Answers to Commonly Asked Questions

[MerryDay]

Everything you wanted to know about REPAINTING and were afraid to ask
ZigZags, Swings, Waves, Reversals, Pivots, and all Higher Highs-Lower Lows are all repainting indicators.
Repainting indicators repaint higher highs until the next lower low and repaint lower lows until the next higher high.


No, repainting indicators can not be rewritten to not repaint. Repainting is part of their DNA.

Repainters are the FASTEST way to find and be alerted to tops and bottoms which make them the preferred indicators for shorter timeframes.
But because repainters are such prolific liars, these studies should ONLY be used to make entry by traders proficient in using them in correlation with price action, candlestick patterns, a disciplined stop-loss plan, and the fortitude to weather the losses that come with the false signals.

The Negative: Repainting is problematic especially for newer traders. Many of these indicators provide triggers promising that a stock has hit a low (or high) and is indicating NOW NOW NOW is the time to make entry and it can be right, reinforcing their belief that this is a good strategy. But it can also be wrong, it erases that signal, continues to drop like a rock, and crushes previous profits. Just the potential of that possibility causes traders to lack confidence, to leave trades early at the smallest sign of trouble, creating a feedback loop of ever-smaller profits and ever-larger losses.

Positive Side of these Indicators:
They are written specifically to repaint.
Repainter's proper use, by most traders, is not for entry but for analyzing trendlines and support & resistance.
They purposely repaint when trends change and when support or resistance are broken through thus providing up-to-date data as to the state of our trend.

Never use a repainter for entry in isolation!
Both up and down signals will repaint.
You will see more buy arrow repainting when the instrument has a strong bearish trend. As it makes new lows the previous up signals will be erased.
You will see more sell arrow repainting when the instrument has a bullish trend. As it makes new highs the previous down signals will be erased.

How do you know if an indicator is a repainting indicator?
If you look at a script and if there is a fold operation using highest and/or lowest that is the indication that it repaints.
Fold is a recursive operation that keeps redefining the highest and lowest and redrawing them.

Generally, if you have an indicator that shows buy and sell signals on your chart and every single signal works out perfectly, such as: Trend Reversals, Zigzags, Swing High, Swing Low, COG, Hurst indicators, some Pivot Points. all Waves, etc... then most likely that indicator repaints. Looks great for backtesting because all the false signals and bad buy/sells are erased.

Multi-Timeframe REPAINTING-type Behavior

Other REPAINTING-type Behavior:
In TOS, an indicator can be triggered and signal prematurely during the formation of a candle because the conditions are met but the signal can disappear by the close of the candle if the conditions for the signal do not hold true. A workaround would be to be scan/alert/paint the arrow on the prior candle and/or do not trigger your scan/watchlist/alert/arrow/signal based on just one study. This holds true for reducing many types of false signals.

This information was compiled from the various posts written about repainting. A search of this forum will provide the detail from which these statements were derived.
HTH

 

[MerryDay]

Scans, Watchlists, Chart Alerts, Conditional Orders Requests:
* The ToS platform does not support the use of multiple timeframes in Scans, Watchlists, Chart Alerts, Conditional Orders.
and
* Some studies can not be used in Scans, Watchlists, Chart Alerts, Conditional Orders due to being too complex.

Other than that, Scans, Watchlists, Chart Alerts, Conditional Orders can usually be easily adapted from existing studies.
To optimize an existing script for use in conditional orders, scans, and chart alerts, all formatting statements need to be removed, along with any other coding not directly related to creating the signal.

If you do not have an existing script and want to create one, your greatest hurdle is that Scans, Watchlists, Chart Alerts, Conditional Orders require well-defined logic.

Your ability to define the mathematical-precise conditions that will result in what you are looking for, is key to a great script.
Provide a marked-up screenshot of a chart that displays what all the conditions that determine the desired results.
Explain how you want the results formatted: what words, what colors, what result should be shown and what criteria should cause formatting changes.
Unsure of how to upload screenshots to the forum, Here are directions.

