Tape Reading Indicator for ThinkorSwim

[givemethenews99]

I have used it with a tick chart - 5 minutes.

But the tape bars do not work in the open market - only in premarket.

What settings are you using?

What is a zero line? What periods do you use - 21?

What thermo mode do?

How do I add a photo to a post?

 

[TradeUp]

@givemethenews99 You need to use it on Tick Charts Not time based chart. However, if you use it on tick chart you need to adjust the #of ticks for each stock ticker based on their days volume. If a particular stock has very low volume it wont work as well, you need to use low number of ticks to see any action in the indicator. So it might work best if you trade futures because of the high volume. Try using it on /ES 1000 Tick Chart with Heiken Ashi candles and then go use it on TKAT at 1000 Ticks you will see the difference. Then adjust TKAT Ticks to 10 Ticks and you will see the difference. I hope you can understand what I just said. I'm not that technical but I think this is a very interesting indicator. Also, you will need to adjust the number of ticks per stock because each has different volume. It can be cumbersome. Hope this helps.

 

[sparhawk]

Does anyone know how to get the Tape Momentum indicator posted by @BenTen to work on a Forex chart? I'm looking for a functional tape speed indicator to use when I trade FX.

 

[MerryDay]

Does anyone know how to get the Tape Momentum indicator posted by @BenTen to work on a Forex chart? I'm looking for a functional tape speed indicator to use when I trade FX.

The script that you referenced:
https://usethinkscript.com/threads/tape-reading-indicator-for-thinkorswim.569/#post-4329

Uses volume in it's calculations. The Forex data feed has no volume; so no volume scripts will work correctly on Forex charts.

 

[Darth Tradicus]

Been liking the tape momentum indicator posted by BenTen. It's tricky to interpret, but usually there are abnormally large prints/green bars near the beginning of strong trends and shortly before the end of trends. Sometimes too, they'll cause price to swiftly crash one way and then snap back into a strong trend- like the market makers cause a selloff then gobble up the shares. You might just nickname this "The Somethings About to Happen" indicator.

Question: Is there any way to add alerts to this indicator? Like for certain size bars? Too often the big ones slip past me when I'm not paying attention

 

[MerryDay]

Been liking the tape momentum indicator posted by BenTen. It's tricky to interpret, but usually there are abnormally large prints/green bars near the beginning of strong trends and shortly before the end of trends. Sometimes too, they'll cause price to swiftly crash one way and then snap back into a strong trend- like the market makers cause a selloff then gobble up the shares. You might just nickname this "The Somethings About to Happen" indicator.

Question: Is there any way to add alerts to this indicator? Like for certain size bars? Too often the big ones slip past me when I'm not paying attention

If you can create the definition for "certain size bars"
The alert syntax would be:

Alert(CertainSizeBars, "certain size bars", Alert.Bar, Sound.Chimes);

 

[tatl]

a simple tapespeed indicator for time-based charts. this will show you how many trades occurred per candle. more trades, tape was faster. potential for reversal as it increases, or a big load-up for breakout/continuation. basically Pressure.

declare lower;

def T = tick_count;

plot Tp= T;
Tp.SetPaintingStrategy(paintingstrategy.HISTOGRAM);

 

[Ronathan Edwards]

Not sure if this is what you're looking for.

# TS_TapeMomentum
# http://www.thinkscripter.com
# [email protected]
# Last Update 07 Nov 2010

#hint: For use on tick charts <b>ONLY</b>. Red inidcates average momentum, yellow > average, green > two standard deviations.
#hint period: Averaging period.
#hint capMultiplier: Multiple of standard deviation at which large spikes will be truncated with a magenta dot.
#hint capLargeSpikes: Truncate larger spikes at a given standard deviation multiplier to avoid scale compression.

