EQ Levels For ThinkOrSwim

[MarcVUM]

The author states:
EQ, Equilibrium, In the money market, the term "equilibrium" or "equilibrium" refers to the point at which supply and demand are equalised. At this point, money supply and money demand meet each other and interest rates stabilise at a certain level. Equilibrium in the money market reflects the overall financial balance in the economy

Follow the daily eq levels and of course look at the weekly eq levels. The weekly eq level can give you an idea of what kind of price range the next day may be in.

original Tradingview code:
https://www.tradingview.com/script/HZzll6oX/
new ThinkOrSwim code can be found in the next post.

 

[samer800]

Is anyone able to convert this TradingView code to thinkscript?
https://www.tradingview.com/script/HZzll6oX/

check the below.

#// Indicator for TOS
#study("Custom Indicator", shorttitle="EQ LEVELS", overlay=true)
#https://usethinkscript.com/threads/convert-tradingview-eq-levels.19581/

input dailyVisible   = yes; #(true, title="Show Daily EQ")
input weeklyVisible  = yes; #(true, title="Show Weekly EQ")
input monthlyVisible = yes; #(true, title="Show Monthly EQ")
input yearlyVisible  = yes; #(true, title="Show Yearly EQ")

def na = Double.NaN;
def last = isNaN(close);
#// Calculate Daily, Weekly, Monthly, Yearly High-Low
def dailyHi = if !last then high(Period = "DAY")[1] else dailyHi[1];
def dailyLo = if !last then low(Period = "DAY")[1] else dailyLo[1];

def weeklyHi = if !last then high(Period = "WEEK")[1] else weeklyHi[1];
def weeklyLo = if !last then low(Period = "WEEK")[1] else weeklyLo[1];

def monthlyHi = if !last then high(Period = "MONTH")[1] else monthlyHi[1];
def monthlyLo  = if !last then low(Period = "MONTH")[1] else monthlyLo[1];

def yearlyHi = if !last then high(Period = "YEAR")[1] else yearlyHi[1];
def yearlyLo  = if !last then low(Period = "YEAR")[1] else yearlyLo[1];

def dailyHigh = if isNaN(dailyHi) then dailyHigh[1] else dailyHi;
def dailyLow  = if isNaN(dailyLo) then dailyLow[1] else dailyLo;

def weeklyHigh = if isNaN(weeklyHi) then weeklyHigh[1] else weeklyHi;
def weeklyLow  = if isNaN(weeklyLo) then weeklyLow[1] else weeklyLo;

def monthlyHigh = if isNaN(monthlyHi) then monthlyHigh[1] else monthlyHi;
def monthlyLow  = if isNaN(monthlyLo) then monthlyLow[1] else monthlyLo;

def yearlyHigh = if isNaN(yearlyHi) then yearlyHigh[1] else yearlyHi;
def yearlyLow  = if isNaN(yearlyLo) then yearlyLow[1] else yearlyLo;

#// Calculate EQ
def eqDaily = (dailyHigh + dailyLow) / 2;
def eqWeekly = (weeklyHigh + weeklyLow) / 2;
def eqMonthly = (monthlyHigh + monthlyLow) / 2;
def eqYearly = (yearlyHigh + yearlyLow) / 2;

#/ Plot EQ
plot daily   = if dailyVisible   and !last then eqDaily else na;       # "Daily EQ"
plot weekly  = if weeklyVisible  and !last then eqWeekly else na;   # "Weekly EQ"
plot monthly = if monthlyVisible and !last then eqMonthly else na; # "Monthly EQ"
plot yearly  = if yearlyVisible  and !last then eqYearly else na;   # "Yearly EQ"
daily.SetDefaultColor(Color.CYAN);
weekly.SetDefaultColor(Color.GREEN);
monthly.SetDefaultColor(Color.YELLOW);
yearly.SetDefaultColor(Color.RED);
#daily.SetPaintingStrategy(PaintingStrategy.DASHES);
#weekly.SetPaintingStrategy(PaintingStrategy.DASHES);
#monthly.SetPaintingStrategy(PaintingStrategy.DASHES);
#yearly.SetPaintingStrategy(PaintingStrategy.DASHES);

#-- END of CODE