Triple Exhaustion Indicator For ThinkOrSwim

[DDW]

Looking to catch the PYPL knife, let's see if this daily candle prints this buy signal today. TMO is aligned.

 

[Chence27]

Try combining this with the True Momentum Oscillator. Wait for the alignment of the two to minimize the fakeouts.

I'm pretty sure TMO will always be overbought/oversold when the triple exhaustion signal goes off. Not sure it will eliminate many false signals unless you're using TMO on a higher time frame.

 

[bigverm23]

I'm pretty sure TMO will always be overbought/oversold when the triple exhaustion signal goes off. Not sure it will eliminate many false signals unless you're using TMO on a higher time frame.

that seems that is how it is playing out...do you have any other suggestions?

 

[DDW]

I'm pretty sure TMO will always be overbought/oversold when the triple exhaustion signal goes off. Not sure it will eliminate many false signals unless you're using TMO on a higher time frame.

Sure, TMO can be oversold for quite some time without giving a buy signal. You are looking for a buy signal on TMO, not just oversold. I'm a swing trader so I am using these indicators on a daily chart. No idea about the lower time frames, have no interest.

 

[zeek]

I think TMO is a great complement to Triple Exhaustion, at least from my initial backtesting. When both line up on the 10min for example, that´s a strong signal.

 

[DDW]

I think TMO is a great complement to Triple Exhaustion, at least from my initial backtesting. When both line up on the 10min for example, that´s a strong signal.

Yes, the key is to wait for the buy signal for both. Just using oversold on TMO is nonsense

 

[zeek]

Yes, the key is to wait for the buy signal for both. Just using oversold on TMO is nonsense

Exactly, it´s the signal you want to wait for to line up on both indicators and i even blanked out the OB & OS part of the code on my TMO study and then overlaid only the signal lines on the upper chart which makes the signals even more clear to see. I like it a lot on the 10min timeframe but also the 4/5min works well.

 

[Chence27]

Sure, TMO can be oversold for quite some time without giving a buy signal. You are looking for a buy signal on TMO, not just oversold. I'm a swing trader so I am using these indicators on a daily chart. No idea about the lower time frames, have no interest.

Gotcha. I've only used a version of TMO on Sierra and there are no entry signals. What are the entry signals for your TMO? MA cross or cross out of overbought/oversold? Although even with the entry signals I'd imagine there'd be a lot of overlap between the studies, perhaps too much to be a meaningful filter.

 

[zeek]

A few examples from today combining Triple Ext & TMO, nice signals

https://imgur.com/a/A97ZCGu

https://imgur.com/a/55BF7NF

https://imgur.com/a/f7zC6hS

 

[Kopite_JATT]

Triple Exhaustion Indicator For ThinkOrSwim
This is a pretty powerful indicator showing buy and sell exhaustion (MACD, Stochastic and DMI all in an extreme condition). When the exhaustion ends, expect a reversal. Thank you @cos251 for the code!

## Triple Exhaustion Indicator
##
##
## CREDITS
## Requested by @Chence27 from criteria listed here https://usethinkscript.com/threads/triple-exhaustion-indicator.9001/
##
##
## Removing the header Credit credits and description is not permitted, any modification needs to be shared.
##
## V 1.0 :    @cos251 - Initial release per request from www.usethinkscript.com forum thread:
##       :    https://usethinkscript.com/threads/triple-exhaustion-indicator.9001/
## V 1.1 : @chence27 - modifcations to better approximate original study
##
##
##

declare upper;

# --- Inputs
input over_bought = 80;
input over_sold = 20;
input KPeriod = 10;
input DPeriod = 10;
input priceH = high;
input priceL = low;
input priceC = close;
input averageType = AverageType.SIMPLE;
input length = 1000;
input paintBars = yes;
input showLabels = yes;


# --- Indicators - StochasticSlow / MACD / MACD StDev / DMI+/-
def SlowK = reference StochasticFull(over_bought, over_sold, KPeriod, DPeriod, priceH, priceL, priceC, 3, averageType).FullK;
def MACD = reference MACD()."Value";
def priceMean = Average(MACD, length);
def MACD_stdev =  (MACD - priceMean) / StDev(MACD, length);
def dPlus = reference DMI()."DI+";
def dMinus = reference DMI()."DI-";
# --- End Indicators

# --- Conditions
def sellerRegular = SlowK < 20 and MACD_stdev < -1 and dPlus < 15;
def sellerExtreme = SlowK < 20 and MACD_stdev < -2 and dPlus < 15;
def buyerRegular = SlowK > 80 and MACD_stdev > 1 and dMinus < 15;
def buyerExtreme = SlowK > 80 and MACD_stdev > 2 and dMinus < 15;
# --- End Conditions

