MoneyWave Stochastic Indicator for ThinkorSwim

[BenTen]

MoneyWave is a modified version of the Slow Stochastic Oscillator. It's a momentum indicator that shows overbought and oversold levels. %K has been changed to 13 and %D has been changed to 3.

Notes:

• When the FastLine is above 80, it indicates the stock is currently overbought (red line)
• When the FastLine is below 20, it indicates the stock is currently oversold (green line)
• Sell signal = crossover in the overbought region
• Buy signal = crossover in the oversold region

thinkScript Code

# MoneyWave
# DREWGRIFFITH15 (C) 2014

DECLARE LOWER;

# STOCHASTICSLOW
INPUT KPERIOD = 14;
INPUT DPERIOD = 3;
INPUT OVER_BOUGHT = 80;
INPUT OVER_SOLD = 20;

PLOT FASTLINE = STOCHASTICSLOW("D PERIOD" = DPERIOD, "K PERIOD" = KPERIOD);
PLOT SLOWLINE = STOCHASTICSLOW("D PERIOD" = DPERIOD, "K PERIOD" = KPERIOD).SlowD;

FASTLINE.SETDEFAULTCOLOR(COLOR.MAGENTA);
FASTLINE.SETLINEWEIGHT(3);
SLOWLINE.SETDEFAULTCOLOR(COLOR.MAGENTA);
SLOWLINE.SETLINEWEIGHT(1);

PLOT OVERBOUGHT = OVER_BOUGHT;
OVERBOUGHT.SETDEFAULTCOLOR(COLOR.DARK_GRAY);
PLOT OVERSOLD = OVER_SOLD;
OVERSOLD.SETDEFAULTCOLOR(COLOR.DARK_GRAY);

FASTLINE.ASSIGNVALUECOLOR(IF FASTLINE < OVERSOLD THEN COLOR.GREEN ELSE IF FASTLINE > OVERBOUGHT THEN COLOR.RED ELSE COLOR.MAGENTA);
SLOWLINE.ASSIGNVALUECOLOR(COLOR.MAGENTA);

Shareable Link

https://tos.mx/u8ZJcl

Credit

• hwrdprkns

 

[tenacity11]

Ben that's an interesting indicator. I notice you have it on a 30m chart which is what I like to use. I'm wondering about the pink horizontal lines on the chart. Are those both support and resistance using both the lows and candle bodies?
thanks

 

[BenTen]

@tenacity11 Those pink horizontal lines are indeed support and resistance lines. It was drawn based on the gap that I saw (not sure if you can see it too). Talking about the UPS chart by the way.

 

[tenacity11]

Yes I did see the gap on UPS but wondering about the ROKU chart.

 

[BenTen]

@tenacity11 I see, yes those are my S/R lines as well. I don't necessarily have a rule for it. I just draw where there is a lot of supply and demand.

 

[tenacity11]

Thanks Ben. I'm going to give it a try and see how it goes.
Have a nice weekend.

 

[ROEye]

Hey Ben, how would someone go about adding crossover arrows on the oscillator on the crossover?

 

[BenTen]

Hey Ben, how would someone go about adding crossover arrows on the oscillator on the crossover?

Sure, could implement when the two line crossup or down. Will look into it later.

 

[Wags2955]

Is it possible to get text alerts for when the crossovers happen?