its called UGLY DUCK
and it consist of 4 RSI lines plus THE BLUE WAVE a script by Lazy Bear.
I am working on different versions. so far the best results are with the clouds version.
I have added coloured blocks to indicate bear or bull conditions depending on the position and combination of each RSI frequencies.
I will be sharing the codes for the diff versions with exception of the final code which i will share it with only one lucky member choose at random.
Would love the TOS code please. If you're looking for name suggestions, the chart reminds me of that old Atari game, Tempest. You might be too young to remember that game. I'm talking about the OG gaming console of the early 80s. My name suggestion would be RSI_Tempest_Spike.
The following 2 users say Thank You to CryptoBuffalo for this post:
your Red and Green lines resemble a DM which includes the ADX also and the Vortex indicator.......not sure where the RSI is....but then again I don't use the 5 min chart...is the RSI your Red and Green lines....after further review your RSI is your tighter Green and White ...right?...How are you trying to use this indicator....looks like a mish mash....
The following user says Thank You to loantelligence for this post:
From another thread; but should be mandatory reading on all newbie threads.
I find it ironic, but not surprising that this thread is currently the most active thread on the forum. In the almost 10 years that I've been a member, (and @Big Mike will attest to this fact) we've gone through many, many, iterations of discussions on this very topic. It's almost a cyclical phenomenon. Another generation of aspiring traders embarking on what they think is going to be a walk-in-the-park, until they discover that achieving success in trading isn't quite as easy as they had envisioned.
Most of them are under-capitalized, and the majority of them don't know the difference between a stock and a bond. A lot of them believe the market owes them a living, and will blame the market for their lack of success, when in fact they lack the self-determination to succeed. There is nothing novel about this phenomenon. And, there is certainly nothing surprising about the response it is generating.
Other aspiring traders are eager to offer their advice. What's ironic is most of these traders are experiencing the same problems, and are incompetent at trading themselves. Incompetent traders are at a double disadvantage, since they are not only incompetent, but they are unawre of it. Almost 1/2 of them couldn't even pony up the $ to become elite members, most are on SIM and have no skin in the game, and I truly wonder how many of the others are consistently profitable to the point, where they can actually support themselves and a family, from their trading. Yet they are crawling all over themselves to tell-like-it-is; to explain how they have reinvented the wheel, and found the answer to the eternal question.
Their advice is a panoply of retail aphorisms and urban trading myths that have been propagated over the years, and regurgitated to the newbie masses. And, it's the same worthless garbage every time. You have to find your edge! Trade your plan! Find what suits you and makes you comfortable. Find a nice indicator you can settle down with and crank out 4 tics at a time. I haven't heard one expert that was offering advice say, "learn how the markets work" before you attempt to trade it.
What's ironic, Is that you'll never see these "experts" participating in threads about the markets and trading, because they really have little knowledge of how markets function, and little idea of what it really takes to make consistent and scalable profits. But they are very inclined to tell a newbie how to trade, and dispense advice with no uncertainty, blissfully ignorant of their own ineptitude. This only serves to perpetuate the cycle of retail mis-information, and re-cycle uninformed, unprepared traders that provide the winners their fresh and unknowing counterparts.
Most people are unlikely to think highly of anyone whose views they oppose. So when the newbie thinks about which person to listen to, whose advice to respect, and where to get his information, it’s likely that he will choose the one that parallels his views, even though it may not be in his best interest. There have been countless times that @Big Mike and I have tried to steer people in the right direction, but people hear what they want to hear and disregard the rest. And what's sad, not ironic, is that these words will probably fall on deaf ears, or not really be comprehended nor believed, and most assuredly, they will be ignored by most
The following 11 users say Thank You to tigertrader for this post:
You can't leave us hanging with such an enticing thread title! I am not on TOS so I have no skin in the game here, but I am intrigued how you use this and why it is your best indicator ever!