# -- Price Color
AssignPriceColor( if paintBars and sellerExtreme then Color.CYAN else if buyerExtreme and paintBars then Color.MAGENTA else if paintBars and sellerRegular then Color.GREEN else if buyerRegular and paintBars then Color.RED else if paintBars then Color.GRAY else Color.Current);

# --- Arrows/Triggers
plot RegularBuy = if sellerRegular[1] and !sellerRegular then low else Double.NaN;

RegularBuy.SetPaintingStrategy(PaintingSTrategy.ARROW_UP);

RegularBuy.SetDefaultColor(Color.GREEN);


plot RegularSell = if buyerRegular[1] and !buyerRegular then high else Double.NaN;

RegularSell.SetPaintingStrategy(PaintingSTrategy.ARROW_Down);

RegularSell.SetDefaultColor(Color.RED);


# --- Labels
AddLabel(showLabels,"SellerRegular",Color.RED);
AddLabel(showLabels,"SellerExtreme",Color.MAGENTA);
AddLabel(showLabels,"BuyerRegular",Color.GREEN);
AddLabel(showLabels,"BuyerExtreme",Color.CYAN);

Need Shareable Link for TOS please

 

[rfb]

A few examples from today combining Triple Ext & TMO, nice signals

https://imgur.com/a/A97ZCGu

https://imgur.com/a/55BF7NF

https://imgur.com/a/f7zC6hS

Very nice @zeek! Thanks for sharing. Would you mind posting a shareable setup link? If not, no worries. Thank you.

 

[Kopite_JATT]

I've made some small modifications to better approximate the color system of the original study. Also, there are no buy/sell entry signals for the extreme condition, so I got rid of those as well.

## Triple Exhaustion Indicator
##
##
## CREDITS
## Requested by @Chence27 from criteria listed here https://usethinkscript.com/threads/triple-exhaustion-indicator.9001/
##
##
## Removing the header Credit credits and description is not permitted, any modification needs to be shared.
##
## V 1.0 :    @cos251 - Initial release per request from www.usethinkscript.com forum thread:
##       :    https://usethinkscript.com/threads/triple-exhaustion-indicator.9001/
## V 1.1 : @chence27 - modifcations to better approximate original study
##
##
##

declare upper;

# --- Inputs
input over_bought = 80;
input over_sold = 20;
input KPeriod = 10;
input DPeriod = 10;
input priceH = high;
input priceL = low;
input priceC = close;
input averageType = AverageType.SIMPLE;
input length = 1000;
input paintBars = yes;
input showLabels = yes;


# --- Indicators - StochasticSlow / MACD / MACD StDev / DMI+/-
def SlowK = reference StochasticFull(over_bought, over_sold, KPeriod, DPeriod, priceH, priceL, priceC, 3, averageType).FullK;
def MACD = reference MACD()."Value";
def priceMean = Average(MACD, length);
def MACD_stdev =  (MACD - priceMean) / StDev(MACD, length);
def dPlus = reference DMI()."DI+";
def dMinus = reference DMI()."DI-";
# --- End Indicators

# --- Conditions
def sellerRegular = SlowK < 20 and MACD_stdev < -1 and dPlus < 15;
def sellerExtreme = SlowK < 20 and MACD_stdev < -2 and dPlus < 15;
def buyerRegular = SlowK > 80 and MACD_stdev > 1 and dMinus < 15;
def buyerExtreme = SlowK > 80 and MACD_stdev > 2 and dMinus < 15;
# --- End Conditions

# -- Price Color
AssignPriceColor( if paintBars and sellerExtreme then Color.CYAN else if buyerExtreme and paintBars then Color.MAGENTA else if paintBars and sellerRegular then Color.GREEN else if buyerRegular and paintBars then Color.RED else if paintBars then Color.GRAY else Color.Current);

# --- Arrows/Triggers
plot RegularBuy = if sellerRegular[1] and !sellerRegular then low else Double.NaN;

RegularBuy.SetPaintingStrategy(PaintingSTrategy.ARROW_UP);

RegularBuy.SetDefaultColor(Color.GREEN);


plot RegularSell = if buyerRegular[1] and !buyerRegular then high else Double.NaN;

RegularSell.SetPaintingStrategy(PaintingSTrategy.ARROW_Down);

RegularSell.SetDefaultColor(Color.RED);


# --- Labels
AddLabel(showLabels,"SellerRegular",Color.RED);
AddLabel(showLabels,"SellerExtreme",Color.MAGENTA);
AddLabel(showLabels,"BuyerRegular",Color.GREEN);
AddLabel(showLabels,"BuyerExtreme",Color.CYAN);

Need Shareable link for TOS please

 

[Chence27]

Need Shareable link for TOS please

Why don't you just copy and paste the code as a new study?

