Fun with ThinkScript

Try changing the very last AddChartBubble line to this and see if it accomplishes what you want.

AddChartBubble(showBubbleschange and !IsNaN("ZZ$" ) and barNumber != 1, if isUp then high else low , round(chg,2) , if isUp then GlobalColor("Up" ) else GlobalColor("Down" ), isUp);

Roger that, I'll give it a shot.

Ya know, that's kinda funny. I was just reading about "addchartbubbles" Lastnight :-)

Robert,

Thank you for providing these incredibly valuable posts. I can tell that you put a lot of hard work and study into the SD and TOS coding mechanisms. Having been an application coder in a previous life, I know how much effort is required to first learn and then crank out functions in new coding/scripting "languages."

This particular thread caught my attention when it drifted into Autowave territory. I accidentally "discovered" Autowave shortly after Qcharts added the feature to its product. (I'm guessing that was Dec. 2004 or maybe 2005.) Was just poking around with the new buttons I saw above the charts--"What's this do? What's that do?"--when I pushed the Wave button. About fell off the chair when it accurately pointed to the high and low points of each trend. Learned the hard way that it can be way early or, worse, give false signals in realtime. Got to the point where I deliberately turned Autowave off so I wouldn't fixate on its signals, which can be compelling. (Someone--I think BCT--posted elsewhere that they watched the MACD for confirmation after receiving an Autowave end-of-trend indication. An excellent idea.)

Anyway, I switched to SD/TOS awhile back, and found I missed having the option of occasionally flicking on the Autowave. I experimented a lot with the the TOS ZigZag functions, and even asked TOS's technical support to explain the variables that drive ZigZag, especially the ATR Reversal Factor. Could never quite get the two functions (ZigZag and Autowave) to mesh to my satisfaction. I think you've made an incredible leap in that direction with your code and ATR Reversal Factor settings.

FWIW, Autowave has its own equivalent of the ATR Reversal Factor settings: "wave size." Changing the Autowave wave size definitely impacts its "accuracy," especially with range-bound stocks. Last I checked, the default AW wave size was 20. I found that figure to be too "slow." So I changed the default to be 8 on large time frame charts (Weekly and Daily), and 13 on small time frame charts (55 and below). The 233, though, seemed stock- or volatility-related. If I remember correctly, I would set the 233's wave size to 8 for less volatile stocks, and 13 for the more volatile ones. That said, I think I eventually went with 8 for almost everything on the 233. Just got lazy.

I'm curious to hear if Dan, or anyone else who uses Autowave, uses the default wave size setting for all their charts. Knowing that would provide some insight into more accurately matching Autowave's behavior with TOS ZigZag's.

Thanks to all for a great thread.

Hologram Trader,

I use the Gary provided parameter for QCharts autowave wave size which is slightly different than the default setting. I honestly have not experimented much with changing wave size. If I was going to make an educated guess, I think the best autowave size would be related to the "cycle time" of the stock; i.e., the time it typcially takes the price to go from "bottom to bottom" or "top to top." As an example, in my readings of technical analysis books ("Technical Analysis" by Kirkpatrick and Dahlquist is outstanding, IMHO, even though it is not one of Gary's recommend books - or at least it was not on my list), moving averages are usually set to one half of the stock's cycle time. Of course it can be difficult to find the cycle time for a stock and it can change, so I guess a middle range default for all stocks is probably acceptable.

I know what you mean about the appearing/disappearing autowave line in QCharts. It always looks great in retrospect, but watching while the candles complete can cause some anxiety when it appears on the completion of one candle, only to disappear when the next candle has completed. I agree with the comment on using MACD as a confirmation, particularly if there is a MACD divergence with price as the price approaches what looks like a top or bottom of a cycle.

Dan,

I suspect your educated guess about general stock "cycle times" and the Autowave is exactly right. As you noted, calculating cycle times can get real messy. Good to know for expert stocks, but can cause data overload if tracking it for a long list of them.

