I have reached the end of the World and see the place I started in ThinkOrSwim

[antwerks]

Great thread! I'd like to add some of my hard earned knowledge. I don't see the mention of volume profile or order flow. These are the 2 most important indicators one can learn to use. ToS has a paid indicator called BookMap for $39.99 per month that is great for viewing order flow. I think it's money very well spent if you learn the basics of order flow. By using this type of chart, you will always be trading with smart money. As for volume profile, you will always know when the market is balanced or seeking balance. Just my 2 cents ..

yeah there are some GREAT tools that are simply basic necessities and understanding the draw of POC and the slippery power of LVN in the volume profiles will help you make good entries and exits for sure. I also love the OBV on balance volume indicator to spot divergence and the good old tried and true RSI/divergent. I always have up on the side screen, the time and sales when day trading or making critical entries or exits, but have not gotten into the order flow tool - it looks confusing if you can believe that coming from me (have you seen my charts o_0 ) But if you do a lot of reading that tool is supposed to be the bomb...

maybe some good combos?

• Trend trader = MACD + ADX (trend confirmation) + Volume Profile (where big players are).
• Swing trader = RSI (timing entries) + OBV (volume confirmation) + Volume Profile.

 

[djgLXXII]

As for volume profile, you will always know when the market is balanced or seeking balance. Just my 2 cents ..

I've yet to understand how to use volume profile effectively. I (try) to trade on the 1-minute chart, so I assume I should be using the "DAY" mode. But nothing ever really lines up. I've tried watching a few videos on the subject but always come away more confused.

 

[vgt2101]

Where is Bookmap helpful through the lens of a trader that uses volume price analysis? ToS has a chart indicator that shows volume at price/VPOC (volume point of control). In other words, what important information is missing from VPOC that you'd get through Bookmap?

 

[useThinkScript]

Best Combo for Scalping: Footprint Charts + Volume Profile​

If you’re scalping, combining Footprint Charts with Volume Profile gives you the best of both worlds — micro and macro-level.
Using one without the other limits their usefulness.

Footprint Charts will provide you with the precision entries that you are looking for.
They show buying/selling volume at each price level within a candle
— identifies strong directional moves and when momentum dries up for quick reversals or exits.

Volume Profile can assist in determining trade entry, but not on scalping charts.
For scalpers, it provides market context.
— It is a roadmap of where big players are active; this is what will drive your trade.

POC (Point of Control): Highest traded volume — strong magnet for price.​

HVNs / LVNs: High-volume = support/resistance; low-volume = fast-move zones.​

Value Area: Main trading zone; look for trades when price moves outside it.​

Yes, Volume Profile needs to be viewed on a higher timeframe; no lower than 1-hr

Footprint charts are available from: Bookmap (a ToS addon), Sierra Chart, or ATAS
If you don’t have access to Footprint charts try one of these ToS built-in indicators:
OBV: Tracks buying/selling pressure — look for divergences.
VWAP: Useful for mean-reversion and breakout signals.
RVOL: High relative volume = potential breakout or reversal zone.

@djgLXXII @vgt2101

 

[Ramesh16]

where can i find Footprint Charts + Volume Profile?

 

[djgLXXII]

Yeah, I don't know...I can't find any correlation with this stuff. Everytime I think I've found some combination that works, when I actually try it it fails. Which is frustrating because I can back test things and seemingly get a 60%+ win rate, but when I actually try it for real it fails. It's like someone is watching....

 

[BenTen]

where can i find Footprint Charts + Volume Profile?

I don't think Footprint chart is available in TOS, but you can check here https://usethinkscript.com/threads/footprint-indicator-questions.1429/

Volume Profile is a built-in indicator; you should be able to load it up directly in TOS.

 

[dap711]

Yeah, I don't know...I can't find any correlation with this stuff. Everytime I think I've found some combination that works, when I actually try it it fails. Which is frustrating because I can back test things and seemingly get a 60%+ win rate, but when I actually try it for real it fails. It's like someone is watching....

Take a look at this indicator:

https://usethinkscript.com/threads/...e-new-light-for-thinkorswim.21690/post-158134

 

[djgLXXII]

Take a look at this indicator:

https://usethinkscript.com/threads/...e-new-light-for-thinkorswim.21690/post-158134

This is really cool, but also highlights a common experience I have -- momentum style indicators rarely work out (for me). It often feels like, when "everything lines up", you're entering at the top of a move. That's why I've focused my attention on trying to perfect reversals, since ultimately I want to trade 0DTE SPY options and you need explosive moves and not some slow grind up.