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- Trade what you see. Invest in what you believe -
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The following user says Thank You to JonnyBoy for this post:
addlabel(yes, "RSI", if white<diff and white>white[1] and white>0 then color.green else if white>diff and white<white[1] and white<0 then color.red else color.gray);
AddLabel( yellow<white and white<magenta, " go ", color.red);
AddLabel( yellow>white and white>magenta, " go ", color.GREEN);
#AddLabel( white<magenta, " 1 ", color.red);
AddLabel( yellow<diff0 and diff0<magenta, " go2 ", color.red);
AddLabel( yellow>diff0 and diff0>magenta, " go2 ", color.GREEN);
addlabel(yes, "W", if WHITE>YELLOW then color.green else if WHITE<YELLOW then color.red else color.gray);
addlabel(yes, "G", if RSI3>YELLOW then color.green else if RSI3<YELLOW then color.red else color.gray);
addlabel(yes, "RSIø", if white<diff and white>white[1] and white>0 then color.green else if white>diff and white<white[1] and white<0 then color.red else color.gray);
addlabel(yes, "M", if magenta>magenta[1] then color.cyan else if magenta<magenta[1] then color.magenta else color.gray);
#END CODE
The following 2 users say Thank You to alagrande for this post:
2 different new versions... they look cute The top one is a histogram v2 and the bottom one a cloud ver sion or a combination of 2 clouds one on top on the other.
hi, the target is to develop something to make trading EASY with the tools that the MASTER (TOS) has offered us.
THE best tool for me would be access to market depth but not offered by most platforms.
So... i am doing paper money on 30 min time frame which i have find out its the best for this study, and i enter when i see green clouds are scaling up and exit when green (over all) is scaling down or red scaling up.
Thanks for posting this. I have only one indicator and it's the one I used to trade physical gold and silver coins.
I was successful in the buying and selling of physical gold and silver coins so I figured that I'd go to the futures market and get some leverage. I've actually learned a lot about the differences between trading paper vs physical gold in the last month since I started. What I find ironic is that most pros don't understand gold and silver.
The amount of blogs/articles I see that claim that gold is going to explode past $1800 for reasons that every seasoned gold veteran knows isn't true by so-called professional bloggers is hilarious. I shorted gold and silver despite the bullish sentiment and made some good cash yesterday.
What I would like to learn here are ways to maximize the daily fluctuations rather than buy and hold because by the time the data comes out that says that gold and silver are headed back up, the market would've already decided that I think. I do believe that live trading is the only way to learn. I SIM traded, but it never prepared me for the reaction to huge selloffs. Actually, I never bothered checking in on my SIM trades other than when I executed the buy and sells, which are at the same times every day.
OK. guys is my pleasure to share it with you.
It works better on 5 min chats.
Candles painting is on but you can turn then off.
The withe and yellow lines if both on top of zero its bullish and if below 0 it is bear.
Play on paper money and get familiarized with it.
Also be thankful and share your feedbacks.
#UGLY_DUCK_clouds_v1
#created by alagrande 05/19/20
#Thanks to Lazy Bear for THE BLUE WAVE.
#torque_rsi
declare lower;
input Channel_Length = 10; #10
input Average_Length = 4; #20, 11
input over_bought_1 = 60;
input over_bought_2 = 53;
