Repaints Trend Reversal for ThinkorSwim

[tem2005]

I'd have to see how you set it up. It always comes back with errors for me.

Are you in Discord channel?

 

[FreefallJM03]

Are you in Discord channel?

I don't know what Discord channel is, so no.

 

[BenTen]

@FreefallJM03 I think @tem2005 was referring to our private Discord channel for VIP members, of which you're one. Feel free to join us at any time using this link: https://discord.gg/HQVZUxB

 

[FreefallJM03]

Anybody else ever have issues with any of your indicators showing up higher or lower on your charts? Sometimes, the bubbles for "buy the dip" for example are far above the candlesticks or the VWAP is far below or above the price level. The line itself for example will be drawn at the 7.00 price level, but the actual VWAP price is 7.50 in the stats window.

 

[Ronathan Edwards]

I manually downloaded the link, but don't know how to put it in to scan. It's not under "study" when I hit "add filter" but it is when I go under the "custom". But then it asks me for a condition as in, crosses over/below, true, false etc... It's not coming up with anything... Did I do something wrong? Thanks.... I'm new to this stuff so... I tried to hit the "view in thinkorswim" and it asked me to allow something to be used, I said yes, but it didn't take me anywhere, or download anything.... strange...

 

[BenTen]

@Ronathan Edwards See this link and this one.

 

[Ronathan Edwards]

thank you for your reply, I appreciate it! I can not copy the script. I think I just copy and pasted in the "link"? "thinkscript-study-201909280? is that possible? Or doesn't it scan afterhours?

 

[rad14733]

thank you for your reply, I appreciate it! I can not copy the script. I think I just copy and pasted in the "link"? "thinkscript-study-201909280? is that possible? Or doesn't it scan afterhours?

No... There are tutorials and videos here in the forums on how to scan using a custom study... You save the study code and then you can select it as a custom Study from within the Scanner...

 

[Ronathan Edwards]

Okay, I'll wait for Monday and check it out. THANK YOU very much! Have a good weekend!

 

[ajmann]

@horserider Hello, I am using the watchlist for the trend reversal indicator# 461 in this thread. When the watchlist changes to dark green there is a upward reversal in the trend and vice versa changes to red when the market changes to downward trend I want to ask you for your help to add number on the column how many candles earlier did the reversal happen in the market.
Thank you in advance for any help that you can provide.

 

[Vanguard]

@BenTen Please add me to the discord VIP list I subscribed yesterday for VIP.

 

[Marvin187]

I am using the Trend Reversal Indicator as a trading strategy, I am beta testing an auto trading robot for TOS. The Robot takes signals from the Labels and Alert notifications to execute trades. What I need help with is to make sure the Robot enters the trade on “Buy” signals, closes the trade on “Sell” signal and after a 3 to 5 seconds delay I need the Robot to look to enter a “Short” position. This needs to be accomplished via the Labels and Alert notifications. I also have a Stop-Loss incorporated in the study and need that working on a switch basis. Need the Stop-Loss to alert based on if I am “LONG” or “SHORT” on a trade if market goes against me. I will share the code so you guys can see. Please take a look and let me know what changes need to be made for code to work as described.

Any help will be greatly appreciated.

#Date: Dec-13-2020
#TrendReversal Version 2.1
#Updated


# Removed fibs
# Changed bubbles from Reversal to BUY and SELL
# Added Tradesize and Order Entry

### Trade Size
input TRADESIZE = 100;

### EXIT BAD
input stop = 20;
input offsetType = {default tick, percent, value};

def price = close;
def superfast_length = 9;
def fast_length = 14;
def slow_length = 21;
def displace = 0;

def mov_avg9 = ExpAverage(price[-displace], superfast_length);
def mov_avg14 = ExpAverage(price[-displace], fast_length);
def mov_avg21 = ExpAverage(price[-displace], slow_length);