I think I have that Dahlquist and Kirkpatrick book in my trading library. If I remember correctly, I read parts of it, but overall found it kind of intimidating. Should probably give it a second look.

Thanks again for your responses and help in this excellent thread.

H.T.

Thanks for posting your models Robert. I have a question about running the scans at 4 hour buckets. Should the scans work the same as the daily ones? I have noticed that the signals don't work. I was wondering if I could check to see if anyone else was running into the same issue.

Thanks in advance!

sonicwave,

The HRFP scan formula that I posted should work the same on any time frame. That said, I just tested the scan with 1hr, 4hr, Daily, and Weekly aggregation periods and only the daily seems to work properly. It must have something to do with the way TOS is implementing custom formulas. I don't have an answer for you. sorry.

Robert,

Over at the TOS_Ttinkscript group on Yahoo there have been a lot of complaints about "custom column" indicators no longer working on time frames shorter than a day since the latest TOS software update was deployed. Intraday custom column indicators appear to be stuck in the "loading" status and never complete. It looks like custom columns will not populate until the market closes for the day. Maybe this is the problem you are experiencing.

Dan,

you're probably right; but the software is free and does meets my needs so I certainly can't complain.

Thanks for the quick replies - you guys are awesome!

Robert:
I wanted to create a signal on my watchlist in TOS that flags a stock when it is outside of the BB: Can I just use your code below and add that as a scan?

(using this code):
#Out of Bounds
def sDev = StDev(close, 21);
def MidLine = Average(close, 21);
def UpperBand = MidLine + 2 * sDev;
def LowerBand = MidLine - 2 * sDev;
def CloseAbove = if close > UpperBand then 1 else Double.NaN;
def CloseBelow = if close < LowerBand then 1 else Double.NaN;
AddLabel(CloseAbove, round(close - UpperBand,2), Color.WHITE);
AddLabel(CloseBelow, round(close - LowerBand,2), Color.WHITE);

or would there be a better way to write it?

Quote
NMR
Robert:
I wanted to create a signal on my watchlist in TOS that flags a stock when it is outside of the BB: Can I just use your code below and add that as a scan?

NMR,

The code needs to be modified a little bit to function as a watchlist signal. Give the following a try.

#Out of Bounds 
def sDev = StDev(close, 21);
def MidLine = Average(close, 21);
def UpperBand = MidLine + 2 * sDev;
def LowerBand = MidLine - 2 * sDev;
plot OOB = if close > UpperBand then Round(close - UpperBand, 2) else if close < LowerBand then Round(close - LowerBand, 2) else Double.NaN;
AssignBackgroundColor(if !isnan(oob) then color.white else color.gray);
OOB.assignvalueColor(if !isnan(oob) then color.black else color.gray);

The scan shown above is checking the daily chart. If you wish to use a different time frame, hourly perhaps, then change the aggregation period when you set up the scan.

this is outstanding- thank you !
if I can provide any chart insight or feedback- please let me know.

Quote
NMR
this is outstanding- thank you !

Happy to be of service.

Robert,

Thanks from me also for sharing your scripts. They are quite excellent. I also use the TOS platform, and I'm loving it.

Thanks!

Quote
funkho
Thanks from me also for sharing your scripts. They are quite excellent.

Sure thing. It's nice to know that you find them useful.

PLEASE HELP

Hello everyone, I'm brand new here, and brand new to Thinkorswim. I've been looking everywhere for an indicator that alerts me with a sound and message (within tos) as soon as price crosses the upper or lower bullinger band, it would also be great if the background color could change to grey, so i immediately know which chart I'm looking at. I've tried adding custom alerts to bollinger bands crossover study, but it seems to not work every time, or only work once, plus it's very time consuming adding the alert one by one to 9 different currency pairs. if anyone knows where to find this (preferably) .ts file i would be overjoyed!

Quote
smccooey
I've been looking everywhere for an indicator that alerts me with a sound and message (within tos) as soon as price crosses the upper or lower bullinger band, it would also be great if the background color could change to grey, so i immediately know which chart I'm looking at.

