Triple Exhaustion Indicator For ThinkOrSwim

[Shaman26]

I use this study as a multi time frame system. For NQ I use 750, 2000 and 5000 volume charts (TOS doesn't have volume bars I don't believe so tick charts will be the closest you can get) and for ES I use 2000, 5000 and 10000 volume charts.

The highlighted vertical colored regions are the highest time frame, the colored bars are the middle time frame, and the dots are the lower time frame. The size and length of the triangles also correspond to the time frame.

I use this study as a multi time frame system. For NQ I use 750, 2000 and 5000 volume charts (TOS doesn't have volume bars I don't believe so tick charts will be the closest you can get) and for ES I use 2000, 5000 and 10000 volume charts.

The highlighted vertical colored regions are the highest time frame, the colored bars are the middle time frame, and the dots are the lower time frame. The size and length of the triangles also correspond to the time frame.

Good Morning, I just started playing with Sierra charts. It takes quite some time to learn the platform. Would you be able to share your workspace? Thanks

 

[squatsandstonks]

I use this study as a multi time frame system. For NQ I use 750, 2000 and 5000 volume charts (TOS doesn't have volume bars I don't believe so tick charts will be the closest you can get) and for ES I use 2000, 5000 and 10000 volume charts.

The highlighted vertical colored regions are the highest time frame, the colored bars are the middle time frame, and the dots are the lower time frame. The size and length of the triangles also correspond to the time frame.

This is brilliant! I'll have to code up something similar (I assume you also want to keep that part proprietary) so that I can get 3 time frames at once in one chart. Also, a transition from colored candle to grey seems like a no brainer for selling credit spreads on the daily chart. Thanks for sharing this idea! Looks like it can be used lots of different ways

 

[skaboy]

Here's what it looks like with a Heikin Ashi Indicator

https://imgur.com/LOKvNem

Here's the code to get the plot: Chence27's Triple Exhaustion Indicator with My Heiki Ashi
added at the bottom. I have kept them separate so you can see.


*********************************************************
## 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);
RegularSell.SetLineWeight(3);
RegularBuy.SetLineWeight(3);
# --- Labels
AddLabel(showLabels,"SellerRegular",Color.RED);
AddLabel(showLabels,"SellerExtreme",Color.MAGENTA);
AddLabel(showLabels,"BuyerRegular",Color.GREEN);
AddLabel(showLabels,"BuyerExtreme",Color.CYAN);


#-----------------------------------------------------------------------------------------#
#-----------------------------------------------------------------------------------------#
# My Smoothed Heikin_Ashi_Moving_Average_S2
# skaboy 2010-2021
#########declare upper;
input s33_Period = 3;
input s33_Smooth = 3;
def s33_open = ExpAverage(open, s33_Period);
def s33_close = ExpAverage(close, s33_Period);
def s33_high = ExpAverage(high, s33_Period);
def s33_low = ExpAverage(low, s33_Period);

def s33_aclose = (s33_open + s33_high + s33_low + s33_close) * 0.25;
rec s33_aopen = CompoundValue(1, (s33_aopen[1] + s33_aclose[1]) * 0.5, (s33_open[1] + s33_close[1]) * 0.5);
def s33_ahigh = Max(s33_high, Max(s33_aclose, s33_aopen));
def s33_alow = Min(s33_low, Min(s33_aclose, s33_aopen));

def Avg_s33_aopen = Average(s33_aopen, s33_Period);
def Avg_s33_aclose = Average(s33_aclose, s33_Period);
def Avg_s33_ahigh = Average(s33_ahigh, s33_Smooth);
def Avg_s33_alow = Average(s33_alow, s33_Smooth);

def s33_Color = Avg_s33_aclose >= Avg_s33_aopen;
def s33_Sell = s33_Color[1] > s33_Color[0];
def s33_Buy = s33_Color[1] < s33_Color[0];

