Repaints Slingshot Relative Volume & Zones Setup For ThinkOrSwim

[rip78]

Happy Holidays my fellow traders. Thought that I would share my favorite new chart set-up. IMHO, it does not get much easier than this.

I highly recommend that you use this set-up on a computer that has at least 16 GM of memory. And 1 TB of solid state drive. The two zone studies have a combination of over 1000 lines of code. Thus rendering this set-up a serious resource hog.

A special shout out goes to @samer800 for taking the time to convert these two zone studies to ThinkScript. And of course for all of the many other studies he has converted over the past few years.

Alas, here is my favorite new set-up. Enjoy!
WS Slingshot Chart Setup

shared chart link: http://tos.mx/!bX75BLb9 MUST follow these instructions for loading shared links.

# WildersSmoothing
# Charles Schwab & Co. (c) 2008-2024
# Converted to a SlingShot study by ZupDog


input price = close;
input fastlength = 40;
input slowlength = 45;
input displace = 0;
input Paintbars = no;
input Paintbars2 = no;
input Paintbars3 = no;
input showverticals = no;
input showverticals2 = no;
input showcloud = yes;
input Label = no;
input Label2 = no;
input Label3 = no;

def fasthalflength = Ceil(fastlength / 2);
def fastsqrtlength = Ceil(Sqrt(fastlength));
def fastval = 2 * WildersAverage(price, fasthalflength) - WildersAverage(price, fastlength);
def slowhalflength = Ceil(slowlength / 2);
def slowsqrtlength = Ceil(Sqrt(slowlength));
def slowval = 2 * WildersAverage(price, slowhalflength) - WildersAverage(price, slowlength);

plot fastWS = WildersAverage(fastval, fastsqrtlength)[-displace];
fastWS.SetStyle(Curve.FIRM);
fastWS .DefineColor("Up", GetColor(1));
fastWS  .DefineColor("Down", GetColor(0));
fastWS  .AssignValueColor(if fastWS  > fastWS[1] then fastWS  .Color("Up") else fastWS  .Color("Down"));
plot slowWS = WildersAverage(slowval, slowsqrtlength)[-displace];
slowWS.SetStyle(Curve.FIRM);
slowWS .DefineColor("Up", GetColor(1));
slowWS  .DefineColor("Down", GetColor(0));
slowWS  .AssignValueColor(if slowWS   > slowWS  [1] then slowWS  .Color("Up") else slowWS  .Color("Down"));

AddVerticalLine(showverticals and crosses (slowWS , slowWS[1], CrossingDirection.ABOVE), " WS SlingShot ", Color.CYAN, 3);
AddVerticalLine(showverticals and crosses (slowWS , slowWS[1], CrossingDirection.BELOW), "WS SlingShot ",  Color.YELLOW, 3);

AddVerticalLine(showverticals2 and Crosses (fastWS, slowWS, CrossingDirection.ABOVE), " WS SlingShot Crossover", Color.BLUE, 3);
AddVerticalLine(showverticals2 and Crosses (fastWS, slowWS, CrossingDirection.BELOW), "WS SlingShot Crossover",  Color.RED, 3);

AddCloud(if showcloud and fastWS then slowWS else Double.NaN,  fastWS,   Color.YELLOW, Color.CYAN);

#Alert( (( fastWMA crosses above slowWMA  ) ) , " fastAvgType crossed above slowAvgType", Alert.BAR, Sound.Ring );
#Alert( (( fastWMA crosses below slowWMA  ) ) , " fastAvgType crossed below slowAvgType", Alert.BAR, Sound.Ring );

DefineGlobalColor("Positive", Color.BLUE);
DefineGlobalColor("Negative", Color.DARK_RED);

rec countup = if fastWS > fastWS[1] then countup[1] + 1 else 0;
rec countdn = if fastWS < fastWS[1] then countdn[1] - 1 else 0;

AddLabel(Label, Concat("WS_SlingShot ", if fastWS > fastWS[1]  then  countup else countdn), if fastWS > fastWS[1] then Color.GREEN else if fastWS < fastWS[1] then CreateColor(255,153,255) else Color.WHITE );

AssignPriceColor(if !Paintbars
    then Color.CURRENT
    else if fastWS > fastWS[1]
        then GlobalColor("Positive")
        else GlobalColor("Negative"));

##  Paintbars 2

rec countup2 = if slowWS > slowWS[1] then countup2[1] + 1 else 0;
rec countdn2 = if slowWS < slowWS[1] then countdn2[1] - 1 else 0;

AddLabel(Label2, Concat("WS_SlingShot ", if slowWS > slowWS[1]  then  countup2 else countdn2), if slowWS > slowWS[1] then Color.GREEN else if slowWS < slowWS[1] then CreateColor(255,153,255) else Color.WHITE );

AssignPriceColor(if !Paintbars2
    then Color.CURRENT
    else if slowWS > slowWS[1]
        then GlobalColor("Positive")
        else GlobalColor("Negative"));

##  Paintbars 3

rec countup3 = if fastWS > slowWS then countup3[1] + 1 else 0;
rec countdn3 = if fastWS < slowWS then countdn3[1] - 1 else 0;

AddLabel(Label3, Concat("WS_SlingShot ", if fastWS > slowWS  then  countup3 else countdn3), if fastWS > slowWS then Color.GREEN else if fastWS < slowWS then CreateColor(255,153,255) else Color.WHITE );

AssignPriceColor(if !Paintbars3
    then Color.CURRENT
    else if fastWS > slowWS
        then GlobalColor("Positive")
        else GlobalColor("Negative"));

 

[greekstrader]

@rip78 do you have a guide./tutorial on how to use this? Thanks!

 

[rip78]

@rip78 do you have a guide./tutorial on how to use this? Thanks!

@greekstrader, I simply wait for price to breech both zones. Then wait for the candle bar to change color. And finally for price to retrace to the slowWS line of the slingshot study. That retracement would be my entry for the trade.

 

[greekstrader]

@greekstrader, I simply wait for price to breech both zones. Then wait for the candle bar to change color. And finally for price to retrace to the slowWS line of the slingshot study. That retracement would be my entry for the trade.

@rip78 can you show me an example if you don't mind? I see different colored zones, and what exactly should I be looking at? Thanks!

 

[JoseB]

@greekstrader, I simply wait for price to breech both zones. Then wait for the candle bar to change color. And finally for price to retrace to the slowWS line of the slingshot study. That retracement would be my entry for the trade.

What do you mean breech both zones. Can you elaborate. Would love to give this a shot.

 

[rip78]

Greetings. I recently found a stock scanner for volume spikes.
https://usethinkscript.com/threads/slingshot-relative-volume-zones-setup-for-thinkorswim.20072/

I used it to find possible setups for this Slingshot strategy.
Here is a grid for the first eight stocks in the scan. Note that my scan is sorted by volume.

If there was a trading opportunity, I circled on the chart where my entry price would have been.
Keep in mind that my trading style is most likely going to be different from yours. So you may disagree with my entries. Also note that I did not take any of these trades as my scan was created on Friday July 18, 2025. After the market closed. Let me know what you think.

For Chart Grid : http://tos.mx/!Vcw8XHOB

 

[Piper2808t]

a penny stock trader love it. finally someone on here that like to trade like me