ThinkOrSwim script
Draws an E36 channel adjusted to fractals and projects the opposite end of the channel as a target.
I made this ages ago, but it is worth sharing because of the idea being instrument independent… and now on to the MT4 interpretation.
input length = 36;
input price = close;
input reversalAmount = 0.6;
input showonlytoday = yes;
input displace = .9;
def ZZG = reference ZigZagHighLow(price, price, reversalAmount, 0, 1, 0);
def ZZG2 = if showonlytoday and !IsNaN(close(period = "DAY")[-12]) then Double.NaN else reference ZigZagHighLow(price, price, reversalAmount, 0, 1, 0);
def zzSave = if !IsNaN(ZZG) then price else GetValue(zzSave, 1);
def chg = (price / GetValue(zzSave, 1) - 1) * 100;
def isUp = chg >= 0;
def flipu = if isUp == yes and isUp[1] == no then 1 else 0;
def flipd = if isUp == no and isUp[1] == yes then 1 else 0;
def EMA = ExpAverage(price, length);
def upval = if flipd then high[1] - EMA[1] else if flipu[22] != 1 and Sum(flipu, 22) < 2 then upval[1] else upval[1] * .8;
def upval2 = if flipd then high[1] - EMA[1] else upval2[1];
def dval = if flipu then EMA[1] - low[1] else if flipd[22] != 1 and Sum(flipd, 22) < 2 then dval[1] else dval[1] * .8;
def dval2 = if flipu then EMA[1] - low[1] else dval2[1];
def EMAP = if upval > 0 then EMA + upval * displace else EMAP[1] ;
def EMAP2 = if upval2 > 0 then EMA + upval2 * displace else EMAP2[1] ;
def EMAD = if dval > 0 then EMA - dval * displace else EMAD[1];
def EMAD2 = if dval2 > 0 then EMA - dval2 * displace else EMAD2[1];
def ema2 = if EMAP > .02 then EMAP else Double.NaN;
def ema3 = if EMAD > .02 then EMAD else Double.NaN;
plot ema44 = if EMAP2 > .02 then EMAP2 else Double.NaN;
ema44.SetLineWeight(4);
ema44.SetDefaultColor(Color.RED);
plot ema4 = if EMAP2 > .02 then EMAP2 else Double.NaN;
ema4.SetLineWeight(2);
ema4.SetPaintingStrategy(PaintingStrategy.DASHES);
ema4.SetDefaultColor(Color.YELLOW);
plot ema55 = if EMAD2 > .02 then EMAD2 else Double.NaN;
ema55.SetLineWeight(4);
ema55.SetDefaultColor(Color.BLUE);
plot ema5 = if EMAD2 > .02 then EMAD2 else Double.NaN;
ema5.SetLineWeight(2);
ema5.SetPaintingStrategy(PaintingStrategy.DASHES);
ema5.SetDefaultColor(Color.YELLOW);
input TF = {default "1 HOUR", "78 MIN", "4 HOURS", "DAY", "WEEK", "MONTH"};
def CI = ( ( Log(Sum(TrueRange(high(period = TF), close(period = TF), low(period = TF)), 14) / (Highest(if high(period = TF) >= close(period = TF)[1] then high(period = TF) else close(period = TF)[1], 14) - Lowest( if low(period = TF) <= close(period = TF)[1] then low(period = TF) else close(period = TF)[1], 14))) / Log(10)) / (Log(14) / Log(10))) * 100;
input TFS = {default "DAY", "WEEK", "MONTH"};
def slkf = reference StochasticFull(77, 22, 9, 0, high, low, close, 1, "SMA").FullK;
def diff = 100 - (75 - (slkf - (88 - CI))) * .8;
def dhi14 = Highest(high(period = "DAY"), 14);
def dlo14 = Lowest(low(period = "DAY"), 14);
def dei80 = dhi14 - ((dhi14 - dlo14) / 100 * 19);
def dos20 = dhi14 - ((dhi14 - dlo14) / 100 * 79);
def top = (dei80[2] - dos20[1]) * .7 + dos20;
