Archives: RSM Indicator for ThinkorSwim

[gdlesley]

I am still studying it but I suggest you read the Power X Program to get a full understanding of it. I have been using it for the ES with3 minute next to a screen that has 6tic Range Bar Heicken Ashi with Woodie's CCI below it, so far it has been good.

 

[ApeX Predator]

here is a link showing two different tickers one I actually got to show the target labels now (BAC) and one don't show the target label at all (UMC)

You still seeing NA for UMC, I tried this before and after market of UMC in multiple timeframes, for the frames the trend is in progress, I have the target labels.

Honestly, I think You just lost the trend right there in the DayFrame, try use White as a color instead of DARK_GRAY, a bit easier to spot the candle, when we loose the trend. Look for the following Code Block in the upper indicator and replace it with the following, or just simply replace DARK_GRAY to WHITE.

################################################################
##########         Assign Price Color                  #########
################################################################
AssignPriceColor(if paintBars and RSI >= 50 and SlowK >= 50 and Value > Avg then Color.GREEN else if paintBars and RSI < 50 and SlowK < 50 and Value < Avg then Color.RED else if paintBars then Color.WHITE else Color.CURRENT);

-Surya

 

[ApeX Predator]

@SuryaKiranC any suggestions?

What Ticker are you working with and what timeframe?

 

[mindgap]

What Ticker are you working with and what timeframe?

Is this last graph "FloatingPL" the same graph like in the PowerX software to check if a stock would make money with the strategy? I am still searching for a backtesting option in TOS.

 

[ApeX Predator]

Is this last graph "FloatingPL" the same graph like in the PowerX software to check if a stock would make money with the strategy? I am still searching for a backtesting option in TOS.

Not sure what Power-X Software will look like, But floating PL is to get an idea of what the profit would be, if you were to use a said strategy in TOS.

-S

 

[mindgap]

Not sure what Power-X Software will look like, But floating PL is to get an idea of what the profit would be, if you were to use a said strategy in TOS.

-S

I see...so I tried to copy/paste the code for the Strategy (from post #1) into TOS but I can't see any trades happening in the Upper Field. All I can see are arrows but not the entries and exits. Any hints on how to make that happen would be appreciated. Thanks!

 

[cos251]

Do you know how to display the arrows? I saw that that it appears on the daily chart, but not on the weekly chart.

I finally fixed the Arrows and ATR/ADR Targets to display correctly on the weekly chart. Fix ended up being simple.....

Please reference the first post for updated code and let me know if you find any other issues.
https://usethinkscript.com/threads/rsm-indicator-for-thinkorswim.5407/

 

[cos251]

I hope @cos251 can look into the RSI / Stoch value issue. I think Markus explains that both values have to be above 50 not 50 at all. I tried to take out the = symbols but with no change in the chart. Maybe somebody else can shed some light on this issue.

@RickAns Thank you for verifying the Profit Target. That makes it pretty easy to see. Do we know which ADR was used to determine the PT? Also, I can't see an ADR value for any given day anywhere in the chart section. Any idea where I can turn it on or add some code to make it visible?

Thank you!

This was adjusted in latest code.
See first post
https://usethinkscript.com/threads/rsm-indicator-for-thinkorswim.5407/

 

[cos251]

let me know if you need any help or a guinea pig

FYI - Still working on this one

 

[mindgap]

This was adjusted in latest code.
See first post
https://usethinkscript.com/threads/rsm-indicator-for-thinkorswim.5407/

Thank you @cos251 Will test it right away
BTW: Do you have any clue why the Strategy code would not work after I copy/pasted it into TOS?

 

[cos251]

Just checked and it looks like I may need to adjust the code some to display the ATR/ADR and Indicator Labels correctly on the weekly chart. I get that squared away as well.

 

[mindgap]

This was adjusted in latest code.
See first post
https://usethinkscript.com/threads/rsm-indicator-for-thinkorswim.5407/

So I was digging a little deeper since TOS still doesn't match up with the original trading method published by Rockwell on TV.

