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I modified the code with your suggested changes, but I still don't
quite understand how it's different from Johan's. His code prevents a
line from being drawn when there is no higher/lower pivot to draw
from if I understand correctly. Could you explain?
Anyway, here are better settings for the pivot points. These are
provided, I believe, as the default settings in the trading
software/system I was talking about.
pivothigh = Ref(C,-3)<H AND Ref(H,-2)<H AND Ref(H,-1)<H AND H>=Ref
(H,1);
pivotlow = Ref(C,-3)>L AND Ref(L,-2)>L AND Ref(L,-1)>L AND L<=Ref
(L,1);
They seem to work well on a daily timeframe in large trending stocks.
--- In amibroker@xxxxxxxxxxxxxxx, "DIMITRIS TSOKAKIS" <TSOKAKIS@xxxx>
wrote:
> Yes, I saw it, but, if the very first candle is indeed a pivothigh
> [or a pivotlow] ??
> Dimitris Tsokakis
> --- In amibroker@xxxxxxxxxxxxxxx, "marmal417" <marmal@xxxx> wrote:
> > Thank you for your reply, Dimitris.
> >
> > Have you seen message 58922 by Johan? This is getting complicated
> for
> > my uneducated brain, but it seems that his code also does the
job?
> or
> > is there a difference I'm missing?
> >
> > //Martin
> >
> > --- In amibroker@xxxxxxxxxxxxxxx, "DIMITRIS TSOKAKIS"
> <TSOKAKIS@xxxx>
> > wrote:
> > > We could ask x0!=0 and x3!=0, but it is possible for the very
> first
> > > bar of your data to be the Lowest [Highest].
> > > So,
> > > The 2nd trendline point should not be the Lowest L[respectively
> the
> > > Highest H] up to this bar.
> > > The pivot bar occurred L1-x1 bars ago [respectively L1-x3]
> > > L1=LastValue(BarIndex());
> > > CondL=LastValue(y1==Ref(Lowest(L),-(L1-x1)));
> > > CondH=LastValue(y3==Ref(Highest(H),-(L1-x3)));
> > > The above conditions should be false in order to have
a "regular"
> > > line.
> > > One idea is to paint the lines with the ground color.
> > >
> > > Plot(C,"",colorBlack,styleBar);
> > > pivothigh = Ref(H,-1)<H AND H>Ref(H,1);
> > > pivotlow = Ref(L,-1)>L AND L<Ref(L,1);
> > >
> > > x1=LastValue(ValueWhen(pivotlow,Cum(1)-1,1));
> > > y1=LastValue(ValueWhen(pivotlow,L,1));
> > > x0=LastValue(ValueWhen(pivotlow AND L<y1,Cum(1)-1,1));
> > > y0=LastValue(ValueWhen(pivotlow AND L<y1,L,1));
> > > L1=LastValue(BarIndex());
> > > CondL=LastValue(y1==Ref(Lowest(L),-(L1-x1)));
> > >
> > > x3=LastValue(ValueWhen(pivothigh,Cum(1)-1,1));
> > > y3=LastValue(ValueWhen(pivothigh,H,1));
> > > x2=LastValue(ValueWhen(pivothigh AND H>y3,Cum(1)-1,1));
> > > y2=LastValue(ValueWhen(pivothigh AND H>y3,H,1));
> > >
> > > CondH=LastValue(y3==Ref(Highest(H),-(L1-x3)));
> > >
> > > supplyline=LineArray(x2,y2,x3,y3,1);
> > > Plot(supplyline,"",IIf(CondH!
=1,colorRed,0),styleLine|styleThick|
> > > styleNoRescale|styleNoLabel);
> > > demandLine=LineArray(x0,y0,x1,y1,1);
> > > Plot(demandLine,"",IIf(CondL!=1,colorBlue,0),styleLine|
> > > styleThick|styleNoRescale|styleNoLabel);
> > >
> > > PlotShapes((Cum(1)-1==x0 OR Cum(1)-1==x1)
> > > *shapeSmallCircle,colorBlue,0,L);
> > > PlotShapes((Cross(Cum(C<demandLine AND Cum(1)-1>x1),0))
> > > *shapeDownArrow,colorRed,0,H);
> > > PlotShapes((Cum(1)-1==x2 OR Cum(1)-1==x3)
> > > *shapeSmallCircle,colorRed,0,H,12);
> > > PlotShapes((Cross(Cum(C>supplyline AND Cum(1)-1>x3),0))
> > > *shapeUpArrow,colorGreen,0,L);
> > >
> > > Title= Name()+" "+Date()+EncodeColor(colorBlack) +" Open-
> "+WriteVal
> > > (Open)+" Hi-"+WriteVal(High)+" Lo-"+WriteVal(Low)+" Close-
> "+WriteVal
> > > (Close) +EncodeColor(colorBlue)+WriteVal((y1-y0)/(x1-x0)
+LastValue
> > > (DEMAndline))+EncodeColor(colorRed)+WriteVal((y3-y2)/(x3-x2)
> > +LastValue
> > > (supplyline));
> > > GraphXSpace=4;
> > >
> > > You may arrange also not to plot the shape when CondL, CondH
are
> > true
> > > [they are at the very first bar]
> > >
> > > Dimitris Tsokakis
> > >
> > > --- In amibroker@xxxxxxxxxxxxxxx, "marmal417" <marmal@xxxx>
wrote:
> > > > Hello Dimitris,
> > > >
> > > > I know it's like that. My question is if the code can be
> modified
> > > to
> > > > draw no line if there are no valid pivot points to draw the
> line
> > > from?