declare lower;
  
input period = 14;
input capMultiplier = 5.0;
input capLargeSpikes = YES;
def isTickChart = if getAggregationPeriod() <= 3200 then 1 else 0;

def timer = secondsTillTime(1615);
def deltaT = absValue(timer[-1]-timer);

def momentum = if isTickChart then volume/deltaT else 0;;
def aveSM = average(momentum,period);
def sdAve = aveSM+2*stdev(momentum, period);
def spikeCap = totalSum(momentum)/barNumber()*capMultiplier;

plot tickMomentum = if capLargeSpikes then min(momentum, spikeCap) else momentum;
plot cap = if capLargeSpikes and tickMomentum==spikeCap then spikeCap else double.nan;
cap.setStyle(curve.POINTS);
cap.setLineWeight(2);
cap.setDefaultColor(color.magenta);

tickMomentum.setPaintingStrategy(paintingStrategy.HISTOGRAM);
tickMomentum.setLineWeight(2);

tickMomentum.assignValueColor(if tickMomentum >=min(spikeCap, sdAve) then color.green else if tickMomentum > aveSM then color.yellow else color.red);

plot zero = 0;
zero.setDefaultColor(color.white);

addChartLabel(!isTickChart,"THIS STUDY ONLY FOR USE ON TICK CHARTS",color.red);

Switch over to Tick charts or else it will not work. I found it here.

Ben,
I love this, but it is not showing today's action, only the days before... I have it on the 30 tick SPY... any idea?

 

[MerryDay]

Ben,
I love this, but it is not showing today's action, only the days before... I have it on the 30 tick SPY... any idea?

It is not possible to say where you went astray.
Here is a shared chart link with the script that you included in your post: http://tos.mx/MxNgpeh
Click here for --> Easiest way to load shared links

The chart does have today's action

 

[Ronathan Edwards]

It is not possible to say where you went astray.
Here is a shared chart link with the script that you included in your post: http://tos.mx/MxNgpeh
Click here for --> Easiest way to load shared links

The chart does have today's

For some reason, I can't put in links, or share them. I just noticed that a week ago... Schwab problem?
It says "The URL you've entered appears to be broken" ... NEVER had a problem sharing before...
and still, have the original problem obviously... help?

 

[MerryDay]

For some reason, I can't put in links, or share them. I just noticed that a week ago... Schwab problem?
It says "The URL you've entered appears to be broken" ... NEVER had a problem sharing before...
and still, have the original problem obviously... help?

Links created on the TDA ToS app are not available on the Schwab ToS app immediately.

Data is ported from the TDA servers to the Schwab servers overnight or the next day.
You should be able to use the link by Friday.

 

[Ronathan Edwards]

Links created on the TDA ToS app are not available on the Schwab ToS app immediately.

Data is ported from the TDA servers to the Schwab servers overnight or the next day.
You should be able to use the link by Friday.

Yeah, for some reason I got it to go last night. With that said, long story, I had it on RANGE and not ticks, because the shadow trader indicator that they have uses RANGE. Is there a way to make the above momentum indicator work for the range chart?

 

[MerryDay]

Yeah, for some reason I got it to go last night. With that said, long story, I had it on RANGE and not ticks, because the shadow trader indicator that they have uses RANGE. Is there a way to make the above momentum indicator work for the range chart?

Sorry, I should have stated that ports between the TDA and Schwab happen outside RTH.

This indicator was specifically written for tick charts.
While sporadically, you will get results on range and time charts; the study is only reliable on tick charts.

 

[Ronathan Edwards]

Sorry, I should have stated that ports between the TDA and Schwab happen outside RTH.

This indicator was specifically written for tick charts.
While sporadically, you will get results on range and time charts; the study is only reliable on tick charts.

Thanks bro. Speaking of thanks, I want to thank you and everyone in here for such an awesome community. I have a bit of a pull and have sent many to this site because how great the site is... so I am thankful... Happy Thanksgiving !

 

[Ronathan Edwards]

If you can create the definition for "certain size bars"
The alert syntax would be:

Alert(CertainSizeBars, "certain size bars", Alert.Bar, Sound.Chimes);

I have no clue how to add to a script. so, i.e. I want to set an alarm for 17,000 ... where do I put the "amount" in your script you just posted here, and where do I put the added code... just at the end of the script? Thanks!

 

[Ronathan Edwards]

Not sure if this is what you're looking for.