input over_sold_1 = -60;
input over_sold_2 = -53;
input show_bubbles = yes;
input show_sec_bbls = no;
input show_alerts = yes;
def ap = hlc3;
def esa = ExpAverage(ap, Channel_Length);
def d = ExpAverage(AbsValue(ap - esa), Channel_Length);
def ci = (ap - esa) / (0.015 * d);
def tci = .5* ExpAverage(ci, Average_Length);
#tci.setLineWeight(1);
def wt1 = tci;
def wt2 = SimpleMovingAvg(wt1, 2);
#red.assignValueColor(if red>0 then color.red else if red<0 then color.green else color.gray);
input PaintBars = Yes;
AssignPriceColor (if !paintbars then Color.CURRENT else if green>0 then Color.GREEN else if red<0 then Color.RED else Color.red);
plot zero =2;
zero.setLineWeight(3);
zero.setDefaultColor(color.gray);
zero.assignValueColor(if rest2>red then color.green else if rest2<red then color.red else color.gray);
ZERO.HIDE();
plot zerobase =-2;
zerobase.setLineWeight(3);
zerobase.setDefaultColor(color.gray);
zerobase.assignValueColor(if red>green then color.red else if red<green then color.green else color.gray);
ZERObase.hide();
plot z =-0;
z.setLineWeight(2);
z.setDefaultColor(color.gray);
z.assignValueColor(if RESTW>TCI then color.red else if RESTW<TCI then color.green else color.gray);
#z.assignValueColor(if TCI<TCI[1] then color.red else if TCI>TCI[1] then color.green else color.gray);
#end code
The following 3 users say Thank You to alagrande for this post:
input PaintBars = NO;
AssignPriceColor (if !PaintBars then Color.CURRENT else if green > 0 then Color.GREEN else if red < 0 then Color.RED else Color.RED);
addlabel(green<0 and restw>0 and restw>restw[1] and total<0 and total<total[1], "1", color.red);
addlabel(green<0 and restw>0 and restw<restw[1] and total<0 and total<total[1], "2", color.red);
addlabel(green<0 and restw>0 and restw>restw[1] and total<0 and total<total[1], "3", color.red);
#-------------------------------------------
#-------------------------------------------
#POSITIVE
addlabel(green>0 and restw<0 and restw<restw[1] and total>0 and total>total[1], "1", color.green);
addlabel(green>0 and restw<0 and restw>restw[1] and total>0 and total>total[1], "2", color.green);
addlabel(green>0 and restw<0 and restw<restw[1] and total>0 and total>total[1], "3", color.green);
#-------------------------------------------
addlabel(yes, "/", color.white);
addlabel(yes, "T44", if RESTW<RESTW[1] and GREEN>GREEN[1] AND TOTal>TOtal[1] and TOTal2>TOtal2[1] then color.green else if green>restw and restw>red then color.dark_green else if RESTW>RESTW[1] and GREEN<GREEN[1] AND TOTal<TOtal[1] and total2<total2[1] then color.red else if red>restw and restw>green then color.dark_red else color.gray);
#W>0, G>0, C>0, R<0, R<C red<cyan (TRIGER)
addlabel(yes, "C><0", IF RESTW>0 and GREEN>0 AND TOTal>0 and red<0 AND RED<TOTAL THEN COLOR.CYAN ELSE IF RESTW>0 and GREEN>0 AND TOTal>0 and red>0 AND RED<TOTAL THEN COLOR.PINK ELSE COLOR.GRAY);
#RED CROSSING BELOW OR ABOVE CYAN
addlabel(yes, "C><0", IF RESTW<0 and GREEN>0 AND TOTal<0 and red<TOTAL THEN COLOR.GREEN ELSE IF RESTW>0 and GREEN<0 AND TOTal>0 and red>TOTAL THEN COLOR.RED ELSE COLOR.GRAY);
#G>0, C>0, C>C, W>W, W>0
addlabel(yes, "ALLw", IF GREEN>0 and RESTW<0 AND RESTW>RESTW[1] and TOTAL>0 AND TOTAL>TOTAL[1] THEN COLOR.GREEN ELSE IF GREEN<0 and RESTW>0 AND RESTW<RESTW[1] and TOTAL<0 AND TOTAL<TOTAL[1] THEN COLOR.RED ELSE COLOR.GRAY);
addlabel(yes, "ALL2", IF GREEN>0 and RESTW<0 AND RESTW<RESTW[1] and TOTAL>TOTAL[1] AND TOTAL>0 THEN COLOR.GREEN ELSE IF GREEN<0 and RESTW>0 AND RESTW>RESTW[1] and TOTAL<TOTAL[1] AND TOTAL>0 THEN COLOR.RED ELSE COLOR.GRAY);
