Horizontal Lines In ThinkOrSwim

[PennyFlipper101]

How do I plot a straight horizontal line to be constantly changing and is always 25% above the last trade price so I could know where I’m taking profit if I only want to make 25% a trade, or have it instantly plotted whenever I place my buy order

 

[scott69]

This is a script that I created to have horizontal lines at multiples of an ATR above and below the moving price. I use it for stops, or just to visualise the volatility of the price action. You should be able to modify the ATR lines to be percentages or what ever you want. I use this in conjunction with the "current price line" which can be found here by searching.

( also please note that if you have these lines constantly plotting at 25% above the current price - always moving - you will theoretically never hit that price for you to sell, for that you should program a horizontal line at a fixed percentage "above or below" your initial entry price. )

##### Begin Code #####

# SD_ATR_Lines
# Scott Da####
# Version: 01
# Original: January 16, 2021
# Last Mod: January 16, 2021

declare upper;

input aggregationPeriod = AggregationPeriod.MIN;
input price=close;
input ATRValue = 5;
input averageType = AverageType.WILDERS;
input StopFactor = 2;
input offset=0;
input LineLength = 10;
input ShowLabel = yes;

def open = open(period = aggregationPeriod);
def high = high(period = aggregationPeriod);
def low = low(period = aggregationPeriod);
def close = close(period = aggregationPeriod);

def ATR = MovingAverage(averageType, TrueRange(high, close, low), ATRValue);

# Top Line
def sma1 = SimpleMovingAvg((Close + (ATR*StopFactor)), 1, LineLength);
rec line1 = if IsNaN(sma1) then line1[1] else sma1[offset];
plot ATRLine1=if isnan(sma1) then line1 else double.nan;
ATRLine1.setpaintingStrategy(paintingStrategy.LINE);
ATRLine1.setlineWeight(1);
ATRLine1.setdefaultColor(color.yellow);
ATRLine1.hideBubble();

# Bottom Line
def sma2 = SimpleMovingAvg((Close - (ATR*StopFactor)), 1, LineLength);
rec line2 = if IsNaN(sma2) then line2[1] else sma2[offset];
plot ATRLine2=if isnan(sma2) then line2 else double.nan;
ATRLine2.setpaintingStrategy(paintingStrategy.LINE);
ATRLine2.setlineWeight(1);
ATRLine2.setdefaultColor(color.yellow);
ATRLine2.hideBubble();

##### End Code #####

 

[PennyFlipper101]

This is a script that I created to have horizontal lines at multiples of an ATR above and below the moving price. I use it for stops, or just to visualise the volatility of the price action. You should be able to modify the ATR lines to be percentages or what ever you want. I use this in conjunction with the "current price line" which can be found here by searching.

( also please note that if you have these lines constantly plotting at 25% above the current price - always moving - you will theoretically never hit that price for you to sell, for that you should program a horizontal line at a fixed percentage "above or below" your initial entry price. )

##### Begin Code #####

# SD_ATR_Lines
# Scott Da####
# Version: 01
# Original: January 16, 2021
# Last Mod: January 16, 2021

declare upper;

input aggregationPeriod = AggregationPeriod.MIN;
input price=close;
input ATRValue = 5;
input averageType = AverageType.WILDERS;
input StopFactor = 2;
input offset=0;
input LineLength = 10;
input ShowLabel = yes;

def open = open(period = aggregationPeriod);
def high = high(period = aggregationPeriod);
def low = low(period = aggregationPeriod);
def close = close(period = aggregationPeriod);

def ATR = MovingAverage(averageType, TrueRange(high, close, low), ATRValue);

# Top Line
def sma1 = SimpleMovingAvg((Close + (ATR*StopFactor)), 1, LineLength);
rec line1 = if IsNaN(sma1) then line1[1] else sma1[offset];
plot ATRLine1=if isnan(sma1) then line1 else double.nan;
ATRLine1.setpaintingStrategy(paintingStrategy.LINE);
ATRLine1.setlineWeight(1);
ATRLine1.setdefaultColor(color.yellow);
ATRLine1.hideBubble();

