Trend Reversal Indicator with Signals for ThinkorSwim

zeek

zeek

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With some inspiration from from this post: https://usethinkscript.com/threads/trend-reversal-indicator-with-signals-for-thinkorswim.183/post-9356 I started digging into the original indicator code a bit further and realized that some of the basic data I'm looking for is already available (for the most part). I just have to work out how to accommodate for the repaint events and then display the data in the DataBox instead of as chart bubbles (looks as if the DataBox only displays plot data). Will share what i end up coming up with.
Curious to know what you will find. I really like this indicator, even on smaller timeframes like the 3min but the re-painting made me remove the indicator because it`s important for me to backtest properly so if you can possibly find a way to modify the code to not re-paint, that would be great!

I have done already some backtesting using the on demand but it`s just way too time consuming.
 
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eddielee394

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Curious to know what you will find. I really like this indicator, even on smaller timeframes like the 3min but the re-painting made me remove the indicator because it`s important for me to backtest properly so if you can possibly find a way to modify the code to not re-paint, that would be great!

I have done already some backtesting using the on demand but it`s just way too time consuming.
Since it relies on the ZigZag indicator to plot the signals (which i think was already mentioned by other posters on this thread), I don't think it's possible without feeding all of the backtest data in "real-time". Which would take pretty significant cpu resources to do in order to get meaningful results, I'd imagine.

Alternatively, I've been experimenting with the Supertrend Reversal and have been comparing it with this one and have been getting similar signals on the 10m & 15m timeframes (the Supertrend lags a bar behind the Trend Reversal Indicator). As far as i can tell, the Supertrend does not repaint either since the signals are triggered based on an ATR crossover, instead of high/low range pivots.

But honestly, the biggest challenge I've been facing is debugging/testing the actual thinkscript code. Working on it directly in TOS is hardly comparable to coding with an actual IDE.
 
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Ty199

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The only thing i cant find to add correctly is an alert when it notifies a reversal. Any help on adding that ? Thanks
 
BenTen

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@Ty199 This has been discussed multiple times; alerts don't work for this particular indicator.
 
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Ty199

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I guess thats why I cant get them to work either lol... Thanks I thought I read through this trying to find how to get it to. It may have been the Supertrend thread I seen the alert on. I have been looking at alot of indicators on here. Such a cool place to learn so much.
 
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tomsk

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@Ty199 This has been discussed multiple times; alerts don't work for this particular indicator.
@BenTen is exactly right - alerts won't work for this indicator as it uses future bars. You can't alert, can't scan for it but heck, it sure looks so good on the chart right? That's the "beauty" of these Zig Zag High Low studies.
 
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Ty199

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Is there a way to get rid of the purple indicators and only show red or green. Using on a day chart 10 min and 15 and get almost all purple indicator notices. Just dont want to mess it all up trying to change it.
 
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PaulK

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Hi Ben!

Thank you for your knowledge and info on this forum!

Question....on the Trend Reversal Indicator, is there a way to make the Red, Green and Purple bubbles stretch out a little farther away from the price?

Thanks,

Paul
 
MBF

MBF

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Hello back to this thread we go. So I was wondering if it would be possible to make watchlist columns for this? This would be backward looking and used in premarket. So a column for 5, 15, 30 and hourly. I have found that the 5 and 15 in premarket match, along with some other "helpers" this works pretty well. I only use it during market hours as a confirm based on other indications of direction. Any help? 🙏
 
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tomsk

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@MBF Several studies have been posted to this thread, which particular study would you be referring to?
The only study that I have looked at in great depth on this thread is from @RDMercer posted (see post #369)
If that is the study you are referring to please read my comments at post #373, #375 and #386 of this thread
 
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Dhjesus

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I am new to this website. I have installed this indicator and I really like what I see. Since it doesn’t work in TOS Mobile, is there a way to set up SMS/eMail notifications for everytime the indicator triggers an alert in the chart? Thank you.
 
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tomsk

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@Dhjesus If you have not done so, please read my comment at post #386 on this thread. (Scroll up)
In general if you'd like to have SMS/email alerts, you'll need to use Marketwatch alerts
Navigate to Marketwatch -> Alerts for every symbol you’d like to be alerted on.
If you're new to TOS and not sure how to do this, contact the TOS live support
They will be happy to walk you through the steps
 
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Dhjesus

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@Dhjesus If you have not done so, please read my comment at post #386 on this thread. (Scroll up)
In general if you'd like to have SMS/email alerts, you'll need to use Marketwatch alerts
Navigate to Marketwatch -> Alerts for every symbol you’d like to be alerted on.
If you're new to TOS and not sure how to do this, contact the TOS live support
They will be happy to walk you through the steps
Thank you @tomsk for replying to my post. Will do some more research.
 
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tomsk

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The study you posted has several components - moving average alignment, zig zag high low coupled with fibonacci, with multiple plot statements within the code. Note that the scanner only expects a single plot statement. In its current form, it will not go past the scanner's stringent engine and that is why you saw the message about it being complex.

If you are looking to scan signals within the moving average component, I have previously done some work on that, you can read about it here. With minimal work, that can quickly be converted to be scannable


However if you are looking to scan signals within that zig zag high low component, that won't be possible, I have also written extensively about that previously, you can read about it here.

 
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dolomick

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The bubbles in this reversal script get in the way, can someone add an offset parameter please? Thanks so much...
 
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Dixon72

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Hello all,

Has anyone considered adding labels to this indicator, and adding it multiple times to one chart, to show the overall direction of the trend (weekly, daily, 4hr, etc.)? Seems it would be convenient for pull backs to enter the main trend. Like, if all are green (bullish) and the 1hr is red (bearish), then all you have to do is wait for the 1hr indicator to change green and enter.

I guess you could do this just by scanning, but seems it would be convenient to see it all on one chart. Thoughts?
 
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tomsk

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@Dixon72 Please read post # 395 up above regarding scans. I've written about this extensively in the past
 
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Dixon72

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@tomsk This wasn't another comment/question about scanning. I was referring to adding script for a label and adding multiple iterations of the indicator to a chart for mid-trend entry.
 

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