal; I'll short when the swing low candle appears, followed by a trend reversal arrow combined with the TMO reversal. I'll let you know how it goes.

The most important thing is reading price. In this posted photo, and mentioned in another post somewhere, when the cyan candle or magenta candle appears, place an alert or buy signal/short signal, stop bottom of candle. If your "arrow," appears, you may feel a slight confidence in your choice, but you see in the photo, TMO doesn't line up with the Reversal7Magenta candle here because the indicator is trending higher OR lower with a false colored candle. You have to make a judgement with reading price what to do...... you cannot follow an indicator blindly, you must discover the characteristics of how price is reacting with relation to indicator or signal. The Hi_Lo is a heads up, a caution alert something is coming,..and an aggressive entry with stop can be placed in measured center of candle to left......I like to measure off the candle to left or right, short or long for an aggressive entry.

 

[Gabrielx77]

The most important thing is reading price. In my posted photo, I had mentioned in another post, when the cyan candle or magenta candle appears, place and alert or buy signal/short signal, stop bottom of candle. If your "arrow," appears slight confidence in your choice, but you see in the photo, TMO doesn't line up with the Reversal sometimes, because the indicator is trending higher or lower with a false colored candle. You have to make a judgement with reading price what to do...... you cannot for an indicator blindly, you must discover the characteristics of how price is reacting with relation to price.

Sounds good, thanks for that. Also, when I was saying the TMO lines up with the TR Arrow, when you look at the chart they would line up perfectly; but you're right when you say they're never perfect, because I found that even though the reversal looks to be exactly the same, when you're live trading it's always a reversal one before the other.

 

[Thomas]

Sounds good, thanks for that. Also, when I was saying the TMO lines up with the TR Arrow, when you look at the chart they would line up perfectly; but you're right when you say they're never perfect, because I found that even though the reversal looks to be exactly the same, when you're live trading it's always a reversal one before the other.

Play with it, you must discover the characteristics,....reactions on stocks with the signals........

 

[Gabrielx77]

Play with it, you must discover the characteristics,....reactions on stocks with the signals........

Let me ask you and @tenacity11 a question.. why do you prefer the TR indicator to have hi-low settings rather than the average? because of the lag?

 

[tenacity11]

Play with it, you must discover the characteristics,....reactions on stocks with the signals........

That is wise information regarding price action and taking time to learn the characteristics

 

[tenacity11]

Let me ask you and @tenacity11 a question.. why do you prefer the TR indicator to have hi-low settings rather than the average? because of the lag?

Yes. I looked at both and preferred the H-L

 

[Thomas]

Let me ask you and @tenacity11 a question.. why do you prefer the TR indicator to have hi-low settings rather than the average? because of the lag?

I like the average as the signal is earlier......but must show well after the "Hi_Lo," because signals can break down......

 

[Pensar]

Wondered if this might be of any interest; it may (or may not) give a slightly different perspective.

# Repainting Reversal Pivots Based on ZigZag
# original base code by Bayside of Enhanced Investor
# highly edited - shows the 'zone' between pivot point and actual signal trigger point

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);
def reversalAmount = if (close * percentamount / 100) > Max(revAmount < atrreversal * reference ATR(atrlength), revAmount) then (close * percentamount / 100) else if revAmount < atrreversal * reference ATR(atrlength) then atrreversal * reference ATR(atrlength) else revAmount;
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;
rec isConf = AbsValue(chg) >= reversalAmount or (IsNaN(GetValue(EI, 1)) and GetValue(isConf, 1));
def EId = if isUp then 1 else 0;
def xxhigh = if EISave == priceh then priceh else xxhigh[1];
def chghigh = priceh - xxhigh[1];
def xxlow = if EISave == pricel then pricel else xxlow[1];
def chglow = pricel - xxlow[1];

#Arrows
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 showarrows = yes;
plot Up = if showarrows and signal > 0 and signal[1] <= 0 then close else double.nan;
     Up.SetPaintingStrategy(PaintingStrategy.Arrow_Up);
     Up.SetDefaultColor(color.cyan);
     Up.SetLineWeight(2);
plot Dn = if showarrows and signal < 0 and signal[1] >= 0 then close else double.nan;
     Dn.SetPaintingStrategy(PaintingStrategy.Arrow_Down);
     Dn.SetDefaultColor(color.magenta);
     Dn.SetLineWeight(2);

def barnumber = BarNumber()[10];

input show_bubbles = no;
AddChartBubble(show_bubbles and barnumber and Up, if isUp then low[1] else high[1], if showarrows and signal > 0 and signal[1] <= 0 then "up" else "" ,Color.UPTICK, no);
AddChartBubble(show_bubbles and barnumber and Dn, if isUp then low[1] else high[1], if showarrows and signal < 0 and signal[1] >= 0 then "dn" else "" , Color.DOWNTICK, yes);

def PivotHigh;
def PivotLow;
    if barnumber and Dn{PivotLow = Double.NaN; PivotHigh = high[1];}
    else if barnumber and Up{PivotHigh = Double.NaN; PivotLow = low[1];}
    else if !IsNaN(PivotLow[1]){PivotLow = PivotLow[1]; PivotHigh = Double.NaN;}
    else if !IsNaN(PivotHigh[1]){PivotHigh = PivotHigh[1]; PivotLow = Double.NaN;}
    else{PivotHigh = Double.NaN; PivotLow = Double.NaN;}

plot PL = PivotLow[-1];
     PL.SetDefaultColor(Color.GREEN);
     PL.SetLineWeight(3);
plot PH = PivotHigh[-1];
     PH.SetDefaultColor(Color.RED);
     PH.SetLineWeight(3);

