Repaints Trend Reversal for ThinkorSwim

[Alex]

@BenTen why do sometimes the signals disappear? I've been watching it live and you'll get a signal and if it isn't a clear winner the signal disappears. is there a way to stop this from happening? if not, what is going on in the code that makes it go away?

Read the first page of the post carefully. Ben mentions that this indicator "repaints" which means its not effective in live trading.

 

[MikelL]

@Alex i did see that but I'm wondering is it because of like an moving average unqualifying, or whats going on in the background that would explain it.

 

[Alex]

@Alex i did see that but I'm wondering is it because of like an moving average unqualifying, or whats going on in the background that would explain it.

Well i think its because what this indicator basically is trying to achieve is either to pick a top or a bottom of a certain trend. when a signal generates and price violates the stop loss the signal erases. I mean if the signals wouldn't repaint we would all be millionaires by now...

 

[MikelL]

@Alex I originally thought that, when price violates the stop it was repainting. But watching it you'll get signals disappearing that don't touch the stop, as well as the opposite, (while less common) happens too. Where price will break the stop and hold above. It does always fall back in the right direction but after holding above the stop the signal should disappear but it doesn't. These observations are what makes me curious of whats going on, in the back end, so I ask because I don't know enough to understand the code. But it seems more complicated than price violation of the stop. While this could just be blips, or display mistakes I don't think it is. Either way thank you for taking the time to respond to my questions.

 

[iGetTrades]

@BenTen why do sometimes the signals disappear? I've been watching it live and you'll get a signal and if it isn't a clear winner the signal disappears. is there a way to stop this from happening? if not, what is going on in the code that makes it go away?

Its called repainting. If you look back on the thread he explains why this is a script he would not recommend for that reason.

 

[basselwael]

@San I highly advise that you don’t use this on the 1min timeframe. The 5min is minimum and even with it comes a lot of false signals. I usually use this on the 10m and 15m

whats the best time frame to use this?

 

[trader54]

Hi @BenTen, Is this a repainting or non-repainting indicator? Thanks.

 

[BenTen]

@trader54 Please take a look at the original thread on page #1.

 

[basselwael]

I wounder if theres sound alert when it Reversal and what time frame you use becuase sometime i get the alert next 10 time the alert is gone

 

[fatulexus]

@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.

Hey bro, I got the same error message. Is there anything i can do either to the code or to my computer for it to be able to scan the whole market.

PS: it worked when i scan a subset of the market like the S&P 500

 

[jan_angel]

@BenTen - Does the repaint stop at anytime? so for example there was a signal at 1st bar, will it not repaint after let's say 'x' number of bars?

 

[fatulexus]

@trader54 Please take a look at the original thread on page #1.

I have a question i hope you can help with...i want to create a study to only look for stock when the conditions happens only

Stocks where the alert occurred between 60 and 270 minutes after the open. Stocks where the price is at least 20% above the low of this range. Stocks where the stock was down from the open. Also where the stock was flat from the open. Also where the stock was up no more than $0.1 from the open. Stocks where the stock is crossed. Also where the stock is locked. Also where the spread is no more than 4 pennies.

I have played around with it but i couldn't figure it out

THanks

 

[trader54]

@trader54 Please take a look at the original thread on page #1.

Got it. This is a repainting indicator. Thanks.

 

[thealphabreed]

Great work @BenTen
Can you help edit the code so the REVERSAL bubbles don't show up. With the bubbles, sometimes it is difficult to see the candles in real time

 

[BenTen]

@thealphabreed Use this version, it has arrows instead of bubbles https://tos.mx/vlVadom

 

[renz3]

@BenTen This does not work in some ticker like currency futures /6E & all FX. What is the fix?

 

[thealphabreed]

Thanks @BenTen Can you also share a script that shows arrows. (signals) when the 9EMA crosses from under/over the vwap?

 

[BenTen]

@thealphabreed You can quickly find that using the Search option. https://usethinkscript.com/threads/looking-for-ema-crossover-vwap-indicator.320/

 

[rogtrader]

I cant get the function source code for ZigZagHighLow, thats used in this study. ZigZagHighLow is not allowed in conditional orders or scanner.

I do see ZigZagHighLow Study on TOS, but its not the same function as here. if its not a function, how to use this source code in our strategy/scanner/conditional orders.

input priceH = high;
input priceL = low;
input percentageReversal = 5.0;
input absoluteReversal = 0.0;
input atrLength = 5;
input atrReversal = 1.5;
input tickReversal = 0;

