Champion Reversal Indicator ThinkorSwim TOS Script

Champion Reversal Indicator ThinkorSwim TOS Script

Description of the product

Champion Reversal Indicator

The Champion Reversal This indicator monitors RSI, Bollinger Bands and the number of similar-colored candles to identify potential reversals.

I would just like to ask if the eSignal indicator on this website can be done in TOS? The Arrow up/down (green/red), must be satisfied in order to trigger the Arrow to show.

1. I am looking for stocks that have reached new highs and new lows.
2. I look for at least 5–10 consecutive 5min candles of the same color
3. To identify extreme conditions, I look out for RSIs that are below 10 or higher than 90.

A 5 minute candle would make a nice indicator of whether the top reversal candle has reached a new highest or lowest level. This would alert me to sell/buy.

Please let me be aware. Thanks!

Yes.

You will notice that I don’t have eSignal and I didn’t have access to the code for this indicator. My ThinkScript was reverse engineered using only the screenshots and the description provided by the requestor.

Version eSignal

Version of thinkorswim vs. version

This indicator marks Potential Reversals can be checked by checking these default parameters

1. Minimum 5 identical-colored candles per row
2. RSI[5] Is oversold (10 for bottom reversals) or overbought (91) for top reversals.
3. Outside of the Bollinger Bands, the reversal candle opens or closes.

The script settings panel lets you set up all parameters.

You can be more aggressive by reducing the RSI overbought/oversold range, or allowing the reversal candle inside the bollinger band.

Get it now Champion Reversal Indicator ThinkorSwim TOS Script

I also added colored stop levels and entry candles.

In addition, I have created a script to scan stock stocks for potential reversals according to the criteria above.

This video will demonstrate how to set up a scan, run the scan, save the results to a watchlist and save the scan so it can later be reused. I am using the scan to search five minute charts in the video. You can also choose a different time period from the drop-down list to use.

Please note that the video does NOT contain recorded audio.

Technical Analysis Everything Else

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Quantitative and behavioral analysis both use many of same tools from technical analysis.
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