Archives: RSM Indicator for ThinkorSwim

[ApeX Predator]

@Alkkkz @Chence27 @hexis777 All of you that are getting stated with this setup, I would recommend keeping the whole of the code block in your studies, as it was posted, including the headers and Version info, @cos251 is doing a fantastic job of keeping the Version history and comments for improvement. It will help you in future, if and when there are any further enhancements posted.

 

[dominos101]

@cos251 How do I enable the target labels?

 

[tron]

For those that worked on this, I just want to say thank you. In the last few weeks I have become very intrigued with this strategy and these studies make it fantastic to evaluate. I also love tinkering with the scripts, although the syntax leaves me frustrated at times, but I'm getting there.

One thing I'll point out, not saying it's a problem, but just making folks aware. I like to use White as opposed to Gray for the candles in the Upper price chart. I changed the Upper script from DARK_GRAY to WHITE in the AssignPriceColor function and the chart did not change color. I realized that there is a second AssignPriceColor function call in the lower script, once I changed that all was good.

 

[ApeX Predator]

@cos251 How do I enable the target labels?

Go to Upper Indicator Properties and make sure the settings are as following.
Plot ADR = Yes
Show ADR Zones = Yes
Show Today only = Yes, if you want only to see today's ADR Zones, but if you want for all the Days in chart frame, Set it to No.
Show Extra Tragets = Yes, only if you want to see more than default 3 Targets.

Honestly, there are lot of properties at each of these scripts, I would recommend the playing around with this a bit more, specially the once the are yes/no options and see what you line on the charts. Use the weekend enable/disable things a bit and see what you like.

Also use ondemand and play with it a bit. make the trades in ondemand. I know it is slow and painful, if you don't put in the time, you never know what's the worth of this information.

-S

 

[Chence27]

@SuryaKiranC What time frame do you use it on?

 

[ApeX Predator]

@Chence27 I start with 5m and 15m, if 5m Trend Start is catching up on 15m I make my moves, Use ADR Levels for Setting Stop losses and will let the trade play out it's trend, While keeping any eye if higher Frames are catching up with the trend or not. That's what I real on MTF Labels not having to move to higher time frames frequently, I do look at Higher timeframes on occasions to see what are higher frame ADR Levels.

In addition to this, Always keep an eye on where we are at the individual Ticker price levels in comparison to 21 Days high/lows

Hope this helps.
-S

 

[dominos101]

@SuryaKiranC Thanks!

 

[Marvosb]

Very Nice Job!!

 

[hexis777]

Hi bro @cos251 Thank you very much for this great job. I tell you I am trying to use this Scan type script in TOS but the system says: Exactly one plot expected, could you please tell me how to fix it. Thanks ,)

 

[ApeX Predator]

hi bro @cos251 Thank you very much for this great job. I tell you I am trying to use this Scan type script in TOS but the system says: Exactly one plot expected, could you please tell me how to fix it
Thanks ,)

@hexis777 I am assuming this repeated post is accidental, if yes please delete you duplicate post, and I will do the same to the response too. But if you still need help with the Scanner Setup. You are doing it wrong, you don't copy the code in Scanner ThinkScript. Please look at the instructions posted in the original post also Look at the short video, that tell you what exactly you need to do with Scanners Thinkscript Editor.

