RSI-VWAP Indicator for ThinkorSwim

[tem2005]

@germanburrito Appreciate your response. The indicator is really helpful and gonna do more testing

 

[tem2005]

@everyone @germanburrito can we scan for when candles closed above or below the yellow line?

 

[MerryDay]

@everyone @germanburrito can we scan for when candles closed above or below the yellow line?

@tem2005 The scan would be:

close is greater than vw

 

[mdtn]

@germanburrito @astro_phx
Thanks for a great indicator and all the feedback strategy to both!!
Best Regards!
mdtn

thank you @germanburrito it is working now. here how I use it. I use vwap on an upper study with slim ribbon and ichimoku kijun for profit booking or stop loss on the lower studies I use macd_BB and the study discussed here rsivwap (length 13 and smooth 21 and now length2=8)
1. entry short when price below vwap and rsivwap in red cloud take profit when macd_BB turn green.
2. entry long when price above vwap and rsivwap in green cloud take profit when macd_BB turns red.

i hope i explained it right. I am attaching image to show how it look.

https://imgur.com/a/ksDQFlq

 

[timing]

Why this indicator can not use on SPX and NDX? But I can make it work on other symbols: SPY, QQQ, AAPL, BAC, etc.

 

[MerryDay]

Why this indicator can not use on SPX and NDX? But I can make it work on other symbols: SPY, QQQ, AAPL, BAC, etc.

Indices do not have volume.

 

[jygoli]

Can you please share the chart setup ?

 

[MerryDay]

Can you please share the chart setup ?

Did you know that by clicking on a member's name, you can easily check when they were last seen on the uTS forum?

It's a great way to keep track of who's been around recently, and who hasn't.

Speaking of which, if your question directed toward the OP, @germanburrito, it looks like he is no longer active.

Therefore, the scripts that he shared in this thread, are all that is available.

 

[Snipe81]

Hello German, When I Plotted your indicator , I didn't get the RED & Green MA ? So I added a simple 3 per smoothing of the hl2 value of the RSI

I also took out your ratio for the Dev Channels and added a 1 st dev channel, added clouds this is my amended version

declare lower;

input length = 14;
input price = close;
input averageType = AverageType.simple;
Input smooth = 3;
DefineGlobalColor("RisingMA", color.uptick);
DefineGlobalColor("FallingMA", color.downtick);

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);

def o = (RSI + RSI[1]) / 2;

def h = Max(RSI, RSI[1]);

def l = Min(RSI, RSI[1]);

def c = RSI;

def hl2 = (h+l)/2;
Plot RSPlain = hl2;
RSPlain.SetPaintingStrategy(PaintingStrategy.Line);
RSPlain.SetLineWeight(2);
RSPlain.AssignValueColor( if RSPlain>RSPlain[1] then GlobalColor("RisingMa") else GlobalColor("FallingMa"));
Plot RSAVG = MovingAverage(averageType,hl2,Smooth);
RSAvg.SetPaintingStrategy(PaintingStrategy.Line);
RSAvg.SetLineWeight(2);
RSAvg.AssignValueColor( if RSAvg>RSAvg[1] then GlobalColor("RisingMa") else GlobalColor("FallingMa"));
AddCloud(RSPlain,RSAvg,GlobalColor("RisingMA"),GlobalColor("FallingMA"));
AddChart(high = h, low = l, open = o, close = c, type = ChartType.CANDLE, Color.WHITE);
input charttype = ChartType.CANDLE;

def Data = BarNumber();
input Number_Of_Bar = 1;

def bar =  Data >= Number_Of_Bar;
def pv = if bar then pv[1] + hl2 * volume else 0;
def cumvolume = if bar then cumvolume[1] + volume else 0;
plot vw = pv / cumvolume;
def bars = Data - Number_Of_Bar;
def sample = if bar then sample[1] + Sqr(hl2 - vw) else 0;
def var = sample / bars;
def dev = Sqrt(var);

plot Udev1 =  vw + (dev * 1);
plot Ldev1 = vw - (dev * 1);
plot Udev2 =  vw + (dev * 2);
plot Ldev2 = vw - (dev * 2);

#vw.setdefaultColor(color.yellow);
Udev1.SetDefaultColor(Color.Yellow);
Udev2.SetDefaultColor(Color.Yellow);
Udev1.SetPaintingStrategy(PaintingStrategy.dashes);
Udev2.SetPaintingStrategy(PaintingStrategy.dashes);
Udev1.Setlineweight(1);
Udev2.Setlineweight(1);
Ldev1.SetDefaultColor(Color.Yellow);
Ldev2.SetDefaultColor(Color.Yellow);
Ldev1.SetPaintingStrategy(PaintingStrategy.dashes);
Ldev2.SetPaintingStrategy(PaintingStrategy.dashes);
Ldev1.Setlineweight(1);
Ldev2.Setlineweight(1);
vw.SetLineWeight(3);
vw.AssignValueColor(if rsi > vw
                           then color.light_GREEN
                           else color.light_RED);
[/CODE
[QUOTE="germanburrito, post: 50509, member: 7382"]
In honor of GME going to 300 I'm sharing a script that uses the RSI instead of price for the VWAP. I use it on the today 5 minute graph if anyone knows how to set it up daily, weekly or monthly it would be great.

[ATTACH type="full" alt="Mdr7RZp.png"]9258[/ATTACH]

[CODE]declare lower;

input length = 14;
input price = close;
input averageType = AverageType.simple;
input ratio = 2.236;
DefineGlobalColor("RisingMA", color.uptick);
DefineGlobalColor("FallingMA", color.downtick);

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);


def o = (RSI + RSI[1]) / 2;

def h = Max(RSI, RSI[1]);

def l = Min(RSI, RSI[1]);

def c = RSI;

def hl2 = (h+l)/2;
AddChart(high = h, low = l, open = o, close = c, type = ChartType.CANDLE, Color.WHITE);
input charttype = ChartType.CANDLE;


def Data = BarNumber();
input Number_Of_Bar = 1;

def bar =  Data >= Number_Of_Bar;
def pv = if bar then pv[1] + hl2 * volume else 0;
def cumvolume = if bar then cumvolume[1] + volume else 0;
plot vw = pv / cumvolume;
def bars = Data - Number_Of_Bar;
def sample = if bar then sample[1] + Sqr(hl2 - vw) else 0;
def var = sample / bars;
def dev = Sqrt(var);

plot dev1 =  vw + (dev * ratio);
plot dev2 = vw - (dev * ratio);

vw.setdefaultColor(color.yellow);
dev1.SetDefaultColor(Color.White);
dev2.SetDefaultColor(Color.White);


dev1.Setlineweight(2);
dev2.Setlineweight(2);


vw.SetLineWeight(3);
#vw.AssignValueColor(if rsi > vw
                           #then color.light_GREEN
                           #else color.light_RED);

code error any help appreciated thanks i got yours to work the error is on @germanburrito , if anyone can help thanks

[/QUOTE]