Scroll down to check out this week's must reads, carefully selected by uTS Moderators!
Adaptive Aroon, MACD, Schaff Trend Cycle, and Williams %R Indicators
Sesqui said:The indicators provided below use the dominant cycle period obtained from Dr Ehlers AutoCorrelationPeriodogram to make them adaptive to the market cycle. The screenshot above shows what they look like on the lower portion of the chart.
Here is the script code for each.
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https://usethinkscript.com/threads/...-williams-r-indicators-for-thinkorswim.21497/
Options Monitoring Labels
trader_joe said:Hi! I wanted to share a label indicator I created using parts from other studies and generating some with aid from ChatGPT (not sure where you guys stand on this).
I've been working on this to help me monitor and decide what to do with the contracts I have (I don't usually handle more than 5-6 contracts at a time). It gives me information about the contract at a glance, including actions based on greeks, position, moneyness, DTE, etc. It autodetects a position, direction, P/L. I am fine tuning it and validating if it works properly. All logic about actions, percentages, levels, etc was all established by ChatGPT using best practices and personal objectives.
Here is a snpashot of my options monitoring charts...
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https://usethinkscript.com/threads/options-monitoring-labels-for-thinkorswim.21485/
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Tick-by-Tick Heatmap Bands (3 Levels per Band)
antwerks said:Well, I was thinking of subscribing to the TOS heat map, but thought I would try my hand at writing one myself first. This script keeps track every time the current priceBin (rounded price) trades, the volume accumulates for that bin. If the total volume in that bin crosses the (changeable) tier thresholds, it changes from yellow → cyan → red automatically
It only runs during active RTH and will clear for the next session. Multiple bins will form across the chart during the day, giving you a heatmap-style volume profile from ticks or minutes. I am using 2 minutes - you could use ticks if you want but need to adjust parameters.
You will need to change tier levels based off volume of the particular stock. I did write a volume indicator that gives the average and then monitors for spikes and such...
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https://usethinkscript.com/threads/tick-by-tick-heatmap-bands-3-levels-per-band.21397/
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Low Float "Heat Meter"
TRADERSAM said:This indicator, was designed to track momentum conditions often seen in volatile low-float stocks. It combines three key components that tend to drive explosive moves: gap percentage, relative volume (RVOL), and ATR expansion.
Each factor contributes one point toward a composite “heat score” that ranges from 0 to 3. A score of 3 means all three conditions are firing at once: the stock is gapping up above a set threshold, trading with abnormal volume relative to its recent average, and showing volatility expansion (fast ATR significantly outpacing slow ATR)...
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https://usethinkscript.com/threads/low-float-heat-meter-for-thinkorswim.21473/
FROM THE ARCHIVES |
Price projection based on seasonality
harishm said:Think of seasonal data like a weather forecast for the market.
Looking at the past five years gives a rough road map of how prices tend to move during certain times.
Keep in mind that past performance is not an indicator of future returns, given each year has unique drivers and economic circumstances.
However, the market has shown itself to be cyclical where certain parts of the year usually heats up or cools off.
Hanging this indictor in the expansion area for a few bars provides a heads-up as to what has occurred in past years...
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https://usethinkscript.com/threads/price-projection-based-on-seasonality-for-thinkorswim.16294/
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