Here’s another indicator by very popular request. It wasn’t until TOS included the new fold function that I was able to properly implement it in thinkScript.
This is a modified Heikin-Ashi trend indicator made popular by John Carter and widely available across the internet for other platforms. First note that these are not Heikin-Ashi candlesticks themselves which are a built in option in TOS. Instead, this is the Heikin-Ashi coloring applied to regular candlesticks with a slight modification. The modification involves rejecting a change in the Heikin-Ashi trend when the bar in question is an inside bar; inside in the Heikin-Ashi sense. The user selects the period to look back for the inside bar comparison. Pictured below is the Trend indicator with blue as an uptrend and red as a downtrend. You have the option to display the rejected inside bars in a highlighted color as shown in the second image. The colors are fully user selectable using global defaults.
Trend
Trend with Inside Bars Highlighted
Have you done any testing to see how this performs stand-alone — on the daily, it looks like a simple stop would work pretty well to make this thing trade on the right side of the market consistently.
Adam,
No testing as of yet. I’ve had many ask for this so I just wanted to get it coded and out there. At first glance it looks pretty good. That said, H-A candlesticks alone are pretty good so this is just a refinement akin to Vervoort’s HACO. Given the time and energy I will try to code something up to test it.
Eric
This looks wonderful.
And along with the previous modified “Renko Chart”, I’m very tempted to go pro.
Thanks Stan. I sincerely hope the cost of the subscription is not holding you back. I really feel that the donation is about as fair as you can find. Somewhere in the neighborhood of $0.75 an indicator these days with everything thrown in. Sites charging hundreds for a single indicator are basically selling snake oil. No indicator, here or elsewhere, is going to magically make someone a good trader. They are just tools and only a small part of an entire approach to trading. My goal is to lower the bar of entry so folks can experiment with lots of different indicators and, in the end, not feel ripped off buying something that only amounted to eye candy.
-Eric
I have to thoroughly agree with Eric’s statement -
I have been a member of the ThinkScripter family since prior to this forum and the website. I came on board when the concept was merely a blog finding its way.
There is much, much more than meets the eye inside, in the professional arena. On the surface (as a non-member) you get to sample some of the outer edges of what awaits those who have already entered this realm of thought, logic, new innovative ideas, collaboration, education and more of the ThinkScripter’s personal attention as well as those with an extended experience level.
This forum is what the people that belong to it…make it!
I give it Five Stars on a Four Scale Rating System!
Give me a shout if you find that your Fly By turns more into landing… We’ll talk about it over some gourmet coffee – Nothing but the Best!!
I look forward to seeing many more inquisitive people of interest on the other side…
Peace-
RappidFyre (A.K.A. Option Prophet)
Do these studies work with Prophet Charts also?
Or just with the regular TOS charts?
Just TOS charts Stan.
-Eric
Stan,
Don’t hesitate.
The value you receive from these incredible studies dwarfs the cost.
You won’t regret it.
John
Are the trend and renko studies available in the pro area Eric?
Thanks
Where can I find the code?
It’s part of the Pro membership.
-Eric
Dear ThinkScripter – Great site! I am looking for a simple bar timer that shows how much time is left on the current price bar. Many charting packages have this, but TOS does not. Have you built this one already? Thanks in advance for any reply. Kind regards, Eric Darby
Eric,
At present there is no way to do this in thinkScript. Bummer, I know. Lots of people want this feature.
Eric
Any chance this will become possible any time soon, or ever? It would very helpfull. Thanks for all the work (donation sent).
Alas, no. There is no intrabar time data available in thinkScript. So we can figure out the time a bar started and when it is complete but nothing in between.
Eric,
Are we any closer with thinkorswim implementing systematic trading. I would like to autotrade this strategy with the condition of short only if below 100 ema and long above 100 ema. Here is a chart to illustrate…
http://chart.ly/nksed4
Thanks,
Matt
Great work on this TREND indicator! By observation, it appears to do an outstanding job of highlighting reversals in all time periods, from tics to minutes to days and weeks …
I like it much better than the TOS Heikin-Ashi! The “inside bar” & variable look back are excellent additions.
Question: Is it possible to write Alerts (or Automatic Trading rules) based on changes in the TREND indicator? How?
Can I back-test performance (with a few more setup conditions)?
I do know about Strategy Report, but find TOS tools disappointing (i.e., compared to WealthLab and other trading tools).
Visual chart reading is too prone to subjectivity, and time consuming, so I prefer screens and signals that efficiently identify objectively tested, higher probability entries and exits.
Eric,
As always, great stuff coming out of the ThinkScripter labs … thank you!
I’ve been a donor for sometime now (Trader_Jose) but still get a little confused so I need some help.
How do I download this indicator? I use HA all the time and think it is really smart to apply the HA colors to standard candlesticks.
Thanks and congratulations on the new site … it looks fabulous!
Also, thanks for the hard work.
John
John,
The Trend study is located in the zip file which you can download in the forum. If you don’t have access to the member areas yet, just end me an email and I’ll get you fixed up.
Eric
tos Heikin-Ashi candlesticks have a delay, do these have a
delay? thank you
ThinkScripter,
I have been using the heikin ashi signals on my daily chart for a long time http://www.thinkscripter.com/indicator/heikin-ashi-signals/ and was wondering if you can code the same thing for the Trend!
I like to get the signal on the chart but don’t want my candles to be colored red or blue. Thanks!
I can add an option to the study for signals only without paintbar color.
-Eric
Just became PRO.
Nicely done with this TREND study.
Even though TOS finally incorporated the TTM studies, yours is better with the addition of making the inside bar visible or not. Nice job.
Where is this Trend indicator? All I get is this page. Please post link to actual code.
The code is not public. It is part of the Pro Membership package.
-Eric
Eric, I am a Pro member.
JD, it’s in the zip file with all the others (TS_Trend).
-Eric
Eric,
It’s been a while since I’ve been on this site and can’t remember where that zip file is. Does it contain all your scripts so far?
Thank you
JD,
The zip file is always located at the top of the forum Pro section.
Eric
I see you play with candles.
I was trying to find the way how to modify not only color of candles but also the open/close price of the candle.
Don’t you know if this is even possible?
I would like to have open price of each bar equal with close price of previous bar = no gaps.
thanks.
There is no way presently to create custom candles in TOS.
Thanks.
Looks like nobody needs it….except me