 

[MerryDay]

Caveat: Scripts that repaint should NOT be used in Scans, Watchlists, Chart Alerts, Conditional Orders.
a. The script will fire on a false signal. The signal will then disappear. You will think the script is broken.
b. The script will not fire on the repainted signals because they weren't on the current bar at the time, they were painted on afterwards. You will think the script is broken.
Workaround: add "within x bars" might sometimes go back in time and find repainted signals, but as warned, you really don't want to do this. The lag of x bars will make it unprofitable. You will possibly end up running in the "Too Complex" error, or you will time out, or get squirrelly results.

Debugging Scans, Watchlists, Chart Alerts, Conditional Orders:
Did you know that the condition wizard for conditional orders is identical to the scan hacker and the chart alert condition wizards?
To test / debug the signal for a conditional order:

1. Create the filters in the scan hacker to verify that you have correctly defined the conditions you want to make entry on and that it runs without errors and finds signals.
2. Create the filters for the chart alert. Verify that it runs without errors and generates an alert. This has the added benefit that is saves this alert. Conditional orders are once and done, and they are not saved. It is a PITA to have to manually enter them each time. However, conditional orders have access to saved alerts. So cool!
3. You can now create your conditional order

It should be noted that the ToS condition wizard has limited capabilities, many scripts time out and / or are too complex, or cannot be used.
Most studies are formatted to be used on charts. To optimize an existing script for use in conditional orders, scans, and chart alerts, all formatting statements need to be removed, along with any other coding not directly related to creating the signal.

 

[MerryDay]

The Infamous "Too Complex" Error

'Generally' too complex scanner / order messages means that the study is not scannable and can not be used in a conditional order, watchlists, etc… However, 'sometimes', the problem is that there are just too many extraneous statements which are not related to the logic needed for the scan /watchlist /order. Writing a separate study with the extraneous removed puts less strain on resources and will then sometimes run successfully.

Another work-around that posters have sometimes had success with is to limit the data pool that you are scanning against or in your watchlist. Scanning the Universe of Stocks is never recommended. Scanning a watch list of your preferred equities, scanning the DJIA or NASDAQ 100, or limit on volume, market cap, etc... Anything that will require a considerable less amount of TD's resources will occasionally get around the too complex error.

Yet another, work-a-round is to re-write the one study and break it into multiple studies. Then run the scan in parts. Do some calculations, save results to a watchlist and then run the rest in the next scan.

However, a majority of the time, the problem is built into the complex logic of the study and then there is no work-around.
Supertrend, the Trend Reversal Indicators, and Repainting Indicators are generally too complex to utilize the TOS Scanner or to use as WatchLists.

Read more: https://jshingler.github.io/TOS-and-Thinkscript-Snippet-Collection/TOS & Thinkscript Collection.html#t-the-dreaded-too-complex-error

 

[MerryDay]

Watchlist Column "loading" errors
1. if sporadic, they are most likely due to an overload on the TDA servers. To test this, see if the "loading" errors are also occurring at night and/or weekends.
2. if consistently seeing "loading" errors even at nights and weekends, it is most likely pointing to a computer setup issue:
https://topratedfirms.com/trading/system/td-ameritrade-thinkorswim-system-requirements.aspx

"If you meet Ameritrade’s definition of a power user (i.e. viewing multiple charts at once or running advanced technical studies) they recommend your machine have more robust specs. They recommend a Windows 10 operating system (10.10.5 for Mac users), and Intel Core i7 processor, 16 gigabytes of RAM, and one gigabyte of free hard drive space. In terms of graphics, they recommend having a full high definition monitor with 1920x1080 resolution, a dedicated video card, and hardwired Ethernet with a download speed of at least 15 megabytes per second."

