SLIM Ribbon Indicator for ThinkorSwim

[markos]

Mr. Slim Miller was one of the original OEX pit traders at the CBOE. His website is askSLIM dot com.

This indicator is very customizable. Alerts are built in, you can use regular candles if you wish, you can turn all of the EMA's off and the color of the ribbon will still be there.

If you cannot find what you are looking for when you click the cog, open the code itself and take a look at what is there. This indicator also overrides the color of your volume bars. Lastly, this indicator is good for any timeframe without adjusting the EMA's.
Try it with a TMO or the RSI Laguerre on the bottom. Good trading, Markos.

thinkScript Code

#Mr Slim Miller at askSLIM dot com
#SlimRibbonCustom_markos9-7-18

input price = close;
input superfast_length = 8;
input fast_length = 13;
input slow_length = 21;
input displace = 0;

def mov_avg8 = ExpAverage(price[-displace], superfast_length);
def mov_avg13 = ExpAverage(price[-displace], fast_length);
def mov_avg21 = ExpAverage(price[-displace], slow_length);

plot Slow = mov_avg21;
def buy = mov_avg8 > mov_avg13 and mov_avg13 > mov_avg21 and low > mov_avg8;
def stopbuy = mov_avg8 <= mov_avg13;
def buynow = !buy[1] and buy;
def buysignal = CompoundValue(1, if buynow and !stopbuy then 1 else if buysignal[1]==1 and stopbuy then 0 else buysignal[1], 0);

def sell = mov_avg8 < mov_avg13 and mov_avg13 < mov_avg21 and high < mov_avg8;
def stopsell = mov_avg8 >= mov_avg13;
def sellnow = !sell[1] and sell;
def sellsignal = CompoundValue(1, if sellnow and !stopsell then 1 else if sellsignal[1]==1 and stopsell then 0 else sellsignal[1], 0);

# Charting & Formatting
Plot Superfast = mov_avg8;
plot Fast = mov_avg13;

plot Buy_Signal = buysignal[1] == 0 and buysignal==1;
     Buy_signal.setpaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
     Buy_signal.setdefaultColor(color.dark_GREEN);
     Buy_signal.hidetitle();

plot Momentum_Down = buysignal[1] ==1 and buysignal==0;
     Momentum_down.setpaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
     Momentum_Down.setdefaultColor(color.yellow);
     Momentum_down.hidetitle();


Plot Sell_Signal = sellsignal[1] ==0 and sellsignal;
     Sell_signal.setpaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_down);
     sell_signal.setDefaultColor(color.red);
     Sell_signal.hidetitle();


Plot Momentum_Up = sellsignal[1]==1 and sellSignal==0;
     Momentum_up.setpaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_up);
     Momentum_up.setDefaultColor(color.yellow);
     Momentum_up.hidetitle();

Alert(condition = buysignal[1] == 0 and buysignal == 1, text = "Buy Signal", sound = Sound.Bell, "alert type" = Alert.BAR);
Alert(condition = buysignal[1] == 1 and buysignal == 0, text = "Momentum_Down", sound = Sound.Bell, "alert type" = Alert.BAR);
Alert(condition = sellsignal[1] == 0 and sellsignal == 1, text = "Sell Signal", sound = Sound.Bell, "alert type" = Alert.BAR);
Alert(condition = sellsignal[1] == 1 and sellSignal == 0, text = "Momentum_Up", sound = Sound.Bell, "alert type" = Alert.BAR);


plot Colorbars = if buysignal ==1 then 1 else if sellsignal ==1 then 2 else if buysignal ==0 or sellsignal==0 then 3 else 0;
     colorbars.hide();
     Colorbars.definecolor("Buy_Signal_Bars", color.dark_green);
     Colorbars.definecolor("Sell_Signal_Bars", color.red);
     Colorbars.definecolor("Neutral", color.yellow);

AssignPriceColor(
if Colorbars ==1 then colorbars.color("buy_signal_bars") else 
if colorbars ==2 then colorbars.color("Sell_Signal_bars") else  colorbars.color("neutral"));

#end

Shareable Link

https://tos.mx/zbybTc

 

[Likos]

https://tos.mx/LyczF2
No matter what time frame, this only works 'okay' in 1hr scheme. Anything less, squishes & jumbles.

