Trend Score Indicator for ThinkorSwim

[Jonas99]

A simple indicator that tries to identify the current trend.

• Red = bearish
• Green = bullish
• White = neutral

If you don't like either the paintbars or the lower study (histogram), you can always get rid of it by placing "#" in front of the function or delete it entirely from the code.

# Simple Trend Score
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/ViXoUfeL/

declare lower;

def TrendScore = if(close >= close[11], 1, -1) + if(close >= close[12], 1, -1) + if(close >= close[13], 1, -1) + if(close >= close[14], 1, -1) + if(close >= close[15], 1, -1) + if(close >= close[16], 1, -1) + if(close >= close[17], 1, -1) + if(close >= close[18], 1, -1) + if(close >= close[19], 1, -1) + if(close >= close[20], 1, -1);

def col1= TrendScore>5;
def col2= TrendScore<-5;

plot histogram = TrendScore;
histogram.assignValueColor(if col1 then Color.Green else if Col2 then Color.Red else Color.White);

assignPriceColor(if col1 then Color.Green else if Col2 then Color.Red else Color.White);

Hi Ben, what is TrendScore based on? Also, could we have an option not to paint the bars? TIA

 

[MerryDay]

Hi Ben, what is TrendScore based on? Also, could we have an option not to paint the bars? TIA

It is a simple momentum indicator. It compares the current candle to each of the last 11 through 20 candles:

if(close >= close[11], 1, -1) + if(close >= close[12], 1, -1) + if(close >= close[13], 1, -1) +
if(close >= close[14], 1, -1) + if(close >= close[15], 1, -1) + if(close >= close[16], 1, -1)+
if(close >= close[17], 1, -1) + if(close >= close[18], 1, -1) + if(close >= close[19], 1, -1) + 
if(close >= close[20], 1, -1);

If close is greater than at least 5 of those bars then green else red.

def col1= TrendScore>5;
def col2= TrendScore<-5;

To not paint candles put a hashtag in front of this statement

#assignPriceColor(if col1 then Color.Green else if Col2 then Color.Red else Color.White);