Champion Indicator For ThinkOrSwim

[Santhosh]

I just finished watching this webinar (below link), and they claimed that this indicator (thinkorswim/tradingview/trade station) has a 75.8% win rate (backtested since 2002).

They mentioned in the webinar that it works best on a daily basis. 1 hour or weekly time frame can also be used. The average length of a trade is 8 days.

I don't want to buy this indicator because it's expensive and I'm not sure if their claims are true, so are there any indicators similar to it on this website? Please remove this post if I have broken the rules.

 

[Joshua]

The code is in the video, and it does in fact appear to be the actual code relative to the samples shown.

Video:

Code in action:

declare lower;
input FastLength = 4;
input MedLength = 8;
input SlowLength = 12;

def trRng = TrueRange(high,close,low);

def trRngFast = sum(trRng, fastlength);
def trRngMed = sum(trRng,medLength);
def trRngSlow = sum(trRng, slowLength);

def diff = close - min(close[1],low);

def diffFast = sum(diff,fastlength);
def diffMed = sum(diff,medlength);
def diffSlow = sum(diff,slowlength);

def factorfast = slowlength / fastlength;
def factormed = slowlength / medlength;

def valfast = (difffast / trrngfast) * factorfast;
def valmed = (diffmed / trrngMed) * factormed;
def valslow = (diffslow / trrngSlow);

plot Osc = if trrngFast == 0 or trrngMed == 0 or trrngSlow == 0 then 0 else
(valfast + valmed + valslow) / (factorfast + factormed + 1);

plot OB = .6;
OB.setDefaultColor(color.red);
plot OS = .25;
OS.setDefaultColor(color.green);

I'll let you draw your own conclusions.

 

[Santhosh]

Thank you incredibly much. I am extremely grateful to you.
You are completely correct. I noticed the code while watching the video but didn't realize they gave the entire code.

 

[mashume]

Thank you incredibly much. I am extremely grateful to you.
You are completely correct. I noticed the code while watching the video but didn't realize they gave the entire code.

How do they recommend trading this?

 

[Santhosh]

How do they recommend trading this?

Buy when the oscillator crosses below the green line and short when it crosses above the red line.

 

[HDP]

It's just a modification based off any RSI indicator and he just the shorten the volume lines to 25 and 60. He used the True Range RIS, See the (TrRngFast ) in the script.