#moving averages
def Superfast = mov_avg9;
def Fast = mov_avg14;
def Slow = mov_avg21;

def buy = mov_avg9 > mov_avg14 and mov_avg14 > mov_avg21 and low > mov_avg9;
def stopbuy = mov_avg9 <= mov_avg14;
def buynow = !buy[1] and buy;
def buysignal = CompoundValue(1, if buynow and !stopbuy then 1 else if buysignal[1] == 1 and stopbuy then 0 else buysignal[1], 0);

def Buy_Signal = buysignal[1] == 0 and buysignal == 1;
def Momentum_Down = buysignal[1] == 1 and buysignal == 0;

def sell = mov_avg9 < mov_avg14 and mov_avg14 < mov_avg21 and high < mov_avg9;
def stopsell = mov_avg9 >= mov_avg14;
def sellnow = !sell[1] and sell;
def sellsignal = CompoundValue(1, if sellnow and !stopsell then 1 else if sellsignal[1] == 1 and stopsell then 0 else sellsignal[1], 0);

def Sell_Signal = sellsignal[1] == 0 and sellsignal == 1;
def Momentum_Up = sellsignal[1] == 1 and sellsignal == 0;


plot Colorbars = if buysignal == 1 then 1 else if sellsignal == 1 then 2 else if buysignal == 0 or sellsignal == 0 then 3 else 0;
Colorbars.Hide();
Colorbars.DefineColor("Buy_Signal_Bars", Color.GREEN);
Colorbars.DefineColor("Sell_Signal_Bars", Color.RED);
Colorbars.DefineColor("Neutral", Color.YELLOW);
#___________________________________________________________________________



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];
def showBubbleschange = no;
AddChartBubble(showBubbleschange and !IsNaN(EI) and BarNumber() != 1, if isUp then priceh * (1 + bubbleoffset) else pricel * (1 - bubbleoffset) , "$" + chg , if isUp and chghigh > 0 then Color.GREEN else if isUp and chghigh < 0 then Color.RED else if isUp then Color.YELLOW else if !isUp and chglow > 0 then Color.GREEN else if !isUp and chglow < 0 then Color.RED else Color.YELLOW, isUp);
#Price at High/Low
def showBubblesprice = no;
AddChartBubble(showBubblesprice and !IsNaN(EI) and BarNumber() != 1, if isUp then priceh * (1 + bubbleoffset) else pricel * (1 - bubbleoffset) , if isUp then "$" + priceh else "$" + pricel , if isUp and chghigh > 0 then Color.GREEN else if isUp and chghigh < 0 then Color.RED else if isUp then Color.YELLOW else if !isUp and chglow > 0 then Color.GREEN else if !isUp and chglow < 0 then Color.RED else Color.YELLOW, isUp);

#Bar Count between Enhanceds
rec EIcount = if EISave[1] != EISave then 1 else if EISave[1] == EISave then EIcount[1] + 1 else 0;
def EIcounthilo = if EIcounthilo[1] == 0 and (EISave == priceh or EISave == pricel) then 1 else if EISave == priceh or EISave == pricel then EIcounthilo[1] + 1 else EIcounthilo[1];
def EIhilo = if EISave == priceh or EISave == pricel then EIcounthilo else EIcounthilo + 1;
def EIcounthigh = if EISave == priceh then EIcount[1] else Double.NaN;
def EIcountlow = if EISave == pricel then EIcount[1] else Double.NaN;
def showBubblesbarcount = no;
AddChartBubble(showBubblesbarcount and !IsNaN(EI) and BarNumber() != 1, if isUp then priceh * (1 + bubbleoffset) else pricel * (1 - bubbleoffset) , if EISave == priceh then EIcounthigh else EIcountlow, if isUp and chghigh > 0 then Color.GREEN else if isUp and chghigh < 0 then Color.RED else if isUp then Color.YELLOW else if !isUp and chglow > 0 then Color.GREEN else if !isUp and chglow < 0 then Color.RED else Color.YELLOW, if isUp then yes else no );

#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;
def U1 = showarrows and signal > 0 and signal[1] <= 0;
#U1.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
#U1.SetDefaultColor(Color.GREEN);
#U1.SetLineWeight(4);
def D1 = showarrows and signal < 0 and signal[1] >= 0;
#D1.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
#D1.SetDefaultColor(Color.RED);
#D1.SetLineWeight(4);

def barnumber = BarNumber()[10];

