Advanced Market Forecast Indicator & Scanner for ThinkorSwim

[lackawandatheghost]

Hi there, I'm somewhat new to TOS, brand new to working with scripts. My question is how would I do a scan for tickers that are under the 10 line for the Market Forecast Study? Currently when I go to do a scan it says that I have to compare MarketForecast to another study, but I wanted to independently scan for market Forecast under the 10 line. Thank You.
-Much appreciated from a novice trader.

 

[MerryDay]

To Use The ToS Market Forecast In The Scan Hacker Wizard:

1. Left Column: Choose which Market Forecast component: Momentum, NearTerm and Intermediate.
2. Middle Column: Click on "is less than:
3. Right Column: Click on down arrow, scroll down to Value, enter your value of 10

Shared Scan Link: http://tos.mx/iZD5ktg Click here for --> Easiest way to load shared links

 

[magpie]

Hi all, this is my first contribution post. This MarketForecast script comes from Ken Rose at TD Ameritrade, where he enhanced the MarketForecast Tool proprietary to TOS. Here it is called MarketForecastEnhanced and the lower study MarketForecastEnhancedLower. The lower study is much like other scripts found in this thread inserting an "overbought" 80 level and an "oversold" 20 level. The upper study plots a red dot signalling a bearish cluster where all three lines are above 80 and also plots a green dot signalling a bullish cluster where all three lines are below 20.

The interesting ways to use this study have already been detailed previously in this tread and I use it similarly. I have also built a scan which attempts to return a list of stocks which have a red dot or a green dot on the current bar. I run this scan on both the weekly charts and the daily charts but it works on any time frame you might want to apply. The only two lower studies I use are the MarketForecast and RSILaguerre (Thank you Don Kaufman from TheoTrade) and together help me get onboard a trend early for my preferred swing trade approach. When these dots are in close proximity to a fractal may be even more predictive.

Here is the MarketForecastEnhanced Upper Study:

#Follow Ken Rose on twitter @KRose_TDA for updates to this and other custom scripts

# Market Forecast system
# This thinkscript will put red dots on the upper price chart above the corresponding candles when a bearish Market Forecast cluster forms. It will put green dots below the candles when bullish clusters form.
# It is used mostly as a cautionary flag to determine if a stock that we are considering purchasing has legitimate overbought conditions(red dots) at that time.
# Market Forecast system parameters
input showClusters = yes;      # Display markers on the chart for cluster patterns
def upper_reversal = 80;
def lower_reversal = 20;
def greenline = reference MarketForecast.intermediate;
def blueline = reference MarketForecast.NearTerm;
def redline = reference MarketForecast.momentum;
#Define bullish and bearish clusters
def BullishCluster = greenline < 20 and redline < 20 and blueline < 20;
def BearishCluster = greenline > 80 and redline > 80 and blueline > 80;

# Plot the bullish clusters as green dots below the day's candle
plot data9 = if showClusters and BullishCluster then low * 0.990 else Double.NaN;
data9.SetPaintingStrategy(PaintingStrategy.POINTS);
data9.SetLineWeight(5);
data9.AssignValueColor(Color.DARK_GREEN);
data9.HideBubble();
data9.HideTitle();
# Plot the bearish clusters as blue dots above the day's candle
plot data10 = if showClusters and BearishCluster then high * 1.01 else Double.NaN;
data10.SetPaintingStrategy(PaintingStrategy.points);
data10.SetLineWeight(5);
data10.AssignValueColor(Color.red);
data10.HideBubble();
data10.HideTitle();

Here is the MarketForecastEnhancedLower study:

