Scroll down to check out this week's must reads, carefully selected by uTS Moderators!
Volume Trade Detector
cando13579 said:Volume Trade Detector identifies high-probability breakout and breakdown candles by combining volume spikes with price-action confirmation.
The study highlights moments when strong momentum enters the market, often signaling institutional participation or algorithmic activity.
Read more
https://usethinkscript.com/threads/volume-trade-detector-for-thinkorswim.21824/
Position Tool
Phil said:I love the TradingView position tool and have always wanted something similar built into Thinkorswim. I finally decided to attempt to create my own tool based on ATR. All you have to do is enter your position and choose short or long. You can set the ATR period, multiplier for stop loss, and multiplier for take profit. I looked for something on this forum but I had no real luck.
Don't know if anyone will find it useful but I use it for every trade so I thought I would share it. Let me know if it's as useful to you as it is to me.
Read more
https://usethinkscript.com/threads/position-tool-for-thinkorswim.20717/
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Low Risk->High Reward->Catalyst to blast off
useThinkScript said:Record-high markets and razor-sharp AI analysis, but day traders are still failing at rates above 80%.
Because trades are being made without a roadmap. With no destination and no fuel.
Retail traders love their signals.
But arrows, alerts, colors, crosses, oscillators, candlestick patterns—are tools meant to assist decision-making, never to replace it.
Profitable traders don’t take signals—they take setups.
A real setup requires a target, a catalyst, and a risk calculation.
Read more
https://usethinkscript.com/threads/low-risk-high-reward-catalyst-to-blast-off.21833/
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MACD with HMA
BillW said:We know using HMA on MACD is kind 'a weird. But using it with Wilders Histogram can make it useful when looking at what happens when the hull value AVG cross in relation to the histogram.
I've included a couple of moving averages that are included in the shared style link. (IMO) SuperSmootherFilter with a period of 50 is a better (smoother) than the tried and true 20 period SMA. Hann moving average is included too.
I always recommend watching something that is new to you for a few days. Don't be a noob and fall in love with hindsight.
Read more
https://usethinkscript.com/threads/macd-with-hma-for-thinkorswim.21795/
FROM THE ARCHIVES |
Intraday Trend Viewer Indicator
BenTen shared:I was watching a video on YouTube a while back about trend trading. The guy mentioned something along the line of:
If the stock is trading below the previous day close then there are more sellers than buyers. The trend is bearish. Look for a short opportunity.
If the stock is trading above the previous day close then there are more buyers than sellers. There is a strong uptrend. Look for a long opportunity...
Read more
https://usethinkscript.com/threads/intraday-trend-viewer-indicator-for-thinkorswim.472/
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