RSM SCAN​

• Scanner Setup Instructions:
  1. Click Create (Create New Study)
  2. Remove the default plot statement and past the code block from RSM_SCAN.
  3. Save the study with name "RSM_SCAN", make sure it is not loaded in your studies on the right, if it is loaded by default when you saved it, please remove we don't need this on chart study.
  4. Go to Scan, Remove all the filters and add a new filter, select "Study" as a filter, Default study selected will be "ADXCrossOver", Click on Pencil Icon next to Default TimeFrame "D" and click "ThinkScript Editor".
  5. Here you can past one of the scan query RSM_SCAN().UpTrendJustStarted or RSM_SCAN().DownTrendJustStarted.
  6. You can even limit the scan results, select a default narrowed down list as "S&P 500" under "Scan In, on the scan tab itself.
  7. Finally you can save the scan query with a name.
  8. Repeat Step 4 to 7, for other scan queries.
• The following scan queries are available
  1. RSM_Scan().UpTrend (UpTrend in Progress, in the selected timeframe for Scan)
  2. RSM_Scan().UpTrendJustStarted (Uptrend Just started, in the selected timeframe for Scan)
  3. RSM_Scan().DownTrend (DownTrend in Progress, in the selected timeframe for Scan)
  4. RSM_Scan().DownTrendJustStarted (DownTrend Just started, in the selected timeframe for Scan)
  5. RSM_Scan().UpTrendJustEnded (UpTrend finished, in the selected timeframe for Scan)
  6. RSM_Scan().DownTrendJustEnded (DownTrend finished, in the selected timeframe for Scan)
• As always, please match the chart timeframe to your Scanner Settings for review.

 

[hexis777]

@SuryaKiranC hi master, the error was ... my TOS shows this error when use the script RSM_SCAN().UpTrend in Scan

After, I deleted it, and added this same script using the study and the platform added a couple of quotes, looking like this: RSM_SCAN (). "UpTrend".

Do some searches and then remove the quotes, leaving your video as shown again: RSM_SCAN (). UpTrend., The interesting thing is that it no longer shows any errors, but hey, now it works very well with or without quotes.

I really appreciate your help and especially your patience, excellent work bro, a hug and a thousand thanks ,)

 

[Chence27]

@SuryaKiranC Thanks for the response but I didn't quite understand what you meant by "if 5m Trend Start is catching up on 15m." Could you explain?

 

[RickAns]

Amazing work you have done with this @cos251 , top notch! Thanks for all your hard work on this. Appreciate the mention as a contributor, glad to be of some small help in the larger scheme of things.

Thanks a lot Guys, I got the PowerX book after reading these posts. It has been very helpful!.

I got his book too because of all this . Have you seen Markus' latest video (Jan 20, 2021) on his PowerX book / strategy? It goes into more detail than an earlier video he did.

 

[ApeX Predator]

@Chence27 That means if the up/down trend starts in m and eventually catches up in 15m and based on 21 day price range i would take the trade.

Lets say nflx past er made it go to 590's and a downtrend started in 5m 3 days after and eventually 15m starts the same downtrend, i would trade that.

Note: this is not a trade advise please use this as a reference for chart analysis for your DD.

 

[Kitchasap]

I got his book too because of all this . Have you seen Markus' latest video (Jan 20, 2021) on his PowerX book / strategy? It goes into more detail than an earlier video he did.

Yes , got the book , my next step would be to use the same concept in options too.

 

[Rojo Grande]

I really like this RSM lower . Being wired wrong at birth, I like to "play" with things. I was trying to substitute the stochastic with an exponential moving average, (price closing above or below). Because I do not code, I have been doing a cut and paste, and changing the assign price color, but does not come out correct, (way too much gray in both the up and down). Can someone help please? Thank you.

 

[optionsRS]

A big shout to @cos251 and @SuryaKiranC for putting their time and energy and helping us.

 

[ApeX Predator]

@cos251 any chance you have code for that would put colors for trend in the watchlist? btw thanks

Watchlist code posted in Comment #2. Test this out and please compare this with scan results and charts in the same timeframe as what is defined in Watchlist column.

 

[robm]

Thank you so much for this and the supporting documentation/linked video.

Thoughts on updating this (I may try this), to work in a few variables based on the linked video to show how many shares you should be buying at the entry point given a variable (2%) risk of your cap?

 

[RickAns]

@robm, you could try something like this. https://usethinkscript.com/threads/dollar-amount-divided-by-share-price-label.3088/

Deleted original post to clean it up.