Chart one security price, base Thinkscript indicators on another.

JBR

New member
I'm stumbling here a bit but think I can articulate my question by using an example.

Say, I want to chart an option's price but I want a proprietary indicator to be calculated on its underlying index. So, say .SPX230414C408 for what I'll see on the chart; but, I want to use SPY as the input for calculations on any indicators. Same time period for each in case this is an issue. I hope this is clear enough and thanks for any ideas here. Brad
 
Solution
Where you would normally put Close, you put Close("SPY") and so on. For built-in indicators, you would generally view their source, if allowed, and make yourself a custom copy with similar changes. It can either be easy or very difficult on a case by case basis though.

I am not sure how specific you are being with your example, but you may run into issues where certain options don't trade during every chart period. In that case, when running on the option chart, the script will only be able to make the secondary reference to the other symbol during the periods that it actually traded. Any skipped periods will likely cause faults in what ever indicator.
Where you would normally put Close, you put Close("SPY") and so on. For built-in indicators, you would generally view their source, if allowed, and make yourself a custom copy with similar changes. It can either be easy or very difficult on a case by case basis though.

I am not sure how specific you are being with your example, but you may run into issues where certain options don't trade during every chart period. In that case, when running on the option chart, the script will only be able to make the secondary reference to the other symbol during the periods that it actually traded. Any skipped periods will likely cause faults in what ever indicator.
 
Solution
I'm stumbling here a bit but think I can articulate my question by using an example.

Say, I want to chart an option's price but I want a proprietary indicator to be calculated on its underlying index. So, say .SPX230414C408 for what I'll see on the chart; but, I want to use SPY as the input for calculations on any indicators. Same time period for each in case this is an issue. I hope this is clear enough and thanks for any ideas here. Brad


here is an example for,
reading the price of an underlying stock symbol, for the current option on a chart.

add
.SPY230510C412
to a watchlist and select it to view on a chart


Code:
AddLabel(1, " " , color.black);

addlabel(1, "with an option symbol loaded on a chart", color.yellow);

AddLabel(1, "option " + GetSymbol(), color.yellow);
AddLabel(1, "option price " + close, color.yellow);

AddLabel(1, "Underlying stock " + GetUnderlyingSymbol(), color.yellow);
AddLabel(1, "Underlying stock price " + close(GetUnderlyingSymbol()), color.yellow);
#

LKZTKLG.jpg



https://tlc.thinkorswim.com/center/.../Functions/Option-Related/GetUnderlyingSymbol

fyi, the example is wrong. GetSymbolPart() is not needed, it is used for something completely different. just use GetSymbol() for reading the active symbol on a chart.
 

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

Thread starter Similar threads Forum Replies Date
S Plot expected move on chart Questions 1
E Stock price on an options chart. Questions 2
Naranja187 chart label for 0DTE Iv/ExpM Questions 1
R Chart Setup Modifications Questions 16
V B3 Squeeze Chart Questions 5

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
296 Online
Create Post

Similar threads

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Back
Top