Price Headley's Percent R Thinkscript study

May 16th, 2013, 03:50 PM

Hello,

I am a new member of this forum. I am trying to create a script based on Price Headley's %R method.

Here is the description of the method:

Williams %R is set to length = 30 days

When %R crosses above -20 that is considered a bullish setup bar.
The closing price of any one of the next five bars must close above the bullish setup bar's high. When that happens it is considered to be a favorable condition for a long entry.

Here is my script:

Code

declare upper;

def WR = WilliamsPercentR("length" = 30);
def SetupBar = if WR crosses above -20 then high else double.NaN;
plot ConfirmBar = close > SetupBar within 5 bars;

ConfirmBar.SetPaintingStrategy(PaintingStrategy.Boolean_ARROW_UP);
ConfirmBar.SetDefaultColor(GetColor(1));
ConfirmBar.SetLineWeight(1);

The line highlighted in red doesn't work for some reason. I can overcome this with brute force by adding the following statements (but I don't like it very much):

Code

declare upper;

def WR = WilliamsPercentR("length" = 30);
def SetupBar = if WR crosses above -20 then high else double.NaN;
plot ConfirmBar1 = close > SetupBar[1];
plot ConfirmBar2 = close > SetupBar[2];
plot ConfirmBar3 = close > SetupBar[3];
plot ConfirmBar4 = close > SetupBar[4];
plot ConfirmBar5 = close > SetupBar[5];

ConfirmBar1.SetPaintingStrategy(PaintingStrategy.Boolean_ARROW_UP);
ConfirmBar1.SetDefaultColor(GetColor(5));
ConfirmBar1.SetLineWeight(1);

ConfirmBar2.SetPaintingStrategy(PaintingStrategy.Boolean_ARROW_UP);
ConfirmBar2.SetDefaultColor(GetColor(5));
ConfirmBar2.SetLineWeight(1);

ConfirmBar3.SetPaintingStrategy(PaintingStrategy.Boolean_ARROW_UP);
ConfirmBar3.SetDefaultColor(GetColor(1));
ConfirmBar3.SetLineWeight(1);

ConfirmBar4.SetPaintingStrategy(PaintingStrategy.Boolean_ARROW_UP);
ConfirmBar4.SetDefaultColor(GetColor(1));
ConfirmBar4.SetLineWeight(1);

ConfirmBar5.SetPaintingStrategy(PaintingStrategy.Boolean_ARROW_UP);
ConfirmBar5.SetDefaultColor(GetColor(1));
ConfirmBar5.SetLineWeight(1);

The brute force code results in multiple arrows appearing each time when a new bar makes a higher close in relation to the setup bar's high. I want the arrow to appear only once when that happens (be it on the 1st, 2nd ... 5th candle).

Could anyone please help me with this? Thanks!

May 22nd, 2013, 05:21 PM

I would do it like this.. it's not the optimum code but simple.. may inspire a different approach for you.. the entry level will be visually painted for you and you get a single arrow up (but for each new crossing though).
cheers, K

Code

declare upper;

def WR = WilliamsPercentR("length" = 30);
plot SetupBar = WR crosses above -20 ;

plot LongEntry = if SetupBar then high
else if SetupBar[1] then high[1] 
else if SetupBar[2] then high[2] 
else if SetupBar[3] then high[3] 
else if SetupBar[4] then high[4]  else double.NaN;

LongEntry.setpaintingStrategy (paintingstrategy.DASHES);
LongEntry.Setlineweight (2); LongEntry.setdefaultcolor(color.cyan);

SetUpBar.SetPaintingStrategy(PaintingStrategy.Boolean_ARROW_UP);
SetUpBar.SetDefaultColor(color.cyan);
SetUpBar.SetLineWeight(1);

Price Headley's Percent R Thinkscript study

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Price Headley's Percent R Thinkscript study