HOT ZONE - RSI with IV Percentile: Buy Stock or Sell Put Options Signal For ThinkOrSwim

[technicallydreaming]

Yes I had to change the setting from numerical line, to "numerical, points " I had been trying the dotted line option by mistake. looks perfect now. Gracias

 

[korcari23]

Hi- See below link to $SPY not showing up half way pre market and intraday.

 

[chewie76]

@korcari23 I see it too. It has something to do with the volatility not showing up in TOS. It works on QQQ. I would expect it to correct itself.

 

[korcari23]

Same issue today on SPY chart.

 

[chewie76]

Same issue today on SPY chart.

That is strange.

 

[ribitzki21490]

This seems cool, in my set up I am getting green and magenta dots, in addition to yellow and red dots. I read through the thread and have not seen anything regard this? Is there something in the setting I need to change here?

 

[chewie76]

This seems cool, in my set up I am getting green and magenta dots, in addition to yellow and red dots. I read through the thread and have not seen anything regard this? Is there something in the setting I need to change here?

Oh, that is when RSI goes above or below 50.

 

[chewie76]

This seems cool, in my set up I am getting green and magenta dots, in addition to yellow and red dots. I read through the thread and have not seen anything regard this? Is there something in the setting I need to change here?

I updated the code to give a label of Bearish or Bullish instead of these dots. Use this http://tos.mx/9zhE6eE

 

[korcari23]

I updated the code to give a label of Bearish or Bullish instead of these dots. Use this http://tos.mx/9zhE6eE

This new code is working on$SPY

 

[ribitzki21490]

Here is what is coming up for me

 

[chewie76]

@ribitzki21490 Send me the shared link to your version. I'm not getting the same thing you are and I want to review your version. Thanks,

Edit: Actually you don't have EXT time (extended hours) on your charts and I do. That's the difference. When you see red dots, get ready for a reversal.

 

[Bhagz818]

Hi, Is it possible that you can share the link of your setup here. I like how you have hotzone and zscore all tied in one single study. Thanks

 

[chewie76]

Hi, Is it possible that you can share the link of your setup here. I like how you have hotzone and zscore all tied in one single study. Thanks

You can get zscore here. They are not in a single study. https://usethinkscript.com/threads/z-score-upper-indicator-for-thinkorswim.3896/

 

[Bhagz818]

@chewie76 Thanks for this indicator it has worked really well so far. I just have an additional question, as you can see from the above image, the chart is for UPS on 15 mins from last week.

Last Friday 1/15/2021 you can see the upper study had only one buy signal triggered however the lower study of hotzone triggered 3 buy signals. Can you please explain the difference also under what condition a buy signal is triggered? Please advice. Thanks a ton.

 

[chewie76]

@Bhagz818 Hi. The Hotzone RSI white line is just the standard RSI. It will give an arrow if it goes above and below the 30 level multiple times. What you want to look for is divergence. And you do see it in this example. When you get the upper arrow, the price will most likely come back down to test the previous high of the lowest candle. So I suggest you be patient with the signals. Wait for them to trigger, and look for a good support level to place an entry.

 

[chewie76]

@chewie76, Thank a lot for the response but I am not able to spot the divergence. Can you please help with that? Thank you again.

This is what I was talking about regarding the divergence.

 

[lostmarxbro]

I love the concept but seems to give a lot of false sell signals during big runs, is that correctable?

 

[mourningwood4521]

I love the concept but seems to give a lot of false sell signals during big runs, is that correctable?

practice drawing fib levels on a chart. I don't trade on anything intraday. So go back on the stock you are on, and draw some fib fans. You should notice that the first fib level which is default to 38.2% is where the bottom of the run up bounces off of. now draw your new line on the current run. you will need a few days maybe a month worth of data for this, but draw your dotted line as the support for the current run. Now, add a fib level at (negative) -61.8 which should look like -0.618. That line will act as resistance peaks of the current run up generally that I have found until the short termtrend reverses I have found. play with it on lots of tickers. The other thing to watch out for is the ADX. If the stock seems to have runs every year and bounces off of a certain ADX level, look for that ADX level to act as a bit of resistance.

 

[Peace4us]

Please assist with Hotzone UPPER indicator. I can only get the Green Buy signal arrows on the upper bottom portion of the indicator. I dont get the RED sell signal arrows that appear at the top of the indicator

 

[chewie76]

Hi Chewie,
I am curious if it is possible to scan for a cross of the Percentile Line and the Hotzone Line? I know that they are calculated using completely different scales. However, when they are combined on the same indicator there is a very interesting relationship that exist when the two lines cross. Any thoughts or alternatives on how to achieve that would be appreciated. Awesome indicators! Thanks in advance.

Try using this version. It includes both in the same. Tell me what you are looking for in it. http://tos.mx/74zGbcm