Assert(percentageReversal >= 0, "'percentage reversal' must not be negative: " + percentageReversal);
Assert(absoluteReversal >= 0, "'absolute reversal' must not be negative: " + absoluteReversal);
Assert(atrReversal >= 0, "'atr reversal' must not be negative: " + atrReversal);
Assert(tickReversal >= 0, "'ticks' must not be negative: " + tickReversal);
Assert(percentageReversal != 0 or absoluteReversal != 0 or atrReversal != 0 or tickReversal != 0, "Either 'percentage reversal' or 'absolute reversal' or 'atr reversal' or 'tick reversal' must not be zero");

def absReversal;
if (absoluteReversal != 0) {
absReversal = absoluteReversal;
} else {
absReversal = tickReversal * TickSize();
}

def hlPivot;
if (atrReversal != 0) {
hlPivot = percentageReversal / 100 + WildersAverage(TrueRange(high, close, low), atrLength) / close * atrReversal;
} else {
hlPivot = percentageReversal / 100;
}
def state = {default init, undefined, uptrend, downtrend};
def maxPriceH;
def minPriceL;
def newMax;
def newMin;
def prevMaxH = GetValue(maxPriceH, 1);
def prevMinL = GetValue(minPriceL, 1);

if GetValue(state, 1) == GetValue(state.init, 0) {
maxPriceH = priceH;
minPriceL = priceL;
newMax = yes;
newMin = yes;
state = state.undefined;
} else if GetValue(state, 1) == GetValue(state.undefined, 0) {
if priceH >= prevMaxH {
state = state.uptrend;
maxPriceH = priceH;
minPriceL = prevMinL;
newMax = yes;
newMin = no;
} else if priceL <= prevMinL {
state = state.downtrend;
maxPriceH = prevMaxH;
minPriceL = priceL;
newMax = no;
newMin = yes;
} else {
state = state.undefined;
maxPriceH = prevMaxH;
minPriceL = prevMinL;
newMax = no;
newMin = no;
}
} else if GetValue(state, 1) == GetValue(state.uptrend, 0) {
if priceL <= prevMaxH - prevMaxH * hlPivot - absReversal {
state = state.downtrend;
maxPriceH = prevMaxH;
minPriceL = priceL;
newMax = no;
newMin = yes;
} else {
state = state.uptrend;
if (priceH >= prevMaxH) {
maxPriceH = priceH;
newMax = yes;
} else {
maxPriceH = prevMaxH;
newMax = no;
}
minPriceL = prevMinL;
newMin = no;
}
} else {
if priceH >= prevMinL + prevMinL * hlPivot + absReversal {
state = state.uptrend;
maxPriceH = priceH;
minPriceL = prevMinL;
newMax = yes;
newMin = no;
} else {
state = state.downtrend;
maxPriceH = prevMaxH;
newMax = no;
if (priceL <= prevMinL) {
minPriceL = priceL;
newMin = yes;
} else {
minPriceL = prevMinL;
newMin = no;
}
}
}

def barNumber = BarNumber();
def barCount = HighestAll(If(IsNaN(priceH), 0, barNumber));
def newState = GetValue(state, 0) != GetValue(state, 1);
def offset = barCount - barNumber + 1;
def highPoint = state == state.uptrend and priceH == maxPriceH;
def lowPoint = state == state.downtrend and priceL == minPriceL;

def lastH;
if highPoint and offset > 1 {
lastH = fold iH = 1 to offset with tH = priceH while !IsNaN(tH) and !GetValue(newState, -iH) do if GetValue(newMax, -iH) or iH == offset - 1 and GetValue(priceH, -iH) == tH then Double.NaN else tH;
} else {
lastH = Double.NaN;
}

def lastL;
if lowPoint and offset > 1 {
lastL = fold iL = 1 to offset with tL = priceL while !IsNaN(tL) and !GetValue(newState, -iL) do if GetValue(newMin, -iL) or iL == offset - 1 and GetValue(priceL, -iL) == tL then Double.NaN else tL;
} else {
lastL = Double.NaN;
}

plot ZZ;
if barNumber == 1 {
ZZ = fold iF = 1 to offset with tP = Double.NaN while IsNaN(tP) do if GetValue(state, -iF) == GetValue(state.uptrend, 0) then priceL else if GetValue(state, -iF) == GetValue(state.downtrend, 0) then priceH else Double.NaN;
} else if barNumber == barCount {
ZZ = if highPoint or state == state.downtrend and priceL > minPriceL then priceH else if lowPoint or state == state.uptrend and priceH < maxPriceH then priceL else Double.NaN;
} else {
ZZ = if !IsNaN(lastH) then lastH else if !IsNaN(lastL) then lastL else Double.NaN;
}
ZZ.SetDefaultColor(GetColor(1));
ZZ.EnableApproximation();

 

[JabronLames]

@BenTen,

Thank you for this, it's been one of my favorite indicators the past few weeks.

Question: Have you attempted to create a watchlist column from this study? TOS really doesn't like referencing this study in a watchlist, even if you gut the code so that it only processes the chart bubbles. Example below:

#Trend Reversal Indicator


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;


#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);

plot lowSignal = signal > 0 and signal[1] <= 0;
plot highSignal = signal < 0 and 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];

#Bubble Sort


AddChartBubble((lowSignal), low, low , Color.UPTICK, no);
AddChartBubble(( highSignal), low,  high , Color.DOWNTICK, yes);