 

[markos]

@Likos ,I see you are working with Arvi's version of SlimRibbons. Good Choice.
Slim gave me a copy himself a few years back. (He taught in a chat room)
I use slim ribbons on almost everything on my Android and have no trouble with any time frame.
1. Please tell me what time frame you are looking to use most often.
2. What indicators due you have on the same mobile screen
3. Do you have a problem with Heiken Ashi?
4. Are you using Android?
5. Do you use light or dark background?

@BenTen Please move this thread under my June 20th thread as noted in the similar threads listing below. It may take a little time, but I'll get him set up with screen shots.

 

[Likos]

@Likos ,I see you are working with Arvi's version of SlimRibbons. Good Choice.
Slim gave me a copy himself a few years back. (He taught in a chat room)
I use slim ribbons on almost everything on my Android and have no trouble with any time frame.
1. Please tell me what time frame you are looking to use most often.
2. What indicators due you have on the same mobile screen
3. Do you have a problem with Heiken Ashi?
4. Are you using Android?
5. Do you use light or dark background?

@BenTen Please move this thread under my June 20th thread as noted in the similar threads listing below. It may take a little time, but I'll get him set up with screen shots.

Time frame at least 3min to 10min.

I took out all indicators to see if this would function on the app but results remain the same.

I'm more or a candle stick person than heiken user.

Android

Dark background

 

[markos]

Time frame at least 3min to 10min.
I took out all indicators to see if this would function on the app but results remain the same.
I'm more or a candle stick person than heiken user.
Android
Dark background

@Likos Please remember that due to mobile's ability to display, many studies that might work on mobile will not look the same way as on desktop.
Without a picture to go by, here's what I have found: Turn off the COLORBARS. That should fix the problem.

 

[Likos]

@Likos Please remember that due to mobile's ability to display, many studies that might work on mobile will not look the same way as on desktop.
Without a picture to go by, here's what I have found: Turn off the COLORBARS. That should fix the problem.

Here's my laptop version. https://ibb.co/ZJNY24n

 

[Likos]

Here's the app version removing color bars

https://ibb.co/NjYdPBw
Unfortunately, the laptop/desktop version wins because it's very precise & accurate, whereas the app is more or less... all over the place with the exception of support/resistance tools.

 

[markos]

2 things I notice:
A. very few indicators work well on penny stocks - the spreads are too wide.
B. There are too many indicators on your chart

 

[Likos]

2 things I notice:
A. very few indicators work well on penny stocks - the spreads are too wide.
B. There are too many indicators on your chart

I see. Are there any particular indicators I should be looking at or relying in terms of day trading? For someone low budget I only look via between 0.20 down to $5

 

[droption]

https://tos.mx/m60wKg
I made some changes to indicator, added agg period. Only trade in direction of bigger timeframe indicator, Enter on lower timeframe confirmation.

 

[thinky]

The quoted link above is not for the SLIM Ribbon, I'm getting what looks like an oscillator in the lower pane.
----
This SLIM Ribbon is the same as having the 3-in-1 EMA 8-13-21 indicator (vs 5,8,13 I was using), but with colored bars and signals.

 

[markos]

I see. Are there any particular indicators I should be looking at or relying in terms of day trading? For someone low budget I only look via between 0.20 down to $5

@Likos I don't have an answer for indicators. Because the Bid/Ask are often very wide, it messes with indicators somewhat.
I can't give investment advice but if one is on a low budget, the only way to have $1000 or even $500 to invest is save like crazy and stop looking for a holy grail. There is none. A person generally would be better buying 10 shares of a $100 stock than 1000 shares of a $1 stock. There is a reason that price is where it is. Lastly, I'll leave you with this: If you buy a $1 stock and turnaround and sell for .90 cents, you have to make up 11.1% on your next transaction just to break even.

