Compare two instruments

[jngy2k]

Something that looks like this yellow line in Tradingview.

There's RelativeStrength and Correlation indicators prebuilt into TOS that gives a comparison of what the stock is doing versus the index. However I want to simplify it to ONLY plot a simple line of the price action of the index. No comparison no correlation just a simple chart price of the index as a line and as a indicator. It will essentially be a line chart of the index on the bottom of the stock price chart. I know i can adjust the screen in Flexible Grid to have the index on the bottom and stock chart on the top but I want it as an indicator declare_lower so it doesn't take up as much screen space.

The purpose is to actually easily compare relative strength of the stock to the market instead of having a indicator calculate this stock is below or above the performance of the market on a zero scale. If the stock price is up but the market line is downwards as seen in the photo, then that is huge relative strength.

IS there such a tool? I believe the code GetSymbol() can be used to make the indicator.

Nevermind figured it out.

declare lower;

input price = FundamentalType.CLOSE;
input relationWithSecurity = "SPX";

def price2 = fundamental(price, relationWithSecurity);

plot Relation = price2;
Relation.SetDefaultColor(GetColor(1));

 

[Ramesh16]

could you pl share up down vol script? Thanks

 

[BenTen]

@Ramesh16 This? https://usethinkscript.com/threads/up-and-down-volume-accumulator-for-thinkorswim.1766/

 

[Praful005]

Hello everyone,

If someone can help me create the indicator which compare 2 stocks HH, HL, LH, LL and detect the divergence in a stock. For eg. stock A is making a lower lows (LL) but stock B is making a Higher lows (HL) then it compares with stock A and plot bullish divergence for stock B. This is useful especially for comparing the companies in the same sectors or with sector ETF or even indices.

Thank you,

 

[JahnJohn]

I am looking for the same. Would be nice to add an option to select on MTF

Higher High, higher low.. lower high lower low is what he/she meant

Would be nice to if the script uses times frames to measure the trend and show divergence for the time frame used.. if both tickets are going up, there is no divergence. If one is going higher but the other lower for the species time frame, there is a divergence

Something like this but only compares two tickets and mark the divergence trend line

https://usethinkscript.com/threads/top-5-ticker-divergence-indicator-for-thinkorswim.13086/

For me something like this would be nice

https://twitter.com/i/web/status/1615819399654670337

FVG stands for fair value gap as in buy/sell imbalance. I already have an indicator for it.. Just need a SMT divergence indicator as shown on the tweet picture if it isn’t supper complicated to do. Btw it is a most valuable indicator specially for futures trading.

 

[MP432]

Very interested in this kind of divergence indicator. I came up with a type of Strat number assignment per candle-divergence indicator that compares two symbols. I find its useful but not quite complete, as the divergence we are looking for is not only between candles but also between swings. Determining which swings will be somewhat tricky. Im sure someone out there can figure this out.
Working it out, will post if it is useful

 

[kevin]

trying to plot the difference between a ticker's current percent change :
today's price and yesterday's close
vs
the SPX's percent change,

the simplest way to to look at this is to see the Watchlist and take the difference between the %Change of 2 symbols.
I can't get one line to work.

declare lower;
plot zeroline = 0;
zeroline.SetDefaultColor(Color.RED);

# Plots today's price as a percent change versus yestday's close
input aggregationPeriod = AggregationPeriod.DAY;
def previous_close = close(period = aggregationPeriod)[1];
plot diff_close = (close - previous_close) / previous_close * 100; #this is in a percent form
AddLabel (yes, "test: " + previous_close + "," + close );
AddLabel (yes, "diff: " + diff_close );


# Previous Day Closing Price (PCL) of SPX
def SPX_previous_close = close("SPX", aggregationPeriod)[1]; #SPX yesterday's close
#plot SPX_diff_close = (close("SPX", AggregationPeriod.MIN) - SPX_previous_close * 100; #plot current close minus yesterday's close
# previous line doesn't work

# want to plot %Change between a ticker and the SPX
#plot diff = diff_close -SPX_diff_close;

 

[AW68]

I too would love to have something like this to compare ES and NQ Emini futures. For ex. When they are trending together making new lows but NQ suddenly reverses trend and ES continues to make new lows. Something that show the trend separation and degree of separation. I have been unable to find auch a thing

 

[MerryDay]

trying to plot the difference between a ticker's current percent change :
today's price and yesterday's close
vs
the SPX's percent change,

the simplest way to to look at this is to see the Watchlist and take the difference between the %Change of 2 symbols.
I can't get one line to work.

declare lower;
plot zeroline = 0;
zeroline.SetDefaultColor(Color.RED);

# Plots today's price as a percent change versus yestday's close
input aggregationPeriod = AggregationPeriod.DAY;
def previous_close = close(period = aggregationPeriod)[1];
plot diff_close = (close - previous_close) / previous_close * 100; #this is in a percent form
AddLabel (yes, "test: " + previous_close + "," + close );
AddLabel (yes, "diff: " + diff_close );


# Previous Day Closing Price (PCL) of SPX
def SPX_previous_close = close("SPX", aggregationPeriod)[1]; #SPX yesterday's close
#plot SPX_diff_close = (close("SPX", AggregationPeriod.MIN) - SPX_previous_close * 100; #plot current close minus yesterday's close
# previous line doesn't work

# want to plot %Change between a ticker and the SPX
#plot diff = diff_close -SPX_diff_close;

Scripts that contain "aggregationPeriod" are limited to providing plots on charts.
The ToS platform does not support the use of multiple timeframes in Scans, Watchlists, Chart Alerts, Conditional Orders.