 

[rfb]

This is really cool, but also highlights a common experience I have -- momentum style indicators rarely work out (for me). It often feels like, when "everything lines up", you're entering at the top of a move. That's why I've focused my attention on trying to perfect reversals, since ultimately I want to trade 0DTE SPY options and you need explosive moves and not some slow grind up.

With that being said, sounds like honing price action would be best with key support/resistance levels and those levels that help define institutional buying/selling. Most indicators do lag as we all know, however, price action is and has always been king.

 

[fms5547]

I have reached MY answer to an important question, and I am not alone in asking it — many experienced traders here on this site eventually reach this exact realization,

Most indicators are derived from the same data (price and volume), and many are just variations of each other — meaning they tend to behave similarly, especially during the same market regimes.

I have written or adjusted over 200 scripts in the 2 years I have started using TOS. I have in theory made a “sandwich” about as many ways there is to make a “sandwich” and I have come to realize, even though one may taste better to me than others, that they are all the same “sandwich”.

Why Many Indicators "Act the Same"

1. They’re all based on price and/or volume.

Whether it's RSI, MACD, Stochastic, or CCI, they're just manipulating highs, lows, closes, averages, and ranges.
Most of them are just different smoothing techniques applied to price behavior.

1. Indicators lag — and they often confirm the same thing.

Many indicators are reactive, not predictive. They confirm momentum, trend, or volatility after price moves. (Like reading the Wall Street Journal and thinking you are now ready for tomorrow trading, lol, NOT)

1. Multiple indicators ≠ more signal.

Using 5 indicators that say “overbought” doesn’t give you 5x the certainty — just the same information 5 times.

So Should You Use Just 1–2 Indicators?
In many cases, yes — but with intentional diversity. Ideally, you want one indicator per category:

Category	Use One Tool	Examples
Trend	Directional bias	Moving Average, ADX
Momentum	Strength of price movement	RSI, MACD, Stochastic
Volatility	Expansion/contraction	ATR, Bollinger Bands
Volume-based	Confirmation of price moves	OBV, VWAP, Accum/Distrib
Price action	Structure/patterns	Candlesticks, pivots, HH/LLs

The Ideal Setup for Clarity
You don’t need 10 indicators — but you do need balance and context. Here’s an example minimalist but high-signal setup:

1. Price Action + EMAs – tells you trend and structure.
2. RSI or Stochastic – shows momentum + potential reversal points.
3. Volume or VWAP – confirms participation.

That’s it. Everything else can clutter, not clarify.

My Final Thought
Instead of stacking indicators, stack edges from different dimensions- price structure, momentum, volatility, and volume. (Maybe throw in MTF for another level of validations)

I have developed a Studies Set, but it includes some VIP scripts that I can not share here. This set has done very well this week and will need others to use it to validate its success rate and profit ratio. My suggestion is you join the VIP section, cheap for what you get. I will be writing up directions for use soon. (the only thing extra I might add are the previous day high and lows, they seem 50% of the time to act as support and resistances)

View attachment 25326


mod note:

Is there a link for TOS or code for this chart?

 

[dap711]

This is really cool, but also highlights a common experience I have -- momentum style indicators rarely work out (for me). It often feels like, when "everything lines up", you're entering at the top of a move. That's why I've focused my attention on trying to perfect reversals, since ultimately I want to trade 0DTE SPY options and you need explosive moves and not some slow grind up.

This looks like a pretty good reversal indicator to me.

 

[djgLXXII]

This looks like a pretty good reversal indicator to me.

View attachment 26301

Not sure what you're looking at specifically.

This is what I mean by reversal, and is a textbook example from today on SPY. This is using my own set of custom indicators. They don't always play out like this, and could've kept on running down the bottom bollinger. This is my challenge is trying to find SOMETHING that adds confluence to this. I've tried adding in levels defined by the community but they don't always help and just adds noise.

 

[rkwchu]

Not sure what you're looking at specifically.