Watchlist Column "custom expression subscription limit exceeded"
TDA throttles calls for too much data:
https://usethinkscript.com/threads/thinkorswim-custom-expression-subscription-limit-exceeded.1441/

 

[MerryDay]

Commonly Asked Questions about Alerts:
https://tlc.thinkorswim.com/center/howToTos/thinkManual/MarketWatch/Alerts


There are Three Types of Alerts:

There are alerts written into studies. They only alert when the chart w/ the study is open on your screen​

They cannot be sent to phone/email. They cannot have custom sounds.​

https://usethinkscript.com/resources/how-to-add-alert-script-to-thinkorswim-indicators.9/​

https://tlc.thinkorswim.com/center/howToTos/thinkManual/MarketWatch/Alerts/studyalerts​

​

There are alerts created on a chart for one specific stock that you want to alert​

Right-click on your chart and choose alerts.​

​

There are scanned watchlist alerts which alert whenever the results of the scan changes.​

These alerts can be 3min delayed. They can have custom sounds, they can be sent to phone/email, if you have notifications turned on in the app setup.​

https://tlc.thinkorswim.com/center/howToTos/thinkManual/Scan/Stock-Hacker#:~:text=Scan results are,scan results change…​

​

Alerts blinking by too fast? To see all alerts: click on the message center
Want to see a list of alerts all the time? detach the message center

 

[MerryDay]

Guidelines For Posting To The UseThinkScript Forum

1. Many questions asked have answers already posted. I did a search of one question recently, and it had been answered over 100 times. All these duplicate posts clutter the forum, making it difficult for you and all of us to find what we are looking for. PLEASE search the forum for possible answers, before posting!
2. Here is a Great Hack For Searching Those Huge Threads for your answer.
3. Provide the link for the study you are asking about. Frequently, threads will have multiple script versions, so click on the post# to get a direct URL link.
4. Tell us what aggregations you are trading on.
5. Provide a marked-up screenshot of what you are attempting to accomplish w/ your question or to illustrate the issue you are having. Provide at least one screenshot of the whole chart (or scan, watchlist, etc.) and then any close-up screenshots. Don't know how to upload screenshots to the forum? Here are directions.

If no thread exists for the indicator you are referencing. YOU MUST PROVIDE THE CODE. If you don't have code, then provide the logic that will form the framework for the code. Not a link to a YouTube video or to some other site.

Keep in mind, nobody can help modify an existing code unless the code is provided. To share code in your post, click on this icon at the top of your post and then paste the code.

Lastly, be concise and complete in your query. "It's broken" isn't a detailed enough explanation. What aggregations have you tested?
Which equities? etc.. Pictures are worth 1000 words. Not providing screenshots severely limits the type of assistance that can be given.

Hope This Helps

 

[MerryDay]

TOS Mobile App
The TOS built-in mobile indicators work on the TOS mobile app.
ToS Mobile does not support study formatting elements such as vertical lines, labels, bubbles, clouds, color changes for slopes and lines, renko, or multiple timeframes.

Here are some workarounds --> https://usethinkscript.com/threads/indicators-not-working-in-thinkorswim-mobile-app.232/
Here are some ToS Mobile Friendly Indicators --> https://usethinkscript.com/threads/tos-mobile-friendly-indicators.1071/

 

[MerryDay]

Multiple Time Frames

The ToS platform does not allow multiple timeframes to be used in the scan hacker, watchlists, conditional orders, etc...
This code is only for plotting on a chart.

Using MTFs on a chart:

1. Use of multiple time frames in a strategy can be integral to success. Plotting the higher time frame on the time-frame that you are trading on, eliminates the need to have multiple charts open.
2. MTF indicators should ONLY be used for the overall analysis.
3. MTF indicators should NOT be used to analyze the current candle for entry or exit due to repainting behavior which causes phantom signals to appear and disappear until the candle closes on the higher aggregation.

Having Problems? Does the MTF indicator appear to be not working or partially working when you load the study onto your chart?
A common error when using MTF indicators is trying to use a time frame that is lower than the chart you are posting it on. On the TOS platform, you can display data from a higher timeframe onto a lower timeframe but not the other way around.
https://tlc.thinkorswim.com/center/...hapter-11---Referencing-Secondary-Aggregation

HTH

 

[MerryDay]

How To Search Long Threads
Don't want to read all 30 pages of a post? Just want to find the scan, an alert, a watchlist for the study, you are looking for?
Here is how:

1. Go to the thread you want to search.
2. Go to the Search feature in the upper right corner of the page...
3. Enter the term "scan" .... or alert or watchlist or arrow. whatever you need.
4. Select "This thread" from the dropdown on the right where it is defaulted to "Everywhere"
5. Press Enter or click on the word "Search"...