First, I needed to change the average types to match the values TV is showing:

RSI = WILDERS
Stoch = SIMPLE
MACD = EXPONENTIAL

After that I compared HAL in TOS and TV. When you look at the 02/11/2021 you can see that TOS shows a black bar while TV shows a green bar. All three values are in the green and there should be no reason TOS should show the bar in grey.

https://imgur.com/a/KN22GJQ

 

[ApeX Predator]

Thank you @cos251 Will test it right away
BTW: Do you have any clue why the Strategy code would not work after I copy/pasted it into TOS?

So, you creating a new Strategy right, not a new Study. also you would want to add float pl as a bottom study, to see the P/L

-S

 

[mindgap]

So, you creating a new Strategy right, not a new Study. also you would want to add float pl as a bottom study, to see the P/L

-S

Yes, I create a new Strategy, paste the code from the first post under Strategy and save it. Does the strategy need a specific name? I called it RSMStrategy.

https://imgur.com/a/G0x920U

 

[gdlesley]

I finally fixed the Arrows and ATR/ADR Targets to display correctly on the weekly chart. Fix ended up being simple.....

Please reference the first post for updated code and let me know if you find any other issues.
https://usethinkscript.com/threads/rsm-indicator-for-thinkorswim.5407/

I use 3 Minutes and the arrows show up fine.

 

[ApeX Predator]

Yes, I create a new Strategy, paste the code from the first post under Strategy and save it. Does the strategy need a specific name? I called it RSMStrategy.

https://imgur.com/a/G0x920U

alright, click back on studies, right there in the same screen as your Screenshot and search for Floating PL, this would be a Lower Study, add it. Your Screen should look like my screenshot. with P/L details. Also add the RSM Upper Study, if you want to see all the signals where the trade decisions are taken.

Lastly, Just noticed, the trades appears to be showing up in lower time frames not 1Y 1D. @cos251 or I will look in to this. Might be the strategy not to hold overnight.

-Surya

 

[cos251]

alright, click back on studies, right there in the same screen as your Screenshot and search for Floating PL, this would be a Lower Study, add it. Your Screen should look like my screenshot. with P/L details. Also add the RSM Upper Study, if you want to see all the signals where the trade decisions are taken.

Lastly, Just noticed, the trades appears to be showing up in lower time frames not 1Y 1D. @cos251 or I will look in to this. Might be the strategy not to hold overnight.

-Surya

Just looked at the code to refresh myself. @SuryaKiranC you are correct, trades are set for RTH only. We'll have to adjust and provide an option for overnight trades.

 

[mindgap]

alright, click back on studies, right there in the same screen as your Screenshot and search for Floating PL, this would be a Lower Study, add it. Your Screen should look like my screenshot. with P/L details. Also add the RSM Upper Study, if you want to see all the signals where the trade decisions are taken.

Lastly, Just noticed, the trades appears to be showing up in lower time frames not 1Y 1D. @cos251 or I will look in to this. Might be the strategy not to hold overnight.

-Surya

Yes, that was the problem. I always look at the 1Y 1D chart (since this is what Markus does) and the Study doesn't work that way. Thanks you both for looking into this.

 

[dominos101]

I finally fixed the Arrows and ATR/ADR Targets to display correctly on the weekly chart. Fix ended up being simple.....

Please reference the first post for updated code and let me know if you find any other issues.
https://usethinkscript.com/threads/rsm-indicator-for-thinkorswim.5407/

Thank you very much for the update. This has helped me out immensely.

 

[ApeX Predator]

Just looked at the code to refresh myself. @SuryaKiranC you are correct, trades are set for RTH only. We'll have to adjust and provide an option for overnight trades.

Overnight and Swing Should be an option if the trend is not lost, I will work with you, that should give a more closer and realistic P/L outlook.