#START
AddChartBubble((barnumber and U1), if isUp then low else high, if showarrows and signal > 0 and signal[1] <= 0 then " BUY " else "" , if Colorbars == 3 then Color.YELLOW else Color.UPTICK, no);
AddChartBubble((barnumber and D1), if isUp then low else high, if showarrows and signal < 0 and signal[1] >= 0 then " SELL " else "" , if Colorbars == 3 then Color.YELLOW else Color.DOWNTICK, yes);
#END


def revLineTop;
def revLineBot;

if barnumber and D1 {
    revLineBot = Double.NaN;
    revLineTop = high[1];
} else if barnumber and U1 {
    revLineTop = Double.NaN;
    revLineBot = low[1];
} else if !IsNaN(revLineBot[1]) and (Colorbars[2] == 2 or Colorbars[1] == 2) {
    revLineBot = revLineBot[1];
    revLineTop = Double.NaN;
} else if !IsNaN(revLineTop[1]) and (Colorbars[2] == 1 or Colorbars[1] == 1) {
    revLineTop = revLineTop[1];
    revLineBot = Double.NaN;
} else {
    revLineTop = Double.NaN;
    revLineBot = Double.NaN;
}

plot botLine = revLineBot[-1];
botLine.SetDefaultColor(Color.LIGHT_GREEN);
plot topLine = revLineTop[-1];
topLine.SetDefaultColor(Color.LIGHT_RED);


#Alerts
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));

#Supply Demand Areas
rec data1 = CompoundValue(1, if (EISave == priceh or EISave == pricel) then data1[1] + 1 else data1[1], 0);
def datacount1 = (HighestAll(data1) - data1[1]);
def numbersuppdemandtoshow = 0;
input showSupplyDemand = {default Pivot, Arrow, None};
def idx = if showSupplyDemand == showSupplyDemand.Pivot then 1 else 0;
def rLow;
def rHigh;
if signal crosses 0 {
    rLow = pricel[idx];
    rHigh = priceh[idx];
} else {
    rLow = rLow[1];
    rHigh = rHigh[1];
}
def HighLine = if datacount1 <= numbersuppdemandtoshow and showSupplyDemand != showSupplyDemand.None and !IsNaN(close) and rHigh != 0 then rHigh else Double.NaN;

def LowLine = if datacount1 <= numbersuppdemandtoshow and showSupplyDemand != showSupplyDemand.None and !IsNaN(close) and rLow != 0 then rLow else Double.NaN;

def hlUp = if signal > 0 then HighLine else Double.NaN;
def hlDn = if signal < 0 then HighLine else Double.NaN;

def showsupplydemandcloud = no;
AddCloud(if showsupplydemandcloud then hlUp else Double.NaN, LowLine, Color.LIGHT_GREEN, Color.LIGHT_GREEN);
AddCloud(if showsupplydemandcloud then hlDn else Double.NaN, LowLine, Color.LIGHT_RED, Color.LIGHT_RED);

#Store Previous Data
def EIsave1 = if !IsNaN(EISave) then EISave else EIsave1[1];
def EIsave2 = EIsave1;
rec priorEI1 = if EIsave2 != EIsave2[1] then EIsave2[1] else priorEI1[1];
rec priorEI2 = if priorEI1 != priorEI1[1] then priorEI1[1] else priorEI2[1];
rec priorEI3 = if priorEI2 != priorEI2[1] then priorEI2[1] else priorEI3[1];

#Fibonacci Extensions
rec data = CompoundValue(1, if (EISave == priceh or EISave == pricel) then data[1] + 1 else data[1], 0);
def datacount = (HighestAll(data) - data[1]);
def numberextfibstoshow = 2;
rec cpo = if dir[1] != dir then 0 else 1;
def showFibExtLines = no;
def showtodayonly = no;
def today = if showtodayonly == yes then GetDay() == GetLastDay() else GetDay();
def extfib1 = if EISave == priceh then priceh - AbsValue(priorEI2 - priorEI1) * 1
else extfib1[1];
def extfib100 = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib1) and dir < 0 and cpo != 0 then extfib1[1] else Double.NaN;

def extfib1a = if EISave == priceh then priceh - AbsValue(priorEI2 - priorEI1) * 0.382
else extfib1a[1];
def extfib382 = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib1a) and dir < 0 and cpo != 0 then extfib1a[1] else Double.NaN;

def extfib2 = if EISave == priceh then priceh - AbsValue(priorEI2 - priorEI1) *
0.618 else extfib2[1];
def extfib618 = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib2) and dir < 0 and cpo != 0 then extfib2[1] else Double.NaN;

def extfib3 = if EISave == priceh then priceh - AbsValue(priorEI2 - priorEI1) *
1.618 else extfib3[1];
def extfib1618 = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib3) and dir < 0 and cpo != 0 then extfib3[1] else Double.NaN;