def bot = (dei80[2] - dos20[1]) * .3 + dos20;
def ave = (top + bot) / 2;
plot dcr = if Crosses(if showonlytoday and !IsNaN(close(period = "DAY")[-12]) then Double.NaN else diff, 62, CrossingDirection.BELOW) and CI > 34 and high < ema4 then high else Double.NaN;
dcr.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
dcr.SetLineWeight(4);
dcr.AssignValueColor(if close > ave then Color.Red else Color.Yellow);
plot ucr = if Crosses(if showonlytoday and !IsNaN(close(period = "DAY")[-12]) then Double.NaN else diff, 34, CrossingDirection.ABOVE) and low > ema5 then low else Double.NaN;
ucr.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
ucr.SetLineWeight(4);
ucr.AssignValueColor(if close < ave then Color.DARK_GREEN else Color.GREEN);
AddChartBubble(if showonlytoday and !IsNaN(close(period = "DAY")[-8]) then Double.NaN else flipd, high, "CHANNEL RE-ENTRY", CreateColor(0, 162, 232), yes);
AddChartBubble(if showonlytoday and !IsNaN(close(period = "DAY")[-8]) then Double.NaN else flipd, ema5, Concat("CH TGT:", ema5), CreateColor(0, 162, 232), no);
AddCloud(if high[1] > ema44[1] and close < ema44 then ema44 else Double.NaN, ema5, Color.BLUE, Color.BLUE);
AddChartBubble(if showonlytoday and !IsNaN(close(period = "DAY")[-8]) then Double.NaN else flipu, low, "CHANNEL RE-ENTRY", Color.RED, no);
AddChartBubble(if showonlytoday and !IsNaN(close(period = "DAY")[-8]) then Double.NaN else flipu, ema4, Concat("CH TGT:", ema4), Color.RED, yes);
AddCloud(if low[1] < ema5[1] and close > ema5 then ema4 else Double.NaN, ema5, Color.BLUE, Color.BLUE);
def aim = if flipd then ema5 else if flipu then ema4 else aim[1];
def cmem = if flipu or flipd then 0 else if Crosses(aim, close, CrossingDirection.ANY) then 1 else Double.NaN;
def cmemh = if cmem != cmem[1] then cmem else cmemh[1];
plot chaim = if aim > .02 then aim else Double.NaN;
chaim.SetStyle(Curve.SHORT_DASH);
chaim.AssignValueColor(if cmemh > 0 then Color.BLACK else Color.YELLOW);
chaim.SetLineWeight(3);
AddLabel(aim > .02, Concat("CURRENT CHANNEL TARGET TO AIM FOR: ", aim), if aim < close then Color.RED else Color.GREEN);
def distance = (ema2 + ema4) / 2 - (ema3 + ema5) / 2;
def dc = Crosses(high[1], ema2[1], CrossingDirection.BELOW) or Crosses(high[1], ema4[1], CrossingDirection.BELOW);
def uc = Crosses(low[1], ema3[1], CrossingDirection.ABOVE) or Crosses(low[1], ema5[1], CrossingDirection.ABOVE);
def stup = if dc then high[1] + distance / 2 else stup[1];
plot stupper = if showonlytoday and !IsNaN(close(period = "DAY")[-20]) then Double.NaN else if stup > .02 then stup else Double.NaN;
stupper.AssignValueColor(if close > EMA then Color.RED else Color.DARK_RED);
def LEMAU = ExpAverage(high, 36 * 23);
def LEMAL = ExpAverage(low, 36 * 23);
def prevdmove = (high(period = "Day")[1] - low(period = "Day")[1]) / ((high(period = "Day")[1] + low(period = "Day")[1] + close(period = "Day")[1]) / 3) * 100;
AddChartBubble(if showonlytoday and !IsNaN(close(period = "DAY")[-8]) then Double.NaN else stupper[1] != stupper[2] and stupper < LEMAU, stupper[1], Concat("SELL TO:", stupper), if prevdmove < 1 then Color.RED else Color.GRAY, yes);
