2024 -- May 15th newsletter

[useThinkScript]

Here are the latest tips and strategies from your uTS Community​

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!

ATR Based Trendlines - JD​

dsvitale said: This script draws trendlines from the pivot points in the price chart. The angle of the trendlines is determined by (a percentage of) the ATR. The angle follows the change in price, dictated by the ATR at the moment where the pivot point is detected. The AT percentage determines if the trendline follows the rate of change of the atr or a fraction ( value < 100) or a multiple ( value > 100) of that.

Long Bar Highlighter​

lovetotrade2024 said: The Long Bar Highlighter is designed to detect long bars that exhibit significant price expansion beyond recent price levels. It highlights bars that exceed the length of the previous four bars, marking them for their potential importance in market movements. Additionally, the indicator plots directional shapes based on the closing prices, which helps traders visualize potential upward or downward momentum. An optional ATR crossover setting refines these signals, focusing on stronger trends for more optimal trading opportunities.

AVAILABLE TO VIP MEMBERS ONLY​

Eliminate IPOs and SPACs from Scan Hacker Results​

MerryDay said: SCAN Newly minted stocks have unusual volatility for the first year making them unpredictable. There is the potential for great profits on some of these stocks. The more aggressive trader would not filter these opportunities out of the scan. For everybody else, the below code can be stuffed into the scan hacker or saved as a study and then set "scan is true".

Trend Angle​

GpInvest said: The "Trend Angle" indicator serves as a tool for traders to decipher market trends through a methodical lens. It quantifies the inclination of price movements within a specified timeframe, making it easy to understand current trend dynamics.

FROM THE ARCHIVES: JUL 2019​

McGinley Dynamic Indicator​

BenTen said: SHARED LINK This indicator is called McGinley Dynamic for ThinkorSwim. Investopedia dubbed it "The Most Reliable Indicator You've Never Heard Of". I thought it would be interesting to share it here. The tradition simple and exponential moving averages tend to lag. McGinley Dynamic indicator will try to overcome that by automatically adjusting itself relative to the speed of the market.