#follow @KRose_TDA on twitter for updates to this and other custom studies

declare lower;

input OverBought = 80;
input OverSold = 20;
input Show_Labels = yes;

plot Momentum = MarketForecast();
Momentum.SetDefaultColor(Color.RED);
AddLabel(Show_Labels, "Momentum: " + AsText(Momentum, NumberFormat.TWO_DECIMAL_PLACES), Color.RED);

plot NearTerm = MarketForecast().NearTerm;
NearTerm.SetDefaultColor(Color.BLUE);
AddLabel(Show_Labels, "Near Term: " + AsText(NearTerm, NumberFormat.TWO_DECIMAL_PLACES), color.BLUE);

plot IntTerm = MarketForecast().Intermediate;
IntTerm.SetDefaultColor(CreateColor(51, 204, 0));
AddLabel(Show_Labels, "Intermediate Term: " + AsText(IntTerm, NumberFormat.TWO_DECIMAL_PLACES), (CreateColor(51, 204, 0)));


plot OB_line = OverBought;
OB_line.SetDefaultColor(Color.RED);
OB_line.SetLineWeight(2);

plot OS_line = OverSold;
OS_line.SetDefaultColor(Color.GREEN);
OS_line.SetLineWeight(2);

AddCloud(0, OS_line, Color.GREEN, Color.GREEN);
AddCloud(100, OB_line, Color.RED, Color.RED);

Here is the SCAN script:

MarketForecast()."Momentum" is greater than or equal to 80.00 and MarketForecast()."NearTerm" is greater than or equal to 80.00 and MarketForecast()."Intermediate" is greater than or equal to 80.00 or MarketForecast()."Momentum" is less than or equal to 20.00 and MarketForecast()."NearTerm" is less than or equal to 20.00 and MarketForecast()."Intermediate" is less than or equal to 20.00

 

[Katsu]

TOS MarketForecast()."Intermediate" Label

I use the TOS MarketForecast()."Intermediate" to indicate trend direction and strength.
Can use as a lower study indicator and label or eliminate the lower study and keep the label in the upper-chart, by dragging it to the upper chart and un-plotting the lines by clicking on the gear and unchecking 'show plot'.

View attachment 8740

Here is the shared chart: https://tos.mx/omqBpCU

Explanation of colors:
if Intermediate>= 80 then "Bull" color cyan
if Intermediate<= 20 then "Bear" color red
if Intermediate>previous candle then "Rising" color green
if Intermediate<previous candle then "Falling" color pink

You can read more about this indicator here

Can we add lines in the 80, 50, and 20 on the indicator?

 

[MerryDay]

Can we add lines in the 80, 50, and 20 on the indicator?

add this to the bottom of your script:

plot eighty = 80 ;
plot fifty = 50 ;
plot twenty = 20 ;

 

[NPTrading]

Hi all, this is my first contribution post. This MarketForecast script comes from Ken Rose at TD Ameritrade, where he enhanced the MarketForecast Tool proprietary to TOS. Here it is called MarketForecastEnhanced and the lower study MarketForecastEnhancedLower. The lower study is much like other scripts found in this thread inserting an "overbought" 80 level and an "oversold" 20 level. The upper study plots a red dot signalling a bearish cluster where all three lines are above 80 and also plots a green dot signalling a bullish cluster where all three lines are below 20.

The interesting ways to use this study have already been detailed previously in this tread and I use it similarly. I have also built a scan which attempts to return a list of stocks which have a red dot or a green dot on the current bar. I run this scan on both the weekly charts and the daily charts but it works on any time frame you might want to apply. The only two lower studies I use are the MarketForecast and RSILaguerre (Thank you Don Kaufman from TheoTrade) and together help me get onboard a trend early for my preferred swing trade approach. When these dots are in close proximity to a fractal may be even more predictive.