def stdn = if uc then low[1] - distance / 2 else stdn[1];
plot stlower = if showonlytoday and !IsNaN(close(period = "DAY")[-20]) then Double.NaN else if stdn > .02 then stdn else Double.NaN;
stlower.AssignValueColor(if close < EMA then Color.MAGENTA else Color.PLUM);
AddChartBubble(if showonlytoday and !IsNaN(close(period = "DAY")[-8]) then Double.NaN else stlower[1] != stlower[2] and stlower > LEMAL, stlower[1], Concat("BUY TO:", stlower), if prevdmove < 1 then Color.MAGENTA else Color.GRAY, no);
AddChartBubble(if showonlytoday and !IsNaN(close(period = "DAY")[-8]) then Double.NaN else CI[2] < 34 and CI[3] > 34, close[2], "CI GUIDANCE", if prevdmove < 1 then Color.MAGENTA else Color.GRAY, no);
def stdn2 = if uc then stdn[1] else stdn2[1];
plot stlower2 = if showonlytoday and !IsNaN(close(period = "DAY")[-20]) then Double.NaN else if stdn2 > .02 then stdn2 else Double.NaN;
stlower2.SetDefaultColor(Color.BLUE);
AddCloud(if high > ema4 then high else Double.NaN, low, Color.GREEN, Color.BLACK);
AddCloud(if low < ema5 then high else Double.NaN, low, Color.RED, Color.BLACK);
AddCloud(if high > ema4 then high else Double.NaN, low, Color.GREEN, Color.BLACK);
AddCloud(if low < ema5 then high else Double.NaN, low, Color.RED, Color.BLACK);
AddLabel(high > ema4, "ABOVE CHANNEL BUYING!!!", Color.GREEN);
AddLabel(low < ema5, "BELOW CHANNEL SELLING!!!", Color.RED);
AddLabel(yes, Concat("DISTANT CHANNEL RISK: ", if AbsValue(close - ema4) > AbsValue(close - ema5) then AbsValue(close - ema4) else AbsValue(close - ema5)), Color.MAGENTA);
input TF2 = {default "4 HOURS", "DAY", "WEEK"};
def price2 = hl2(period = TF);
input length2 = 88;
def realPart = fold indexR = 0 to length2 with accuR = 0 do accuR + GetValue(price2, indexR, length2 - 1) * Cos(2 * Double.Pi * indexR / length2);
def imagPart = fold indexI = 0 to length2 with accuI = 0 do accuI + GetValue(price2, indexI, length2 - 1) * Sin(2 * Double.Pi * indexI / length2);
def phase1 = if AbsValue(realPart) > 0.001 then ATan(imagPart / realPart) else (Double.Pi / 2 * Sign(imagPart));
def phase2 = if realPart < 0 then phase1 + Double.Pi else phase1;
def phase = if phase2 < 0 then phase2 + 2 * Double.Pi else if phase2 > 2 * Double.Pi then phase2 - 2 * Double.Pi else phase2;
def "Sine Wave" = Cos(phase);
def "Lead Wave" = Cos(phase + Double.Pi / 4);
def ZeroLine = 0;
def support = if "Lead Wave" crosses above "Sine Wave" then low else support[1];
def resistance = if "Lead Wave" crosses below "Sine Wave" then high else resistance[1];
plot s = support;
plot r = resistance;
AddCloud(if low < r and close > r then stupper else Double.NaN, r, Color.CYAN, Color.CYAN);
AddCloud(if high>s and close < s then s else Double.NaN, stlower, Color.CYAN, Color.CYAN);
AddCloud(if low < s and close > s then stupper else Double.NaN, s, Color.CYAN, Color.CYAN);
AddCloud(if high>r and close < r then r else Double.NaN, stlower, Color.CYAN, Color.CYAN);
The MT4 version is under the name “CloseLines”.
After changing the displacement to 1.13 ->
