bid ask spread indicator

[eclipse00]

With my rudimentary skills on using thinkscript I was able to come up with this to give me the difference between bid and ask. I have two questions:

1. it appears that I can choose 'Close' or 'Open' for the ask and bid price type. What exactly is the difference? I thought there was only one number for the bid/ask price? I would assume it is the closing difference is what I want. or Would it be Open for Bid and Close for Ask?

2. My second question regarding the label. There are two ways to add the label. Which one is more efficient? meaning which one take less 'resources' or does it even matter/ Am I overthinking this?

def spread = Close(priceType = PriceType.ASK) - Close(priceType = PriceType.BID);
AddLabel(Spread, Concat ("Spread=", Spread), Color.GREEN);
AddLabel (yes, "Spread: " + spread ) ;

Thank you!

 

[halcyonguy]

With my rudimentary skills on using thinkscript I was able to come up with this to give me the difference between bid and ask. I have two questions:

1. it appears that I can choose 'Close' or 'Open' for the ask and bid price type. What exactly is the difference? I thought there was only one number for the bid/ask price? I would assume it is the closing difference is what I want. or Would it be Open for Bid and Close for Ask?

2. My second question regarding the label. There are two ways to add the label. Which one is more efficient? meaning which one take less 'resources' or does it even matter/ Am I overthinking this?

def spread = Close(priceType = PriceType.ASK) - Close(priceType = PriceType.BID);
AddLabel(Spread, Concat ("Spread=", Spread), Color.GREEN);
AddLabel (yes, "Spread: " + spread ) ;

Thank you!

for current prices, use close()

here is something to experiment with

declare lower;

def na = double.nan;
def bn = barnumber();

def bid1 = close(getsymbol(), priceType = PriceType.BID);
def ask1 = close(getsymbol(), priceType = PriceType.ask);
def sprd1 = ask1 - bid1;

input max_spread = 0.1;

addlabel(yes, "  ", color.black);
addlabel(yes, getsymbol(), color.yellow);

addlabel(yes, "BID " + bid1, color.yellow);
addlabel(yes, "ASK " + ask1, color.yellow);
addlabel(yes, "spread " + sprd1, (if sprd1 < max_spread then color.green else color.red));

plot spdupper = MidBodyVal() + (sprd1/2);
plot spdlower = MidBodyVal() - (sprd1/2);

https://tlc.thinkorswim.com/center/reference/thinkScript/Constants/PriceType/PriceType-BID

------------------

i imagine using a constant like yes, would be more efficient.
but i also think every drawn object slows down the chart just a little

AddLabel(Spread, ....
spread is a number. if 0 then no label is shown. any other number and it is shown
i don't think i have tried negative numbers, so i did,..
addlabel(-1, "--");
and it showed a label with a -1

if you are not sure, just try some code and experiment with it. that's what i have done, 100s of times......

 

[eclipse00]

for current prices, use close()

here is something to experiment with

declare lower;

def na = double.nan;
def bn = barnumber();

def bid1 = close(getsymbol(), priceType = PriceType.BID);
def ask1 = close(getsymbol(), priceType = PriceType.ask);
def sprd1 = ask1 - bid1;

input max_spread = 0.1;

addlabel(yes, "  ", color.black);
addlabel(yes, getsymbol(), color.yellow);

addlabel(yes, "BID " + bid1, color.yellow);
addlabel(yes, "ASK " + ask1, color.yellow);
addlabel(yes, "spread " + sprd1, (if sprd1 < max_spread then color.green else color.red));

plot spdupper = MidBodyVal() + (sprd1/2);
plot spdlower = MidBodyVal() - (sprd1/2);

https://tlc.thinkorswim.com/center/reference/thinkScript/Constants/PriceType/PriceType-BID

------------------

i imagine using a constant like yes, would be more efficient.
but i also think every drawn object slows down the chart just a little

AddLabel(Spread, ....
spread is a number. if 0 then no label is shown. any other number and it is shown
i don't think i have tried negative numbers, so i did,..
addlabel(-1, "--");
and it showed a label with a -1

if you are not sure, just try some code and experiment with it. that's what i have done, 100s of times......

Thank you So much!