Welcome, smccooey. I threw this together quickly and believe it'll work for you.

input length = 21;
input deviation = 2;

def sDev = StDev(data = close, length);
def MA21 = Average(close, length);

def UpperBand = MA21 + deviation * sDev;
def LowerBand = MA21 - deviation * sDev;

def oobUp = if close > UpperBand and close[1] <= UpperBand[1] then 1 else Double.NaN;
def oobDn = if close < LowerBand and close[1] >= LowerBand[1] then 1 else Double.NaN;

Alert(oobUp, Concat(GetSymbolPart(), " above upper band." ), Alert.BAR, Sound.Chimes);
Alert(oobDn, Concat(GetSymbolPart(), " below lower band." ), Alert.BAR, Sound.Chimes);

assignbackgroundColor(if close > upperband then color.gray else if close < lowerband then color.gray else color.current);

Thank you so Much! you are my hero! really appreciate it!

Hello everyone, I'm new to this forum, and I'm trying to put together (if i ever can) a radar scanner like the one that "John Carter " uses in his trading. I was trying to use the bullinnger bands (as Robert put together) as a guide-but I have failed miserably. Thinkorswim has the TTM.Squeeze indicator and I would like to have a watch list spotting few signals without the need to open up every stock symbol. I would like to see when the TTM_Sqz fires up or dowm.

Thank you so much!!!!!

Jluis,

I'm unfamiliar with either John Carter or the TTM Squeeze you mention so I had to google it so that I might try writing the code you requested. In doing so, I found that the thinkscripter website already has a couple of posts and videos which go into great detail describing what you are trying to do. Rather than re-invent the wheel, I'll just point you to the site.

Good luck.

[www.thinkscripter.com]

Thank you so very much sir! greatly appreciated !

Hi Robert,

I am new to this forum and I use the TOS platform. I have read your posts on this thread and appreciate all the sincere help you are providing other readers.

I am a day trader and use the previous day high and low, pivot point and 5 minute open range for trade entries. I am looking for some indicators to help me with this and I will deeply appreciate your help. As a token of appreciation I am giving my day trading system for free to all the readers of this forum and it has been very successful for me.

I use 2 minute charts and my entries are as follows:

Long: previous day high + 2 minute ATR or 5 minute open range high + 2 minute ATR or pivot point + 2 minute ATR
Short: previous day low - 2 minute ATR or 5 minute open range low - 2 minute ATR or pivot point - 2 minute ATR

Using ATR increases win percentage for this system by eliminating a majority of fake breakouts. I round up the ATR to nearest higher .05. Readers can use either one of the entry methods or two or all three according to their preference. I also make sure ADX of SPY is 20 or more.

I use a stop loss of 2 x ATR at entry or 2 closes below 8 EMA once trade is in progress. My first profit target is 2 x ATR when I close half position and second profit target is 5 x ATR from the entry price when I close full position. My position sizing in number of shares is the dollar loss that I can afford per trade divided by the rounded 2 x ATR.

I use stocks or ETFs that trade more than 1 million shares daily, with a daily ATR of 1.5 or greater, preferably daily ATR of 2 or greater.

I am looking for 4 indicators. One that can plot the previous day high and previous day low and the pivot point (previous day high + low + close)/3 with alerts. Second indicator that can plot 5 minute open range high and low with alerts. Third indicator to plot the ten day high and the ten day low. Fourth indicator to display ADX of SPY on the upper TOS chart in green button if 20 or more and in red if less than 20. I am looking for audible alert with a written message with symbol name on main screen that I can click off, if the price touches (equal to OR greater) previous day high or (equal to OR lesser) previous day low, (equal to THEN greater or equal to THEN lesser) pivot point, and 5 minute open range high or low on any of the charts that I am watching. I am also looking for the background color of chart of that symbol to turn grey when those conditions are met, giving me an option to reset to the original color when I want.

