Trade Entry, Limit, and Stop Helper - ATM Indicator For ThinkOrSwim

[armybender]

I use this indicator as a way to help me manage my trade entries, stop loss orders, and initial limits. Other platforms like NinjaTrader offer ATM (automated trade management) strategies that automatically place stops and limits, including trailing stops and other techniques, to help you enter and exit trades based on specific conditions.

To replicate that in ThinkOrSwim, I created a "helper" indicator that plots various price levels based on 1x and 2x risk/reward. I trade on range charts (since I believe only price movement matters, not how long it takes to get there), and I have found it to be tremendously helpful to speed up my trade entry and stop / limit setting.

Here is an image of how I setup my chart and Active Trader ladder, along with the code of the indicator itself.

Indicator Image (Range Bars)

Indicator Image (Tick Bars or Time Bars)

Indicator Code

#Plots various information to help manage trades

#DECLARATIONS
declare hide_on_daily;
declare upper;


#INPUTS
input DisplayNumBars = 15;
input Show2X = Yes;
input ShowRiskLabels = No;
input ShowRiskValues = Yes;
input ShowActualRiskLine = No;
input TicksForEntry = 1;
input ShowRangeEntryDot = Yes;    #Plots a value specific to range charts


#DEFINITIONS
def EntryTicks = TicksForEntry * TickSize();
def IsLastBar = !IsNaN(close) and IsNaN(close[-1]);
def IsOtherPlotBar = !IsNaN(close) and IsNaN(close[-DisplayNumBars]);
def AddTicks =
    if IsLastBar then
        high[1] - low[1] + (2 * TickSize())
    else if IsOtherPlotBar then
        high - low + (2 * TickSize())
    else
        Double.NaN;


#PLOTS
plot RangeEntLong = if IsLastBar and ShowRangeEntryDot then low + GetAggregationPeriod() + EntryTicks else Double.NaN;
plot RangeEntShort = if IsLastBar and ShowRangeEntryDot then high - GetAggregationPeriod() - EntryTicks else Double.NaN;
plot LongEnt = if IsLastBar then high[1] + EntryTicks else if IsOtherPlotBar then high + EntryTicks else Double.NaN;
plot ShortEnt = if IsLastBar then low[1] - EntryTicks else if IsOtherPlotBar then low - EntryTicks else Double.NaN;
plot LongTgT = if IsLastBar then LongEnt[1] + AddTicks else if IsOtherPlotBar then LongEnt + AddTicks else Double.NaN;
plot ShortTgT = if IsLastBar then ShortEnt[1] - AddTicks else if IsOtherPlotBar then ShortEnt - AddTicks else Double.NaN;
plot LongTgT2 = if Show2X then if IsLastBar then LongEnt[1] + (2 * AddTicks) else if IsOtherPlotBar then LongEnt + (2 * AddTicks) else Double.NaN else Double.NaN;
plot ShortTgT2 = if Show2X then if IsLastBar then ShortEnt[1] - (2 * AddTicks) else if IsOtherPlotBar then ShortEnt - (2 * AddTicks) else Double.NaN else Double.NaN;
plot BarRisk = if ShowRiskValues and IsOtherPlotBar then (LongEnt - ShortEnt) / TickSize() else if ShowRiskValues and IsLastBar then ((high - low) + (2 * TicksForEntry)) / TickSize() else Double.NaN;
plot ActualRiskLong = if ShowActualRiskLine then LongTgT - AbsValue(low[-1] - low) else Double.NaN;
plot ActualRiskShort = if ShowActualRiskLine then ShortTgT + AbsValue(high[-1] - high) else Double.NaN;


#FORMATTING
RangeEntLong.SetDefaultColor(Color.CYAN);
RangeEntLong.SetPaintingStrategy(PaintingStrategy.DASHES);
RangeEntLong.HideTitle();
RangeEntLong.HideBubble();

RangeEntShort.SetDefaultColor(Color.CYAN);
RangeEntShort.SetPaintingStrategy(PaintingStrategy.DASHES);
RangeEntShort.HideTitle();
RangeEntShort.HideBubble();

LongEnt.SetDefaultColor(Color.DARK_GREEN);
LongEnt.SetPaintingStrategy(PaintingStrategy.DASHES);
LongEnt.HideTitle();

ShortEnt.SetDefaultColor(Color.RED);
ShortEnt.SetPaintingStrategy(PaintingStrategy.DASHES);
ShortEnt.HideTitle();

LongTgT.SetDefaultColor(Color.YELLOW);
LongTgT.SetPaintingStrategy(PaintingStrategy.DASHES);
LongTgT.HideTitle();

ShortTgT.SetDefaultColor(Color.YELLOW);
ShortTgT.SetPaintingStrategy(PaintingStrategy.DASHES);
ShortTgT.HideTitle();

LongTgT2.SetDefaultColor(Color.MAGENTA);
LongTgT2.SetPaintingStrategy(PaintingStrategy.DASHES);
LongTgT2.HideTitle();

ShortTgT2.SetDefaultColor(Color.MAGENTA);
ShortTgT2.SetPaintingStrategy(PaintingStrategy.DASHES);
ShortTgT2.HideTitle();

BarRisk.SetDefaultColor(Color.MAGENTA);
BarRisk.SetPaintingStrategy(PaintingStrategy.VALUES_BELOW);
BarRisk.HideTitle();

ActualRiskLong.SetDefaultColor(Color.WHITE);
ActualRiskLong.SetPaintingStrategy(PaintingStrategy.DASHES);
ActualRiskLong.HideTitle();

ActualRiskShort.SetDefaultColor(Color.WHITE);
ActualRiskShort.SetPaintingStrategy(PaintingStrategy.DASHES);
ActualRiskShort.HideTitle();

 

[maddy91]

Can't see your range bar image, does it put dots on active trader also ?

