Repaints Trend Reversal for ThinkorSwim

[nchotou029008]

@nchotou029008 See this comment https://usethinkscript.com/threads/...r-with-signals-for-thinkorswim.183/post-33488

Hi Ben, Thanks for the quick response. For some reason, I am unable to import indicators directly into TOS. Any idea to navigate this?

 

[BenTen]

@nchotou029008 In your ThinkorSwim, click "Setup" (top right hand corner) > "Open shared item..."

 

[nchotou029008]

@nchotou029008 In your ThinkorSwim, click "Setup" (top right hand corner) > "Open shared item..."

Hello Ben, Thanks so much. I love this family. You are the best.

 

[sasudt]

@BenTen i tried to scan for stock between $1 - $15 with trend reversal signal (UpArrow) but its not showing up with any stocks. i have tried different variations, prices, length etc almost everything i can but still no luck. Help will be appreciated. thanks @BenTen

 

[MerryDay]

@sasudt There is an error message on your scan:

Error: Trying to self-assign a non-initialized rec: state

A search of this thread provided an explanation and a solution for this error in post#59
HTH

 

[sasudt]

@MerryDay @BenTen below is the suggested solution in the trend I found:

"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."

If don't understand it well, if you can make it clear to me. if it's CPU, then I don't have issue with that because I have high speed gaming PC. and also I have tried with different account on different pc but still same issue/error. If I scan only with Trend reversal scanner then it works but if i add the $1 - $15 price range and other fields like Volume, RSI scan etc then it does not work.

Also please if you use my scan preset in the screenshot, does it works for you?

thanks looking forward to hear from you.

 

[BenTen]

@sasudt Take a look at the "Scan in:" option in your scanner. Notice how you have it set to "All Stocks"?

That is causing the problem. Choose a specific watchlist, and you should be able to use your scanner.

 

[rad14733]

@sasudt Increasing PC power will not improve scans as they take place on the TOS servers, not on your local machine... And they most likely run at a lower priority than other processes taking place on the server running the scan, as well as everyone else's scans... Also remember that some people have scans running perpetually which also comes into play when it comes to lag...

 

[aceboogie_11]

is there way to add a label instead of the arrows?

 

[bubz]

Does anyone know if this is available on Ninja Trader 8?

 

[didthemath]

I like this indicator but would like to remove the repaint feature. I'd like to see the arrows that fail. perhaps with a different color so I can tell how often it is accurate?

 

[BenTen]

@didthemath You can't remove the repainting feature.

 

[Pitsypan]

I have been using this scanner https://tos.mx/vlVadom until yesterday. However this morning it stopped working for me. When I add study it does not give me parameters to set on the left. I see from previous comments that this problem happened to few. Was wondering how to solve this problem, tried all the ways I can.

 

[didthemath]

I like this indicator but would like to remove the repaint feature. I'd like to see the arrows that fail. perhaps with a different color so I can tell how often it is accurate?

Thanks for your reply! Can an additional marker (that doesn't get erased in repaint) be inserted at the buy or sell point to indicate that there was a buy or sell point at that time. I really like the indicator but need something to indicate to indicate how historically accurate it's been on a time frame or particular underlying stock/index etc.

 

[abe]

@sasudt Take a look at the "Scan in:" option in your scanner. Notice how you have it set to "All Stocks"?

That is causing the problem. Choose a specific watchlist, and you should be able to use your scanner.

I get the same problem with only one stock (TNA) !!!
Please help.

 

[dmillz]

Anyone know how to set up a multi agg period for this?

 

[Towhid]

hi can you add alert?

 

[BenTen]

@Towhid Yes, take a look at this comment.

 

[VJET]

Did anyone figure how to get the alerts to work?

@ben did you get the sound alerts to work?

 

[Blazin_Trails]

Hello everyone, I wanted to share some data/analysis I did with this indicator. I have been monitoring the reversal indicator for a little over a month now on about 300-400 stocks. Majority are mostly S&P 500 stock. I have daily e-mails of the alerts and they serve as a confirmation of the backtest so I can tell what time the alert came out and then go back to check if the "buy" bubble disappeared or not.

My methodology was to stay consistent in my approach so I would consider a potential buy only towards the end of the day and potential profit taking would be mostly early morning 9:30 to 10 AM. Step 1 was take the alerts I got through the day and then only buy the stock/option after 3 PM for a swing trade. I also jotted down potential price targets for every stock based off technical analysis. In the majority of cases my price targets were pretty close. Sometimes a stock blew through the target which is fine by me . At this point I would sell the stock and also used risk management to get out of the trade if the stock drops considerably over a few days.

Now for the numbers...

~1 month period on the daily timeframe; all hits
60 hits
W-L RECORD: 45-15
Avg % Gain: 7.2%
Avg % Loss: 2.95% (Excluded 4 hits because they had a positive gain, however, I had them as do not trade due to a big move up or because their chart didn't look good. If I include those 4 hits the avg %loss is 1.75%).

NOTE I based the numbers off buying 100 shares of the security.
Total $ Gain: $53,878
Avg $ Gain: $1,197.29
Avg hold time: 3.5 days (max of 13 days)

Total $ Loss: $5,052 (Including the 4 excluded from earlier the loss is $4,329.)
Avg $ Loss: $459.27 (Including the 4 excluded from earlier the average loss is $288.60)
Avg hold time: 1.5 days (max of 3 days)

Now I know you're wondering, what about the indicator repainting and all that?? For my purposes, I basically used it as a scan to find stocks that have potential upward movement. So using technical analysis or other charting techniques to confirm your hypothesis can greatly increase your chances in the trade. In a good portion of cases you're looking at a $5 to 10 move over roughly two weeks. This is fine by me as you don't have to sit there and watch stocks all day long.

With all the said, I kept a log of the indicator to see if it repainted or not. Out of 60 hits, the flag disappeared 16 times. Excluding the Netflix outlier, the average % change was 0.29% or in dollars you still would have made $2,242 over 16 trades.

On the flip side you had 44 trades where the flag did not disappear and would have made $39,307. This number does include four losses.

I know it is not possible to trade 100 shares with all these stocks every day as the equity needed is next to impossible unless you got millions The next thing I am still working on is tracking naked options that are about two weeks out. It isn't as lucrative as buying 100 shares but buying 1 contract and putting in 7K to make almost 10K on 30 some days does sound promising.

As always, this was just my analysis on select stocks and YMMV