def extfib3a = if EISave == priceh then priceh - AbsValue(priorEI2 - priorEI1) *
2.000 else extfib3a[1];
def extfib2000 = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib3a) and dir < 0 and cpo != 0 then extfib3a[1] else Double.NaN;

def extfib4 = if EISave == priceh then priceh - AbsValue(priorEI2 - priorEI1) *
2.618 else extfib4[1];
def extfib2618 = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib4) and dir < 0 and cpo != 0 then extfib4[1] else Double.NaN;

def extfib5 = if EISave == priceh then priceh - AbsValue(priorEI2 - priorEI1) *
3.618 else extfib5[1];
def extfib3618 = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib5) and dir < 0 and cpo != 0 then extfib5[1] else Double.NaN;

def extfib1_ = if EISave == pricel then pricel + AbsValue(priorEI2 - priorEI1) * 1
else extfib1_[1];
def extfib100_ = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib1_) and dir > 0 and cpo != 0 then extfib1_[1] else Double.NaN;

def extfib1a_ = if EISave == pricel then pricel + AbsValue(priorEI2 - priorEI1) * 0.382
else extfib1a_[1];
def extfib382_ = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib1a_) and dir > 0 and cpo != 0 then extfib1a_[1] else Double.NaN;

def extfib2_ = if EISave == pricel then pricel + AbsValue(priorEI2 - priorEI1) *
0.618 else extfib2_[1];
def extfib618_ = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib2_) and dir > 0 and cpo != 0 then extfib2_[1] else Double.NaN;

def extfib3_ = if EISave == pricel then pricel + AbsValue(priorEI2 - priorEI1) *
1.618 else extfib3_[1];
def extfib1618_ = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib3_) and dir > 0 and cpo != 0 then extfib3_[1] else Double.NaN;

def extfib3a_ = if EISave == pricel then pricel + AbsValue(priorEI2 - priorEI1) *
2.000 else extfib3a_[1];
def extfib2000_ = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib3a_) and dir > 0 and cpo != 0 then extfib3a_[1] else Double.NaN;

def extfib4_ = if EISave == pricel then pricel + AbsValue(priorEI2 - priorEI1) *
2.618 else extfib4_[1];
def extfib2618_ = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib4_) and dir > 0 and cpo != 0 then extfib4_[1] else Double.NaN;

def extfib5_ = if EISave == pricel then pricel + AbsValue(priorEI2 - priorEI1) *
3.618 else extfib5_[1];
def extfib3618_ = if datacount <= numberextfibstoshow and today and showFibExtLines and !IsNaN(extfib5_) and dir > 0 and cpo != 0 then extfib5_[1] else Double.NaN;

def fibextbubblespacesinexpansion = 8;
def b = fibextbubblespacesinexpansion;
def direction = if !isUp then 1 else 0;
AddChartBubble( direction[b + 1] == 1 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib1[b + 2], "100%", Color.RED, no);
AddChartBubble( direction[b + 1] == 1 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib1a[b + 2], "38.2%", Color.RED, no);
AddChartBubble( direction[b + 1] == 1 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib2[b + 2], "61.8%", Color.RED, no);
AddChartBubble( direction[b + 1] == 1 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib3[b + 2], "161.8%", Color.RED, no);
AddChartBubble( direction[b + 1] == 1 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib3a[b + 2], "200%", Color.RED, no);
AddChartBubble( direction[b + 1] == 1 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib4[b + 2], "261.8%", Color.RED, no);
AddChartBubble( direction[b + 1] == 1 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib5[b + 2], "361.8%", Color.RED, no);
AddChartBubble( direction[b + 1] == 0 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib1_[b + 2], "100%", Color.GREEN, yes);
AddChartBubble( direction[b + 1] == 0 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib1a_[b + 2], "38.2%", Color.GREEN, yes);
AddChartBubble( direction[b + 1] == 0 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib2_[b + 2], "61.8%", Color.GREEN, yes);
AddChartBubble( direction[b + 1] == 0 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib3_[b + 2], "161.8%", Color.GREEN, yes);
AddChartBubble( direction[b + 1] == 0 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib3a_[b + 2], "200%", Color.GREEN, yes);
AddChartBubble( direction[b + 1] == 0 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib4_[b + 2], "261.8%", Color.GREEN, yes);
AddChartBubble( direction[b + 1] == 0 and showFibExtLines and !IsNaN(close[b + 1]) and IsNaN(close), extfib5_[b + 2], "361.8%", Color.GREEN, yes);