 

[horserider]

@thinky You are getting good. Congrats on understanding an indicator. Did you quit using 5,8,13 ? Why ? Have you tried SMA 5,8,13 and then a 30 as a support/resistance line.

 

[markos]

@thinky You are getting good. Congrats on understanding an indicator. Did you quit using 5,8,13 ? Why ? Have you tried SMA 5,8,13 and then a 30 as a support/resistance line.

@horserider @thinky The nice thing about the Slim Ribbon is that the numbers are easy to change in the U.I. Nothing wrong with trying different things for your time frame. After you try an SMA(30), try a Hull(10) or Hull(20) and use the color change that's built into that as a signal. Test them out, and have fun.
BTW, if your not particular, it looks real pretty using bright colors on Black w Heiken Ashi Candles.

 

[thinky]

@horserider
Have 5-8-13 with SMA on the chart for intraday, and since trying the new indicator left it at the default values.

Have not tried a 4th moving average (30), will look into it.

@markos
I think I need to replace "ExpAverage" in the code to use HMA. Did you mean replacing 4 EMA's for HMA's?

The 3-in-1 code should show how to make the change in moving average an option in the indicator settings.

What @drdarshil16 mentioned makes sense, you need a shorter and a longer time frame to trade.

Only trade in direction of bigger timeframe indicator, Enter on lower timeframe confirmation

Trying to come up with a setup for weekly/intraday trading in ToS, things get crowded pretty quick. Using Charts section for even longer daily time frames (trendlines, S&R, MACD) and charts of other underlyings, while keeping the shorter time frames in the Flexible Grid section.

 

[markos]

@markos

I think I need to replace "ExpAverage" in the code to use HMA. Did you mean replacing 4 EMA's for HMA's?
The 3-in-1 code should show how to make the change in moving average an option in the indicator settings.
What @drdarshil16 mentioned makes sense, you need a shorter and a longer time frame to trade.
Only trade in direction of bigger timeframe indicator, Enter on lower timeframe confirmation

@thinky Muliple time frames should always be available for use. What @drdarshil16 said is how Fractal Trading is taught.
Try this 2 chart grid: https://tos.mx/LldzdS Here's Doc Severson's 4 and 3 Grid MTF: https://tos.mx/xUvrwP https://tos.mx/TT4o72
If practical, they should be like such: 78 minute, Daily, Weekly, Monthly -or- 5 minute, 15, 1 hour, 4 Hour. Or whatever set up suits you.

Don't mess with the code of the Slim Ribbon. They are never changed. Did you see Slim's video? https://askslim.com/slim-ribbon/

Just as @horserider mentioned, putting a 30 day SMA or other separate MovAve as support/resistance guideline may help.

My suggestion about the Hull was just to explore what happens. I certainly could be full of soup.
With the built in Hull Study, the signal is when color changes. You'll notice that they have large swings. Ignore that. It's the color changes that matters.
Have fun, Markos

 

[markos]

@thinky & @tenacity11 I don't remember which one of you asked me about using HA candles vs. standard Candles on my Slim Ribbon chart.
There was a question about potential lag. I have part of an answer from school.stockcharts.com :

 

[tenacity11]

thanks Markos. for me it's getting used to the difference

 

[Trading51]

Mr. Slim Miller was one of the original OEX pit traders at the CBOE. His website is askSLIM dot com.

This indicator is very customizable. Alerts are built in, you can use regular candles if you wish, you can turn all of the EMA's off and the color of the ribbon will still be there.