Here is the MarketForecastEnhanced Upper Study:

#Follow Ken Rose on twitter @KRose_TDA for updates to this and other custom scripts

# Market Forecast system
# This thinkscript will put red dots on the upper price chart above the corresponding candles when a bearish Market Forecast cluster forms. It will put green dots below the candles when bullish clusters form.
# It is used mostly as a cautionary flag to determine if a stock that we are considering purchasing has legitimate overbought conditions(red dots) at that time.
# Market Forecast system parameters
input showClusters = yes;      # Display markers on the chart for cluster patterns
def upper_reversal = 80;
def lower_reversal = 20;
def greenline = reference MarketForecast.intermediate;
def blueline = reference MarketForecast.NearTerm;
def redline = reference MarketForecast.momentum;
#Define bullish and bearish clusters
def BullishCluster = greenline < 20 and redline < 20 and blueline < 20;
def BearishCluster = greenline > 80 and redline > 80 and blueline > 80;

# Plot the bullish clusters as green dots below the day's candle
plot data9 = if showClusters and BullishCluster then low * 0.990 else Double.NaN;
data9.SetPaintingStrategy(PaintingStrategy.POINTS);
data9.SetLineWeight(5);
data9.AssignValueColor(Color.DARK_GREEN);
data9.HideBubble();
data9.HideTitle();
# Plot the bearish clusters as blue dots above the day's candle
plot data10 = if showClusters and BearishCluster then high * 1.01 else Double.NaN;
data10.SetPaintingStrategy(PaintingStrategy.points);
data10.SetLineWeight(5);
data10.AssignValueColor(Color.red);
data10.HideBubble();
data10.HideTitle();

Here is the MarketForecastEnhancedLower study:

#follow @KRose_TDA on twitter for updates to this and other custom studies

declare lower;

input OverBought = 80;
input OverSold = 20;
input Show_Labels = yes;

plot Momentum = MarketForecast();
Momentum.SetDefaultColor(Color.RED);
AddLabel(Show_Labels, "Momentum: " + AsText(Momentum, NumberFormat.TWO_DECIMAL_PLACES), Color.RED);

plot NearTerm = MarketForecast().NearTerm;
NearTerm.SetDefaultColor(Color.BLUE);
AddLabel(Show_Labels, "Near Term: " + AsText(NearTerm, NumberFormat.TWO_DECIMAL_PLACES), color.BLUE);

plot IntTerm = MarketForecast().Intermediate;
IntTerm.SetDefaultColor(CreateColor(51, 204, 0));
AddLabel(Show_Labels, "Intermediate Term: " + AsText(IntTerm, NumberFormat.TWO_DECIMAL_PLACES), (CreateColor(51, 204, 0)));


plot OB_line = OverBought;
OB_line.SetDefaultColor(Color.RED);
OB_line.SetLineWeight(2);

plot OS_line = OverSold;
OS_line.SetDefaultColor(Color.GREEN);
OS_line.SetLineWeight(2);

AddCloud(0, OS_line, Color.GREEN, Color.GREEN);
AddCloud(100, OB_line, Color.RED, Color.RED);

Here is the SCAN script:

MarketForecast()."Momentum" is greater than or equal to 80.00 and MarketForecast()."NearTerm" is greater than or equal to 80.00 and MarketForecast()."Intermediate" is greater than or equal to 80.00 or MarketForecast()."Momentum" is less than or equal to 20.00 and MarketForecast()."NearTerm" is less than or equal to 20.00 and MarketForecast()."Intermediate" is less than or equal to 20.00

nice

 

[rkwchu]

TOS MarketForecast()."Intermediate" Label

I use the TOS MarketForecast()."Intermediate" to indicate trend direction and strength.
Can use as a lower study indicator and label or eliminate the lower study and keep the label in the upper-chart, by dragging it to the upper chart and un-plotting the lines by clicking on the gear and unchecking 'show plot'.

View attachment 8740

Here is the shared chart: https://tos.mx/omqBpCU

Explanation of colors:
if Intermediate>= 80 then "Bull" color cyan
if Intermediate<= 20 then "Bear" color red
if Intermediate>previous candle then "Rising" color green
if Intermediate<previous candle then "Falling" color pink

You can read more about this indicator here

Why on the lower chart plot, even the indicator line drops below 20, the color will not turn red?