I am also looking for an audible and visual alert (green or red signal) on a watchlist of all my day trading stocks when those conditions are met. For example my watchlist displays green signal in front of symbol when price touches previous day high or 5 minute open range high or pivot point from below and displays red signal when price touches previous day low or 5 minute open range low or pivot point from above. It will stay green or red until another condition met and then change back to blank. For example it touches previous day low and turns red under previous day range then it reverses and touches pivot point from below and turns green under pivot point and blank under previous day range. There can be 3 columns: previous day range (PDR), open range (OR), pivot point (PP)

I will be very grateful and highly appreciative for any help you can provide. Thanks

Tan



Edited 3 time(s). Last edit at 03/15/2014 10:34PM by tanman.

Quote
Tan
I am looking for 4 indicators. One that can plot the previous day high and previous day low and the pivot point (previous day high + low + close)/3 with alerts. Second indicator that can plot 5 minute open range high and low with alerts. Third indicator to plot the ten day high and the ten day low. Fourth indicator to display ADX of SPY on the upper TOS chart in green button if 20 or more and in red if less than 20. I am looking for audible alert with a written message with symbol name...

Tan,

I wrote the code below that includes all four of your requested indicators, as well as, the audible alerts for crossing each of the lines. I believe it'll do what you asked.

Have fun storming the castle.

#Plot opening range high / low
input OpenRangeMinutes = 5;
input MarketOpenTime = 0930;
input ShowTodayOnly = yes;

def Today = if GetDay() == GetLastDay() then 1 else 0;
def FirstMinute = if SecondsFromTime(MarketOpenTime) < 60 then 1 else 0;
def OpenRangeTime = if SecondsFromTime(MarketOpenTime) < 60 * OpenRangeMinutes then 1 else 0;

def ORHigh =  if FirstMinute then high else if OpenRangeTime and high > ORHigh[1] then high else ORHigh[1];
def ORLow = if FirstMinute then low else if OpenRangeTime and low < ORLow[1] then low else ORLow[1];

plot OpenRangeHigh = if ShowTodayOnly and !Today then Double.NaN else if !OpenRangeTime then ORHigh else Double.NaN;
plot OpenRangeLow = if ShowTodayOnly and !Today then Double.NaN else if !OpenRangeTime then ORLow else Double.NaN;

OpenRangeHigh.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
OpenRangeHigh.SetDefaultColor(Color.CYAN);
OpenRangeLow.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
OpenRangeLow.SetDefaultColor(Color.PINK);

#Plot yesterday's high / low
plot Yhigh = if ShowTodayOnly and !Today then Double.NaN else high(period = "day" )[1];
plot Ylow = if ShowTodayOnly and !Today then Double.NaN else low(period = "day" )[1];

Yhigh.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
Yhigh.SetDefaultColor(Color.UPTICK);
Yhigh.SetLineWeight(2);
Ylow.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
Ylow.SetDefaultColor(Color.DOWNTICK);
Ylow.SetLineWeight(2);

#Plot pivot
plot Pivot = if ShowTodayOnly and !Today then Double.NaN else (high(period = "day" )[1] + low(period = "day" )[1] + close(period = "day" )[1]) / 3;
Pivot.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
Pivot.SetDefaultColor(Color.YELLOW);
Pivot.SetLineWeight(2);

#Plot 10 day high / low
plot TenHigh = if ShowTodayOnly and !Today then Double.NaN else Highest(high(period = "day" )[1], 10);
plot TenLow = if ShowTodayOnly and !Today then Double.NaN else Lowest(low(period = "day" )[1], 10);

TenHigh.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
TenHigh.SetDefaultColor(Color.UPTICK);
TenHigh.SetLineWeight(3);
TenLow.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
TenLow.SetDefaultColor(Color.DOWNTICK);
TenLow.SetLineWeight(3);

#Calculate 2 min ATR
input ATRLength = 14;

def ATR = WildersAverage(TrueRange(high, close, low), ATRLength);

#Define long signals
def AboveYhigh = close >= Yhigh + ATR;
def AbovePivot = close >= Pivot + ATR;
def AboveORHigh = close >= ORHigh + ATR;

