2024 -- December 24th newsletter

[useThinkScript]

New Indicators for ThinkorSwim​ Chebyshev Filter, VIP Volume Price Analysis, Supertrend Fakeout, and more...!​

Here on useThinkScript, we dive deep into the latest discussions and highlight the most valuable indicators, set ups, and strategies which could give you the edge in this week's markets. Scroll down to check out this week's must reads, carefully selected by uTS Moderators!

Chebyshev Filter​

cando13579 said: The Chebyshev filters are powerful smoothing techniques that can be used in technical analysis to remove noise from time series data. They offer a sharper transition between the passband and the stopband compared to other filter types, which helps in preserving the essential features of the data while effectively reducing noise.

Moving Average Z-Score Suite​

samer800 said: This indicator transforms selected moving averages into a Z-Score oscillator, providing clear signals for potential buy and sell opportunities. The indicator includes options to choose from eleven different moving average types, each offering unique benefits and characteristics. It also provides additional features such as standard deviation levels, extreme levels, and divergence detection, enhancing its utility in various market conditions.

AVAILABLE TO VIP MEMBERS ONLY​

Anna Coulling's Volume Price Analysis: VIP style​

MerryDay said: Volume spikes, while attention-grabbing, can often distort meaningful analysis on a chart. Cutting off these spikes helps traders focus on patterns that are more actionable and relevant to understanding market activity. In the latest version of the VIP Anna Coulling Volume Price Analysis indicator, actual volume is not displayed. Instead, outliers and volume spikes exceeding 25% above the moving average are capped. This adjustment ensures that the majority of volume activity remains visible and interpretable, without being overshadowed by extreme, infrequent surges. Key features of this modification: Cyan Lines: Indicate where volume spiked above the cutoff threshold, signaling unusual activity.Yellow Triangles: Mark instances where volume spiked more than one standard deviation above the average. Why this matters: Displaying extreme spikes doesn’t add actionable insight for most traders. These spikes can shrink the rest of the chart, making smaller but important volume changes hard to notice. By removing spikes, the chart highlights meaningful volume activity.

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Supertrend Fakeout​

samer800 said: This script is an enhanced version of the classic Supertrend indicator. It incorporates an additional feature that ensures trend reversals are more reliable by introducing a Fakeout Index Limit and a Fakeout ATR Mult. This helps avoid false trend changes that could occur due to short-term price fluctuations or market noise.

FROM THE ARCHIVES: OCT 2021​

Dominant Cycle + RSI = Cyclic RSI​

mfox said: The cyclic smoothed RSI indicator is an enhancement of the classic RSI , adding additional smoothing according to the market vibration, adaptive upper and lower bands according to the cyclic memory and using the current dominant cycle length as input for the indicator. The cRSI is used like a standard indicator. The chart highlights trading signals where the signal line crosses above or below the adaptive lower/upper bands. It is much more responsive to market moves than the basic RSI.