Repaints Trend Reversal for ThinkorSwim

[rad14733]

When I checked this indicator last it used to repaint. Has the repainting been overcome by now? the topic has become 55 pages now so would save lots of time if quick answer is available.

It still repaints, more on shorter timeframes than longer...

 

[scott69]

Hello all, I've been experimenting with this one for about two weeks now, so not a typical "clinical trial" time, but enough to see how it would work on the /NQ. I actually started out on a 1 minute chart. After trying to make my way through the 55 pages of discussion here, several coder/traders said not to use it under 5 minutes. So I have been running it on a 1 minute and 5 minute chart as an experiment. First may I say that lately the NQ has not been "typical," moving 100s of points in minutes, and 300-400 points in a day. At $20 per emini contract, we're talking serious money made or lost. Anyway, my results have been that the 1 minute chart signals have been surprisingly accurate. The 5 minute has also been accurate, but the 1 minute signals had an earlier trigger, and would be excellent in a market that had "clean" turns, i.e. no congestion a range. When the market entered a period of chop as I identified by the ADX on a 5 minute chart, the 1 minute reversal indicator did give many whipsaw signals, but I ignored them because of the 5 min ADX. Now the 5 minute use of the indicator did give accurate signals, but they were quite a bit later than the 1. When they were in agreement about direction and signal, the 5 minute was, in recent NQ market, 30 - 50 points behind, which as you know, 50 points in the NQ is $1000s of dollars. So, in summary, I am still experimenting with this indicator on the 1 min chart as a heads up to watch my own analysis and indicators, and the 5 min chart for confirmation of my own entry (from my own personally designed indicators). A hat tip to the designers of this, though, as it is a remarkable piece of coding. Thanks again.

 

[BTExpress]

@BenTen, this is an interesting study. I am going to give it a try. I want to know how the scan works. I tried
MyNewReversalScan()."upArrow" is greater than 0 within 5 bars or MyNewReversalScan()."downArrow" is greater than 0 within 5 bars.
TOS says this is too complex to give results. Do I have to do two separate scans for bullish and bearish?

 

[dmillz]

@BenTen, this is an interesting study. I am going to give it a try. I want to know how the scan works. I tried
MyNewReversalScan()."upArrow" is greater than 0 within 5 bars or MyNewReversalScan()."downArrow" is greater than 0 within 5 bars.
TOS says this is too complex to give results. Do I have to do two separate scans for bullish and bearish?

add volume limit to scan

 

[BTExpress]

@dmillz, not sure what you mean. Image 1 shows the Filter edit box. I am not able to get out of this box as OK is disabled with the error message. Image 2 shows the same code with volume add but still same error.

 

[MerryDay]

@BTExpress

1. YES! You have to have separate scans for bullish and bearish.
2. AND 'within 5 bars' requires a lot of resources. Perhaps start with 1 bar and once you have that working, you can attempt to go back further and see if it blows up on you.
3. AND as @dmillz said, it is common to get an execution error if you are trying to scan the whole universe of stocks.

A general strategy would be to filter on volume, last price, market cap, etc.. or some people only scan optionable stocks or exclude OTC or only scan S&P500.

I am not sure that all of this will fix your problem but you have to fix these parts so we can find out what your problem is. Here is an example of some ways to commonly filter. See how it reduces the number of stocks that need to be scanned?

These filters are ONLY an example. They may not fit your strategy at all. You should define filters that fit your strategy AND brings the number of stocks you are attempting to scan down to a reasonable amount.

 

[firestick55]

@BenTen would you mind sharing the charts cause the script not working when i try to put it in

 

[BenTen]

@firestick55 The code can be found right on the first page of this thread. If you don't know how to add it to ToS, check out this tutorial.

 

[MisterSK]

Someone might have asked this already but I don't quite understand it.

Can you use this as a scanner for the daily? Like when reversal's happen? or do you just have to keep looking? Are their any tutorials for that?

Thank you

 

[Bendu]

In the lower part of the code under #Fibonacci Extensions, if you change showFibExtLines = no to yes, a bunch of bubbles plot showing the fib extensions based on the reversal. What would we change in the code to have it plot lines instead of the bubbles?

 

[Bobbydigital83]

The scanner link on page 1 does not work. Its just an study instead of a scan. Any updated link?

 

[BTExpress]

Has anyone tried the scan? How often do you run it and are the results rare?

 

[BenTen]

@Bobbydigital83 Yes, it's supposed to be a study so you can load it up when creating your scanner. Take a look at this comment.

@BTExpress @MisterSK

 

[Bendu]

In the lower part of the code under #Fibonacci Extensions, if you change showFibExtLines = no to yes, a bunch of bubbles plot showing the fib extensions based on the reversal. What would we change in the code to have it plot lines instead of the bubbles?

don't worry about this request, found this:
https://usethinkscript.com/threads/zigzag-high-low-with-supply-demand-zones-for-thinkorswim.172/
it is the same code except it will plot the fib extensions and all of the code works.

 

[Iceburgh]

Can anyone here rewrite this to work on mobile? take out the bubbles and just use arrows. thanks

 

[BenTen]

@Iceburgh We already posted the alternative version with arrows. Even if you load it to your mobile it probably not going to work due to the ZigZagHighLow function.

 

[tem2005]

@Iceburgh We already posted the alternative version with arrows. Even if you load it to your mobile it probably not going to work due to the ZigZagHighLow function.

Ben

Where can i find a version with alerts built-in?

 

[BenTen]

@tem2005 Check message #1004

 

[WolfgangFX]

@BenTen This is the scanner that I was able to successfully setup : https://tos.mx/ace3eC

Give this a shot, I'll be trying this out tomorrow

How did you set it up? Did you copy the code into the ThinkScript? or added the study all together? I'm getting an error message that says "Trying to self-assign a non-initialized rec: state. Not sure how to go about this.

 

[humpydumpylol]

I have a question about reversals based, for example, on Bollinger bands, I tried to write on thinscript that when current high is above the upper band then the shares change for the negative sign shares, for short reversal, and when the current low is below the lower band the sign changes to positive shares for bullish reversal. It should be a simple few lines of codes, but I couldn't achieved other than only positive sign shares. Thanks in advance