Repaints Trend Reversal for ThinkorSwim

[tem2005]

jumped here to share my trades using TR although havent kept tracked all. i used this TR with confirmation with other indicators here. I almost got in in 13 trades and win rate is almost 60%. i went in options instead of stocks. wining trades doubled my money and losing trades kept repainting until you dont really know the trend going. if you followed exactly those repainting, you would burn your money. my assumption is to find the stock wanting to move not only TR signal which could lead the stock repaint or consolidate for longer period. Me, I stopped using it as it does not give an indicator that the stock is gonna move,

 

[Ahmar824]

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; 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

what time frame?

 

[Blazin_Trails]

I used the daily timeframe.

I will also throw FB in as a recent example. It fired yesterday on the scanner at the price of $252, but I would have waited towards the end of the day to buy it. For simplicity sake I'm just going to take yesterday's close of about $261 for buying the stock or option. Based off the action yesterday and the day before you can see the stock was trying to get back to the previous support level of $265 so yesterday I would have said it actually has potential to hit the 50SMA since earnings are coming up next week too. The 50SMA is around $273, but I would just set a target price of $270 as more likely to occur. Today the high was $270.32. From yesterday's close to the high that's ~$8-9 move. For the option play I took a vertical debit spread at $275/277.50 strikes for a cost of $75. It is up 20% right now. Would have been more had I got in yesterday towards close. I could exit out or hold out to next week. For now I am holding out through this week in case it moves some more tomorrow, but I know my outs will be either $260 or $265 and lose a small amount or breakeven. But that is basically my thought process using this indicator.

 

[FreefallJM03]

@Blazin_Trails How are you scanning? I saw a scanner for this once, but it did not work. It just returns errors as "too complicated" or "too complex" or something like that. It would be great if there was a scanner for this that actually worked, but I'm not sure how that could be done. I have stocks that I just go through the charts daily to see if the indicator has shown up on them or not. If it shows up, I can take the trade based on what I've seen of its past behavior. I make sure to look at what it has done for previous periods with the same stock. It does not work with XEL stock, that one repaints every few days as the stock slowly slides. I think over a four week period it repainted at least four times.

 

[FreefallJM03]

Hello all, Can someone help me with the scan code of the Trend Reversal Indicator with Signals. Thanks in advance

I don't think the scan code works. I tried several times to get it to send alerts, but it always gives me error messages to the effect of "too complex" or "too complicated." I tried asking the guy that made it and got one response, but it didn't answer my question on how to get it to work. You need whatever the settings are in order for it to work I think.

 

[ronflynn]

Does anyone know of a trend reversal scan for TOS?

 

[BenTen]

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

@VJET The Alert() function won't work because this is a repainting indicator, the signals are delayed.

 

[Blazin_Trails]

@Blazin_Trails How are you scanning? I saw a scanner for this once, but it did not work. It just returns errors as "too complicated" or "too complex" or something like that. It would be great if there was a scanner for this that actually worked, but I'm not sure how that could be done. I have stocks that I just go through the charts daily to see if the indicator has shown up on them or not. If it shows up, I can take the trade based on what I've seen of its past behavior. I make sure to look at what it has done for previous periods with the same stock. It does not work with XEL stock, that one repaints every few days as the stock slowly slides. I think over a four week period it repainted at least four times.

Hey @FreefallJM03 , I'm assuming you already have it as a custom study in your scan. On my scanner I have it set to look at the up arrow being true within 2 bars and only scanning in the S&P 500, optionable stocks. From there I add in a bunch of other criteria like stock volume, option volume, option open interest, ATR, etc. With these parameters I've narrowed down the number of stocks it will ultimately scan.

If you have stocks that you want to scan, you can create a watchlist of those stocks and then have the scanner search in that watchlist. Should work without issues. If you do have issues, post your trend reversal code and I can check to see if I did anything different in there.

 

[FreefallJM03]

@Blazin_Trails @BenTen Nope, I get an error, "Error: Trying to self-assign a non-initialized rec: state..." the rest of the error message is truncated. I think maybe the code is bad that I am downloading from the shared site.

