Delta Trend Indicator into an MTF?

[iMauiC]

Hello all, I've been trying to turn this delta trend indicator into an Multi-timeframe label system kind of like the whole DMX/ADX 10x system.
Can anyone give me some assistance to turn the diff histogram into an MTF label?

here's the main delta trend code

declare lower;

# Define the input parameters
input length = 20;
input showDeltaExp = yes;
input DexTrendLbl = yes;
input DexStrengthLbl = yes;
input DiffLbl = yes;


DefineGlobalColor("Bullish", Color.GREEN);
DefineGlobalColor("Bearish", Color.RED);
DefineGlobalColor("Neutral", Color.current);



# Define the plot data
def delta = Delta();
def deltaExp = TEMA(delta - delta[length]);
def deltaAccum = Sum(deltaExp, length);

# Add a zero line to the chart
plot ZeroLine = 0;
ZeroLine.SetDefaultColor(Color.GRAY);
ZeroLine.SetStyle(Curve.SHORT_DASH);


# Calculate the smoothed line using a simple moving average
def smaDeltaExp = movavgExponential(deltaExp, length);


# Plot the smoothed line
plot SmoothedLine = smaDeltaExp;
SmoothedLine.AssignValueColor(if Smoothedline > zeroline then Color.green else color.dark_red);
SmoothedLine.HideBubble();
SmoothedLine.HideTitle();

# Plot the delta expansion chart
#plot DeltaExpansion = if showDeltaExp then deltaExp else if IsNaN(deltaExp) then 0 else deltaExp;
plot DeltaExpansion = if showDeltaExp then deltaExp else Double.NaN;
#DeltaExpansion.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
DeltaExpansion.AssignValueColor(if DeltaExpansion > smoothedline then Color.CYAN else Color.Dark_orange);
DeltaExpansion.HideBubble();
DeltaExpansion.HideTitle();

# Plot The Diff
plot Diff = deltaExp - smoothedLine;
Diff.SetDefaultColor(GetColor(5));
Diff.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Diff.SetLineWeight(3);
Diff.DefineColor("Positive and Up", Color.GREEN);
Diff.DefineColor("Positive and Down", Color.DARK_GREEN);
Diff.DefineColor("Negative and Down", Color.RED);
Diff.DefineColor("Negative and Up", Color.dark_red);
Diff.AssignValueColor(if Diff >= 0 then if Diff > Diff[1] then Diff.color("Positive and Up") else Diff.color("Positive and Down") else if Diff < Diff[1] then Diff.color("Negative and Down") else Diff.color("Negative and Up"));

It indicates like the MACD, but instead of price like the MACD. It takes the Delta of the options and a length period in its calculations. A difference between this and the MACD, is that the when Delta is showing the RED histograms, there is strength in the put options, and green histograms shows strength in call options. Has been a helpful indicator for scalps and quick trend changes on the price chart.

If anyone can help me out, I'd greatly appreciate it. Thank you!

 

[iMauiC]

I've been working on one
https://usethinkscript.com/threads/delta-trend-indicator-into-an-mtf.15908/
but it measures change in delta on the options chart. I haven't been able to get it to work on the equities price chart, only on their options chart. I have looking like the MACD, but positive delta is strength to the call side and negative delta is strength to the put side.
Its been helpful catching potential trend changes or reversals on the equities price chart.

 

[MerryDay]

I've been working on one
https://usethinkscript.com/threads/delta-trend-indicator-into-an-mtf.15908/
but it measures change in delta on the options chart. I haven't been able to get it to work on the equities price chart, only on their options chart. I have looking like the MACD, but positive delta is strength to the call side and negative delta is strength to the put side.
Its been helpful catching potential trend changes or reversals on the equities price chart.

The Greek Functions can only be used with options.

 

[iMauiC]

Agreed, but on ToS you can pull up the options chart and those Greek functions can be turned into an indicator for use.

 

[Glefdar]

Agreed, but on ToS you can pull up the options chart and those Greek functions can be turned into an indicator for use. Here are two examples of my most recent option trades based off entry signals for the puts, delta turning negative, and price action on the SPY price chart

Maybe I am missing something but have you looked at the Mobius options greeks study here?https://usethinkscript.com/threads/option-greeks-calculation-labels-for-thinkorswim.399/#post-2707

Does that not suggest a possibility of being able to plot a study like yours on the chart of the underlying? Does it possibly help with making a MTF version?

 

[quantumomegallc]

The Greek Functions can only be used with options.

But can't they? I mean calculating the Delta and Gamma approximation using an underlying ticker is doable.

 

[MerryDay]

The poster asked why the delta() function will not plot on charts for equities.
The answer is because there is no delta() function data for equities only for options.

 

[iMauiC]

The poster asked why the delta() function will not plot on charts for equities.
The answer is because there is no delta() function data for equities only for options.

This is the closest thing I got to getting it to plot entry signals for me when I scan the options

 

[iMauiC]

Maybe I am missing something but have you looked at the Mobius options greeks study here?https://usethinkscript.com/threads/option-greeks-calculation-labels-for-thinkorswim.399/#post-2707

Does that not suggest a possibility of being able to plot a study like yours on the chart of the underlying? Does it possibly help with making a MTF version?

I guess it would be possible if it can pick the most liquid option for the day and monitor its delta. I was trying to get some help with aggregation for a 2min, 5min, 10min, 30min, and 1hr label system on this thing to plot green when histogram is positive and red when negative.