#Define short signals
def BelowYlow = close <= Ylow - ATR;
def BelowPivot = close <= Pivot - ATR;
def BelowORLow = close <= ORLow - ATR;

#Trigger alerts
Alert(AboveYhigh and !AboveYhigh[1], Concat(GetSymbolPart(), " above yesterday's high." ), Alert.BAR, Sound.Chimes);
Alert(AbovePivot and !AbovePivot[1], Concat(GetSymbolPart(), " above pivot point." ), Alert.BAR, Sound.Chimes);
Alert(AboveORHigh and !AboveORHigh[1], Concat(GetSymbolPart(), " above opening range high." ), Alert.BAR, Sound.Chimes);
Alert(BelowYlow and !BelowYlow[1], Concat(GetSymbolPart(), " below yesterday's low." ), Alert.BAR, Sound.Chimes);
Alert(BelowPivot and !BelowPivot[1], Concat(GetSymbolPart(), " below pivot point." ), Alert.BAR, Sound.Chimes);
Alert(BelowORLow and !BelowORLow[1], Concat(GetSymbolPart(), " below opening range low." ), Alert.BAR, Sound.Chimes);

#Display SPY ADX value in a box
input symbol = "SPY";
input ADX_length = 14;

def h = high(symbol);
def l = low(symbol);
def c = close(symbol);

def hiDiff = h - h[1];
def loDiff = l[1] - l;
def plusDM = if hiDiff > loDiff and hiDiff > 0 then hiDiff else 0;
def minusDM =  if loDiff > hiDiff and loDiff > 0 then loDiff else 0;
def ATR2 = WildersAverage(TrueRange(h, c, l), ADX_length);
def "DI+" = 100 * WildersAverage(plusDM, ADX_length) / ATR2;
def "DI-" = 100 * WildersAverage(minusDM, ADX_length) / ATR2;
def DX = if ("DI+" + "DI-" > 0) then 100 * AbsValue("DI+" - "DI-" ) / ("DI+" + "DI-" ) else 0;
def AltSymbolADX = WildersAverage(DX, ADX_length);

def ADXred = if AltSymbolADX < 20 then 1 else 0;
def ADXgreen = if AltSymbolADX >= 20 then 1 else 0;

AddLabel(ADXred, Concat("SPY ADX = ", AltSymbolADX), Color.DOWNTICK);
AddLabel(ADXgreen, Concat("SPY ADX = ", AltSymbolADX), Color.UPTICK);

This trading thought process sounds similar to one presented by The Rumpled One. If so, I would be interested in hearing more details such as a stock list that might work here.

Quote
MTUT
This trading thought process sounds similar to one presented by The Rumpled One. If so, I would be interested in hearing more details such as a stock list that might work here.

I did some googling this morning while I was writing the code for Tan and I believe his approach is based on the Open Range Success Formula by Geoff Byssche of MarketGauge. Take a look at the videos here: [www.screencast.com]

Robert,

Wow, the code works great! Thank you so much. You're the best

Can you help me with a few other things? Is it possible also for the entry price to be displayed in the alert message? For example the value of yhigh+ATR when the yhigh alert is triggered. Or ylow-ATR when ylow alert is triggered. Right now I have to manually add it in my head to determine the entry price.

Secondly, is it possible to build custom watch list columns for previous day range, open range, and pivot point which show green or red color in front of the symbol when long or short entries are triggered? Right now the code works only on open charts and entry triggers on other stocks on my watch list are missed. With custom watch list columns, all I'll have to do is watch the watch list and as soon as entry is triggered, I can open the corresponding chart and not miss any chances.

Thirdly, I want to add a label which displays current 2 minute ATR on upper chart next to the ADX label. The lower studies get cut off when I open 2 charts horizontally and I cannot see the ATR.

