ThinkScripter - Custom ThinkScript Indicators for thinkorswim » Heikin-Ashi

Colored Paintbars at Last – Three Cheers for Thinkorswim!!

ThinkScripter — Sat, 12 Sep 2009 14:02:18 +0000

Scratch another off the Top Ten list – we finally got the ability to color the paintbars from within thinkscript. The new assignPriceColor() function does just that. I was able to quickly convert several studies over to use this new capability and they will be posted in this weekend’s member update. Here are screen shots of the ScalperBuySell, HeikinAshiCandlestickOscillator, and HeikinAshiTrend indicators as they were meant to be all featured with the ThinkScripter Volume Profile.

ScalperBuySellBars

HeikinAshiCandlestickOscillatorBars

HeikinAshiTrendBars

Heikin-Ashi Candlestick Oscillator

ThinkScripter — Wed, 01 Apr 2009 21:36:38 +0000

Here’s another one from the mind of Sylvain Vervoot. In “Trading With The Heikin-Ashi Candlestick Oscillator” (Stocks and Commodities, December 2008), Vervoot describes a methodolgy for creating a “visual tool to complement (Heikin-Ashi) candlesticks, helping you enter and exit trades, resulting in higher profits per trade.” In a nutshell, the Heikin-Ashi Candlestick Oscillator (HACO) uses the triple exponential moving average (TEMA) to filter out some of the whipsaws inherent in basic Heikin-Ashi candlesticks. There’s a fair bit more to it than that but you can explore the article on your own. The indicator itself is just a binary “Buy/Sell” signal as shown by the alternating red and green colors. I’ve circled the places in the traditional Heikin-Ashi chart where a trend change was indicated but the HACO correctly filtered out the signal. The HACO can be used on any symbol and timeframe. As with the Vervoot Crossover, the HACO can easily be turned into a strategy which is also pictured below. In this instance, a two day five minute chart of the ES was used resulting in a proft of $2612 on one contract. The up/down trend moving average periods were set to 27 within the HACO. Full results are here. UPDATE: The HACO strategies have been uploaded to “Door Number Three” of the Gold Donor area of the forum. (I’ll send out a donor update on Sunday as usual but if you can’t wait, just shoot me an email)

Heikin-Ashi Candlestick Oscillator

Heikin-Ashi Signals

ThinkScripter — Sat, 07 Mar 2009 21:56:58 +0000

Like the Heikini-Ashi trend mechanism but don’t like the candlesticks? This one’s for you. It plots a signal on the price bar when the Heikin-Ashi trend changes while using traditional candlesticks or bar charts.

Heikin-Ashi Signals


def haclose = (open + high + low + close) / 4;

rec haopen = CompoundValue(1, (haopen[1] + haclose[1]) / 2, (open[1] + close[1]) / 2);

def diff = haclose - haopen;

plot HASignal = if diff>0 and diff[1]<=0 then low*0.999 else if diff<0 and diff[1]>=0 then high*1.001 else double.nan; HASignal.setStyle(curve.POINTS); HASignal.setPaintingStrategy(paintingStrategy.LINE_VS_TRIANGLES); HASignal.setLineWeight(1); HASignal.assignValueColor(if diff>0 then color.green else color.red);