Here is the _Triple EMA & Std Dev_ indicator for ThinkorSwim that shows when a stock is in overbought, oversold, bearish, and bullish areas.
- - The top red line indicates overbought level
- - The bottom red line indicates oversold level
- - Center yellow line is your midline
- - Above mid-line is bullish
- - Below mid-line is bearish
Rich (BB code):
#by Mr. Script. Formatting added by SFL. #Triple EMA & Std Dev monitoring #start code declare lower; input bperiod = 18; input TEMAavg = 8; input std_dev_up = 1.5; input std_dev_down = -1.5; input stdev_length = 63; def haopen = CompoundValue(1, ((open + high + low + close) / 4 + haopen) / 2, hl2); def haclose = ((open + high + low + close) / 4 + haopen + Max(high, haopen) + Min(low, haopen)) / 4; def TMA1 = TEMA(haclose, TEMAavg); def TMA2 = TEMA(TMA1, TEMAavg); def Diff = TMA1 - TMA2; def ZIHA = TMA1 + Diff; plot percB = (TEMA(ZIHA, TEMAavg) + 2 * StDev(TEMA(ZIHA, TEMAavg), bperiod) - WMA(TEMA(ZIHA, TEMAavg), bperiod)) / (4 * StDev(TEMA(ZIHA, TEMAavg), bperiod)) * 100; #.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP); percB.SetLineWeight(1); percB.SetDefaultColor(Color.cyan); plot overbought = 50 + std_dev_up * stdev(percB, stdev_length); overbought.SetLineWeight(1); overbought.SetDefaultColor(Color.red); plot oversold = 50 + std_dev_down * stdev(percB, stdev_length); oversold.SetLineWeight(1); oversold.SetDefaultColor(Color.red); plot midline = 50; Addlabel(1,"RED = overbought/oversold lines", color.light_red); Addlabel(1,"Above mid-line is bullish. Below is bearish.", color.cyan); #end