> > > >
> > > > //Martin
> > > > --- In amibroker@xxxxxxxxxxxxxxx, "DIMITRIS TSOKAKIS"
> > > <TSOKAKIS@xxxx>
> > > > wrote:
> > > > > Nice code.
> > > > > You ask although
> > > > > x0=LastValue(ValueWhen(pivotlow AND L<y1,Cum(1)-1,1));
> > > > > and, respectively
> > > > > x2=LastValue(ValueWhen(pivothigh AND H>y3,Cum(1)-1,1));
> > > > > In this way, some first points may go back more than 2
years.
> > > > > In the specific case when the recent pivothigh is the
highest
> > in
> > > > the
> > > > > available stock history the trendline will not be defined.
> The
> > > same
> > > > > when the recent pivotlow is the lowest [many N100 stocks
> would
> > be
> > > > > without support line back in Oct2002...].
> > > > > Besides that, if the recent pivothigh is the highest, the
> > > > resistance
> > > > > line has a strange beginning.Try for example to import is
> some
> > > > > database APOL from Feb2001 till now to see what I mean.
> > > > > Dimitris Tsokakis
> > > > > --- In amibroker@xxxxxxxxxxxxxxx, "marmal417" <marmal@xxxx>
> > wrote:
> > > > > > Yes, that's it! Now it automatically draws the most
recent
> > > demand
> > > > > > line. I took the liberty to add a supply line by
mirroring
> > your
> > > > > code
> > > > > > and making the small changes necessary, but I never
> > understood
> > > > what
> > > > > I
> > > > > > was doing :-) I noticed a weird thing when this indicator
> is
> > > > > applied
> > > > > > to a stock making a new all time high. If the most recent
> > > > pivothigh
> > > > > > is higher than any other pivothigh in the database then a
> > line
> > > is
> > > > > > drawn from the bottom in the middle of the chart through
> the
> > > most
> > > > > > recent pivot high. It looks really strange. Can the code
be
> > > > > modified
> > > > > > to draw no supplyline when there are no higher pivots to
> draw
> > > the
> > > > > > line from and draw no demand line when there are no lower
> > > pivots
> > > > to
> > > > > > draw the line from?
> > > > > >
> > > > > > The basis for the systems I have seen based on TD Lines
is
> > that
> > > > you
> > > > > > buy/cover when the supplyline is exceeded and sell/short
> when
> > > the
> > > > > > demand line is broken. Trendlines let you know in advance
> the
> > > day
> > > > > > before, the value of the trendline for the next trading
day
> > by
> > > > > > calculating the slope of the line and adding it to
today's
> > > value
> > > > of
> > > > > > the line. Therefore, one can place the orders in the
> evening
> > as
> > > > > stop
> > > > > > orders so if a line is broken during the day a position
is
> > > taken.
> > > > > > Anyway, I wrote the values of the lines for the next day
in
> > the
> > > > > > title. I realise it's not perfect, because some lines are
> no
> > > > longer
> > > > > > valid lines (for example a supply line that has been
> exceeded
> > > > > etc.).
> > > > > > But more on that later.