#-------------------display enhancement--------------------#
AddCloud(Avg_s33_aopen, Avg_s33_aclose, CreateColor(255, 0, 0), CreateColor(255, 255, 0));
AddCloud(Avg_s33_aopen, Avg_s33_aclose, CreateColor(255, 0, 0), CreateColor(255, 255, 0));
AddCloud(Avg_s33_aopen, Avg_s33_aclose, CreateColor(255, 0, 0), CreateColor(255, 255, 0));
#-----------------------------------------------------------------------------------------#
plot top_Signal = s33_Sell;
top_Signal.SetDefaultColor(CreateColor(255, 178, 0));
top_Signal.SetLineWeight(2);
top_Signal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);

plot bot_Signal = s33_Buy;
bot_Signal.SetDefaultColor(CreateColor(255, 255, 0));
bot_Signal.SetLineWeight(2);
bot_Signal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
#-------------------end display enhancement ----------------------------#

 

[cos251]

Great job on the indicator! I can't seem to make it into a scan in the stock hacker using the custom study filter. Any guidance would be appreciated.

I posted a scan version here:

https://usethinkscript.com/threads/triple-exhaustion-indicator-for-thinkorswim.9001/post-82648

Try it out.
You can scan for the arrow being TRUE (exhaustion finishing) or Exhaustion being TRUE to plan for entries in opposite direction.

 

[s1111]

I have updated my post above. It has what you are looking for. Hope it helps.

Bro your Heiken moving is fire!! Just don't know what setting I need to change to act like 9/20 ema ? I change the setting to 5 and seems to work ok, any info is appreciated.

 

[ajacks]

Yes, you can find it here https://usethinkscript.com/threads/auto-fib-fibonacci-levels-indicator-for-thinkorswim.14/

Hi, can you explain how to load the scanner, I am getting an error message in tos, should we say "is true" for all inputs?

 

[charlie2598]

Here's what it looks like with a Heikin Ashi Indicator

https://imgur.com/LOKvNem

Here's the code to get the plot: Chence27's Triple Exhaustion Indicator with My Heiki Ashi
added at the bottom. I have kept them separate so you can see.


*********************************************************
## 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);
RegularSell.SetLineWeight(3);
RegularBuy.SetLineWeight(3);
# --- Labels
AddLabel(showLabels,"SellerRegular",Color.RED);
AddLabel(showLabels,"SellerExtreme",Color.MAGENTA);
AddLabel(showLabels,"BuyerRegular",Color.GREEN);
AddLabel(showLabels,"BuyerExtreme",Color.CYAN);


#-----------------------------------------------------------------------------------------#
#-----------------------------------------------------------------------------------------#
# My Smoothed Heikin_Ashi_Moving_Average_S2
# skaboy 2010-2021
#########declare upper;
input s33_Period = 3;
input s33_Smooth = 3;
def s33_open = ExpAverage(open, s33_Period);
def s33_close = ExpAverage(close, s33_Period);
def s33_high = ExpAverage(high, s33_Period);
def s33_low = ExpAverage(low, s33_Period);

def s33_aclose = (s33_open + s33_high + s33_low + s33_close) * 0.25;
rec s33_aopen = CompoundValue(1, (s33_aopen[1] + s33_aclose[1]) * 0.5, (s33_open[1] + s33_close[1]) * 0.5);
def s33_ahigh = Max(s33_high, Max(s33_aclose, s33_aopen));
def s33_alow = Min(s33_low, Min(s33_aclose, s33_aopen));

def Avg_s33_aopen = Average(s33_aopen, s33_Period);
def Avg_s33_aclose = Average(s33_aclose, s33_Period);
def Avg_s33_ahigh = Average(s33_ahigh, s33_Smooth);
def Avg_s33_alow = Average(s33_alow, s33_Smooth);

def s33_Color = Avg_s33_aclose >= Avg_s33_aopen;
def s33_Sell = s33_Color[1] > s33_Color[0];
def s33_Buy = s33_Color[1] < s33_Color[0];

