Champion Reversal Indicator ThinkorSwim TOS Script

Champion Reversal Indicator ThinkorSwim TOS Script

Product Description

Champion Reversal Indicator

The Champion Reversal indicator identifies potential reversals by monitoring RSI, Bollinger Bands, and variety of same-colored candles.

I might similar to to ask if the eSignal indicator on this web site could be finished in TOS? Plainly the beneath standards should meet to set off the Arrow up/down (inexperienced/pink) to indicate.

1. I search for shares hitting new highs or new lows
2. I search for at the very least 5–10 consecutive 5min candles of the identical shade
3. I search for RSI beneath 10 or above 90 to point excessive situations

Additionally, can be good if the primary 5 minute candle making a brand new excessive vs earlier candle (for backside reversal) or new low (for high reversal) to alter its shade to yellow, to alert me to purchase/promote respectively.

Please let me know. Thanks!

Sure, it may be finished.

Observe that I should not have eSignal; neither did I’ve entry to the eSignal code for this indicator. My ThinkScript was reversed engineered primarily based solely on the screenshots and the written description on the hyperlink posted by the above requestor.

eSignal model

vs. thinkorswim model

This indicator marks potential reversals by checking the next default parameters:

1. At the very least 5 same-colored candles in a row.
2. RSI[5] is oversold (10) for backside reversals or overbought (90) for high reversals.
3. The reversal candle opens and closes outdoors of the bollinger bands.

All parameters are person configurable from the script settings panel.

If you wish to be extra aggressive, slim the RSI overbought/oversold vary or enable the reversal candle to be contained in the bollinger bands.

Obtain instantly Champion Reversal Indicator ThinkorSwim TOS Script

I additionally added coloured entry candles and preliminary cease ranges.

Moreover, I’ve written a script for the inventory hacker scan software that may discover shares that are establishing for a possible reversal in accordance with the factors talked about above.

This video reveals establishing the scan, operating the scan, saving the outcomes to a watchlist, and saving the scan itself so it may be reused once more later. Within the video, I set the scan up for looking 5 minute charts. Different time frames could also be used as properly by choosing a distinct aggregation interval from the drop down checklist.

Observe: the video doesn’t have recorded audio.

Technical Evaluation The whole lot Else

The right way to perceive about technical evaluation: Find out about technical evaluation

In finance, technical evaluation is an evaluation methodology for forecasting the path of costs by way of the examine of previous market knowledge, primarily worth and quantity.
Behavioral economics and quantitative evaluation use most of the similar instruments of technical evaluation, which,
being a side of energetic administration, stands in contradiction to a lot of recent portfolio principle.
The efficacy of each technical and elementary evaluation is disputed by the efficient-market speculation, which states that inventory market costs are basically unpredictable.