Charting Wealth Indicator for ThinkorSwim

theelderwand

theelderwand

Member
2019 Donor
VIP
Hi,

This is the blog: http://chartingwealth.com/ where he talks about a weekly chart crossover going up for long and going down for short.

My apologies that I didn't post the indicators. It took me some money to figure out the indicators and finally get it working in ToS. Here's the indicator.

The Price Percent Oscillator he talks about:

Rich (BB code):
# Price Percent Oscillator
# Author theelderwand

declare lower;

input fast = 10;
input slow = 24;

def slowEMA = ExpAverage(close, slow);
plot ppo = 100 * (ExpAverage(close, fast) - slowEMA) / slowEMA;

The EMA that he talks about

Rich (BB code):
# Charting Wealth Exponential Moving Average
# Author theelderwand

input length = 8;

def ppo = WeeklyAndDailyPPO(10, 24, 10, 24).WeeklyPPO;
plot AvgExp = ExpAverage(ppo, length);

Here's the CrossOverSignal code

Rich (BB code):
# Charting Wealth CrossOver Signal
# Author theelderwand
declare lower;

input fast = 10;
input slow = 24;

def slowEMA = ExpAverage(close, slow);
def cwppo = 100 * (ExpAverage(close, fast) - slowEMA) / slowEMA;

input length = 8;

def ppo = WeeklyAndDailyPPO(10, 24, 10, 24).WeeklyPPO;
def cwavgexp = ExpAverage(ppo, length);

plot buy = (cwavgexp crosses below cwppo);
plot sell = (cwavgexp crosses above cwppo);

If you listen to the podcast, he called a weekly crossover on GLD, you can see below in the chart. He uses weekly two days and 4 hour charts. Here you go,





If you are looking for a strategy to get alerts and auto trade based on them, here's the strategy,

Rich (BB code):
# Charting Wealth Strategy
# Author theelderwand

input fast = 10;
input slow = 24;

def slowEMA = ExpAverage(close, slow);
def cwppo = 100 * (ExpAverage(close, fast) - slowEMA) / slowEMA;

input length = 8;

def ppo = WeeklyAndDailyPPO(10, 24, 10, 24).WeeklyPPO;
def cwavgexp = ExpAverage(ppo, length);

def x = (cwavgexp crosses above cwppo);
def y = (cwavgexp crosses below cwppo);

AddOrder(OrderType.BUY_AUTO, x equals 1, price=close, 100, Color.GREEN, Color.GREEN, "Buy");
AddOrder(OrderType.SELL_AUTO, y equals 1, price=close, 100, Color.RED, Color.RED, "Sell");

I thought it's too good to be true on the weekly chart so I checked the strategy a bit closer.
Crossover happens on barX, buy signal is placed on barX+1,



Here's the shareable links

Charting Wealth PPO: https://tos.mx/18mB8nW
Charting Wealth EMA: https://tos.mx/8q5aTGU
Charting Wealth CrossOver signal: https://tos.mx/HlI3V9n
Charting Wealth Chart Setup: https://tos.mx/mwNSmOI
Charting Wealth Strategy: https://tos.mx/rHEQvap

Enjoy!! As always feedback welcome!!
 
Last edited by a moderator:
horserider

horserider

Well-known member
VIP
Just playing around with it. Not exact indicators but might be a workable copy of the overall strategy. Look and see what ya'll think.

 
MBF

MBF

Active member
2019 Donor
@horserider Nice to see someone else using MAs as a lower. I thought I might be loony for doing so.
 
markos

markos

Well-known member
VIP
@horserider please post a share of you charts as you post them. That would be a good New Years Resolution 🥳 :)
 
T

tomsk

Well-known member
VIP
@markos That chart sure looks like it has some sort of a Bollinger Band on it. The standard bollinger band has a SMA(20) as the middle plot. In the lower SMA study it looks like the SMA(50) is used with another EMA(8) plot. At least that's what I surmised.
 
horserider

horserider

Well-known member
VIP
@tomsk Good eyes. I have the B3 study on the chart just hid the plots to avoid confusion and yes BB on upper at 21 to match Trading Wealth and 8 and 50 SMA on lower. I am revising to better match the Trading Wealth strategy and will have it up soon.
 
horserider

horserider

Well-known member
VIP
Here is revised attempt to match Trading Wealth. Hope it is close.

 
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M

mailbagman2000

Member
Just wondering if anyone can convert the lower study MACD_and_MAs_Charting Wealth _Study into a scan? here is the indicator.

Code:
# MACD and MA 8  crosses with MA 50. Plots intended to match the Charting Wealth strategy when used along with the Derivative RSI Oscillator.  Also should add the LRC s 30 and 34 and Bollinger bands at 21 to upper chart.
# By Horserider 12/25/2019
declare lower;
#---------- MACD
input fastLength = 10;
input slowLength = 24;
input macdLength = 1;
input macdAverageType = AverageType.EXPONENTIAL;
def value = MovingAverage(macdAverageType, close, fastLength) - MovingAverage(macdAverageType, close, slowLength);
def avg = MovingAverage(macdAverageType, value, macdLength);
plot MACDAVG =avg;
MACDAVG.setPaintingStrategy(PaintingStrategy.POINTS);
#---------- MA 8
input displace = 0;
input length = 8;
input AverageType = AverageType.Simple;
plot Line8 = MovingAverage(AverageType, data = avg[-displace], length = length);
Line8.SetDefaultColor(GetColor(2));
#----------- MA 50
input length50 = 50;
input averageType1 = AverageType.Simple;
plot line50 = MovingAverage(averageType1, data = avg[-displace], length = length50) ;
line50.SetDefaultColor(GetColor(7));
 
Last edited:
T

tomsk

Well-known member
VIP
@mailbagman2000 The study you posted above has several plots. Before anyone can help you, you will need to be very specific about the conditions for your scan.
 
theelderwand

theelderwand

Member
2019 Donor
VIP
@TrueDepth I modified the code to do that like I said :)
Just one bar makes a big difference in profits :)
 
T

TrueDepth

Member
VIP
Ok, got it. I see where you changed the default price = open[-1] to price = close. I have been using the default strategies, and it was annoying me that it was starting at the open of the next bar. This helps me. Thanks.
 
H

Harleym2009

New member
How can I copy this chart layout to my thinkorswim platform @horserider
 
S

soary

Member
@horserider Can't bring it up with that ref I get url appears to be broken error code
 
S

soary

Member
Hi @theelderwand, thanks for presenting this. I had been wondering about their system. I watched the program today and it looks interesting to follow and I’m going to test it against several stocks. The explanation on the site about the derivative oscillator is that it is a triple smooth derivative of RSI for overbought/oversold conditions plotted as a histogram and it’s formulated by incorporating 2 EMAs and 1 SMA. Did you figure it out their derivative oscillator? Have you been using CW’s system? If so, what has been your experience with it?
 

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