If you press the "G" part of the "Search" button you'll get an even longer list of Google Search results, so start with the standard "Search" first and if you're not satisfied then try the "G"...
Thanks to @rad14733 for this tip.

 

[MerryDay]

The Basics for Developing a Good Strategy

1. Never trade just one indicator. Additional indicator(s) give confirmation that improves your odds of being right as long as those indicators do not have multicollinearity. Mobius says that three indicators is the perfect number: Support&Resistance, Trend/Momentum, and Volume. Here is his example.
2. Never trade on just one timeframe. Analyze multiple-time frames for a broader picture of what is happening w/ an asset. Higher aggregations provide a warning where there is no long-term trend or momentum to provide support to your entry. Whether scalper or swing trader, countertrend, or trend, the likelihood of success increases when trades go with strong long-term uptrends.
3. Never enter into a trade without a strategy of when you are getting out. Studies have consistently shown that it is not poor entry points that are causing retail investors to lose money; it is poor exits. Use of the above, will improve exits and reduce false signals.
4. This advice from @Pensar: Any trading strategy, no matter how simple or complicated, will have losses. There is no way to avoid them. That's why its critical to use stops, regardless of your indicators or method. Research and understand position sizing, probabilities, and risk-to-reward - these are highly important to successful trading. Remember that indicators only indicate, not predict - 99% of indicators are based on price or volume, so understanding the market structure is critical. Look for areas of price consolidation to capture the moves of price expansion.

Are there traders that make money and don't follow these basic tenets of Technical Analysis? Absolutely! But if you are not one of them, incorporating these concepts into your strategy could help.

You can google the basics of a good strategy for more information. This Technical Analysis Cheat Sheet link has a whole set of articles, I found informative in helping me develop successful strategies. Do not be put off by the word 'dummies' in the title. These articles are comprehensive but understandable. HTH

 

[MerryDay]

How to take perfect screenshots:

1. Click on the upper-most hamburger icon
   
   at the top right-hand side of the TOS chart.
2. Click on take a screenshot.
3. Click save.

Mark up your screenshot using an image editor so we can understand what you want us to look at.
Then to upload your screenshot to this forum, follow this tutorial:
https://usethinkscript.com/threads/how-to-insert-image-in-a-post-thread.277/
HTH

 

[MerryDay]

'custom expression subscription limit exceeded'

WatchLists

There may only be 1,100 - 1,500 Custom Watchlist Fields displayed in the TOS app at one time. It is necessary to either have fewer results populate the watchlists or have less watchlists. There is no work-around for this limitation.​

​

 

[MerryDay]

Adjust the distance of the Arrows to the Candles
The following snippet controls the placement of candles by using a percentage of the bar range.
The higher to value, the candle is further away from the candle. Smaller the value closer.

# ########################################################
# Adjust the distance of the Arrows to the Candles
# This plots arrows at a percentage of bar range above the bar high/low
def prange = high – low;
def plotHigh = high + prange * .3;
def plotLow  = low  - prange * 1.0;
plot BuyCriteria = if BuyTrigger then plotLow else double.NaN ;
plot SellCriteria = if SellTrigger then plotHigh else double.NaN ;
# ########################################################

