Technical Method For Rating Stocks For ThinkOrSwim

[mc01439]

I have been using this rating system as part of a longer term trading strategy on WealthLab.

Would like to use on TOS as well but TDAmeritrade did not summit the code for this Technical Analysis of Stocks & Commodities June 2018 article. Anyone like to take a shot at the code.

 

[MerryDay]

Technical Stock Rating Labels

This TOS indicator provides labels that are colored blue and only appear when bullish conditions exist
(the blue labels on chart are the default)

With this modified version of the indicator, the labels are: green colored for Bullish and Red for Bear.

Also added an additional label "score" which is defined in the TOS Technical Stock Rating Strategy.

# TOS TechnicalStockRating

input vfiLength = 130;
input averageLength = 100;
input trendQualityLength = 63;
input maxStiffness = 7;
input marketIndex = "SPY";
input weightForMoneyFlow = 1.0;
input weightForTradingAboveAverage = 1.0;
input weightForUptrend = 1.0;
input weightForTrendQuality = 1.0;
input weightForMarketDirection = 2.0;

def vfi = reference VolumeFlowIndicator(length = vfiLength, "max volume cut off" = 2.5);
def sma = Average(close, averageLength);
def ema = ExpAverage(close(marketIndex), averageLength);
def stiffness = Sum(close < sma, trendQualityLength);

plot Score;
score.hide();
def MoneyFlow = vfi > 0;
def TradingAboveAverage = close > sma;
def Uptrend = sma > sma[4];
def TrendQuality = stiffness <= maxStiffness;
def MarketDirection = ema >= ema[2];

Score = (!isnan(weightForMoneyFlow) * !isnan(MoneyFlow)) + (!isnan(weightForTradingAboveAverage) * !isnan(TradingAboveAverage)) + (!isnan(weightForUptrend * Uptrend)) + (!isnan(weightForTrendQuality * TrendQuality)) + (!isnan(weightForMarketDirection) * !isnan(MarketDirection));

DefineGlobalColor("Pre_Cyan", CreateColor(50, 200, 255)) ;
DefineGlobalColor("LabelGreen",  CreateColor(0, 165, 0)) ;
DefineGlobalColor("LabelRed",  CreateColor(225, 0, 0)) ;
AddLabel(yes, "Score=" +score,
         if Score> 5 then GlobalColor("Pre_Cyan") else
         if Score==5 then GlobalColor("LabelGreen") else GlobalColor("LabelRed"));
AddLabel(!isnan(MoneyFlow), "Money flow",
         if MoneyFlow then GlobalColor("LabelGreen") else GlobalColor("LabelRed"));
AddLabel(!isnan(TradingAboveAverage), "Trading above average",
         if TradingAboveAverage then GlobalColor("LabelGreen") else GlobalColor("LabelRed") );
AddLabel(!isnan(Uptrend), "Uptrend",
         if Uptrend then GlobalColor("LabelGreen") else GlobalColor("LabelRed"));
AddLabel(!isnan(TrendQuality), "Trend quality",
         if TrendQuality then GlobalColor("LabelGreen") else GlobalColor("LabelRed"));
AddLabel(!isnan(MarketDirection), "Market direction",
         if MarketDirection then GlobalColor("LabelGreen") else GlobalColor("LabelRed"));

 

[Ronathan Edwards]

@MerryDay You're awesome... works like a charm... now if I can only get the daily trend range problem fixed, I'll be golden. THANKS !! Wow... all my stocks are 5's and 6's... ugh... That's strong sell, right?

 

[MerryDay]

@Ronathan Edwards
Why would you sell? 5's and 6's are an almost perfect score.

As per the TOS Technical Stock Rating Strategy:
"The stock symbol receives one point for meeting each of the above criteria if all the weights are set to 1.0. By default, only the "overall market direction" weight is equal to 2.0; however, you are free to assign the weights according to your preferences.
By default, the strategy adds a simulated buy to open order if the currently selected stock receives a rating score of 5.0 or higher"

A 6 is a perfect rating. A 5 is a strong indicator

 

[kls06541]

Technical Stock Rating Labels

This TOS indicator provides labels that are colored blue and only appear when bullish conditions exist
(the blue labels on chart are the default)

With this modified version of the indicator, the labels always appear: green colored for Bullish and Red for Bear.

