2024 -- June 26th newsletter

[useThinkScript]

Your useThinkScript Update: LNL Trend System, Previous Candle High/Low Labels, How to Look at Option Data & Enter an Order, 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!

LNL Trend System​

samer800 said: LNL Trend System is an ATR based day trading system specifically designed for intra-day traders and scalpers. The System works on any chart time frame & can be applied to any market. The study consist of two components - the Trend Line and the Stop Line. Trend System is based on a special ATR calculation that is achieved by combining the previous values of the 13 EMA in relation to the ATR which creates a line of deviations that visually look similar to the basic moving average but actually produce very different results ESPECIALLY in sideways market.

Previous Candle High/Low Labels & Bubbles​

Wiinii said: Previous Candle High/Low Labels & Bubbles ALL IN ONE - with custom color/transparency global options! I made this for myself and thought others might enjoy it as well. It includes options to turn any label or bubble on and off, and change custom colors and transparency (under Globals). Enjoy!

AVAILABLE TO VIP MEMBERS ONLY​

How To Look At Option Data & Enter An Order​

Drum Rocker said: There is only one way to look at the option data (to my knowledge), but there are two ways to enter the order. For reviewing the option data, I use the [...] There is an Active Trader widget that is great if you're buying shares, but if you're buying options you have to use the [...] If you're newer to TOS, I highly recommend hovering over the Education tab in the top menu and navigating to the [...]

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Squeeze Index [LuxAlgo]​

hazmat8039 said: The Squeeze Index aims to measure the action of price being squeezed, and is expressed as a percentage, with higher values suggesting prices are subject to a higher degree of compression. Settings Convergence Factor: Convergence factor of exponential envelopes. Length: Period of the indicator. Src: Source input of the indicator. Usage Prices being squeezed refer to the action of price being compressed within a tightening area. Prices in a tight area logically indicate a period of stationarity, price breaking out of this area will generally indicate the trader whether to buy or sell depending on the breakout direction.

FROM THE ARCHIVES: JUL 2021​

RSI-Heiken Ashi​

samer800 said: This is my mod script for TV - Heikin Ashi RSI Oscillator. Introducing HARSI - the RSI based Heikin Ashi candle oscillator... that's right, you read it correctly. This is Heikin Ashi candles in an oscillator format derived from RSI calculations, aimed at smoothing out some of the inherent noise seen with standard RSI indicators.