#Volume at Reversals
def vol = if BarNumber() == 0 then 0 else volume + vol[1];
def vol1 = if BarNumber() == 1 then volume else vol1[1];
def xxvol = if EISave == priceh or EISave == pricel then TotalSum(volume) else xxvol[1];
def chgvol = if xxvol - xxvol[1] + vol1 == vol then vol else xxvol - xxvol[1];
def showBubblesVolume = no;
AddChartBubble(showBubblesVolume and !IsNaN(EI) and BarNumber() != 1, if isUp then priceh * (1 + bubbleoffset) else pricel * (1 - bubbleoffset), chgvol, if isUp and chghigh > 0 then Color.GREEN else if isUp and chghigh < 0 then Color.RED else if isUp then Color.YELLOW else if !isUp and chglow > 0 then Color.GREEN else if !isUp and chglow < 0 then Color.RED else Color.YELLOW, if isUp then yes else no );

input usemanualfibskip = no;#Hint usemanualfibskip: Select no to use preprogrammed fibskip amounts. Select no, to use the amount entered at input fibskip.
input fibskip = .50;#Hint fibskip: Set input usemanualfibskip == yes to use this amount versus preprogrammed amounts. Standard is 1.0. This is percentage difference between fib high and low before a new fib grid created.
def showBubblesfibratio = no;
def showFibLabel = no;#Hint showfibLabel: Select yes to show label of current fib level as of last price
def showfiblines = no;
#req START
#def fib1level = .236;
#def fib2level = .382;
#def fibMlevel = .500;
#req END
def fib3level = .618;
def fib4level = .786;
#Fibs
def datacount2 = (HighestAll(data1) - data1[1]);
def numberfibretracementstoshow = 2;
def fibskipit = if usemanualfibskip == no then if close > 800 then .25 else .5 else fibskip;
def EIfibh = if EISave == priceh and AbsValue(EISave - EISave[1]) > priceh * fibskipit * .01 then priceh else EIfibh[1];
def EIfibl = if EISave == pricel and AbsValue(EISave - EISave[1]) > priceh * fibskipit * .01 then pricel else EIfibl[1];
def range = EIfibh - EIfibl;
def fibH = if showfiblines == no then Double.NaN else if datacount2 <= numberfibretracementstoshow then EIfibh else Double.NaN;
def fibL = if showfiblines == no then Double.NaN else if datacount2 <= numberfibretracementstoshow then EIfibl else Double.NaN;

def fib3 = if showfiblines == no then Double.NaN else if datacount2 <= numberfibretracementstoshow then EIfibl + range * fib3level else Double.NaN;
def fib4 = if showfiblines == no then Double.NaN else if datacount2 <= numberfibretracementstoshow then EIfibl + range * fib4level else Double.NaN;

AddLabel(showFibLabel, Concat( "Current Fib Level ", AsPercent((close - EIfibl) / (range))), if close > EIfibl then Color.GREEN else if EIfibh == close then Color.WHITE else Color.RED);

AddChartBubble(showBubblesfibratio and !IsNaN(EI) and BarNumber() != 1, if isUp then priceh * (1 + bubbleoffset) else pricel * (1 - bubbleoffset) , if isUp then AsPercent((priceh - EIfibl) / (range)) else AsPercent((pricel - EIfibl) / range), if isUp and chghigh > 0 then Color.GREEN else if isUp and chghigh < 0 then Color.RED else if isUp then Color.GREEN else if !isUp and chglow > 0 then Color.GREEN else if !isUp and chglow < 0 then Color.RED else Color.RED, isUp);

################ EXIT BAD
def entryPrice = EntryPrice();
def mult;
switch (offsetType) {
case percent:
    mult = entryPrice / 100;
case value:
    mult = 1;
case tick:
    mult = TickSize();
}
def stopPriceLE = entryPrice - stop * mult;
def stopPriceSE = entryPrice + stop * mult;

plot BAD_LONG_STOP = stopPriceLE;
plot BAD_SHORT_STOP = stopPriceSE;