 

[skaboy]

Hello @skaboy et. al,

I am pretty new to this thinkscript thing and wondering if your Smoothed Heikin_Ashi_Moving_Average_S2 ThinkScript could be coded for conditional orders also? If so, please provide the code for using for Conditional Order, or provide suggestions on how it can be done? I like the entries and exits, and if used in conjunction with the SuperTrend Reversals and some other unique strategies here would be so very helpful. Most of these complex coding cannot be used for Conditional Orders, and wondering if your strategy is simple enough to be used for that purpose in addition to displaying on the charts. Thank you.

Boua.

sorry, can't help you with conditional orders I not done coding of these. Am sure if you search"Conditional Order" on this pages there are tutorials and examples.

 

[wado729]

A few examples from today combining Triple Ext & TMO, nice signals

https://imgur.com/a/A97ZCGu

https://imgur.com/a/55BF7NF

https://imgur.com/a/f7zC6hS

How did you get those BUY lines going up the chart?

 

[rfb]

How did you get those BUY lines going up the chart?

Thanks for asking that question! Was wondering the same thing. Would it be possible to get a setup link? Thank you.

 

[wado729]

How did you get those BUY lines going up the chart?

Nevermind, figured it out.

To those interested, use the addverticalLine function.
https://tlc.thinkorswim.com/center/reference/thinkScript/Functions/Look---Feel/AddVerticalLine

 

[zeek]

Yes, if you want the vertical lines for the signals, add this code at the bottom just below "def BUYsignal" and "def SELLsignal"

addverticalline(BUYsignal,"Buy",color.green,curve.short_dash);
addverticalline(SELLsignal,"Sell",color.red,curve.short_dash);

Then if you want to add the lines to upper chart, i also recommend to blank out all the code related to "addcloud" using # in the sourcecode which will remove the OB & OS cloud. Also don´t forget to uncheck all the boxes in the plot section of settings. Then just force the lower study up and you will have the lines there like in my screenshots.

 

[TroyX]

Nevermind, figured it out.

To those interested, use the addverticalLine function.
https://tlc.thinkorswim.com/center/reference/thinkScript/Functions/Look---Feel/AddVerticalLine

Here`s a modified upper study TMO with vertical lines.


# TMO ((T)rue (M)omentum (O)scilator)
# Mobius
# V01.05.2018
# hint: TMO calculates momentum using the delta of price. Giving a much better picture of trend, tend reversals and divergence than momentum oscillators using price.

declare Upper;

input length = 14;
input calcLength = 5;
input smoothLength = 3;

def o = open;
def c = close;
def data = fold i = 0 to length
with s
do s + (if c > getValue(o, i)
then 1
else if c < getValue(o, i)
then - 1
else 0);
def EMA5 = ExpAverage(data, calcLength);
def Main = ExpAverage(EMA5, smoothLength);
def Signal = ExpAverage(Main, smoothLength);

def zero = if isNaN(c) then double.nan else 0;

def ob = if isNaN(c) then double.nan else round(length * .7);

def os = if isNaN(c) then double.nan else -round(length * .7);
#___________________________________________________________________add_on
def BUYsignal =Main < OS and Main crosses above Signal;
def SELLsignal = Main > OB and Main crosses below Signal;

addverticalline(BUYsignal,"Buy",color.green,curve.short_dash);
addverticalline(SELLsignal,"Sell",color.red,curve.short_dash);

# End Code TMO

 

[kvnknpp1]

Check to see if all criteria was coded as you indicated. Hopefully this is what you were looking for.

Triple Exhaustion Indicator

## Triple Exhaustion Indicator
##
##
## CREDITS
## Requested by @Chence27 from criteria listed here https://usethinkscript.com/threads/triple-exhaustion-indicator.9001/
##
##
## Removing the header Credit credits and description is not permitted, any modification needs to be shared.
##
## V 1.0 :    @cos251 - Initial release per request from www.usethinkscript.com forum thread:
##       :    https://usethinkscript.com/threads/triple-exhaustion-indicator.9001/
##
##
##

declare upper;

# --- Inputs
input over_bought = 80;
input over_sold = 20;
input KPeriod = 10;
input DPeriod = 10;
input priceH = high;
input priceL = low;
input priceC = close;
input averageType = AverageType.SIMPLE;
input length = 1000;
input paintBars = yes;
input showLabels = yes;


