2026 April 21st -- newsletter

[useThinkScript]

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!

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Intraday Time Markers​

baTrader said:
Time Clouds II is a time-based chart overlay that marks specific intraday moments using full-height, one-bar-wide visual markers. Instead of analyzing price, volume, or indicators, it focuses purely on when events occur during the trading session.
The purpose of this study is to highlight repeatable time-of-day patterns that often correspond to shifts in market behavior. These may include liquidity events, session transitions (such as Globex to regular trading hours), or other recurring periods where volatility, participation, or directional movement tends to change.
Each cloud represents a predefined time and is designed to be immediately visible without cluttering the chart. Because the markers span the full height of the chart and are only one bar wide, they provide clear timing reference points without interfering with price structure.
Read more
https://usethinkscript.com/threads/intraday-time-markers-for-thinkorswim.22286/

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Adaptive Chop Indicator​

baTrader said:
This indicator is a standalone extraction of the “chop” (neutral) condition from the AdaptiveTrend framework. Its sole purpose is to identify periods where price is not exhibiting meaningful directional behavior, and where trend-following signals are statistically less reliable.

The study classifies each bar using a combination of three structural factors:
Volatility compression (ATR relative to its own baseline)
Statistical positioning (Z-score of price relative to its mean)
Candle range contraction (current bar range vs expected range)
Read more
https://usethinkscript.com/threads/adaptive-chop-indicator-for-thinkorswim.22293/

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VIP SUBSCRIBERS ONLY​

VIX: Expanding or Contracting​

ᚱ ᛁ ᚢ ᛅ ᚱ ᛏ ᛁ ᛅ ᛋ said:
Over the past few days, I’ve been thinking about an exchange I had with Merry on Discord, and I keep coming back to the impact of VIX gap percentage.

The Algos are simple machines; they are setup to buy / sell on certain parameters. In my experience a sustained 20% spike into Monday's open from Friday's close. Would have been that type of event. Sustained being the operative word; it seldom happens.

So, I created a simple label that shows the gap percentage and indicates whether the gap is expanding or contracting.
Read more
https://usethinkscript.com/threads/vix-expanding-or-contracting.22218/

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MTF 6-TF MA Stack Dashboard​

Ajordan930 shared:
I wanted a quick visual for stacked moving averages with the ability to look at either exponential or simple and modify timeframes. I only went out as far as an hour for options because I usually only scalp or intraday.
Added in the ability to select another symbol so I can see QQQ and SPY at the same time. You can select 3 moving averages
Read more
https://usethinkscript.com/threads/mtf-6-tf-ma-stack-dashboard-for-thinkorswim.22296/

FROM THE ARCHIVES​

Chandelier Volatility Trailing Stop​

SparkyFlary shared:
A clean, confidence‑boosting trend tool designed for day traders who want clarity, structure, and real price‑action awareness — without the overwhelm.

If your chart is overloaded with moving average crosses, RSI signals, and indicators that contradict each other every five minutes, it’s time to simplify. The Chandelier Volatility Trailing Stop gives you a clean, color‑coded roadmap that helps you follow real momentum with confidence.

What Makes This Indicator a Game‑Changer
Originally popularized on TradingView and re‑engineered for Thinkorswim, this version blends:
→ Highest‑high / lowest‑low structure
→ ATR‑based volatility filtering
→ Directional bias detection
→ A clean, color‑coded trailing stop
Read more
https://usethinkscript.com/threads/chandelier-volatility-trailing-stop-for-thinkorswim.22352/