### ORDERS
AddOrder(OrderType.BUY_AUTO, U1 >= 1 and upArrow == 1, open, TRADESIZE, tickColor = GetColor(1), arrowColor = GetColor(1), name = "ENTER TRADE");
AddOrder(OrderType.SELL_AUTO, D1 >= 1 and downArrow == 1, open, TRADESIZE, tickColor = GetColor(9), arrowColor = GetColor(9), name = "EXIT TRADE");
AddOrder(OrderType.BUY_TO_CLOSE, high >= stopPriceSE from 1 bars ago crosses above stopPriceSE, close, TRADESIZE, tickColor = GetColor(3), arrowColor = GetColor(3), name = "EXIT BAD SHORT");
AddOrder(OrderType.SELL_TO_CLOSE, low <= stopPriceLE from 1 bars ago crosses below stopPriceLE, close, TRADESIZE, tickColor = GetColor(3), arrowColor = GetColor(3), name = "EXIT BAD LONG");


### ALERTS
Alert(upArrow[1] == 1, " BUY SIGNAL ", Alert.BAR, Sound.Chimes);
Alert(downArrow[1] == 1, " SELL SIGNAL ", Alert.BAR, Sound.Chimes);
Alert(high >= stopPriceSE from 1 bars ago crosses above stopPriceSE and TRADESIZE * -100 <= -1 == 1, " BAD SHORT EXIT TRADE ", Alert.BAR, Sound.Chimes);
Alert(low <= stopPriceLE from 1 bars ago crosses below stopPriceLE and TRADESIZE * 100 >= 1 == 1, " BAD LONG EXIT TRADE ", Alert.BAR, Sound.Chimes);



### LABELS
AddLabel(yes, if (upArrow[1] >= 1 within 2 bars) or (high >= stopPriceSE from 1 bars ago crosses above stopPriceSE) then " BUY BUY BUY " else " NO SIGNAL ", Color.YELLOW);
AddLabel(yes, if (downArrow[1] >= 1 within 2 bars) or (low <= stopPriceLE from 1 bars ago crosses below stopPriceLE) then " SELL SELL SELL " else " NO SIGNAL ", Color.WHITE);

### The Robot uses the Labels and Alerts for order execution. A long order must be closed and after a 3-5 seconds delay I would like the robot to enter a "short" trade that will be closed by a "Buy" signal from the study. This will run on a loop.

### STOP-LOSS, The Stop-loss should be on a switch or similar code. Trigger stop-loss alert and label only if price goes against the trade in place at the time.

### Plan on running strategy on Renko Charts.

### If there's unnessessary code on this study that can be removed without affecting functionality please do so to make code cleaner and easier to read.

 

[Ronathan Edwards]

@Falconuc 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.

I tried it using a short watchlist. It's not working, do you need to run it during market hours for it to work? Error: "Trying to self-assign a non-initialized rec : state." I only have 20 stocks in the watchlist

 

[mailbagman2000]

Just did a quick manual back test on a sock I trade. Good results. Now is there a scanner version?

 

[MerryDay]

@Marvin187 @mailbagman2000 The Trend Reversal Study is not a candidate for algo-trading as it is a repainting indicator. As had been stated a hundred times previously, The Trend Reversal Study can NOT be backtested as all bad signals get erased/repainted, and only the pretty pretty good signals remain so it ALWAYS backtests perfectly. These results are not valid.

 

[Marvin187]

@MerryDay I understand your point of view and know the code repaints. That is why we have stop-loss and will be using Renko Chart with ATR settings. This should filter some of the bad signals.

 

[MerryDay]

@Marvin187 A Renko Chart w/ ATR settings Strategy has shown to be viable especially when paired w/ the indicators in @rad14733 linked chart.

To call it a Trend Reversal Strategy misleads many such as @mailbagman2000, who then see it's perfect results as the holy grail.

 

[mailbagman2000]

Why trash talk me when you know nothing about me. I simply too a stock I have owned this year and using it's signals bought or sell when it said. I made a better return with this indicator than the one I am currently using. Additionally I have made over $76000 this year. Never said I am looking for or trading with the holy grail.

 

[BenTen]

@mailbagman2000 I don't think @MerryDay intended to offend you in any way. It was more of a "hey, be careful here" comment, especially when we had members who didn't do enough research on this trend reversal indicator and lost money because of it. Although I clearly stated the word "repaint" in the original thread, many people overlooked that and then followed the signal blindly.

 

[MerryDay]

@mailbagman2000 My sincere apologies for any slight. None was intended. Your post stated that "quick manual back test on a sock I trade. Good results"

I stand by my statement any backtest results of this indicator are invalid as the indicator repaints.