Enhanced Trend Reversal Indicator
Uploaded by
Juan AponteEnhanced Trend Reversal Indicator
Uploaded by
Juan Aponte# Enhanced Trend Reversal Indicator with Signals
# Added VWAP
# Assembled by BenTen at useThinkScript.com
# Original developer: Bayside of Enhanced Investor
# Original version: https://usethinkscript.com/threads/trend-reversal-indicator-with-signals-for-
thinkorswim.183/
# Version 1.0 (read changelog in forum)
def price = close;
def superfast_length = 9;
def fast_length = 14;
def slow_length = 21;
def displace = 0;
def mov_avg9 = ExpAverage(price[-displace], superfast_length);
def mov_avg14 = ExpAverage(price[-displace], fast_length);
def mov_avg21 = ExpAverage(price[-displace], slow_length);
# MAs part of Trend Reversal
def Superfast = mov_avg9;
def Fast = mov_avg14;
def Slow = mov_avg21;
def buy = mov_avg9 > mov_avg14 and mov_avg14 > mov_avg21 and low > mov_avg9;
def stopbuy = mov_avg9 <= mov_avg14;
def buynow = !buy[1] and buy;
def buysignal = CompoundValue(1, if buynow and !stopbuy then 1 else if buysignal[1] == 1 and
stopbuy then 0 else buysignal[1], 0);
def Buy_Signal = buysignal[1] == 0 and buysignal == 1;
def Momentum_Down = buysignal[1] == 1 and buysignal == 0;
def sell = mov_avg9 < mov_avg14 and mov_avg14 < mov_avg21 and high < mov_avg9;
def stopsell = mov_avg9 >= mov_avg14;
def sellnow = !sell[1] and sell;
def sellsignal = CompoundValue(1, if sellnow and !stopsell then 1 else if sellsignal[1] == 1 and
stopsell then 0 else sellsignal[1], 0);
def Sell_Signal = sellsignal[1] == 0 and sellsignal;
input method = {default average, high_low};
def bubbleoffset = .0005;
def percentamount = .01;
def revAmount = .05;
def atrreversal = 2.0;
def atrlength = 5;
def pricehigh = high;
def pricelow = low;
def averagelength = 5;
def averagetype = AverageType.EXPONENTIAL;
def mah = MovingAverage(averagetype, pricehigh, averagelength);
def mal = MovingAverage(averagetype, pricelow, averagelength);
def priceh = if method == method.high_low then pricehigh else mah;
def pricel = if method == method.high_low then pricelow else mal;
def EI = ZigZagHighLow("price h" = priceh, "price l" = pricel, "percentage reversal" =
percentamount, "absolute reversal" = revAmount, "atr length" = atrlength, "atr reversal" =
atrreversal);
rec EISave = if !IsNaN(EI) then EI else GetValue(EISave, 1);
def chg = (if EISave == priceh then priceh else pricel) - GetValue(EISave, 1);
def isUp = chg >= 0;
def EIL = if !IsNaN(EI) and !isUp then pricel else GetValue(EIL, 1);
def EIH = if !IsNaN(EI) and isUp then priceh else GetValue(EIH, 1);
def dir = CompoundValue(1, if EIL != EIL[1] or pricel == EIL[1] and pricel == EISave then 1 else if
EIH != EIH[1] or priceh == EIH[1] and priceh == EISave then -1 else dir[1], 0);
def signal = CompoundValue(1, if dir > 0 and pricel > EIL then if signal[1] <= 0 then 1 else
signal[1] else if dir < 0 and priceh < EIH then if signal[1] >= 0 then -1 else signal[1] else signal[1],
0);
def bullish2 = signal > 0 and signal[1] <= 0;
plot upArrow = bullish2;
upArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
upArrow.SetDefaultColor(CreateColor(145, 210, 144));
def bearish2 = signal < 0 and signal[1] >= 0;
plot downArrow = bearish2;
downArrow.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
downArrow.SetDefaultColor(CreateColor(255, 15, 10));
#Alerts
input alerts = yes;
def bull = if signal > 0 and signal[1] <= 0 then 1 else 0;
def bear = if signal < 0 and signal[1] >= 0 then 1 else 0;
Alert(alerts and bullish2[1] == 1, "Up ", Alert.BAR, Sound.Chimes);
Alert(alerts and bearish2[1] == 1, "Down ", Alert.BAR, Sound.Bell);