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I built the scanner, but an alert like that would be put on to the ACTUAL study itself on the charts page. You wouldn't use what I programmed for that
Cleaned the code a bit, but I think the logistics were ok. If you're using the ATR, then that's already your threshold. Go ahead and change the threshold entry to 0
# Advanced Squeeze Scanner v2.0
# Momentum Squeeze basis coding by Moebius, based on John Carter
# Scanner by WTF_Dude. Mods on 9.9.20
# Edited 9.22.20
declare lower;
input length = 20; #hint length: Length for average calculation
input price = close;
input SDmult = 2.0;
input ATR_mult = 1.5;
input ATR_length = 20;
input Move_Threshold = 0; #best to set to 0 if using ATR options
def K = (Highest(High, length) + Lowest(low, length)) /
2 + ExpAverage(close, length);
def Momo = Inertia(price - K / 2, length);
def SD = StDev(close, length);
def Avg = Average(close, length);
def ATR = Average(TrueRange(high, close, low), ATR_length);
def SDup = Avg + (SdMult * Sd);
def ATRup = Avg + (Atr_Mult * ATR);
def Squeeze = SDup < ATRup;
def zero = if IsNaN(close) or !IsNaN(Squeeze) then Double.NaN else 0;
def momobullup = Momo > Momo[1] and Momo > Move_Threshold and Momo>0;
def momobulldown = Momo > 0 and Momo < Momo[1];
def momobeardown = Momo < Momo[1] and absvalue(Momo)>Move_Threshold and momo<0;
def momobearup = Momo < 0 and Momo > Momo[1];
def change = absvalue(close - close[1]);
# Squeeze breaks out in EITHER direction
Plot Breakout = squeeze[1] is true and squeeze is false;
# Breakout of squeeze to the upside
plot BreakoutBull = squeeze[1] is true and squeeze is false and momobullup;
# Breakout of squeeze to the downside
plot BreakoutBear = squeeze[1] is true and squeeze is false and momobulldown;
# Breakout of squeeze to the upside with move larger than ATR
plot BreakoutBullATRplus = squeeze[1] is true and squeeze is false and momobullup and change>ATR;
# Breakout of squeeze to the downside with move larger than ATR
plot BreakoutBearATRplus = squeeze[1] is true and squeeze is false and momobeardown and change>ATR;
# Bull trend reverses and turns down while the color changes to dark blue
Plot BullTrendReversal = momobulldown is true and momobulldown[1] is false;
# Bear trend reverses and turns up while the color changes to yellow
Plot BearTrendReversal= momobearup is true and momobearup[1] is false;
# Zero line turns red and becomes a squeeze
plot EnteringSqueeze = Squeeze[1] is false and Squeeze is true;@wtf_dude
you mean a downcycle where its been below 0 for at least 5 red bars, but has turned up and confirmed with 2 yellows coming up, correct?
That is correct, I sell a lot of put credit spreads. So I am looking for an early indicator that momentum is shifting from sell pressure to buy.
Right on, this is absolutely NOT the best way to pull this off but I can't think for **** atm as I'm on like 3 hours sleep. This should work fine. Ive noticed sometimes it will print 3 bars up vs only 2 every now and then, but it will get you alot of candidates. Don't worry about the condition wizard. Just copy paste this into thinkscript editor and you're done.
# ChiefCarl custom request by WTF_Dude
# Momentum wave turns up for 2 bars and spending at least 5 bars descending
declare lower;
input length = 20; #hint length: Length for average calculation
input price = close;
input SDmult = 2.0;
input ATR_mult = 1.5;
input ATR_length = 20;
def K = (Highest(High, length) + Lowest(low, length)) /
2 + ExpAverage(close, length);
def Momo = Inertia(price - K / 2, length);
def SD = StDev(close, length);
def Avg = Average(close, length);
def ATR = Average(TrueRange(high, close, low), ATR_length);
def momobearup = Momo < 0 and Momo > Momo[1] and momo[1]>momo[2] and momo[2]<momo[3];
def change = absvalue(close - close[1]);
input min_bars =7;
def minreq = momo[3]<momo[4] and momo[4]<momo[5] and momo[5]<momo[6] and momo[6]<momo[7] and momo[7]<momo[8] and highest(momo,7)<0;
def twobarprint = momo>momo[1] and momo[1]>momo[2] and momo[3]<momo[4];
Plot BearMinMomentum = minreq and twobarprint;Just add the macd cross on a separate line and use the condition wizard for it
Just add a new condition and use the condition wizard for the macd cross. Then save the scan to include both
@wtf_dude Thank you, love all your work!!
Personally I like to use the daily chart to establish trend, then using the 195 and 130 min charts for entries.
@chiefcarl What significance of 195 and 130 min timeframe, can you please elaborate? Thanks
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