Also added an additional label "score" which is defined in the TOS Technical Stock Rating Strategy.

Here is the study link: http://tos.mx/N2Wufe3

Can the Score be scanned, please?

How about searching for all items with Score greater than 3?

 

[MerryDay]

Can the Score be scanned, please?

How about searching for all items with Score greater than 3?

Add this to the bottom of the script:

plot scan = score > 3 ;

In the scan hacker:

scan is true

 

[Mondomomo]

Too many outcomes are NaN. What can I do about that?

Can we just have the total script with these changes wo allow filtering without the NaN outcomes? thx

 

[MerryDay]

Technical Stock Rating Scan

This scan finds stocks with a strength greater than 3.
Edit the last line of the script if you want to find a different score.

Shared Scan Link: http://tos.mx/fqeWhA5 Click here for --> Easiest way to load shared links

# TOS TechnicalStockRating

input vfiLength = 130;
input averageLength = 100;
input trendQualityLength = 63;
input maxStiffness = 7;
input marketIndex = "SPY";
input weightForMoneyFlow = 1.0;
input weightForTradingAboveAverage = 1.0;
input weightForUptrend = 1.0;
input weightForTrendQuality = 1.0;
input weightForMarketDirection = 2.0;

def vfi = reference VolumeFlowIndicator(length = vfiLength, "max volume cut off" = 2.5);
def sma = Average(close, averageLength);
def ema = ExpAverage(close(marketIndex), averageLength);
def stiffness = Sum(close < sma, trendQualityLength);

def Score;

def MoneyFlow = vfi > 0;
def TradingAboveAverage = close > sma;
def Uptrend = sma > sma[4];
def TrendQuality = stiffness <= maxStiffness;
def MarketDirection = ema >= ema[2];

Score = (!isnan(weightForMoneyFlow) * !isnan(MoneyFlow)) + (!isnan(weightForTradingAboveAverage) * !isnan(TradingAboveAverage)) + (!isnan(weightForUptrend * Uptrend)) + (!isnan(weightForTrendQuality * TrendQuality)) + (!isnan(weightForMarketDirection) * !isnan(MarketDirection));

plot scan = score > 3 ;

@Mondomomo

 

[MerryDay]

Technical Stock Rating Watchlist
Shared Watchlist Script: http://tos.mx/VK7YRWp Click here for --> Easiest way to load shared links

# TOS TechnicalStockRating

input vfiLength = 130;
input averageLength = 100;
input trendQualityLength = 63;
input maxStiffness = 7;
input marketIndex = "SPY";
input weightForMoneyFlow = 1.0;
input weightForTradingAboveAverage = 1.0;
input weightForUptrend = 1.0;
input weightForTrendQuality = 1.0;
input weightForMarketDirection = 2.0;

def vfi = reference VolumeFlowIndicator(length = vfiLength, "max volume cut off" = 2.5);
def sma = Average(close, averageLength);
def ema = ExpAverage(close(marketIndex), averageLength);
def stiffness = Sum(close < sma, trendQualityLength);

plot Score;
def MoneyFlow = vfi > 0;
def TradingAboveAverage = close > sma;
def Uptrend = sma > sma[4];
def TrendQuality = stiffness <= maxStiffness;
def MarketDirection = ema >= ema[2];

Score = (!isnan(weightForMoneyFlow) * !isnan(MoneyFlow)) + (!isnan(weightForTradingAboveAverage) * !isnan(TradingAboveAverage)) + (!isnan(weightForUptrend * Uptrend)) + (!isnan(weightForTrendQuality * TrendQuality)) + (!isnan(weightForMarketDirection) * !isnan(MarketDirection));

AssignBackgroundColor(
         if Score> 5 then color.cyan else
         if Score==5 then color.green else
         if Score==4 then color.orange else  color.red);

 

[Topcat357]

@MerryDay Thanks for a very unique indicator. I am having a bit of trouble with the watchlist column. It seems to color every bar Green with a 5 score. Initially, it will have some different scores, but as the scan completes they all change to green(5). I am using the Shared Scan Link for the custom study in the scan and the Share Watchlist Script for the watchlist column formula. On the chart, the modified labels show correctly with the score.