#-------------------display enhancement--------------------#
AddCloud(Avg_s33_aopen, Avg_s33_aclose, CreateColor(255, 0, 0), CreateColor(255, 255, 0));
AddCloud(Avg_s33_aopen, Avg_s33_aclose, CreateColor(255, 0, 0), CreateColor(255, 255, 0));
AddCloud(Avg_s33_aopen, Avg_s33_aclose, CreateColor(255, 0, 0), CreateColor(255, 255, 0));
#-----------------------------------------------------------------------------------------#
plot top_Signal = s33_Sell;
top_Signal.SetDefaultColor(CreateColor(255, 178, 0));
top_Signal.SetLineWeight(2);
top_Signal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);

plot bot_Signal = s33_Buy;
bot_Signal.SetDefaultColor(CreateColor(255, 255, 0));
bot_Signal.SetLineWeight(2);
bot_Signal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
#-------------------end display enhancement ----------------------------#

sellerRegular then Color.GREEN else if buyerRegular and paintBars then Color.RED else if paintBars then Color.GRAY else Color.Current);


can you explain what is the reason for green color when seller regular instead of red color

 

[navarro]

Using the True Momentum Oscillator can be very helpful

I agree. I have looked back on the SPY chart (the only thing I trade) and you can see the situations you mention. I am not criticizing this indicator...it does have some real possibilities. But I have found these problems with other indicators. It seems to be a bit better picking tops and bottoms when the markets are more choppy and there are no strong trends interday. Thanks to the creators who take the time and effort to construct these things.

 

[cos251]

I tried using your code for the scanner but after I paste it in, the OK button is grayed out and i cannot hit ok. Any ideas?

Definitely. Try saving the indicator as a STUDY then use it in the Stock Scanner. When selecting a condition (one of the 4 options) select "Is True". Let me know if that works.

 

[mushanon]

@cos251 are you on discord? If so let's link up, send me a friend request, my handle is vincefield#3962. Anyone else who wants to talk trading, studies, etc. also feel free to add me there.

Chence - sent you a request on Discord. Have a small group of us who trade all day and tinker with thinkscript and pinescript - always looking to talk shop or hand and trade all day.

 

[cos251]

@cos251 are you on discord? If so let's link up, send me a friend request, my handle is vincefield#3962. Anyone else who wants to talk trading, studies, etc. also feel free to add me ther@

@Chence27 - I Sent you a discord request; Should come through from "find it cheap".
I sent it to "VinceField#3962"

 

[skaboy]

Bro your Heiken moving is fire!! Just don't know what setting I need to change to act like 9/20 ema ? I change the setting to 5 and seems to work ok, any info is appreciated.

play with the inputs!

 

[cos251]

on my end, I try the scanner with condition "equal to 1" or "is true"...and run through all stocks in SP500 on 5 min, 15min, 1h, 4h...still do not return any result. But no error message neither. strange.

I copied the code and saved it as a new study. Then went to the scanner and used it. Seems to be working for me. I was scanning on 1m TF, higher TF's may be more difficult to catch.

 

[Chence27]

Very interesting and appears to work quite well, however once the underlying instrument goes into super trend (up or down) then this indicator gives signal (sell or buy) [which is correct as per underlying indicators] and will exit way too early leaving potential gains or enter way to early inuring further loss.

Need to add some guard rails to avoid getting out too early in super up trend and avoid getting in too early in super down trend.

Thanks for sharing the study, appreciate it.

There is no exit signal lol what are you referring to?

 

[Chence27]

@Chence27 - I Sent you a discord request; Should come through from "find it cheap".
I sent it to "VinceField#3962"

Bro sorry I thought that was spam trying to sell me something and deleted it send it again

 

[Chence27]

Good Morning, I just started playing with Sierra charts. It takes quite some time to learn the platform. Would you be able to share your workspace? Thanks

You mean my sierra chart chartbook? Find me on discord I can share it there.

 

[cos251]

Love this indicator but can't for the life of me get a scan to work.

