Repaints Trend Reversal for ThinkorSwim

[CHOZEN]

What aggregation do you recommend running the scanner at?

 

[BenTen]

@geeks Unfortunately like most custom indicators, they do not work on the ThinkorSwim mobile app.

 

[BenTen]

@True I must have added the alerts in there by accident. At the bottom of the code you should see a section called #Alerts. Remove whatever is below it.

 

[BenTen]

@CHOZEN For me personally I just run it at the end of day to check for potential reversal signals on the daily. I can keep my eyes on the market so I don't use the scanner that often.

 

[markos]

@john3 The Trend Reversal code appears to be rather old. The giveaway clue is that "rec" is used multiple times. That is obsolete yet mostly grandfathered code as I understand. A few things seem to not be working, But, they don't affect the way the script works....which is very well.

The RSILg is complete, the .mx was pasted the way it is so that it will work on Mobile. There is a good amount commented out, but that is only for trade management. I don't mess with the code because that's the way Mobius set it up. Feel free to uncomment the trade management portion, but, just know that I know very little about how it's used or if Mobius uses it or if it was just a trial that he was working on. NB...I would not ask him.

 

[ukwildcat1998]

@Divakar How many bars are you looking back? I have mine set to 3 bars(3 days). Today I also did not have any.

 

[CHOZEN]

@ukwildcat1998 when I try running 3 bars I get "error: trying to self assign a non initialized rec state"

 

[ripster47]

So, I read somewhere that alert disappears if stopped out. In that case how do i backtest if i am missing some alerts.

Thanks for helping everyone for free.

 

[ukwildcat1998]

@CHOZEN try scanning against the S&P500. What do you get?

I got GSP, NFLX, LB,CNC,INCY,AAP and LLL

 

[CHOZEN]

@ukwildcat1998 I got the same results

 

[BenTen]

@ripster47 This has been brought up a couple of times. Since the failed signals would disappear there is no real way to backtest it except for watching it live and paper trading it during market hours. Another thing you could do is use the onDemand feature in ThinkorSwim. That would let you replay a particular trading day and you can see how the indicator performs that day.

 

[WuerthJR]

Hi All! @BenTen I am not at all accusing you of anything or false advertising I completely understand you are just providing a platform to share indicators. I have spent the last several diving deep into this code and I wanted to share my findings with everyone. In short: The indicator is a fraud and is trash. Sorry that may be a little harsh; The indicator is suppused to get its signals from EMA's, the Zig-Zag indiactor and fibonoacci level.s However, all the data from the EMA's is turned off. In simpler terms: the little line and the bubble that says"reversal" is NOT affected by ANY emas. Even if you turned this funciton on, it does not change where this signal appears, it only changes the color of the price bars. As for the Fibonacci Extensions and Retracements all these have also been turned off. Again: the bar and reversal bar is NOT impacted by Fib at ALL. If you turn this data on, it will merely plot extentions from the reversal signal. So what does all this mean? This "Reversal Indicator" is just the Zig-Zag indicator in disguise. The zig-zag indicator will always look amazing in hindsight because it keeps repainting the signal until it finds the high/low. This makes this whole "trend reversal" indicator unreliable in live-time trading. It may appear to "predict" reversals but in actualality you would be better off flipping a coin to decide if the stock will reverse or not. I hope no one gets offended by this, I am merely sharing my opinion and trying to shed light on the nature of the coding behind the indicator. Let me know if you have any questions or would like me to show how to turn on the fib extenions or ema price bar coloring.

 

[mc01439]

@WuerthJR

I would not call the code fraud and trash. The key is understanding what you are using and why the code does what is does. The turned off code is simple to turn on if it is wanted. As with all indicators - the past does not predict the future. The signals should only be used as an indication of what could happen in the coming bars.

When TR was posted it was clearly stated that the indicator re-paints, first clue to be careful this is not the holy grail.

In the short time this site has been up - my coding ability has improved many times over. I think that is what the site is for. Taking code others have worked on and are kind enough to share then learning from it.

 

[CHOZEN]

@WuerthJR I've actually found TR very useful when it comes to scalping.

 

[ripster47]

@CHOZEN Hey Chozen, What time frames have you been using on Scalping?

 

[GeneHo]

May I know which link is the working one for scanning TR?

 

[BenTen]

@GeneHo The one in the original thread above.

 

[GeneHo]

Hello
Possible to change the font color in the bubble to 'White'?

 

[BenTen]

@GeneHo Not possible

 

[CHOZEN]

@CHOZEN Hey Chozen, What time frames have you been using on Scalping?

When scalping I watch the 1min charts