# --- Indicators - StochasticSlow / MACD / MACD StDev / DMI+/-
def SlowK = reference StochasticFull(over_bought, over_sold, KPeriod, DPeriod, priceH, priceL, priceC, 3, averageType).FullK;
def MACD = reference MACD()."Value";
def priceMean = Average(MACD, length);
def MACD_stdev =  (MACD - priceMean) / StDev(MACD, length);
def dPlus = reference DMI()."DI+";
def dMinus = reference DMI()."DI-";
# --- End Indicators

# --- Conditions
def sellerRegular = SlowK < 20 and MACD_stdev < -1 and dPlus < 15;
def sellerExtreme = SlowK < 20 and MACD_stdev < -2 and dPlus < 15;
def buyerRegular = SlowK > 80 and MACD_stdev > 1 and dMinus < 15;
def buyerExtreme = SlowK > 80 and MACD_stdev > 2 and dMinus < 15;
# --- End Conditions

# -- Price Color
AssignPriceColor( if paintBars and sellerExtreme then Color.CYAN else if buyerExtreme and paintBars then Color.GREEN else if paintBars and sellerRegular then Color.YELLOW else if buyerRegular and paintBars then Color.DARK_GREEN else if paintBars then Color.GRAY else Color.Current);

# --- Arrows/Triggers
plot RegularBuy = if sellerRegular[1] and !sellerRegular then low else Double.NaN;
plot ExtremeBuy = if sellerExtreme[1] and !sellerExtreme then low else Double.NaN;
RegularBuy.SetPaintingStrategy(PaintingSTrategy.ARROW_UP);
ExtremeBuy.SetPaintingSTrategy(paintingSTrategy.Arrow_UP);
RegularBuy.SetDefaultColor(Color.LIME);
ExtremeBuy.SetDefaultColor(Color.GREEN);

plot RegularSell = if buyerRegular[1] and !buyerRegular then high else Double.NaN;
plot ExtremeSell = if buyerExtreme[1] and !buyerExtreme then high else Double.NaN;
RegularSell.SetPaintingStrategy(PaintingSTrategy.ARROW_Down);
ExtremeSell.SetPaintingSTrategy(paintingSTrategy.Arrow_DOWN);
RegularSell.SetDefaultColor(Color.Light_RED);
ExtremeSell.SetDefaultColor(Color.RED);

# --- Labels
AddLabel(showLabels,"SellerRegular",Color.YELLOW);
AddLabel(showLabels,"SellerExtreme",Color.CYAN);
AddLabel(showLabels,"BuyerRegular",Color.DARK_GREEN);
AddLabel(showLabels,"BuyerExtreme",Color.GREEN);

Triple Exhaustion Indicator SCAN (Scanner)

## Triple Exhaustion Indicator SCAN
##
##
## CREDITS
## Requested by @Chence27 from criteria listed here https://usethinkscript.com/threads/triple-exhaustion-indicator.9001/
## SCAN requested by @Trader_Andrew
##
## Removing the header Credit credits and description is not permitted, any modification needs to be shared.
##
## V 1.0 :    @cos251 - Initial release per request from www.usethinkscript.com forum thread:
##       :    https://usethinkscript.com/threads/triple-exhaustion-indicator.9001/
##       :    SCAN version requested by @Trader_Andrew
##
##
##


# --- Inputs
input over_bought = 80;
input over_sold = 20;
input KPeriod = 10;
input DPeriod = 10;
input priceH = high;
input priceL = low;
input priceC = close;
input averageType = AverageType.SIMPLE;
input length = 1000;
input paintBars = yes;
input showLabels = yes;


# --- Indicators - StochasticSlow / MACD / MACD StDev / DMI+/-
def SlowK = reference StochasticFull(over_bought, over_sold, KPeriod, DPeriod, priceH, priceL, priceC, 3, averageType).FullK;
def MACD = reference MACD()."Value";
def priceMean = Average(MACD, length);
def MACD_stdev =  (MACD - priceMean) / StDev(MACD, length);
def dPlus = reference DMI()."DI+";
def dMinus = reference DMI()."DI-";
# --- End Indicators

# --- Conditions
def sellerRegular = SlowK < 20 and MACD_stdev < -1 and dPlus < 15;
def buyerRegular = SlowK > 80 and MACD_stdev > 1 and dMinus < 15;
# --- End Conditions

# --- Arrows/Triggers
plot RegularBuyArrow = if sellerRegular[1] and !sellerRegular then 1 else Double.NaN;
plot RegularSellArrow = if buyerRegular[1] and !buyerRegular then 1 else Double.NaN;
plot RegularBuyTrendExists = if sellerRegular then 1 else Double.NaN;
plot RegularSellTrendExists = if buyerRegular then 1 else Double.NaN;

Hello COS251! Your code for Triple Exhaustion is much appreciated. I've been able to use the SCAN code to find triggers, however it's not working on a day timeframe. Any ideas how I could enable this? Thank you!