Example of a Study Using Arrow Placement Script

# TOS MovingAverage Strategy
input price = close;
input averageType = AverageType.EXPONENTIAL;

plot FastMA = MovingAverage(averageType, price, 20);
plot SlowMA = MovingAverage(averageType, price, 50);
AddCloud(FastMA, SlowMA, Color.green, Color.orange);
# ########################################################
def BuyTrigger = FastMA crosses above SlowMA ;
def SellTrigger = FastMA crosses below SlowMA ;
# ########################################################
# Adjust the distance of the Arrows to the Candles 
# This plots arrows at a percentage of bar range above the bar high/low
def prange = high – low;
def plotHigh = high + prange * .3;
def plotLow  = low  - prange * 1.0;
plot BuyCriteria = if BuyTrigger then plotLow else double.NaN ;
plot SellCriteria = if SellTrigger then plotHigh else double.NaN ;
# ########################################################
BuyCriteria.SetPaintingStrategy(PaintingStrategy.ARROW_UP) ;
BuyCriteria.SetDefaultColor(color.plum);
BuyCriteria.SetLineWeight(2);
SellCriteria.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN) ;
SellCriteria.SetDefaultColor(color.blue);
SellCriteria.SetLineWeight(2);

 

[MerryDay]

How To Color Your Clouds
Make cloud colors modifiable and/or change the opaqueness to lighten the clouds so they don't overwhelm the candle color.

The following code snippet is an EXAMPLE of how to use GlobalColor.
To use the example in your code, you would add DefineGlobalColor statements for each color you want and then you put those GlobalColors in your AddCloud statement in place of the color. variables.

DefineGlobalColor("Bullish", Color.light_green);
DefineGlobalColor("Bearish", Color.light_RED);
AddCloud(YourVariable1,  YourVariable2,  GlobalColor("Bullish"),  GlobalColor("Bearish"));

Once GlobalColors are defined, click on the gear icon, next to the study and change the opaqueness

HTH

 

[MerryDay]

How To Add A Watchlist Column

click on the gear to the right of your watchlist​

click on Customize​

If you click on the drop-down arrow, you will see all the indicators available to populate a watchlist​

If you know the indicator that you want, you can type it into the box​

click on Add Item​

click on OK​

 

[MerryDay]

Creating A Strategy From A Study
All you need to convert a study into a study is the following code snippet. It should be added to the bottom of your study and then the study needs to be cut&pasted under the Strategy Tab.
Ruby:

#Order Management
AddOrder(OrderType.BUY_AUTO, YOU_NEED_TO_FILL_THIS_IN_buy  , tickcolor = Color.YELLOW, arrowcolor = Color.BLACK, name = "Buy", tradeSize = 100);
AddOrder(OrderType.SELL_TO_CLOSE, YOU_NEED_TO_FILL_THIS_IN_sell , tickcolor = Color.PINK, arrowcolor = Color.RED, name = "sell", tradeSize = 100);

The field YOU_NEED_TO_FILL_THIS_IN_buy must be replaced with whatever the field name is for the buy arrow. The field YOU_NEED_TO_FILL_THIS_IN_sell must be replaced with whatever the field name is for the sell arrow.

Read more about it here:
https://usethinkscript.com/threads/addorder-thinkscript-backtest-auto-buy-sell-in-thinkorswim.741/

 

[MerryDay]

Creating Arrow Plots

When creating plots in thinkscript you not only have to define the logic of what you want plotted but you must also state WHERE on the candle or line that you want it plotted. (IE the low, high, open, close, of the candle).
An example of the syntax is if mycondition is true then low else double.Nan (print nothing)

 

[MerryDay]

The Peculiarities Of Secondary Aggregations

There is no work-around to the limitation of no secondary aggregations can be used in the TOS Scan Hacker

You can read about it here:
https://tlc.tdameritrade.com.sg/center/howToTos/thinkManual/Scan/Stock-Hacker/studyfilters

 

[MerryDay]

Combining Two or More Indicators
The easiest method to see signals from two or more studies is to set up a scan for the various study triggers. The results will only be those candidates that have met all your conditions. This method can even eliminate the need to have those studies on your chart if you are in need of real estate. This method is favored over attempting to create a kitchen sink indicator as it is much easier to change out indicators as your strategy develops.

Combining multiple indicators into the same lower section is not recommended due to scaling issue. When you zoom in and out, it shows different values.. It's like mixing oil with water