 

[Blazin_Trails]

@Blazin_Trails @BenTen Nope, I get an error, "Error: Trying to self-assign a non-initialized rec: state..." the rest of the error message is truncated. I think maybe the code is bad that I am downloading from the shared site.

Try this version below @FreefallJM03 . I think I modified it and removed things I didn't need. The "buy" signal is the same as the original code. The only difference is the sell signal is a bit off. So I am actually just using this one for the scanner logic and then using the original for the chart.

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;


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);
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;
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 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));

AddChartBubble(signal > 0 and signal[1] <= 0, if isUp then low else high, if signal > 0 and signal[1] <= 0 then "" + low else "" , Color.Lime, no);

AddChartBubble(signal < 0 and signal[1] >= 0, if IsUp then low else high, if signal < 0 and signal[1] >= 0 then "" + low else "" , Color.LIGHT_ORANGE, no);

 

[aceboogie_11]

First off I want to thank the leaders of usethinkscript for being amazing! I took the trend indicator and put arrows instead of the price if anybody wants it, will be down below. I also want to ask if there is anyway to add chronological counting of the reversal points? counting the points from 1 to 5 and restarting the count. Thanks if anybody can figure this out

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;

#Alert(condition = buysignal[1] == 0 and buysignal == 1, text = "Buy Signal", sound = Sound.Bell, "alert type" = Alert.BAR);

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

#Alert(condition = buysignal[1] == 1 and buysignal == 0, text = "Momentum_Down", sound = Sound.Bell, "alert type" = Alert.BAR);

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;

#Alert(condition = sellsignal[1] == 0 and sellsignal == 1, text = "Sell Signal", sound = Sound.Bell, "alert type" = Alert.BAR);

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

#Alert(condition = sellsignal[1] == 1 and sellSignal == 0, text = "Momentum_Up", sound = Sound.Bell, "alert type" = Alert.BAR);

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.plum);
#___________________________________________________________________________

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;
#plot EnhancedLines = if EId <= 1 then EI else Double.NaN;
#EnhancedLines.AssignValueColor(if EId == 1 then Color.GREEN else if EId == 0 then Color.RED else Color.DARK_ORANGE);
#EnhancedLines.SetStyle(Curve.FIRM);
#EnhancedLines.EnableApproximation();
#EnhancedLines.HideBubble();
#Price Change between Enhanceds
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);
#Label for Confirmed/Unconfirmed Status of Current Enhanced

#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;
plot U1 = showarrows and signal > 0 and signal[1] <= 0;
#U1.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
#U1.SetDefaultColor(Color.GREEN);
#U1.SetLineWeight(4);
plot 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];
u1.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
d1.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_down);

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 usealerts = no;
#Alert(usealerts and U1, "EI-UP", Alert.BAR, Sound.Bell);
#Alert(usealerts and D1, "EI-DOWN", Alert.BAR, Sound.Chimes);
#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;
def fib1level = .236;
def fib2level = .382;
def fibMlevel = .500;
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 fibM = if showfiblines == no then Double.NaN else if datacount2 <= numberfibretracementstoshow then EIfibl + range * fibMlevel else Double.NaN;
def fib1 = if showfiblines == no then Double.NaN else if datacount2 <= numberfibretracementstoshow then EIfibl + range * fib1level else Double.NaN;
def fib2 = if showfiblines == no then Double.NaN else if datacount2 <= numberfibretracementstoshow then EIfibl + range * fib2level 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);

 

[SleepyZ]

First off I want to thank the leaders of usethinkscript for being amazing! I took the trend indicator and put arrows instead of the price if anybody wants it, will be down below. I also want to ask if there is anyway to add chronological counting of the reversal points? counting the points from 1 to 5 and restarting the count. Thanks if anybody can figure this out

Add the following to your code to add audible alerts and your counting at reversals

#Alerts
def bullish2 = if signal > 0 and signal[1] <= 0 then 1 else 0;
def bearish2 = if signal < 0 and signal[1] >= 0 then 1 else 0;
Alert(bullish2[1] == 1, "Up   ", Alert.BAR, Sound.Chimes);
Alert(bearish2[1] == 1, "Down ", Alert.BAR, Sound.Bell);

