Price Earnings Gap (PEG) Indicator for ThinkorSwim


Staff member
> "PEG" stands for price earnings gap and also known as the holy grail setup. looking for a pullback from a previous gap and the stock is in a consolidation between the EMA10-30. The candlesticks are important here to confirm the move. The insync code helps to confirm the move. Arrows will still be plotted if insync value does NOT confirm the move, but gray color instead of red or green. Consider a half size position on a gray signal.

Created by Drew Griffith.


thinkScript Code
Rich (BB code):
declare upper;
def cl = close;
def lo = low;
def hi = high;
def op = open;

input ema_10 = 10;
input ema_30 = 30;
input WickMultiplier = 1.65; #2.0
input BodyPercentage = 0.40; #.25
input insync_bullpull=220;
input insync_bearpull=300;

plot EMA10 = MovAvgExponential(cl, ema_10);

plot EMA30 = MovAvgExponential(cl, ema_30);

# InSync calcs
# study definitions
def bbp_length = 20;
def mfi_length = 14;
def sto_length = 14;
def rsi2_length = 2;
def rsi14_length = 14;
def rsi2 = RSI(length = rsi2_length);
def rsi14 = RSI(length = rsi14_length);
def mfi = MoneyFlowIndex(length = mfi_length);
def sto = StochasticFull("k period" = sto_length);
def bp = BollingerPercentB(length = bbp_length, "average type" = "exponential");
def bbp = if bp >= 100 then 100 else if bp <= 0 then 0 else bp;
def insync = Round(bbp + rsi2 + rsi14 + mfi + sto, numberofdigits = -1);

def LongWickReversal = if cl > op
    and (op - lo) >= ((cl - op) * WickMultiplier)
    and (hi - cl) <= ((hi - lo) * BodyPercentage)
    or cl < op
    and (cl - lo) >= ((op - cl) * WickMultiplier)
    and (hi - cl) <= ((hi - lo) * BodyPercentage)
    or cl == op and cl != hi
    and hi - lo >= Average(hi - lo, 50) then 1
    else 0;

def ShortWickReversal = if cl < op
    and (hi - op) >= ((op - cl) * WickMultiplier)
    and (cl - lo) <= ((hi - lo) * BodyPercentage)
    or cl > op
    and (hi - cl) >= ((cl - op) * WickMultiplier)
    and (cl - lo) <= ((hi - lo) * BodyPercentage)
    or cl == op and cl != lo
    and (hi - lo) >= ((cl - lo) * WickMultiplier)
    and (cl - lo) <= ((hi - lo) * BodyPercentage)
    or op == lo and cl == lo
    and hi - lo >= Average(hi - lo, 50) then 1 else 0;

plot signalUP = if cl < EMA10 and cl >= EMA30 and EMA10 > EMA30
     and (LongWickReversal == 1)
     then lo else Double.NaN;
signalUP.AssignValueColor(if cl < EMA10 and cl >= EMA30 and EMA10 > EMA30
     and (LongWickReversal == 1) and insync <= insync_bullpull
     then Color.GREEN else Color.gray);

plot signalDN = if cl > EMA10 and cl <= EMA30 and EMA10 < EMA30
     and (ShortWickReversal == 1)
     then hi else Double.NaN;
signalDN.AssignValueColor(if cl > EMA10 and cl <= EMA30 and EMA10 < EMA30
     and (ShortWickReversal == 1) and insync >= insync_bearpull
     then Color.RED else Color.gray);

input audibleAlerts = yes;
Alert(If(signalUP, 1, 0) within 1 bars, "BULLISH PEG", Alert.BAR, Sound.Ding);
Alert(If(signalDN, 1, 0) within 1 bars, "BEARISH PEG", Alert.BAR, Sound.Ding);

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Last edited:
Dynamic StopLoss following an indicator I need your help ben to convert it to TOS . Thanks

Last edited:
@ukwildcat1998 Still works for me. Please check again.

@mo2020 Please create a new post with your request. Do not post it under any other topics.

Last edited:

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