My system is actually a combination of 3 systems: previous day high low breakout system, 5 minute open range breakout system, and pivot point trading system. They can be used separately as independent systems, but when they are combined, you can get stronger support and resistance levels when there is a confluence of plotted lines from each system, which can lead to stronger breakouts if the price does breakout. In addition to that , when 2 lines are close together then the higher or lower of the two gives a better long or short breakout entry. For example today in AMZN the open range high was at 378 and the previous day high was at 378.6. The price went above open range high but the previous day high acted as resistance and price couldn't breakout above that level. Using them together enabled me to avoid entry based on the open range high alone. The level beyond the first level can act as support or resistance. You might get a long or short signal on one of the lines but if the other line is just beyond the entry signal of the first line, the price might not be able to breakout. So better to use the higher of the two for long signal and lower of the two for short signal.

Another very important thing: Once price goes above or below the previous day high or low or open range high or low then a new current high or low line has to be plotted for further breakout entries if price pulls back.

The plotted lines can also be used as reversal points if price doesn't breakout. For reversals I use the following system. You make sure oscillator shows oversold or overbought condition at the line if price starts reversing, then enter only if bar closes above 8 EMA for reversal long or closes below 8 EMA for reversal short. Exit is when two bars close below or above 8 EMA depending on whether long or short. I use the stochastic momentum index indicator or RSI and candlesticks.

I found a simple thinkscript online which can be modified to use for reversal trading:

input price = close;
input length = 8;
input displace = 0;
input inputStochLong = 40;

# return %k for going long on stochastics
def StochLong = StochasticFull(80,20,14,3,High,Low,Close,3, "SMA" ).FullK;
def longOneFilter = StochLong < inputStochLong;

plot AvgExp = ExpAverage(price[=displace], length);
AvgExp.SetDefaultColor(GetColor(5));

plot SignalBuy = if close > AvgExp and longOneFilter then low else double.nan

# show up arrow for buy signal
SignalBuy.SetPaintingStrategy(PaintingStrategy.arrow_up);
SignalBuy.AssignValueColor(color.GREEN)

# show alert and make sound
alert(SignalBuy, "Time to go long", alert.Bar, sound.Ring);

I guess the same code can be flipped for short entries.

Tan



Edited 2 time(s). Last edit at 03/17/2014 07:22PM by tanman.

MTUT,

I am new here so not familiar with The Rumpled One. My trading system is based on 4 different independent systems as I have explained in my reply to Robert.

1. Previous day range breakout
2. 5 minute open range breakout
3. Pivot point trading (breakout and reversals)
4. Reversal 8 EMA

I learned about these systems from various online sites and modified and combined them to form my system. When the market is trending with SPY ADX above 20, then the first three work out better, and when the market is consolidating with ADX below 20, then the last two work better. Actually the first can work also because price starts to reverse from the high and low instead of breaking out. When stocks gap up or down the 5 minute open range works very well.

I use the following parameters to scan for stocks and ETF's that work for this system:

1. Price range 20 to 75
2. Average daily volume > 1,000,000
3. Daily ATR > 2

You can run this scan every day after market close and it will give you a watch list for the next day. The aim is to find stocks and ETF's that are volatile and move a lot, with a lot of liquidity for smaller bid ask spreads, while not too high in price. If you are looking for stocks that move in direction of the market, then you can add Beta > 1.5 to the above parameters. Once I have the initial watch list, I go through each chart on the time frame that I trade on, and get rid of all the stocks that have a lot of long bars and a lot of long wicks/tails on the candlesticks. Examples of such stocks are SSYS, BIIB, TSLA etc. This improves the quality of the watch list.

Before market opens you can scan for pre market movers for stocks that have gapped up or down after hours in addition to above parameters, which will give you a watch list for the 5 minute open range strategy. If stock gaps up, your bias should be towards long entry on breakout above 5 minute open high and if it gaps down then your bias should be towards short entry below 5 minute open low. You should be more careful with the opposite trade with a smaller position size and tighter stops.

Hope that helps,

Tan

Very nice work!!!!!!!
thanks

Game0ver Wrote:
-------------------------------------------------------
> Very nice work!!!!!!!
> thanks

You are most welcome