Triple 3 Inside Bars Indicator and Scanner for ThinkorSwim

[Len20]

@luicius In that case, I think I would set it as

def start = 1800;
def end = 1700;

I don't know how the EXT Hours checkbox applies to futures though. My best guess is to leave it checked

 

[lucius]

There are traders who only trade certain stocks and was wondering is there a way to only run the script on certain symbols like APPL, NFLX, TSLA, AMD, FB, BYND, and BABA?

 

[Len20]

I unfortunately don't know how to do that, if it is possible.

 

[sindhu19]

There are traders who only trade certain stocks and was wondering is there a way to only run the script on certain symbols like APPL, NFLX, TSLA, AMD, FB, BYND, and BABA?

make a watchlist with those names and run the scan refer to it.

 

[leo2022]

Hey folks, new trader here.

I'm also very interested in the 3BP. Although if you scan for the pattern as described above in its complete form you're actually missing the correct entry point. According to the video he says that entry point is the moment the trigger bar or last bar reaches the level of the narrow bars. Does anyone know how to tweak the script to look for the entry igniting bar(s) then 2 or 3 narrow bars. I guess if the scanner picks it up I would have to watch and wait to see if the last entry bar becomes an entry bar.
Thanks

 

[Len20]

@leo2022
Near the top of my scan code there is a place where you can choose the minimum to scan for:

# CHOOSE SCAN MODE #
# ( 1 = Ignitor Bar , 2 = Pause Bars , 3 = Trigger Bar )
input scanMode = 3;

Just change the 3 to a 1 or 2 to change the mode

 

[leo2022]

@leo2022
Near the top of my scan code there is a place where you can choose the minimum to scan for:

# CHOOSE SCAN MODE #
# ( 1 = Ignitor Bar , 2 = Pause Bars , 3 = Trigger Bar )
input scanMode = 3;

Just change the 3 to a 1 or 2 to change the mode

Thanks

 

[icbetyper]

@Len20

Would you please be able to give a little more details for the variables?
I am trying to fully understand what each one controls. (Maybe marking up a picture of a 3BP)

input trigger_Bar_Low_Min = {default "Official", "Relaxed"}; # Trigger bar low min based on pause bars low (official), or pause bars minimum
input Show_During_Uptrend = no; # Strict pattern not supposed to be in middle of uptrend
input uptrend_Limit_Perc_Inc = 1.0; # Only used if Show_During_Uptrend = no (Still signal if uptrend is below % entered)
input uptrend_LookBack = 10; # Only used if Show_During_Uptrend = no
input prev_High_LookBack = 30; # Ignitor bar must break previous period high
input avg_Vol_LookBack = 10; # for qualifying ignitor bar
input avg_Range_LookBack = 10; # for qualifying ignitor bar
input ignitor_Range_Spike_Perc = 200; # Minimum ignitor range % relative to avg range (200% = 2x avg range)
input ignitor_Vol_Spike_Perc = 100; # Minimum volume % relative to avg volume
input pause_Low_Min_Perc = 45; # Pause bars low min % of ignitor bar range (50% = middle of ingitor bar, lower is looser)
input pause_High_Min_Perc = 80; # Pause bars high min % of ignitor bar range (90% recommended, lower is looser)
input pause_High_max_Perc = 110; # Pause bars high max % of ignitor bar range (110% recommended, higher is looser)

Thank you for your amazing work and answering questions!!!

 

[leo2022]

@icbetyper I think your message is for Len20. I think he wrote the script. I am also new to thinkscript

 

[yman]

@BenTen hey is there any way to scan it like open/close is greater or less then 'study' for breakout trade and have it pop on the watchlist
thanks

 

[icbetyper]

@icbetyper I think your message is for Len20. I think he wrote the script. I am also new to thinkscript

Woops.
Thanks for letting me know.

 

[cay7man]

@Len20, are these 3 separate studies? To get bullish study, should I just take the bullish code? Thx!

 

[Joseph Patrick 18]

Remember there is more to the 3/4 bar play than developing the indicator, as per Jarret Live traders. His concept works most of the time. I played with some coding, i'm no expert, but I tinkered with the basic concept and had trouble with meeting some of the Official criteria such as the 1st "above avg" wide bar not being in the middle of a trend. If you can get this to work with the SwingArms - bingo.

Also Jared uses support and resistance which is important with the 3 and 4 bar play....

 

[Joseph Patrick 18]

Been testing on Daily also and it looks promising.

 

[Chadnash]

Thanks!

Really useful and impressive indicator!

Yes I have been trading with it the last few days and plan to create some updates or feedback for the community after I publish it as a strategy or possibly with further alerts. I did notice a few minor things (which can maybe be adjusted from settings, I need to review further)... on one of the charts today I noticed because the engulfing bar had a high wick it wasn’t triggering it and according to Jared on one of his videos he includes bar 1 with full wick, so maybe something to look at

If it would be helpful and it’s not already posted I can include some screenshots or a short video on how to turn this into either a strategy or a scan... at the moment I have my setup include a couple scans / watchlists and one that is so specific based on unusual volume to send me an alert. One scan for daily bull or bear confirmed , one scan for potential daily bull or bear, and the others are combined for 15 or 5 minute bull or bear.

Chad

 

[canibusfan]

Is there any way I can setup a scanner to scan for stocks in this setup in the picture?

 

[rad14733]

In Thinkorswim, check Patterns... HERE is a link to the online documentation...

 

[GeneHo]

@Len20 Hi, what is the condition I can add if I only want to see signal (if any) during the 1hrs on market open?

 

[mashume]

@GeneHo:

You can determine the first hour of the day like this:

input OpenBell  = 0930;
input OpenHour = 1030;
def FirstHour = if SecondsTillTime(OpenHour) > 0
                   and SecondsFromTime(OpenBell) >= 0
                   then 1
                else 0;

and then use the FirstHour variable in your conditional statement wherever you wanted with:

def whatever = if FirstHour == 1 and whatever_other_conditions_you_need then ... else...

hope that helps.

-mashume

 

[Chadnash]

I use something similar but enable ability to also close out EOD for backtesting with our indicators. This is good if you don't want backtesting or to see indicators sometimes at the beginning of the day when its very chaotic Also sadly all backtesting for our indicators shows we shouldn't have been closing EOD the last six months haha

#Added by Chad Nash Oct 2020 www.nashtech.xyz
#Only enter trades between not extended hours
def CloseAllCondition = SecondsTillTime(1558) == 0;
def EOD = if SecondsTillTime(1558) == 0 and SecondsFromTime(1558) == 0 then 1 else 0;

input UseTimeFilter = Yes;
input rthopen = 0931;
input rthclose = 1555;
def RTH = if usetimefilter == yes then if SecondsFromTime(rthopen) >= 0 and
               SecondsTillTime(rthclose) >= 0
            then 1
            else 0 else 1;

input rthopen_EOD = 1545;
input rthclose_EOD = 1559;

def RTH_Last5MinBar = if usetimefilter == yes then if SecondsFromTime(rthopen_EOD) >= 0 and
               SecondsTillTime(rthclose_EOD) >= 0
            then 1
            else 0 else 1;


#End Updates by Chad... Only thing to check is if RTH (regular trading hours) is true to enter trades.

You just check for variables RTH = true and if you want also use backtesting and want to see positions closed out EOD reference that boolean RTH_Last5MinBar