If you cannot find what you are looking for when you click the cog, open the code itself and take a look at what is there. This indicator also overrides the color of your volume bars. Lastly, this indicator is good for any timeframe without adjusting the EMA's.
Try it with a TMO or the RSI Laguerre on the bottom. Good trading, Markos.

thinkScript Code

#Mr Slim Miller at askSLIM dot com
#SlimRibbonCustom_markos9-7-18
input price = close;

input superfast_length = 8;

input fast_length = 13;

input slow_length = 21;

input displace = 0;

def mov_avg8 = ExpAverage(price[-displace], superfast_length);

def mov_avg13 = ExpAverage(price[-displace], fast_length);

def mov_avg21 = ExpAverage(price[-displace], slow_length);

#moving averages

Plot Superfast = mov_avg8;

plot Fast = mov_avg13;

plot Slow = mov_avg21;

def buy = mov_avg8 > mov_avg13 and mov_avg13 > mov_avg21 and low > mov_avg8;

def stopbuy = mov_avg8 <= mov_avg13;

def buynow = !buy[1] and buy;

def buysignal = CompoundValue(1, if buynow and !stopbuy then 1 else if buysignal[1]==1 and stopbuy then 0 else buysignal[1], 0);

plot Buy_Signal = buysignal[1] == 0 and buysignal==1;

Buy_signal.setpaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);

Buy_signal.setdefaultColor(color.dark_GREEN);

Buy_signal.hidetitle();

Alert(condition = buysignal[1] == 0 and buysignal == 1, text = "Buy Signal", sound = Sound.Bell, "alert type" = Alert.BAR);

plot Momentum_Down = buysignal[1] ==1 and buysignal==0;

Momentum_down.setpaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);

Momentum_Down.setdefaultColor(color.yellow);

Momentum_down.hidetitle();

Alert(condition = buysignal[1] == 1 and buysignal == 0, text = "Momentum_Down", sound = Sound.Bell, "alert type" = Alert.BAR);

def sell = mov_avg8 < mov_avg13 and mov_avg13 < mov_avg21 and high < mov_avg8;

def stopsell = mov_avg8 >= mov_avg13;

def sellnow = !sell[1] and sell;

def sellsignal = CompoundValue(1, if sellnow and !stopsell then 1 else if sellsignal[1]==1 and stopsell then 0 else sellsignal[1], 0);

Plot Sell_Signal = sellsignal[1] ==0 and sellsignal;

Sell_signal.setpaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_down);

sell_signal.setDefaultColor(color.red);

Sell_signal.hidetitle();

Alert(condition = sellsignal[1] == 0 and sellsignal == 1, text = "Sell Signal", sound = Sound.Bell, "alert type" = Alert.BAR);

Plot Momentum_Up = sellsignal[1]==1 and sellSignal==0;

Momentum_up.setpaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_up);

Momentum_up.setDefaultColor(color.yellow);

Momentum_up.hidetitle();

Alert(condition = sellsignal[1] == 1 and sellSignal == 0, text = "Momentum_Up", sound = Sound.Bell, "alert type" = Alert.BAR);

plot Colorbars = if buysignal ==1 then 1 else if sellsignal ==1 then 2 else if buysignal ==0 or sellsignal==0 then 3 else 0;

colorbars.hide();

Colorbars.definecolor("Buy_Signal_Bars", color.dark_green);

Colorbars.definecolor("Sell_Signal_Bars", color.red);

Colorbars.definecolor("Neutral", color.yellow);

AssignPriceColor(if Colorbars ==1 then colorbars.color("buy_signal_bars") else if colorbars ==2 then colorbars.color("Sell_Signal_bars") else  colorbars.color("neutral"));

#end

Shareable Link

https://tos.mx/zbybTc

Hello, could you add preference to turn the Ribbons off just so the candles show? much appreciated thanks

 

[markos]

Hello, could you add preference to turn the Ribbons off just so the candles show? much appreciated thanks

@Trading51 Slim thought of everything when he built this indicator. You can do that right in the settings. Trial and error.
I used to make the arrows Hot Pink and Lime Green just to make me feel like I was back in the 1970's.

From post # 16:
Don't mess with the code of the Slim Ribbon. They are never changed. Did you see Slim's video? https://askslim.com/slim-ribbon/