Below is the chart setup for ThinkorSwim inspired by IBD (Investor's Business Daily) stocks chart. Also, a watchlist column and the Relative Strength (RS) indicator.
Updated 9-5-19
In this shared Google Drive are 2 files: https://drive.google.com/drive/folders/13XOHAGuDNjx6k98U5VB8AL2TmQOjyQqS?usp=sharing
Here's the Code to put in a Custom Watch List Column:
Shared Watch List Link: http://tos.mx/9VSRMyw
Click here for --> Easiest way to load shared links
Use whichever you would like!
Below is a scan that I came across that will pull the top 20% of Relative Strength stocks in a Scan of the S&P 500. After loading the scanned list, most were above the 75% line for the above chart's RS line. I also changed the inputs to 0 & 20 and the RS line on this chart was down on all on the list. I suggest scanning in S&P 100 or 500 to keep your list manageable. My thanks to Chris Baker.
Grid chart: https://tos.mx/hfEeqh
Updated 9-5-19
In this shared Google Drive are 2 files: https://drive.google.com/drive/folders/13XOHAGuDNjx6k98U5VB8AL2TmQOjyQqS?usp=sharing
- A file comparison of yesterdays IBD Relative Strength direct from IBD, along with a listing of what the watchlist code reads for the same security. If you follow the stocks in IBD's 85-85 list, my hope is that you would find most of them ranked above 70 in the watchlist column.
- The picture is of the watchlist code on the right on my screen shot of the same NASDAQ 100.
Here's the Code to put in a Custom Watch List Column:
Ruby:
#uTS Watchlist Code for %52WkRng
#Mobius© WLC Percent Inside 52 Week Range
def h = highest(high, 252);
def l = lowest(low, 252);
def x = (close - l) / (h - l);
plot r = round(x * 100, 0);
AssignBackgroundColor( if rs > 80 then color.dark_green else
if rs > 60 then createcolor(0,175,0) else
if rs > 40 then color.gray else
if rs > 20 then CreateColor(220, 0,0) else
if rs <= 20 then CreateColor(150, 0,0) else
color.white );Click here for --> Easiest way to load shared links
Use whichever you would like!
Below is a scan that I came across that will pull the top 20% of Relative Strength stocks in a Scan of the S&P 500. After loading the scanned list, most were above the 75% line for the above chart's RS line. I also changed the inputs to 0 & 20 and the RS line on this chart was down on all on the list. I suggest scanning in S&P 100 or 500 to keep your list manageable. My thanks to Chris Baker.
Code:
# Scan - Price Rank in Range 80-100
# Edited by Markos to prove out scan for Relative Strength - Use is set for 1Yr-1Day Chart
# This Scan Tab study finds stocks whose price is in the given Price Rank (Price Percentile)
# in the given number of bars.
# By Chris Baker <[email protected]> @ChrisBaker97
# Latest version maintained at: https://bitbucket.org/ChrisBaker97/thinkscript/src/
# This thinkScript is designed for use in the Scan tab. Detailed
# instructions may be found at: https://bitbucket.org/ChrisBaker97/thinkscript/
#
# This work is licensed under the Creative Commons Attribution-ShareAlike
# 3.0 Unported License. To view a copy of this license, visit:
# http://creativecommons.org/licenses/by-sa/3.0/deed.en_US
#Start Code
input period = 252;
input prLo = 80;
input prHi = 100;
def hi = highest(high,period);
def lo = lowest(low,period);
def range = hi - lo;
def priceRank = 100 * (open - lo) / range;
plot inRange = prLo <= priceRank and priceRank <= prHi;
#End CodeGrid chart: https://tos.mx/hfEeqh
Relative Strength (RS) Line
Code:
# Plot the Relative Strength Line in ThinkorSwim
# Written by: @Diamond_Stocks @RayTL_ - TLScripts
# Site: https://www.traderlion.com/ https://www.traderlion.com/tl-scripts/
# V1
# Declare Lower Places a study on the lower subgraph. This declaration is used when your study uses values that are considerably lower or higher than price history or volume values.
declare lower;
# User Inputs
input show_RSNHBP = yes;
input show_RSNH = yes;
#Relative Strength Type - Candlestick to be added later.