Try this guys.
I've been scanning on the 1m, 2m and 5m with this this morning. I get results and underlying is in trend when the scanner says it is.

https://tos.mx/Kv9D7b2

edited by mod:

1. Copy&Paste scanner code into study tab: https://usethinkscript.com/threads/triple-exhaustion-indicator-for-thinkorswim.9001/#post-82648
2. Name the study: FVO_Triple_Exhaustion_Indicator_SCAN
3. Import Scanner Link: https://tos.mx/Kv9D7b2 Click here for --> Easiest way to load shared links

@bmann777 @fingerlakes

 

[bmann777]

Try this guys.
I've been scanning on the 1m, 2m and 5m with this this morning. I get results and underlying is in trend when the scanner says it is.

https://tos.mx/Kv9D7b2

edited by mod:

1. Copy&Paste scanner code into study tab: https://usethinkscript.com/threads/triple-exhaustion-indicator-for-thinkorswim.9001/#post-82648
2. Name the study: FVO_Triple_Exhaustion_Indicator_SCAN
3. Import Scanner Link: https://tos.mx/Kv9D7b2 Click here for --> Easiest way to load shared links

@bmann777 @fingerlakes

I still get nothing. I'll keep toying with it. I have to say this indicator seems to work really well with the Standard Deviation Channels.

 

[RajB]

Chence - sent you a request on Discord. Have a small group of us who trade all day and tinker with thinkscript and pinescript - always looking to talk shop or hand and trade all day.

@mushanon
If possible, can you invite me there too?
Reference Code: https://usethinkscript.com/threads/broadening-formation-pattern-for-thinkorswim.2732/post-38777
Novice trader, but programmer by trade. I may learn something/contribute something.
Discord: RajB#4551

 

[bouagerlo]

# My Smoothed Heikin_Ashi_Moving_Average_S2
# skaboy 2010-2021
#########declare upper;
input s33_Period = 3;
input s33_Smooth = 3;
def s33_open = ExpAverage(open, s33_Period);
def s33_close = ExpAverage(close, s33_Period);
def s33_high = ExpAverage(high, s33_Period);
def s33_low = ExpAverage(low, s33_Period);

def s33_aclose = (s33_open + s33_high + s33_low + s33_close) * 0.25;
rec s33_aopen = CompoundValue(1, (s33_aopen[1] + s33_aclose[1]) * 0.5, (s33_open[1] + s33_close[1]) * 0.5);
def s33_ahigh = Max(s33_high, Max(s33_aclose, s33_aopen));
def s33_alow = Min(s33_low, Min(s33_aclose, s33_aopen));

def Avg_s33_aopen = Average(s33_aopen, s33_Period);
def Avg_s33_aclose = Average(s33_aclose, s33_Period);
def Avg_s33_ahigh = Average(s33_ahigh, s33_Smooth);
def Avg_s33_alow = Average(s33_alow, s33_Smooth);

def s33_Color = Avg_s33_aclose >= Avg_s33_aopen;
def s33_Sell = s33_Color[1] > s33_Color[0];
def s33_Buy = s33_Color[1] < s33_Color[0];

#-------------------display enhancement--------------------#
AddCloud(Avg_s33_aopen, Avg_s33_aclose, CreateColor(255, 0, 0), CreateColor(255, 255, 0));
AddCloud(Avg_s33_aopen, Avg_s33_aclose, CreateColor(255, 0, 0), CreateColor(255, 255, 0));
AddCloud(Avg_s33_aopen, Avg_s33_aclose, CreateColor(255, 0, 0), CreateColor(255, 255, 0));
#-----------------------------------------------------------------------------------------#
plot top_Signal = s33_Sell;
top_Signal.SetDefaultColor(CreateColor(255, 178, 0));
top_Signal.SetLineWeight(2);
top_Signal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);

plot bot_Signal = s33_Buy;
bot_Signal.SetDefaultColor(CreateColor(255, 255, 0));
bot_Signal.SetLineWeight(2);
bot_Signal.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
#-------------------end display enhancement ----------------------------#

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.