#~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
def EntryHigh;
def EntryLow;
    if barnumber and Dn{EntryLow = Double.NaN;EntryHigh = close;}
    else if barnumber and Up {EntryHigh = Double.NaN;EntryLow = close;}
    else if !IsNaN(EntryLow[1]){EntryLow = EntryLow[1];EntryHigh = Double.NaN;}
    else if !IsNaN(EntryHigh[1]){EntryHigh = EntryHigh[1];EntryLow = Double.NaN;}
    else{EntryHigh = Double.NaN;EntryLow = Double.NaN;}

plot EL = EntryLow[-1];
     EL.SetDefaultColor(Color.green);
plot EH = EntryHigh[-1];
     EH.SetDefaultColor(Color.red);

input show_cloud = yes;
addcloud(if show_cloud then EL else double.nan,PL,color.dark_green,color.dark_green);
addcloud(if show_cloud then EH else double.nan,PH,color.dark_red,color.dark_red);
#~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 

[trouble56]

I like the average as the signal is earlier......but must show well after the "Hi_Lo," because signals can break down......

@ thomas @Gabrielx77 @tenacity11 I am new to the site and have spent the last few days reading this thread. I was hoping you could explain your comment about preferring the TR indicator to have hi-low settings rather than the average. I have read through this entire 46 pages and I didn't see reference to hi-low settings or averages as related to the TrendReversal. I did see info on using the swing high low candle (i.e. when the when the cyan candle (Swing Low) or magenta (Swing High) candle appears, place a buy signal/short signal below or about that candle. Is this what you were referring to?

 

[Thomas]

@ thomas @Gabrielx77 @tenacity11 I am new to the site and have spent the last few days reading this thread. I was hoping you could explain your comment about preferring the TR indicator to have hi-low settings rather than the average. I have read through this entire 46 pages and I didn't see reference to hi-low settings or averages as related to the TrendReversal. I did see info on using the swing high low candle (i.e. when the when the cyan candle (Swing Low) or magenta (Swing High) candle appears, place a buy signal/short signal below or about that candle. Is this what you were referring to?

Use this,....the look for "Hi_Lo,"...or maybe it's in the thread....https://tos.mx/uVPzr7d

 

[trouble56]

@Thomas I appreciate your sharing the Hi Low indicator. I didn't properly ask my question. I didn't understand what it mean when they are referring to preferring the Trend Indicator to have the hi-low settings rather than the average. What is the average they are referring to that we are replacing with the Hi-Low? If I am understanding the TrendReversal correctly, the buy and sell signals only trigger off of the zigzag pattern and not the moving averages or at least that is how I have it set-up based on what I saw from reading the studies and the arrows showing on the chart. BTW, one of there question, I know the Trend reversal repaints, does the Hi Low repaint as well?

 

[Thomas]

@Thomas I appreciate your sharing the Hi Low indicator. I didn't properly ask my question. I didn't understand what it mean when they are referring to preferring the Trend Indicator to have the hi-low settings rather than the average. What is the average they are referring to that we are replacing with the Hi-Low? If I am understanding the TrendReversal correctly, the buy and sell signals only trigger off of the zigzag pattern and not the moving averages or at least that is how I have it set-up based on what I saw from reading the studies and the arrows showing on the chart. BTW, one of there question, I know the Trend reversal repaints, does the Hi Low repaint as well?

Apologizes,....I cannot answer specifics, because I don't spend time studying the indicators. I think the "Hi_Lo," is non repainting, someone will confirm your question. I am 99% price,....and do find "Bill Murray;" along with the "Hi_Lo," to be what I need,....it's maybe not what you understand....hope that doesn't sound rude........

 

[rad14733]

@ thomas @Gabrielx77 @tenacity11 I am new to the site and have spent the last few days reading this thread. I was hoping you could explain your comment about preferring the TR indicator to have hi-low settings rather than the average. I have read through this entire 46 pages and I didn't see reference to hi-low settings or averages as related to the TrendReversal. I did see info on using the swing high low candle (i.e. when the when the cyan candle (Swing Low) or magenta (Swing High) candle appears, place a buy signal/short signal below or about that candle. Is this what you were referring to?

In the settings panel for this indicator there is an option to have the script use either Average OR High_Low for calculations... Try the difference out for yourself and see what works best for your needs...

 

[Ramesh16]

Bill Murray

what you have of Bill Murray's method ??

 

[trouble56]

@rad14733 Thank you. I didn't realize there was a setting to choose between the two. I read all 46 pages and can't believe I missed this one point and feel silly for having not seen it on my own.

 

[tenacity11]

In the settings panel for this indicator there is an option to have the script use either Average OR High_Low for calculations... Try the difference out for yourself and see what works best for your needs...

I concur with that comment. see which works best for you.