This is what I mean by reversal, and is a textbook example from today on SPY. This is using my own set of custom indicators. They don't always play out like this, and could've kept on running down the bottom bollinger. This is my challenge is trying to find SOMETHING that adds confluence to this. I've tried adding in levels defined by the community but they don't always help and just adds noise.

Very interesting chart. May I have the chart setup please?

 

[justAnotherTrader]

I love this post. After years of chasing the set of indicators that would give me an edge I finally realized there were no shortcuts (at least for me).

Im down to using bollinger bands, rsi and a couple of EMA's.

I am 90% fundamental and 10% charts these days

 

[dap711]

Not sure what you're looking at specifically.

This is what I mean by reversal, and is a textbook example from today on SPY. This is using my own set of custom indicators. They don't always play out like this, and could've kept on running down the bottom bollinger. This is my challenge is trying to find SOMETHING that adds confluence to this. I've tried adding in levels defined by the community but they don't always help and just adds noise.

I love the 20 EMA as the entry signal. When I have a cyan candle with market regime confluence and a candle body above the 20 EMA, that's my signal to go long.

 

[djgLXXII]

View attachment 26307

I love the 20 EMA as the entry signal. When I have a cyan candle with market regime confluence and a candle body above the 20 EMA, that's my signal to go long.

Yeah, I guess I still have the beginner's mentality of trying to 'get in at the bottom.' And honestly, the reason is that I struggle to find an entry once the move has already begun. You can get wrecked trading options when entering on large green candles. An experienced trader I follow recommends entering on a red candle at support (for longs), but that's extremely difficult to time.

Thanks for the reply.

 

[djgLXXII]

Very interesting chart. May I have the chart setup please?

http://tos.mx/!wEVuk59K

That's the flexible grid share if that's what you're asking for.

 

[Milianis4]

I have reached MY answer to an important question, and I am not alone in asking it — many experienced traders here on this site eventually reach this exact realization,

Most indicators are derived from the same data (price and volume), and many are just variations of each other — meaning they tend to behave similarly, especially during the same market regimes.

I have written or adjusted over 200 scripts in the 2 years I have started using TOS. I have in theory made a “sandwich” about as many ways there is to make a “sandwich” and I have come to realize, even though one may taste better to me than others, that they are all the same “sandwich”.

Why Many Indicators "Act the Same"

1. They’re all based on price and/or volume.

Whether it's RSI, MACD, Stochastic, or CCI, they're just manipulating highs, lows, closes, averages, and ranges.
Most of them are just different smoothing techniques applied to price behavior.

1. Indicators lag — and they often confirm the same thing.

Many indicators are reactive, not predictive. They confirm momentum, trend, or volatility after price moves. (Like reading the Wall Street Journal and thinking you are now ready for tomorrow trading, lol, NOT)

1. Multiple indicators ≠ more signal.

Using 5 indicators that say “overbought” doesn’t give you 5x the certainty — just the same information 5 times.

So Should You Use Just 1–2 Indicators?
In many cases, yes — but with intentional diversity. Ideally, you want one indicator per category:

Category	Use One Tool	Examples
Trend	Directional bias	Moving Average, ADX
Momentum	Strength of price movement	RSI, MACD, Stochastic
Volatility	Expansion/contraction	ATR, Bollinger Bands
Volume-based	Confirmation of price moves	OBV, VWAP, Accum/Distrib
Price action	Structure/patterns	Candlesticks, pivots, HH/LLs

The Ideal Setup for Clarity
You don’t need 10 indicators — but you do need balance and context. Here’s an example minimalist but high-signal setup:

1. Price Action + EMAs – tells you trend and structure.
2. RSI or Stochastic – shows momentum + potential reversal points.
3. Volume or VWAP – confirms participation.

That’s it. Everything else can clutter, not clarify.

My Final Thought
Instead of stacking indicators, stack edges from different dimensions- price structure, momentum, volatility, and volume. (Maybe throw in MTF for another level of validations)

I have developed a Studies Set, but it includes some VIP scripts that I can not share here. This set has done very well this week and will need others to use it to validate its success rate and profit ratio. My suggestion is you join the VIP section, cheap for what you get. I will be writing up directions for use soon. (the only thing extra I might add are the previous day high and lows, they seem 50% of the time to act as support and resistances)

View attachment 25326


mod note:

Is there a dl link to this ?

 

[antwerks]

Is there a dl link to this ?

I believe there is in the VIP forums