Take Profit Indicator for ThinkorSwim

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BenTen

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Take Profit indicator aims to help you exit your long positions (either in shares or option contracts) when the stock is showing signs of topping.

It's easy entering trades but difficult to know when to get out. You don't actually make any money before exiting. This indicator intends to help you do just that. I'm excited to introduce to you an indicator designed for profit-taking. Depending on your risk tolerance and trading style, you can also use it to short stocks.

Let's take a look at some of the features.

Standard Version

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Similar to our Buy the Dip indicator, the standard version is a simple oscillator. The stock is at an exhaustion point when the TP line (red) is at or crosses below the Zero line. When this happens, you should start trimming your long positions. Some traders will use this as a sign to go short.

Upper Version

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Following the same condition as the standard version, you will see a "Take Profit" bubble show up on your chart when the stock is getting ready for a pullback or a complete reversal in trend.

While there is no perfect system that tells people when is the right time to sell, the Take Profit indicator serves as an early warning that puts traders on alert and helps them exit before the momentum runs out.

Watchlist Column

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The custom watchlist column provides instant insight into which stocks on your watchlist are showing signs of exhaustion.

Scanner

If short selling is your thing, you can easily set up a scanner for this indicator to find potential stocks to short.

Recommended Timeframes

This indicator is most suitable on the Daily, 4HR, 2HR, and 1HR chart if you are swing trading.

If you are day trading, this indicator should be used on the lower timeframes such as 15m and 5m to help you take profit on the way up.

How do I get this indicator?

All members with active VIP memberships may now download the indicator from its dedicated page here. If you're not a VIP member yet, consider upgrading your account. You can learn more about our VIP subscription on this page.

Frequently Asked Questions

Q. Should I use this for shorting stocks or profit-taking?

The original purpose of this indicator is to help traders take profit while going long.

Some stocks (a lot of them) are in strong uptrend. It may remain that way for a while. If you use this indicator as a tool to go short in such a scenario, don't put too much weight on it and be sure to have a stop loss in place.

I'd imagine this would be more useful for shorting when we enter into a bear market.

Q. What timeframe does this indicator work on?

Take Profit works across all timeframes.

Q. Does this work on the E-mini Futures (/ES, /CL, etc)

Yes.

Q. Will this work on the mobile app?

Yes.

Q. Is this a repainting indicator?

Nope!

Q. Can I cancel my subscription at any time?

Yes, at any time! By signing up for the membership, you will receive the indicator plus 1 year of free support and update. If you rather not have it renewed automatically, you can cancel your subscription and not get charged again next year.

Q. Where do I go to get the indicator?

Click here to upgrade your account to VIP and you'll receive a copy of it.
 

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

The TradingView version of our Take Profit indicator is now available.

Before you request for access, please check the "Invite-only scripts" in your TradingView. I added everyone who previously filled out the BTD form. There is no need to request access again.

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I think I missed a few people because they didn't submit their TradingView username. If you still don't have access to the Take Profit indicator on TradingView, please send me a message.

For everyone else, please fill out this form to get access to both indicators on TradingView: https://usethinkscript.typeform.com/to/sMcYE29D

P.S: This is for anyone who uses TradingView as an alternative charting platform. If you're okay with using ThinkorSwim, no action is required.
 
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