input graphStyle = {default "Line"};
#3 Month, 6 Month, 1 Year RS
input TimeFrame = {default "Three_Months", "Six_Months", "1_Year"};
#Index SymbolRelation
input CorrelationWithSecurity = "SPX";
#Calculation TimeFrame
def aggregationperiod = AggregationPeriod.DAY;
#Chart Normalized Relative Strength Rating on Last Bar
def isLastBar = BarNumber() == HighestAll(if !IsNaN(close) then BarNumber() else Double.NaN);
#Turn on or off Alerts when cycling charts
input Alerts_On = yes;
#Add Chart Bubbble to Graph
input RS_Rating_ChartBubble = yes;
#Establish look back length:
def Length = if TimeFrame == TimeFrame.Three_Months then 63 else if TimeFrame == TimeFrame.Six_Months then 126 else 252;
#Get Index Close/Open/High/Low - Prep for Candlestick RS.
def indexopen = open(CorrelationWithSecurity, aggregationperiod);
def indexhigh = high(CorrelationWithSecurity, aggregationperiod);
def indexlow = low(CorrelationWithSecurity, aggregationperiod);
def indexclose = close(CorrelationWithSecurity, aggregationperiod);
#Get Relative Strength - Prep for Candlestick RS.
def RSopen = open / indexopen;
def RShigh = high / indexhigh;
def RSlow = low / indexlow;
def RSclose = close / indexclose;
def barCount = IF !IsNaN(close) THEN IF IsNaN(barCount[1]) THEN 1 ELSE barCount[1] + 1 ELSE barCount[1];
#Normalize Relative Strength
def newRngMax = 99; #Maximum normalized value
def newRngMin = 1; #Minimum normalized value
def HHDataclose = HighestAll(RSclose);
def LLDataclose = LowestAll(RSclose);
def HHDataopen = HighestAll(RSopen);
def LLDataopen = LowestAll(RSopen);
def HHDatalow = HighestAll(RSlow);
def LLDatalow = LowestAll(RSlow);
def HHDatahigh = HighestAll(RShigh);
def LLDatahigh = LowestAll(RShigh);
def normalizeRSclose = ((( newRngMax - newRngMin ) * ( RSclose - LLDataclose )) / ( HHDataclose - LLDataclose )) + newRngMin;
def normalizeRSopen = ((( newRngMax - newRngMin ) * ( RSopen - LLDataopen )) / ( HHDataopen - LLDataopen )) + newRngMin;
def normalizeRShigh = ((( newRngMax - newRngMin ) * ( RShigh - LLDatahigh )) / ( HHDatahigh - LLDatahigh )) + newRngMin;
def normalizeRSlow = ((( newRngMax - newRngMin ) * ( RSlow - LLDatalow )) / ( HHDatalow - LLDatalow )) + newRngMin;
#Chart RS Line and set appearence:
plot RSLine = RSclose;
RSLine.DefineColor("Positive", Color.UPTICK);
RSLine.DefineColor("Negative", Color.DOWNTICK);
RSLine.SetLineWeight(1);
RSLine.AssignValueColor(if RSLine[0] > RSLine[1] then CreateColor(43, 152, 242) else CreateColor(227, 88, 251));
#Get Highest RS Value
def highestRS = Highest(RSclose, Length);
#RSNHBPCondition
def RSNHBPcondition = if RSclose >= highestRS and close < Highest(close, Length) then highestRS else no;
#Plot RSNHBP Condition
plot RSNHBP = if show_RSNHBP and RSNHBPcondition == highestRS then highestRS else Double.NaN;
#Plot RSNH Condition
plot RSNH = if show_RSNH and RSNHBPcondition == no and RSclose == highestRS and isLastBar then highestRS else Double.NaN;
#Appearance Settings
RSNHBP.SetPaintingStrategy(PaintingStrategy.POINTS);
RSNHBP.SetLineWeight(2);
RSNHBP.SetDefaultColor(CreateColor(196, 94, 225));
RSNHBP.HideBubble();
RSNH.SetPaintingStrategy(PaintingStrategy.POINTS);
RSNH.SetDefaultColor(Color.GREEN);
RSNH.SetLineWeight(2);
RSNH.HideBubble();
#Add Chart Bubble for RS Rating
AddChartBubble(RS_Rating_ChartBubble and isLastBar, RSclose, "RS: " + Round(normalizeRSclose, 0), Color.WHITE, no);
#Add Label
AddLabel(yes, Concat("Relative Strength: ", Round(normalizeRSclose, 0)), CreateColor(43, 152, 242));
#Alert Capability
Alert( if Alerts_On and RSNHBP then yes else no, "Relative Strength Line New Highs Before Price", Alert.BAR, Sound.Ding);
Alert(if Alerts_On and RSNH then yes else no, "Relative Strength Line New Highs", Alert.BAR, Sound.Chimes);Attachments
Last edited by a moderator:
All you did was colored the higher RS stocks Green & lower, Red. Appreciate it, but you're a better coder than that. Right? 