addlabel(yes, "ALL4", IF GREEN<0 and RESTW>0 AND RESTW>RESTW[1] and TOTAL>TOTAL[1] AND TOTAL>0 THEN COLOR.PINK ELSE IF GREEN>0 and RESTW<0 AND RESTW<RESTW[1] and TOTAL<TOTAL[1] AND TOTAL<0 THEN COLOR.CYAN ELSE COLOR.GRAY);
addlabel(yes, "ALL5", IF GREEN>0 and RESTW>0 AND RESTW>RESTW[1] and TOTAL>TOTAL[1] AND TOTAL>0 THEN COLOR.lime ELSE IF GREEN<0 and RESTW<0 AND RESTW<RESTW[1] and TOTAL<TOTAL[1] AND TOTAL<0 THEN COLOR.plum ELSE COLOR.GRAY);
addlabel(yes, "C", IF GREEN>0 and RESTW>0 AND RESTW>RESTW[1] and TOTAL<TOTAL[1] AND TOTAL>0 THEN COLOR.RED ELSE IF GREEN<0 and RESTW<0 AND RESTW<RESTW[1] and TOTAL>TOTAL[1] AND TOTAL<0 THEN COLOR.GREEN ELSE COLOR.GRAY);
#w>,c> red
addlabel(yes, "W>C>", IF GREEN>0 and RESTW>0 AND RESTW<RESTW[1] AND TOTAL>0 and TOTAL<TOTAL[1] THEN COLOR.GREEN ELSE IF GREEN<0 and RESTW<0 AND RESTW>RESTW[1] AND TOTAL<0 and TOTAL>TOTAL[1] THEN COLOR.RED ELSE COLOR.GRAY);
#g>,c> red
addlabel(yes, "G>C>", IF GREEN>0 and RESTW<0 AND RESTW<RESTW[1] AND TOTAL<0 and TOTAL>TOTAL[1] THEN COLOR.LIGHT_GREEN ELSE IF GREEN<0 and RESTW>0 AND RESTW>RESTW[1] AND TOTAL>0 and TOTAL<TOTAL[1] THEN COLOR.LIGHT_RED ELSE COLOR.GRAY);
addlabel(yes, "BB", IF ubbline>ubbline[1] THEN COLOR.light_GREEN ELSE IF lbbline>lbbline[1] THEN COLOR.light_RED ELSE COLOR.GRAY);
#g green-x
addlabel(yes, "G>Cx", IF GREEN>0 and RESTW<0 AND RESTW<RESTW[1] AND TOTAL<0 and TOTAL<TOTAL[1] and green>green[1] and restw<restw[1] THEN COLOR.GREEN ELSE IF GREEN<0 and RESTW>0 AND RESTW>RESTW[1] AND TOTAL<0 and TOTAL>TOTAL[1] and green<green[1] and restw>restw[1] THEN COLOR.RED ELSE COLOR.GRAY);
#W C red
addlabel(yes, "WC", IF GREEN>0 and RESTW<0 AND RESTW>RESTW[1] AND TOTAL<0 and TOTAL>TOTAL[1] THEN COLOR.LIGHT_GREEN ELSE IF GREEN<0 and RESTW>0 AND RESTW<RESTW[1] AND TOTAL>0 and TOTAL<TOTAL[1] THEN COLOR.LIGHT_RED ELSE COLOR.GRAY);
zero.setDefaultColor(color.gray);
zero.AssignValueColor(if green>total then Color.WHITE else if green<total then Color.DARK_RED else color.gray);
addlabel(restw>red and restw<green, "Call", color.white);
addlabel(restw>green and restw<red, "Put", color.pink);
addlabel(ubbline>red and ubbline<green, "Call", color.cyan);
addlabel(ubbline>green and ubbline<red, "Put", color.yellow);
#end code
The following user says Thank You to alagrande for this post:
#COLORS westci2______________________________
plot westci2 = (restw-tci2);
westci2.setLineWeight(2);
westci2.setDefaultColor(color.yellow);
#addcloud(westci2, ci2, color.green, color.red);###
#westci2.hide();
#westci2.assignValueColor(if westci2<westci2[1] then color.green else color.red);
#WESTCI2.HIDE();
#westci2.assignValueColor(if westci2<0 and westci2<westci2[1] then color.green else IF westci2>0 and westci2<westci2[1] then color.cyan else IF westci2>0 and westci2>westci2[1] then color.red else IF westci2<0 and westci2>westci2[1] then color.white else color.gray);
#COLORS ci2
#ci2.assignValueColor(if ci2>ci2[1] then color.cyan else color.magenta);
ci2.setLineWeight(1);
addlabel(Yes, "g", if green>green[1] then color.green else if green<green[1] then color.red else color.gray);
addlabel(Yes, " G ", if green>0 then color.green else color.red);
#______________________________________________
Addlabel(yes, " ø ", if tci0<westci2 and tci0>ci2 then color.RED else if tci0>westci2 and tci0<ci2 then color.GREEN else color.gray);
Addlabel(yes, "MATCH", if westci2<0 and westci2<westci2[1] and ci2>ci2[1] then color.green else if westci2>0 and westci2>westci2[1] and ci2<ci2[1] then color.red else color.gray);
Addlabel(yes, " L ", if westci2<0 and westci2<westci2[1] then color.green else IF westci2>0 and westci2<westci2[1] then color.cyan else IF westci2>0 and westci2>westci2[1] then color.red else IF westci2<0 and westci2>westci2[1] then color.white else color.gray);
