TICK Indicator

Posted by on Jan 24, 2009 in Indicator, Market Internals | 6 comments

I had a request for an indicator that shows all the TICK data not just the extremes. Here’s my first cut at it. The green bars represent the high tick reading, red the low, the white dots the close, and the white line is an EMA of the HLC3 data. You can set your extreme levels where you like as well as the EMA period.

Thanks again to all who have provided feedback, support, and donations to the beer kitty :)

TICK Indicator

# TICK
# http://www.thinkscripter.com
# thinkscripter@gmail.com
# Last Update 24 Jan 2009

declare lower;

input highExtreme = 1000;
input LowExtreme = -1200;
input emaPeriod = 10;

plot h = high("$TICK");
h.setPaintingStrategy(paintingStrategy.HISTOGRAM);
h.setDefaultColor(color.green);

plot l = low("$TICK");
l.setDefaultColor(color.red);
l.setPaintingStrategy(paintingStrategy.HISTOGRAM);

plot c = close("$TICK");
c.setStyle(curve.POINTS);
c.setDefaultColor(color.white);

plot zero = 0;
zero.setDefaultColor(color.white);

plot midH = 600;
midH.setDefaultColor(color.green);

plot midL = -600;
midL.setDefaultColor(color.red);

plot extH=highExtreme;
extH.setDefaultColor(color.red);

plot extL=LowExtreme;
extL.setDefaultColor(color.green);

plot ave = expAverage((h+l+c)/3,emaPeriod);
ave.setDefaultColor(color.white);
ave.setLineWeight(2);

plot extreme = if(h>highExtreme, h, if(l<lowExtreme, l, double.nan));
extreme.setDefaultColor(color.yellow);
extreme.setStyle(curve.POINTS);
extreme.setpaintingStrategy(paintingStrategy.LINE_VS_TRIANGLES);

6 Comments

  1. Thanks a lot for posting the script. I’ll check it out.

    By the way, I think you meant “beer kitty” not beer kiddy.

  2. …oops – Never been a good speller.

  3. Hi ThinkScripter, I originally coded this indicator on the TradeStation platform using EasyLanguage, I’m not familiar with the TOS code so correct me if I’m wrong. I originally coded and described this indicator with the exp moving average set to 2 periods. I found this variable to be critical for the success of its use.

    Here’s how I use it for scalping; After the bar or the exp MA touch the Bollinger band, I look for trend line breaks on the moving average of the Bollinger band and on the price chart as confirmation of a trend reversal.

    Patterns of the exp MA also work very well, for example: double tops, head and shoulder, and of course the slope of the exp MA and more.

    It can work as a leading indicator as well, if you watch to see if a pattern of closes are biased to one side or the other of the exp MA on the Bollinger bands.

    And a reminder I use this indicator modification for scalping on the ES and YM.

    I hope your readers find value in it’s use!!!

    gg in Ann Arbor

  4. There’s something wrong with your last plot statement, i.e. no such variable. Help! Thx. Ps. I also had to change the quotes on “TICK” to quote marks from my keyboard, no big deal.

  5. Greg,
    If you copy the code out of my block above there are no problems. Someone else had posted a modified version of the code in a comment that I have since removed which didn’t work.
    -TS

  6. Awesome script Eric! I like to use a 1 period EMA rather than a 10 period for scalping the index futures. I have found it to be a great indicator so thanks again for the great code my friend!

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