Buy the Dip Indicator for ThinkorSwim

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BenTen

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Buy the Dip, formerly Market Sentiment, is a simple yet powerful swing trading indicator for ThinkorSwim. Designed to be used on the higher timeframe charts such as Weekly, Daily, 4HR, and 1HR.

Let's go over some of the core features.

The Standard Version

The standard Buy the Dip indicator will be an oscillator, sitting nicely at the bottom of your chart. When the green line is at or crosses below the Zero line, it means the stock may have reached its low point, often a sign of reversal. We use this as an opportunity to buy shares (or long term option contracts) when the stock is underpriced.

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The Advanced Version

The advanced version will include several features such as filtered signals, labels, built-in multi time frame moving averages.

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Scanner

Not sure how to find stocks to swing trade? Our scanner makes it easy.

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In case you still need help, rest assure there will be a video tutorial to walk you through the scanning process.

Watchlist Column

The watchlist column script will be provided to give you an insight into each timeframe without having to switch between the chart.

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Download Buy the Dip indicator

All members with active VIP memberships may now download the indicator from its dedicated page here. If you're not a VIP member yet, consider upgrading your account. You can learn more about our VIP subscription on this page.



Caveat:
The Buy The Dip Indicator ONLY provides a heads-up that a stock has dropped significantly. THIS IS NOT A BUY SIGNAL. There is no promise that the stock won't continue falling. It is important to use the Buy The Dip as part of an overall strategy that helps you determine an entry point.
To create a good strategy read more here:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-58708

What is a Buy The Dip Strategy:
"Buy the dips" means purchasing an asset after it has dropped in price. The belief here is that the new lower price represents a bargain as the "dip" is only a short-term blip and the asset, with time, is likely to bounce back and increase in value. ~Investopedia

What you don't want to do is grab onto a falling sword. It is important to do your analysis that the dip is just a 'short-term dip'. Swing-Traders look to "buy the dip" if an asset drops within an otherwise long-term uptrend. They hope the uptrend will resume after the drop.

A long-term uptrend is the cornerstone to the success of the Buy The Dip strategy.
Read more here to --> https://usethinkscript.com/threads/how-to-identify-strong-uptrending-stocks.7447/

Even more important than determining when to buy a stock is portfolio management.
@Pensar said it best:
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.



Frequently Asked Questions

Q. How well does this work?

This is the only indicator I'm currently using, along with support and resistance levels. But you don't have to take it from me. Read the reviews shared here.

Q. Can I use this indicator to day-trade?

How you use this indicator is entirely up to you. While Buy The Dip strategies are historically used in swing trading, there are experienced traders on this forum using the indicator on lower timeframes as part of their overall day-trading strategy.

Q. What timeframe does this indicator work on?

All time frame, but our suggestions are Weekly, Daily, 4HR, and 1HR.

Q. Does this work on the E-mini Futures (/ES, /CL, etc)

Yes.

Q. Will this work on the mobile app?

The basic indicator can be modified to work on the TOS mobile app in a limited capacity.

Q. Is this a repainting indicator?

Absolutely NOT!

Q. Can I cancel my subscription at any time?

Yes, at any time! By signing up for the membership, you will receive the indicator along with 1 year of free support and update. If you rather not have it renewed automatically, you can cancel at anytime and not get charged again next year.

Q. Where do I go to get the indicator?

Click here to upgrade your account to VIP and you'll receive a copy of it.

Got more questions? Check out this thread to see how some of our VIP members are using the indicator to trade.
 
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BenTen

Administrative
Staff member
Staff
VIP
Due to popular demand, the standard version of our Buy the Dip indicator is now available on TradingView.

To all existing members, you do not need to use TradingView. It's not a requirement. This is for anyone who uses TradingView as an alternative charting platform. If you prefer to stay on ThinkorSwim, no action is required.

If you would like to access the indicator on TradingView, please fill out this form: https://forms.gle/PDhxgwcqcDkjqw7d7

Once you have been added, the indicator will be available under Invite-only scripts.

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Last edited:

BenTen

Administrative
Staff member
Staff
VIP
Made some changes to the script today.

Update #1

Added MTF (Multi-timeframe) labels so you can quickly retrieve the BTD values of the Weekly, Daily, 4HR, 2HR, and 1HR while charting on the lower timeframe.

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Update #2

TradingView version now includes a signal every time the BTD line crosses below the Zero line.

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BenTen

Administrative
Staff member
Staff
VIP
Over the weekend, we released the Conservative Model of our Buy the Dip indicator. We hope that it will reduce the number of signals given while increasing the probability of success.

You can now choose between the Aggressive Model and the Conservative Model.

All versions are available in the private VIP forum.

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BenTen

Administrative
Staff member
Staff
VIP
In addition to our official Buy the Dip indicator, you can also build your own add-on or use one created by our fellow VIP members.

Check out some notable Buy the Dip add-ons below. More are coming.

Buy the Dip (BTD) Clouds for ThinkorSwim

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Learn more: https://usethinkscript.com/p/buy-the-dip-btd-clouds-thinkorswim/

Buy the Dip Stats & Performance for ThinkorSwim

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Learn more: https://usethinkscript.com/p/buy-the-dip-stats-performance-thinkorswim/

BTD Percentile Add-on for ThinkorSwim

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Learn more: https://usethinkscript.com/p/btd-percentile-addon-thinkorswim/

Buy the Dip + SuperTrend Backtesting Strategy for ThinkorSwim

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Learn more: https://usethinkscript.com/p/buy-the-dip-backtesting-strategy-thinkorswim/

Original and Conservative BTD + STR: All in One

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Learn more: https://usethinkscript.com/p/original-conservative-btd-str-thinkorswim/
 

lilitaq92

New member
Hello, I am a new trader and I am trying to learn as much as I can, thank you for that super trend study I find it really helpful. I have a question for you, is there any way that you can post the buy the dip study as well since I am new at this I am not making money yet so I am not able to join the vip side. Thank you for all your help.
 

MerryDay

Administrative
Staff member
Staff
VIP
????? @lilitaq92 Are you asking that someone post a pirated copy of the buy the dip indicator because you don't have the money to purchase it?
This forum does not do that.
 

s1111

Active member
No iI just asked for help to underestand the program
Buy the Dip is a membership script that cannot be shared. I don't have them but I'm sure it's a great indicator. With the yahoo style indicator script you will do good, take the time to watch in regular trading hours. I'm no expert but learning every day just like many new traders. Gl
 
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