Sine Wave Cycles

ThinkScripter — Sat, 06 Feb 2010 19:09:41 +0000

By popular request, here is my incarnation of a sine wave cycle support and resistance study similar to Barry Taylor’s excellent indicator (TradeStation, NinjaTrader, MultiCharts) over at Emini-Watch. The indicator plots support and resistance levels based on John Ehlers’ MESA Sine Wave. The advantage of the MESA Sine Wave is in identifying cyclical turning points before they occur; 1/8th of a cycle prior according to Ehlers. The study begins plotting the horizontal dots (white overhead resistance, red support) when a cycle turn is predicted and will continue until the next cycle turn occurs. When the market begins to trend and is no longer cyclic, the price levels are seen to be breakout points. Also pictured is a new version of the Volume Profile that allows you to stack as many profiles as you desire to create a plot with greater detail.

Sine Wave Cycles Support and Resistance

Cycle Point Moving Average

ThinkScripter — Wed, 20 May 2009 04:37:15 +0000

UPDATE : This script has been rendered inoperable as of 12 Dec 09 due to changes in the TOS ZigZag function. I will leave it posted as a reference for coders to examine the script methodology.

This very basic script plots a close approximation of the cycle point moving average. You enter in the required price reversal for a cycle turn, a moving average period, and it does the rest courtesy of the TOS zigZag function. I had coded this script some time ago and found nothing particularly compelling about it but decided to use it to illustrate the only new thinkScript feature I saw in the last build; namely the defineColor() command. In the past, when ever I needed to control the color of some study plot dynamically, I had to hard code in the colors in the associated assignValueColor() statement. As such, the custom coloring was only modifiable by altering the thinkScript itself. Using the new defineColor() command allows the scripter to code in value assignable colors but also allow an end user to change those colors should they desire. This is pretty useful as I had a number of folks ask for a “Green” implementation of the Squeeze. I expect to retrofit my earlier studies with this capability as time allows.

Break….Break….

Thanks to all for bearing with me this week. I know my response to your emails has been a bit slower than usual but I think I’ve gotten back to just about everyone at this point. It’s been a pretty busy week for myself and the family as we move back into our house after a four year absence in Annapolis. As such I haven’t really had as much time to devote to developmental stuff as I would like. I expect to be full steam ahead by early next week.

Cycle Point Moving Average


declare fullrange;
input RequiredPointsForCycleReversal = 10;

input CycleMovingAveragePeriod = 7;
def ZZData = ZigZagSign("reversal amount" = RequiredPointsForCycleReversal);

def isHigh = if ZZData[1] < ZZData and ZZData > ZZData[-1] then 1 else 0;

def isLow = if ZZData[1] > ZZData and ZZData < ZZData[-1] then 1 else 0;

plot cyclePoint = if isHigh then high else if isLow then low else double.nan;

plot CPMA = Average(ZZData, CycleMovingAveragePeriod);
CPMA.DefineColor("Positive Slope", color.cyan);

CPMA.DefineColor("Negative Slope", color.magenta);

CPMA.AssignValueColor(if CPMA - CPMA[1] >= 0 then CPMA.color("Positive Slope") else CPMA.color("Negative Slope"));

CPMA.setLineWeight(3);

cyclePoint.SetStyle(curve.POINTS); cyclePoint.SetDefaultColor(color.white); cyclePoint.SetLineWeight(5);

ThinkScripter - Custom ThinkScript Indicators for thinkorswim » cycle

Sine Wave Cycles

Cycle Point Moving Average