> > > > > >
> > > > > > There are more improvements to be made, but I think it's
> > > getting
> > > > > > there :-)
> > > > > > //Martin
> > > > > >
> > > > > > Here is the modified code with both a supply and demand
> line:
> > > > > >
> > > > > > Plot(C,"",colorBlack,styleBar);
> > > > > > pivothigh = Ref(H,-1)<H AND H>Ref(H,1);
> > > > > > pivotlow = Ref(L,-1)>L AND L<Ref(L,1);
> > > > > >
> > > > > > x1=LastValue(ValueWhen(pivotlow,Cum(1)-1,1));
> > > > > > y1=LastValue(ValueWhen(pivotlow,L,1));
> > > > > > x0=LastValue(ValueWhen(pivotlow AND L<y1,Cum(1)-1,1));
> > > > > > y0=LastValue(ValueWhen(pivotlow AND L<y1,L,1));
> > > > > > x3=LastValue(ValueWhen(pivothigh,Cum(1)-1,1));
> > > > > > y3=LastValue(ValueWhen(pivothigh,H,1));
> > > > > > x2=LastValue(ValueWhen(pivothigh AND H>y3,Cum(1)-1,1));
> > > > > > y2=LastValue(ValueWhen(pivothigh AND H>y3,H,1));
> > > > > >
> > > > > > supplyline=LineArray(x2,y2,x3,y3,1);
> > > > > > Plot(supplyline,"",colorRed,styleLine|styleThick|
> > > > > > styleNoRescale|styleNoLabel);
> > > > > > demandLine=LineArray(x0,y0,x1,y1,1);
> > > > > > Plot(demandLine,"",colorBlue,styleLine|
> > > > > > styleThick|styleNoRescale|styleNoLabel);
> > > > > >
> > > > > > PlotShapes((Cum(1)-1==x0 OR Cum(1)-1==x1)
> > > > > > *shapeSmallCircle,colorBlue,0,L);
> > > > > > PlotShapes((Cross(Cum(C<demandLine AND Cum(1)-1>x1),0))
> > > > > > *shapeDownArrow,colorRed,0,H);
> > > > > > PlotShapes((Cum(1)-1==x2 OR Cum(1)-1==x3)
> > > > > > *shapeSmallCircle,colorRed,0,H,12);
> > > > > > PlotShapes((Cross(Cum(C>supplyline AND Cum(1)-1>x3),0))
> > > > > > *shapeUpArrow,colorGreen,0,L);
> > > > > >
> > > > > > Title= Name()+" "+Date()+EncodeColor(colorBlack) +" Open-
> > > > "+WriteVal
> > > > > > (Open)+" Hi-"+WriteVal(High)+" Lo-"+WriteVal(Low)+" Close-
> > > > "+WriteVal
> > > > > > (Close) +EncodeColor(colorBlue)+WriteVal((y1-y0)/(x1-x0)
> > > +LastValue
> > > > > > (DEMAndline))+EncodeColor(colorRed)+WriteVal((y3-y2)/(x3-
x2)
> > > > > +LastValue
> > > > > > (supplyline));
> > > > > > GraphXSpace=4;
> > > > > > --- In amibroker@xxxxxxxxxxxxxxx, "johsun"
> <johanskatt@xxxx>
> > > > wrote:
> > > > > > > OK, I think I get it. Is this what you're looking for?
> > > > > > >
> > > > > > > Johan
> > > > > > >
> > > > > > >
> > > > > > > Plot(C,"",colorGreen,styleBar);
> > > > > > > pivotlow = Ref(L,-1)>L AND L<Ref(L,1);
> > > > > > >
> > > > > > > x1=LastValue(ValueWhen(pivotlow,Cum(1)-1,1));
> > > > > > > y1=LastValue(ValueWhen(pivotlow,L,1));
> > > > > > > x0=LastValue(ValueWhen(pivotlow AND L<y1,Cum(1)-1,1));
> > > > > > > y0=LastValue(ValueWhen(pivotlow AND L<y1,L,1));
> > > > > > >
> > > > > > > Line=LineArray(x0,y0,x1,y1,1);
> > > > > > > Plot(Line,"",colorBlue,styleLine|
> > > > > > > styleThick|styleNoRescale|styleNoLabel);
> > > > > > > PlotShapes((Cum(1)-1==x0 OR Cum(1)-1==x1)
> > > > > > > *shapeSmallCircle,colorBlue,0,L);
> > > > > > > PlotShapes((Cross(Cum(C<Line AND Cum(1)-1>x1),0))
> > > > > > > *shapeDownArrow,colorRed,0,H);
> > > > > > >
> > > > > > >
> > > > > > > Title="TD Demand Line";
> > > > > > > GraphXSpace=4;
> > > > > > >
> > > > > > >
> > > > > > >
> > > > > > >
> > > > > > > --- In amibroker@xxxxxxxxxxxxxxx, "marmal417"
> <marmal@xxxx>
> > > > wrote:
> > > > > > > > Thank you very much, Johan. I replaced all the
> > > SelectedValue
> > > > > with
> > > > > > > > Lastvalue to only get the most recent trendline. I
> think
> > > your
> > > > > > > formula
> > > > > > > > does exactly what I described. However, after looking
> at
> > > some
> > > > > > > charts
> > > > > > > > I realised my description was a bit wrong. You see,
> there
> > > > > should
> > > > > > > > always be a demand line (upward sloping line)
> connecting
> > > the
> > > > > most
> > > > > > > > recent pivot with the second most recent pivot that
is
> > also
> > > > > lower
> > > > > > > > than the most recent. This code compares the two most
> > > recent
> > > > > > > > pivotpoints and if the second most recent is greater
> than
> > > the
> > > > > > most
> > > > > > > > recent, then no line is drawn. What it really should
do
> > is
> > > > > first
> > > > > > > > identify the most recent pivot, and then go back and
> look
> > > for
> > > > > the
> > > > > > > > next pivot that is lower and connect those two with a
> > line,
> > > > > > > wherever
> > > > > > > > that next pivot is. The exception is when a stock
makes
> a
> > > new
> > > > > all
> > > > > > > > time low, because then no lower pivot point can exist
> to
> > > draw
> > > > a
> > > > > > > line
> > > > > > > > from.
> > > > > > > >
> > > > > > > > Maybe this requires a lot more programming, but can
it
> be
> > > > done?
> > > > > > > >
> > > > > > > > So far I think it's a great start!
> > > > > > > > //Martin
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