# Bottom Line
def sma2 = SimpleMovingAvg((Close - (ATR*StopFactor)), 1, LineLength);
rec line2 = if IsNaN(sma2) then line2[1] else sma2[offset];
plot ATRLine2=if isnan(sma2) then line2 else double.nan;
ATRLine2.setpaintingStrategy(paintingStrategy.LINE);
ATRLine2.setlineWeight(1);
ATRLine2.setdefaultColor(color.yellow);
ATRLine2.hideBubble();

##### End Code #####

Ok thank you! I’ll play around with this code and see if I can get it

 

[Slippage]

It sounds like you're executing trades on TOS which means you can use GetAveragePrice() and then calculate a target based on that and plot a line.

However, you could also just place a limit order so you'll take profit at that target automatically and not need a line on the chart. The order being visible on the chart would be the line.

 

[scott69]

@Slippage great point, I was thinking the same thing, i.e. if you place an order with a stop (at whatever limit, price, percent) then the line would be drawn on the chart as a standing order and would be executed when hit. Probably the simplest way to do it. Thanks

 

[PennyFlipper101]

You're right that sounds easier how can I do that, can I use the add order script to automatically place a limit order 25% above my entry price?

 

[rad14733]

You're right that sounds easier how can I do that, can I use the add order script to automatically place a limit order 25% above my entry price?

You are aware that AddOrder() is only for backtesting within Strategies, right...??? Thinkorswim doesn't have auto-trading... The closest you can come to that is using Conditional Orders in the Order Entry panel...

 

[Slippage]

You're right that sounds easier how can I do that, can I use the add order script to automatically place a limit order 25% above my entry price?

Unfortunately, AddOrder() doesn't create real orders. It's only useful for back-testing. But this is very simple anyway.

The quickest/easiest way I know of to do what you want is via the Active Trader window's templates. Active Trader is one of the tabs on the side of your charts. Once you open it, click the > icon to the left of the buttons to see more features.

With the TRG w/ bracket template selected I clicked where you see the % signs in order to make those %. It defaults to a +/- $ offset. Then I changed the LIMIT and STOP prices to +25 and -25. If I enter a position from this Active Trader window with these settings, whether I click a button like Buy MKT or click a price in the price ladder to enter with a STOP or LIMIT, when my entry order is filled I will automatically already have target and stoploss orders in the market waiting to fill. If one of them executes the other will automatically cancel. If you really only want the target order you can uncheck the box on the left of the STOP order.

 

[taifur005]

@viswanarahari Try something like this

AddLabel(yes, GetSymbol());

plot p1;
plot p2;
plot p3;
plot p4;

def nan = double.NaN;


if (GetSymbol() == "ZM") then {
p1 = 100;
P2 = 207;
P3 = 319;
P4 = 429;
} else if (GetSymbol() == "AAPL") then {
p1 = 100;
p2 = 250;
p3 = 275;
p4 = nan;
} else {
p1 = nan;
p2 = nan;
p3 = nan;
p4 = nan;}

@viswanarahari Try something like this

AddLabel(yes, GetSymbol());

plot p1;
plot p2;
plot p3;
plot p4;

def nan = double.NaN;


if (GetSymbol() == "ZM") then {
p1 = 100;
P2 = 207;
P3 = 319;
P4 = 429;
} else if (GetSymbol() == "AAPL") then {
p1 = 100;
p2 = 250;
p3 = 275;
p4 = nan;
} else {
p1 = nan;
p2 = nan;
p3 = nan;
p4 = nan;}

Thank you for sharing this code. Is there a way to create alert so that every time when that specific ticker price will cross any of the level , there will be an alert?

 

[viswanarahari]

@viswanarahari Just to clarify, Thinkorswim/Thinkscript does not support arrays at this time...

If you feel that it is something worthy of adding you can contact support and make a request... If they get enough requests they might consider the addition for a future release but it would be off in the future as it would need to be fully implemented and tested...