# TS_TapeMomentum
# http://www.thinkscripter.com
# [email protected]
# Last Update 07 Nov 2010

#hint: For use on tick charts <b>ONLY</b>. Red inidcates average momentum, yellow > average, green > two standard deviations.
#hint period: Averaging period.
#hint capMultiplier: Multiple of standard deviation at which large spikes will be truncated with a magenta dot.
#hint capLargeSpikes: Truncate larger spikes at a given standard deviation multiplier to avoid scale compression.

declare lower;
 
input period = 14;
input capMultiplier = 5.0;
input capLargeSpikes = YES;
def isTickChart = if getAggregationPeriod() <= 3200 then 1 else 0;

def timer = secondsTillTime(1615);
def deltaT = absValue(timer[-1]-timer);

def momentum = if isTickChart then volume/deltaT else 0;;
def aveSM = average(momentum,period);
def sdAve = aveSM+2*stdev(momentum, period);
def spikeCap = totalSum(momentum)/barNumber()*capMultiplier;

plot tickMomentum = if capLargeSpikes then min(momentum, spikeCap) else momentum;
plot cap = if capLargeSpikes and tickMomentum==spikeCap then spikeCap else double.nan;
cap.setStyle(curve.POINTS);
cap.setLineWeight(2);
cap.setDefaultColor(color.magenta);

tickMomentum.setPaintingStrategy(paintingStrategy.HISTOGRAM);
tickMomentum.setLineWeight(2);

tickMomentum.assignValueColor(if tickMomentum >=min(spikeCap, sdAve) then color.green else if tickMomentum > aveSM then color.yellow else color.red);

plot zero = 0;
zero.setDefaultColor(color.white);

addChartLabel(!isTickChart,"THIS STUDY ONLY FOR USE ON TICK CHARTS",color.red);

Switch over to Tick charts or else it will not work. I found it here.

Hey @BenTen , (or @MerryDay ) I'm using this now, it looks nice, however, you have red as normal, yellow,
as greater than normal, and green as over two sigmas... But I have also a "teal" color.. I know the magenta caps meaning, but what does the teal mean?

 

[wcody]

Not sure if this is what you're looking for.

# TS_TapeMomentum
# http://www.thinkscripter.com
# [email protected]
# Last Update 07 Nov 2010

#hint: For use on tick charts <b>ONLY</b>. Red inidcates average momentum, yellow > average, green > two standard deviations.
#hint period: Averaging period.
#hint capMultiplier: Multiple of standard deviation at which large spikes will be truncated with a magenta dot.
#hint capLargeSpikes: Truncate larger spikes at a given standard deviation multiplier to avoid scale compression.

declare lower;
  
input period = 14;
input capMultiplier = 5.0;
input capLargeSpikes = YES;
def isTickChart = if getAggregationPeriod() <= 3200 then 1 else 0;

def timer = secondsTillTime(1615);
def deltaT = absValue(timer[-1]-timer);

def momentum = if isTickChart then volume/deltaT else 0;;
def aveSM = average(momentum,period);
def sdAve = aveSM+2*stdev(momentum, period);
def spikeCap = totalSum(momentum)/barNumber()*capMultiplier;

plot tickMomentum = if capLargeSpikes then min(momentum, spikeCap) else momentum;
plot cap = if capLargeSpikes and tickMomentum==spikeCap then spikeCap else double.nan;
cap.setStyle(curve.POINTS);
cap.setLineWeight(2);
cap.setDefaultColor(color.magenta);

tickMomentum.setPaintingStrategy(paintingStrategy.HISTOGRAM);
tickMomentum.setLineWeight(2);

tickMomentum.assignValueColor(if tickMomentum >=min(spikeCap, sdAve) then color.green else if tickMomentum > aveSM then color.yellow else color.red);

plot zero = 0;
zero.setDefaultColor(color.white);

addChartLabel(!isTickChart,"THIS STUDY ONLY FOR USE ON TICK CHARTS",color.red);

Switch over to Tick charts or else it will not work. I found it here.

Would it be possible to add an alert when a yellow bar appears

 

[Ronathan Edwards]

Hey @BenTen , (or @MerryDay ) I'm using this now, it looks nice, however, you have red as normal, yellow,
as greater than normal, and green as over two sigmas... But I have also a "teal" color.. I know the magenta caps meaning, but what does the teal mean? View attachment 20264

@MerryDay any Idea?

 

[jwt2023]

@BenTen this is very cool! I've gotten it working both ways. Now I'm interested in making it as accurate as possible for 2 minute chart scalping.

I'd love to know what adjustments will occur if I change the PERIOD parameter?

I am also experimenting with the number of ticks, but since I'm interested in very short time frames I figure the lower the better. I am also assuming a lower PERIOD is better but I'm not sure. Any help on that is much appreciated.