 

[mini]

would be useful if someone could write this divergence script

 

[bkbrown]

what is a FVG?
i usually ignore posts with abbreviations and no description

i will look at this in a few days.
i have been sick and am behind in replying.

Wondering if anyone has completed anything on this yet? This is a great idea.

 

[DLCjr]

Is there a way to pull in the last price into thinkscript other than the underlying? As in you're watching the spx, but you want to compare it to another stock without using the built in tos comparision indicator?

 

[BenTen]

def spx_price = close("SPX");

 

[Cribbage]

declare lower;

input symbol = "SPX";

def price = close(symbol);
def basePrice = close;
def ratio = price / basePrice;

plot RS = ratio;
RS.SetDefaultColor(GetColor(1));


You can use this code to create a custom RS line indicator that compares the price movement of the stock you are viewing with the price movement of the SPX. The RS line is calculated by dividing the closing price of the SPY ETF by the closing price of the stock you are viewing, and the resulting ratio is plotted on your chart as an overlaid line. The peaks and troughs in the RS line represent periods of relative strength and weakness for the stock you are viewing compared to the second security you have chosen to compare it with. When the RS line reaches a peak, it indicates that the stock is outperforming the other security at that point in time. When the RS line reaches a trough, it indicates that the stock is underperforming the other security at that point in time.

Data-wise, the peaks and troughs in the RS line are determined by the ratio of the price of one security to the price of another security. When this ratio is increasing, it means that the price of the first security is rising faster than the price of the second security, or that the price of the second security is falling faster than the price of the first security. This results in an upward movement in the RS line and a peak. Conversely, when this ratio is decreasing, it means that the price of the first security is falling faster than the price of the second security, or that the price of the second security is rising faster than the price of the first security. This results in a downward movement in the RS line and a trough. The RS line indicator can also be considered a leading indicator.

Also, TOS comes with a "comparison" study. You just add what instrument you want to compare then you can choose to have it plot a candle, bar, or line chart. If you select line chart, I think it plots the close, but unfortunately you can't choose what its plotting (open/high/low/close).

 

[Cribbage]

I assume some of you are looking for a SMT indicator. This is as close as I've gotten. Its a watchlist column that tells you if the instrument is making a higher high / lower low over the last 5 candles. I only use SMT on the hourly and higher. So I have one written for the 1hr, 4hr, daily and weekly. It will light up (green/red) and show the level that was broken when a SMT happens. So if ES lights up, but NQ doesn't, then you have your SMT.

Its not perfect but its pretty good.

M30: http://tos.mx/uQXiUgd
H1: http://tos.mx/u8yejdO
Daily: http://tos.mx/DLHEcwI
Weekly: http://tos.mx/blGHY04

# HiLo Break by Cribbage
# 11/14/22
#
# Labels stay yellow, unless ticker is making new highs (green) or new lows (red).

##Inputs##
#input Time_Frame1 = AggregationPeriod.FIFTEEN_MIN;
input slow = 5;
input fast = 2;

##Constant##
def na = double.nan;

##Deinitions##
def H1 = Highest(high,slow);
def H2 = Highest(high,fast);
def hi = high;

def lower = H1[1] <= Hi;

def L1 = Lowest(low,slow);
def L2 = Lowest(low,fast);
def lo = low;

def higher = L1[1] >= Lo;

Def toH = H1[1] - close;
Def toL = close - L1[1];

Def HCloser = toH < toL;
Def LCloser = toL < toH;

Plot level = if Lower then H1[1] else if higher then L1[1] else if Hcloser then H1 else if LCloser then L1 else na;

assignBackgroundColor(if higher then color.light_red else if lower then color.dark_green else color.current);

level.assignValueColor(if higher then color.white else if lower then color.white else if LCloser then color.light_red else if HCloser then color.green else color.current);

 

[Juno (Best Day EVER)]

this is so beautiful. I cant wait to try it. thank you for being so generous and sharing it!

 

[Juno (Best Day EVER)]

actually I am wondering if its possible to have these as a button on the top of the chart instead of a wlst column? think its possible? know how???

 

[Ramesh16]

@Ramesh16 This? https://usethinkscript.com/threads/up-and-down-volume-accumulator-for-thinkorswim.1766/

Thank you much!!

 

[Juno (Best Day EVER)]

@GpInvest I tried to make labels. And I am not a coder so- check results...
will need to save versions and change aggregation time.
http://tos.mx/dfRu2Js

https://imgur.com/a/72yPjiC

I have it saying HigherHigh5 and LoweLow5. but you can change the words in the label...

 

[halcyonguy]

Hello everyone,

If someone can help me create the indicator which compare 2 stocks HH, HL, LH, LL and detect the divergence in a stock. For eg. stock A is making a lower lows (LL) but stock B is making a Higher lows (HL) then it compares with stock A and plot bullish divergence for stock B. This is useful especially for comparing the companies in the same sectors or with sector ETF or even indices.

Thank you,

reply to post 4,5
divergence study
https://usethinkscript.com/threads/...of-the-lines-between-peaks-and-valleys.17406/