Thanks for the reply. Not sure I thnked you for this.

 

[chrisj1881]

Is there a script to make a price line at 50% of the previous candle's range. (from top of the wick to bottom of the wick)

 

[SleepyZ]

Is there a script to make a price line at 50% of the previous candle's range. (from top of the wick to bottom of the wick)

This should be what you are requesting

input daysback       = 1;
plot close_priordays = HighestAll(if IsNaN(close[-1]) and !IsNaN(close)
                                  then hl2(period = AggregationPeriod.DAY)[daysback]
                                  else Double.NaN);

 

[chrisj1881]

This should be what you are requesting

input daysback       = 1;
plot close_priordays = HighestAll(if IsNaN(close[-1]) and !IsNaN(close)
                                  then hl2(period = AggregationPeriod.DAY)[daysback]
                                  else Double.NaN);

Thank you SleepyZ. that worked. Trying to figure out how to customize the input to also put it on lower timeframes.

 

[SleepyZ]

Thank you SleepyZ. that worked. Trying to figure out how to customize the input to also put it on lower timeframes.

Try this

input agg            = AggregationPeriod.DAY;
input price          = FundamentalType.HL2;
input barsback       = 1;
plot close_priordays = HighestAll(if IsNaN(close[-1]) and !IsNaN(close)
                                  then Fundamental(price, period = agg)[barsback]
                                  else Double.NaN);

 

[chrisj1881]

Try this

input agg            = AggregationPeriod.DAY;
input price          = FundamentalType.HL2;
input barsback       = 1;
plot close_priordays = HighestAll(if IsNaN(close[-1]) and !IsNaN(close)
                                  then Fundamental(price, period = agg)[barsback]
                                  else Double.NaN);

Yes. thank you. are you also able to make it stay within the 1 bar rather than the full chart. i tried input length or displace -1 but it doesn't work

 

[SleepyZ]

Yes. thank you. are you also able to make it stay within the 1 bar rather than the full chart. i tried input length or displace -1 but it doesn't work

This has options to plot just on the next bar or across the chart

input agg = aggregationPeriod.FIFTEEN_MIN;
plot Data = if isnan(close[-1]) and !isnan(close)
            then  hl2(period=agg)[1]
            else double.nan;
data.setdefaultColor(color.blue);
data.setpaintingStrategy(paintingStrategy.HORIZONTAL);
data.setlineWeight(5);

 

[SleepyZ]

This has options to plot just on the next bar or across the chart

Decided to make it simpler and works better. I have replaced that version with the following. It only plots on the last bar the hl2[1] of the aggregation input.

input agg = aggregationPeriod.FIFTEEN_MIN;
plot Data = if isnan(close[-1]) and !isnan(close)
            then  hl2(period=agg)[1]
            else double.nan;
data.setdefaultColor(color.blue);
data.setpaintingStrategy(paintingStrategy.HORIZONTAL);
data.setlineWeight(5);

 

[chrisj1881]

That one isn't working. it doesn't plot anything

 

[SleepyZ]

That one isn't working. it doesn't plot anything

Sorry, needed to define horizontal line and line weight

input agg = aggregationPeriod.FIFTEEN_MIN;
plot Data = if isnan(close[-1]) and !isnan(close)
            then  hl2(period=agg)[1]
            else double.nan;
data.setdefaultColor(color.blue);
data.setpaintingStrategy(paintingStrategy.HORIZONTAL);
data.setlineWeight(5);

 

[SleepyZ]

That one isn't working. it doesn't plot anything

I have a feeling I was confused about what you wanted and made it more complicated than needed from the start. If you just want to plot 50% of the prior bar onto the last bar, both at the same chart aggregation, then this should work.

plot Data = if isnan(close[-1]) and !isnan(close)
            then  hl2[1]
            else double.nan;
data.setdefaultColor(color.blue);
data.setpaintingStrategy(paintingStrategy.HORIZONTAL);
data.setlineWeight(5);