TD Sequential Setup and Countdown

Slightly modified version of the Tom Demark Sequential indicator. The setup phase doesn't require a number in the opposite direction to restart the count which means a green 1 can show up on the first candle after a green 9.

The setup phase numbers are shown on top of the candles and the countdown below the candles. An aggressive sell/buy countdown number 13 is displayed as the character 'A' under an arrow.

Release Notes: Minor code correction
Release Notes: Added setup trend lines.

Differentiate between imperfect/perfected setup by setting the 9's arrow color to orange/red or lime/green.

Release Notes: Fix bug when calculating non-perfected buy setup
Release Notes: Add setting to control the continuous setup count feature. If deselecting it, the script will not start a new setup count if a setup in the opposite direction has not started.
Release Notes: Implemented countdown cancellation according to the rules:
- A setup appears in the opposite direction.
- Close above the highest high for the current setup (break of TDST)
- Recycle occurs (new setup in the same direction)
Release Notes: Implement countdown qualifier - the low of countdown bar 13 must be lower (buy) / higher (sell), or equal to the close of countdown bar 8. A postponed countdown bar 13 is marked with a '+'.
Release Notes: Migrate to version 3 + code cleanup
Release Notes: Add setting to control the countdown numbers, either "Standard" or "Aggressive". The countdown type that is not chosen will have its 13 countdown marked with either "S" or "A".
Release Notes: Countdown text color bug fix
Release Notes: Fix bug when calculating setup perfection ("8 & 9 higher/lower than 6 & 7" should be "8 or 9 higher/lower then 6 & 7")
Release Notes:
  • Update to version 4
  • Clean up plots for easier use with alerts
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?


Great script for the TD Sequential. Thanks. How would you suggest I modify this back to the original script regarding the setup phase requiring a number in the opposite direction to restart the count?
+6 Svara
mbd1903 mbd1903
Also, is there a way to cancel the countdown if it reverses through the TDST line for that countdown? This rule is per Jason Pearl's book on DeMark indicators
+1 Svara
lirre8 mbd1903
@mbd1903, I have also updated the script to cancel a countdown when the TDST line breaks, a setup appears in the opposite direction and when recycle occurs (new setup in the same direction). I had to make some refactoring of the code for this so please let me know if you notice any bugs.
lirre8 mbd1903
@mbd1903, Thanks, I'm glad you like it. I just published a new version which adds the possibility to turn off the feature that doesn't require an opposite direction number to start a new setup in the same direction. You'll find it in the settings
+1 Svara
Hello. I'm new to using scripts and would love to try this one out. Could someone explain the steps to use the script in ThinkorSwim? Do I simply copy the code to a .ts file and then upload it? Or do you just copy the code into the script editor? (I tried the latter and it didn't work.) Thanks for any insight.
+2 Svara
jorisw OverLook
@OverLook, This script is written in PineScript, which specifically targets TradingView features. You would have to write a ThinkorSwim script yourself, based on the code here.
+1 Svara
Can you describe the use of having the setup number not requiring a number in the operate number to restart?

I’m only begging to understand TD but feel this is a strong attribute to add onto the method. Cheers!
+1 Svara
lirre8 michaeldouglas1915
@michaeldouglas1915, You can turn this off by deselecting "Continuous setup count" in the input settings
+1 Svara
Good work👌🏼
+1 Svara
Thank you.
+1 Svara
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