Pinch Play Indicator for ThinkorSwim

Shinthus

Shinthus

Member
2019 Donor
Hey everyone! I know a lot of us like reversal indicators and arrows on the Price chart. I was late-night diving into the ThinkScript_Cloud and found this accurate PinchPlay indicator by a guy named Dilbert. Please see his explanation below.

# A pinch play is essentially a PPO (or MACD) with an ADX that is
# squeezing together. This would be when the PPO drops and bottoms
# out while at the same time the ADX rises and tops out. If you
# configure the PPO above the ADX in lower subgraph the plots appear
# to pinch together when a long signal occurs. It is a wonderful play
# with good results of moves back to the 20 DMA. It displays arrows
# on the price plot when conditions are met.
#
# This study was written using the logic in the RSI divergence study
# posted recently. The logic for the short version is works in
# progress.
#
# 08.31.2015 - Dilbert - add short logic
#
# The logic for the long pinch play is fine. However I had trouble
# getting the logic for the short pinch to work.
#
# 09.05.2015 - Dilbert - Removed short logic, so that this can be scanned for long pinch
#
# When the short logic was added it made the study too complex to run
# scan queries. In order to run a scan query for a long trade, reference
# this study in the scanner.
#
# PinchPlay()."PinchUp" is true
#
# Note that the name of this study is "PinchPlay".


This is what it looks like. It "misses" sometimes, but it's never too far off. Setting a 25% stop loss for options might be enough to consistently generate profits in the long run. Works on all timeframes. Please test it and give feedback.

https://tos.mx/WGFnns
Does anybody think they can add "short logic" into this for people not interested in scanning? Unless you are using a D or W timeframe, scanning is a waste of time for this, in my opinion. By the time your scan shows results, the stocks that just signaled will be mid-move for intraday timeframes. I think this indicator could give good sell signals based on how accurate these buys are.
 
Last edited by a moderator:
markos

markos

Well-known member
VIP
Dilbert knows his stuff. If he took the Short out, it was for a good reason.

However, that shouldn't stop other coders from taking on a challenge!
 
Last edited:
S

Shrum

New member
Would you be willing to share where you found this indicator? Thanks
 
M

Mcerej

New member
I’ve been searching long and hard for a scanner that will find the PPO ADX pinch. Does anybody know how this can be accomplished
 
YungTraderFromMontana

YungTraderFromMontana

Well-known member
Click on the study above on this page.
 
M

Mcerej

New member
Thanks for responding
When i click on the study, nothing comes up
 
YungTraderFromMontana

YungTraderFromMontana

Well-known member
Same, it's the tos link glitch. Hopefully somebody has it copied and can share it with you.
 
B

Bung Bang

New member
Try using the Open Shared item and enter this code : WGFnns; it worked for me.
 
M

Mcerej

New member
Thanks, I can't find the open shared item. Sorry to be a pain but where do I find Open shared Item.
 
B

Bendu

New member
VIP
look at the right hand side, top of TOS window you will find Setup, click it and you will find Open shared item
 
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