#Count bullish2 or bearish2 reversals in groups from 1 to 5
def bullbear = if bullish2 or bearish2
               then if bullbear[1] == 5
                    then 1
                    else bullbear[1] + 1
               else bullbear[1];
input tick_offset = 2;#adjusts bubble offset
AddChartBubble(bullbear != bullbear[1], if bullish2 then low - tick_offset * TickSize() else high + tick_offset * TickSize(), bullbear, Color.WHITE, if bullish2 then no else yes);

 

[aceboogie_11]

This is literally the best website I appreciate the help

 

[godfreym]

@Blazin_Trails Hey there. Did you use the orginal code from page 1 for your backtest? Impressive results

 

[aceboogie_11]

Yes I didn’t change anything with the code, I just changed them to arrows. The code is very nice especially with Hiken achi candles, make sure the candle closes though

 

[VJET]

Yes I didn’t change anything with the code, I just changed them to arrows. The code is very nice especially with Hiken achi candles, make sure the candle closes though

@aceboogie_11 did you ever get the sound alerts to work?

 

[rad14733]

@Blazin_Trails Hey there. Did you use the orginal code from page 1 for your backtest? Impressive results

Backtesting, especially with a Strategy, is no real indication as to how well the code will work in real-time... The reason is that when a strategy paints it only paints solid trades and doesn't include any repaints... There could be several repaints in between solid signals and if you rely on all of the signals in real-time you could lose more trades than you win... For this very reason I no longer use strategies for backtesting, I manually examine previous chart data instead...

 

[aceboogie_11]

This indicator is best on 15min time chart with heikin ashi candle sticks, but make sure to also watch the same chart with regular candles sticks for heikin ashi doesnt show true price. The indicator can go away if price goes below the level this is why i use 15min chart, but also make sure the candle finishes before taking a trade with this because it can paint and go away during a candle. and I do not use alerts so i do not know @VJET

 

[FreefallJM03]

Backtesting, especially with a Strategy, is no real indication as to how well the code will work in real-time... The reason is that when a strategy paints it only paints solid trades and doesn't include any repaints... There could be several repaints in between solid signals and if you rely on all of the signals in real-time you could lose more trades than you win... For this very reason I no longer use strategies for backtesting, I manually examine previous chart data instead...

That's what I do, I look at the signal, then look at the stock's previous behavior over the past three trends up/down to determine entry and exit. Works great, had a 30% plus return for the past quarter. I also use it on a specific group of stocks rather than trying to play the entire market with scans and backtests and other tools.

 

[Blazin_Trails]

@Blazin_Trails Hey there. Did you use the orginal code from page 1 for your backtest? Impressive results

It's basically the same code from page 1 @godfreym , except the fibs were removed so that the code would work in a scanner. Otherwise TOS will start throwing errors. I used this code here for the scanner:

https://usethinkscript.com/threads/...r-with-signals-for-thinkorswim.183/post-49802

Backtesting, especially with a Strategy, is no real indication as to how well the code will work in real-time... The reason is that when a strategy paints it only paints solid trades and doesn't include any repaints... There could be several repaints in between solid signals and if you rely on all of the signals in real-time you could lose more trades than you win... For this very reason I no longer use strategies for backtesting, I manually examine previous chart data instead...

@rad14733 I get what you're saying, but I would also say that whether the indicator repainted or not doesn't really matter because that's the whole point of this analysis - does the indicator provide accurate alerts? If one were to blindly take a trade on a daily chart without using any other type of analysis or charting then you're looking to be right 75% of the time and that includes where the signal disappeared. As far as the indicator reappearing and disappearing in the same day or over a few days, I would say that rarely occurred on the 300-400 stocks I have in the watchlist. I have all the alerts saved from my scanner and maybe 1-3 stocks may have done that. Another thing I observed was all these stocks that were winners pretty much had a similar pattern/trend they were following so when stocks do hit the scanner I'm looking for that trend.