Intraday Trend Viewer Indicator for ThinkorSwim

[BenTen]

I was watching a video on YouTube a while back about trend trading. The guy mentioned something along the line of:

• If the stock is trading below the previous day close then there are more sellers than buyers. The trend is bearish. Look for a short opportunity.
• If the stock is trading above the previous day close then there are more buyers than sellers. There is a strong uptrend. Look for a long opportunity.

With that being said, here is the indicator based on that concept.

Dark red and green candlesticks mean the stock is trading below yesterday's close. You can combine this indicator with another momentum indicator like the FisherTransform to find your trade entry.

thinkScript Code

# Intraday Trend Viewer
# Assembled by BenTen at useThinkScript.com

def Today = if GetDay() == GetLastDay() then 1 else 0;

plot ystdClose = close(period = "day" )[1];

ystdClose.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
ystdClose.SetDefaultColor(Color.UPTICK);
ystdClose.SetLineWeight(1);

AssignPriceColor(if close < ystdClose and open < close then Color.DARK_GREEN
  else if close < ystdClose and open > close then Color.DARK_RED else Color.CURRENT);

Shareable Link

https://tos.mx/ir94MS

 

[mrwind425]

@BenTen

Can you provide more examples regarding "f the stock is trading below the previous day close then there are more sellers than buyers. The trend is bearish. Look for a short opportunity." please?

 

[BenTen]

@mrwind425 Sure. So here is a quick example of the concept. The chart we'll be viewing is NFLX's 5d 5m.

Let's take a look at what happen when NFLX is trading below the previous day close.

Mostly downtrending.

Now, you look for a pull back up and then using the FisherTransform to find bearish crossover.

 

[GimmickFace]

Can anyone point me in the direction of an indicator that plots a line for the previous day closing price (or an indicator that includes this)? I thought I saw one on here at one point, but now I cannot find it via search. Any help is appreciated! Thank you

 

[tomsk]

@GimmickFace Here is your study that plots the close of the previous day. Run this on an intraday chart, e.g. 15 mins

# Close Previous Day
# tomsk
# 1.9.2020

declare hide_on_daily;

def active = GetTime() >= RegularTradingStart(GetYYYYMMDD());
plot PC = if active then close(period = AggregationPeriod.Day)[1] else Double.NaN;
PC.SetLineWeight(2);
PC.SetDefaultColor(Color.Yellow);
# End Close Previous Day

 

[GimmickFace]

Excellent, thank you so much @tomsk !!!!!!