Repaints Trend Reversal for ThinkorSwim

[petey150]

@BenTen is there a scan for this indicator?

 

[Malcolmhsk]

May i ask if anyone has used the potential reverse points as exits for their swing trades?

 

[JB15Trades]

How can I set up an alert for every time it prints a reversal flag on my chart?
Also, How do I get rid of these white boxes that are labled "c" and "p"? They seem to only show up on the daily chart.

An alert would be awesome.. Has anyone created a back testing script for this?

 

[Thomas]

An alert would be awesome.. Has anyone created a back testing script for this?

Read the entire thread.....

 

[RFA]

I downloaded Trend reversal study and it works great

a link for the scan for trend reversal gives you the study...not the scan

Would like the scan link to work

Thanks

 

[BenTen]

@RFA Nothing wrong with that link. See this video: https://usethinkscript.com/threads/how-to-use-the-tos-scanner.284/

 

[RFA]

the link gives a studies...i want the scan

 

[BenTen]

@RFA Try watching the video in that thread. You'll understand why it's an indicator and how you can turn it into a scanner.

 

[tutianlong]

Do not bother backtesting the script, it will give you 100% winrate because the reversal point changes (disappears) once there is a candle closing above or under the stoploss point.

for example, you get a reversal signal to short at 100 (last candle high) with stoploss at 102 (2nd last candle high), then if your current candle close above 102, the reversal signal at 100 disappears. i have used this indicator (5, 15 min TF) and lost money before so my advice is wait for a few candles after the reversal candle appears to make sure the trend is confirmed.

 

[BenTen]

@tutianlong That's 100% correct, this indicator will repaint so backtesting is useless.

 

[JB15Trades]

Thanks for the feedback on backtesting! I too have made winning and losing trades jumping the gun with this indicator. I was just trying to see which time frame works best. Thanks all.

 

[camitos]

i think this indicator is a very good indicator working well on price charts (range charts) & on bigger time frames have very less false signals

i wish i can have a scan or watchlist whereas i can search this signal if appears on 1 hour chart , since daily charts scanner has been alrdy made i have use that scanner but i m more interested in 1 hour chart basis scan whereas it can scan either a watchlist or scan the market and give the ticker in which 1 hour chart is appearing reversal signal up or down both side is okay

I've been checking this out on renko range bars and also ticks (i have to play around with the axis for every chart), definitely better as well as if you use a higher timeframe obviously.

This is honestly a godsend.

 

[camitos]

@markos First I want to say thank you for sharing your knowledge! For some reason my TOS is giving me errors:

No such variable: RSI at 1:1
Can not call DefineColor on RSI at 1:1
No such variable: RSI at 3:1
Can not call DefineColor on RSI at 3:1
No such variable: RSI at 5:1
Can not call SetLineWeight on RSI at 5:1
No such variable: RSI at 7:1
Can not call AssignValueColor on RSI at 7:1
No such variable: RSI at 7:64
Can not call Color on RSI at 7:64
No such variable: RSI at 7:127
Can not call Color on RSI at 7:127
No such variable: gamma at 13:1
Can not call DefineColor on gamma at 13:1
No such variable: gamma at 15:1
Can not call DefineColor on gamma at 15:1
No such variable: gamma at 17:1
Can not call AssignValueColor on gamma at 17:1
No such variable: gamma at 17:44
Can not call Color on gamma at 17:44

 

[BenTen]

@camitos Where is this coming from? Which code did you use?

 

[camitos]

@markos

Made a few changes to the RSIlg. May be easier to understand and use. "C" = FE_Consolidation and "E" = FE_Exhaustion for the gamma line.

RSI.DefineColor("Up", CreateColor( 0,  220, 0));
RSI.DefineColor("Down",  Color.MAGENTA);
RSI.SetLineWeight(4);
RSI.AssignValueColor(if RSI > RSI[1] and RSI[1] > RSI [2] then RSI.Color("Up") else if RSI < RSI[1] and RSI[1] < RSI [2] then RSI.Color("Down") else color.YELLOW);

#Gamma Line Color
gamma.DefineColor("Con", CreateColor( 153,  153, 153));
gamma.DefineColor("EX",  CreateColor( 153,  153, 153));
gamma.AssignValueColor(if gamma > .62 then gamma.Color("Con") else if gamma < .38 then gamma.Color("EX") else color.LIME);

AddCloud(gamma, .62, Color.GRAY, Color.Current);
AddCloud(gamma, .38, Color.Current, Color.GRAY);

Oops I guess it didn't put the original msg I was replying to. I'll try again.
This one
Also I would really like to use the scanner but I don't have permissions as I'm using the paper account. Do you know if there's a way to get around that?

 

[wtf_dude]

Oops I guess it didn't put the original msg I was replying to. I'll try again.
This one
Also I would really like to use the scanner but I don't have permissions as I'm using the paper account. Do you know if there's a way to get around that?

nope, no studies in paper scans. Just scan in real money, export watchlist, import watchlist on paper money side

 

[camitos]

@RDMercer I have mentioned this in the beginning, this indicator is a combination of different studies, and some don't even do anything, like you said. I have dropped my focus from the trend reversal after finding out that it repaint due to having the ZigZag indicator.

I'm thinking of getting the AMM but I'm wondering how it doesn't repaint? Wouldn't that make its highs and lows less reliable as price is always moving? I'm new, just would like to hear anyone's thoughts on this as I am unable to comment on the thread

 

[BenTen]

@camitos The trend reversal with AMM included will repaint. Just wanted to clarify that.

 

[camitos]

Oh okay, it said it didn't in the thread but I guess that's referring to another component of the indicator

 

[camitos]

So I know there's no way to keep the repainted arrows but is there a way to add say a permanent text note to the chart whenever an arrow appears? I've been adding text notes myself to track these arrows but an auto text would be so great and efficient!

Even though it repaints, it still does very well at estimating highs and lows.