#COLORS
#addlabel(Yes, "GL", if green>0 and westci2>0 and westci2<westci2[1] then color.cyan else if green>0 and westci2<0 and westci2<westci2[1] then color.green else if green<0 and westci2<0 and westci2>westci2[1] then color.pink else if green<0 and westci2>0 and westci2>westci2[1] then color.red else color.gray);
addlabel(Yes, "GL", if green>0 and westci2>0 and westci2<westci2[1] then color.cyan else if green>0 and westci2<0 and westci2<westci2[1] then color.green else if green>0 and tci0>westci2 and tci0<ci2 then color.dark_green else if green<0 and westci2<0 and westci2>westci2[1] then color.pink else if green<0 and westci2>0 and westci2>westci2[1] then color.red else if green<0 and tci0<westci2 and tci0>ci2 then color.dark_red else color.gray);
addlabel(Yes, "WATCH", if green>0 and westci2<0 and westci2<westci2[1] then color.green else if green>0 and tci0>westci2 and tci0<ci2 and westci2>0 and westci2<westci2[1] then color.cyan else if green<0 and westci2>0 and westci2>westci2[1] then color.red else if green<0 and tci0<westci2 and tci0>ci2 and westci2<0 and westci2>westci2[1] then color.pink else color.gray);
#addlabel(Yes, " G ", if green>0 and tci0>westci2 and tci0<ci2 and westci2>0 and westci2<westci2[1] then color.cyan else if green>0 and tci0>westci2 and tci0<ci2 and westci2>0 and westci2<westci2[1] then color.pink else color.gray);
#
#end
The following 2 users say Thank You to alagrande for this post:
#THIS STADY CAN BE USE AS A TOP OR LOWER INDICATOR, YOU COUDL ALSO TURN PAINT BARS MODE which is amazingly accurate!
#this study works better on higher time frames. 5m, 10m, 20m.
#creator: Ala Grande 2020
#///////////
#PRICE_OHLC4
#///////////
plot Data = ohlc4;
data.setDefaultColor(color.gray);
data.setLineWeight(2);
#data.hide();
plot adxt2 = if restw >= -100 then hlc3 else Double.NaN;
adxt2.SetPaintingStrategy (PaintingStrategy.points);
####combo6.SetDefaultColor(Color.black);
adxt2.SetLineWeight (2);
adxt2.AssignValueColor(if restw<green2 and restw>red2 then color.green else if restw>green2 and restw<red2 then color.red else color.gray);
#=================================================
#assign color to BASE BARS
data.assignValueColor(if gray2<0 then color.green else if gray2>0 then color.red else Color.gray);
#assign color to BASE BARS
input PaintBars1 = NO;
AssignPriceColor (if !PaintBars1 then Color.CURRENT else if gray2<0 then color.green else if gray2>0 then color.red else Color.gray);
DATA3.ASSignValueColor(if gray>0 and gray>white then createcolor(0,180,50) else if gray<white and green>red then color.light_green else if gray<0 and gray<white then color.red else if gray>white and green<red then color.pink else Color.gray);
#data.assignValueColor( if gray>0 and gray>white then createcolor(200,200,200) else if gray<white and green>red then color.light_green else if gray<0 and gray<white then color.red else if gray>white and green<red then color.pink else Color.gray);
plot ad = if white >= -100 then data else Double.NaN;
ad.SetPaintingStrategy (PaintingStrategy.squares);
ad.SetLineWeight (3);
ad.AssignValueColor(if green>white and red<white and green>0 then color.WHITE else if green<white and red>white and green<0 then color.yellow else color.gray);
#=================================================
#END CODE
The following user says Thank You to alagrande for this post:
hehehe so true ! very well written and explained.
What you write parallels the set of defenses and denials one has to move thru during real analysis of self.
The truth is not for the faint hearted and trading is not either.