 

[armybender]

Can't see your range bar image, does it put dots on active trader also ?

Yes, it puts dots on the Active Trader ladder if you select that option in the Active Trader configuration.

The Show Range Entry Dot parameter will add an extra blue line / dot that indicates X ticks above the current range bar since only range bars close at a pre-determined price. Since you don't know where a Tick / Time bar will close, you can't do that, so the standard lines / dots mark the price of the prior bar.

 

[Betozenho]

I use this indicator as a way to help me manage my trade entries, stop loss orders, and initial limits. Other platforms like NinjaTrader offer ATM (automated trade management) strategies that automatically place stops and limits, including trailing stops and other techniques, to help you enter and exit trades based on specific conditions.

To replicate that in ThinkOrSwim, I created a "helper" indicator that plots various price levels based on 1x and 2x risk/reward. I trade on range charts (since I believe only price movement matters, not how long it takes to get there), and I have found it to be tremendously helpful to speed up my trade entry and stop / limit setting.

Here is an image of how I setup my chart and Active Trader ladder, along with the code of the indicator itself.

Indicator Image (Range Bars)

Indicator Image (Tick Bars or Time Bars)

Indicator Code

#Plots various information to help manage trades

#DECLARATIONS
declare hide_on_daily;
declare upper;


#INPUTS
input DisplayNumBars = 15;
input Show2X = Yes;
input ShowRiskLabels = No;
input ShowRiskValues = Yes;
input ShowActualRiskLine = No;
input TicksForEntry = 1;
input ShowRangeEntryDot = Yes;    #Plots a value specific to range charts


#DEFINITIONS
def EntryTicks = TicksForEntry * TickSize();
def IsLastBar = !IsNaN(close) and IsNaN(close[-1]);
def IsOtherPlotBar = !IsNaN(close) and IsNaN(close[-DisplayNumBars]);
def AddTicks =
    if IsLastBar then
        high[1] - low[1] + (2 * TickSize())
    else if IsOtherPlotBar then
        high - low + (2 * TickSize())
    else
        Double.NaN;


#PLOTS
plot RangeEntLong = if IsLastBar and ShowRangeEntryDot then low + GetAggregationPeriod() + EntryTicks else Double.NaN;
plot RangeEntShort = if IsLastBar and ShowRangeEntryDot then high - GetAggregationPeriod() - EntryTicks else Double.NaN;
plot LongEnt = if IsLastBar then high[1] + EntryTicks else if IsOtherPlotBar then high + EntryTicks else Double.NaN;
plot ShortEnt = if IsLastBar then low[1] - EntryTicks else if IsOtherPlotBar then low - EntryTicks else Double.NaN;
plot LongTgT = if IsLastBar then LongEnt[1] + AddTicks else if IsOtherPlotBar then LongEnt + AddTicks else Double.NaN;
plot ShortTgT = if IsLastBar then ShortEnt[1] - AddTicks else if IsOtherPlotBar then ShortEnt - AddTicks else Double.NaN;
plot LongTgT2 = if Show2X then if IsLastBar then LongEnt[1] + (2 * AddTicks) else if IsOtherPlotBar then LongEnt + (2 * AddTicks) else Double.NaN else Double.NaN;
plot ShortTgT2 = if Show2X then if IsLastBar then ShortEnt[1] - (2 * AddTicks) else if IsOtherPlotBar then ShortEnt - (2 * AddTicks) else Double.NaN else Double.NaN;
plot BarRisk = if ShowRiskValues and IsOtherPlotBar then (LongEnt - ShortEnt) / TickSize() else if ShowRiskValues and IsLastBar then ((high - low) + (2 * TicksForEntry)) / TickSize() else Double.NaN;
plot ActualRiskLong = if ShowActualRiskLine then LongTgT - AbsValue(low[-1] - low) else Double.NaN;
plot ActualRiskShort = if ShowActualRiskLine then ShortTgT + AbsValue(high[-1] - high) else Double.NaN;


#FORMATTING
RangeEntLong.SetDefaultColor(Color.CYAN);
RangeEntLong.SetPaintingStrategy(PaintingStrategy.DASHES);
RangeEntLong.HideTitle();
RangeEntLong.HideBubble();

RangeEntShort.SetDefaultColor(Color.CYAN);
RangeEntShort.SetPaintingStrategy(PaintingStrategy.DASHES);
RangeEntShort.HideTitle();
RangeEntShort.HideBubble();

LongEnt.SetDefaultColor(Color.DARK_GREEN);
LongEnt.SetPaintingStrategy(PaintingStrategy.DASHES);
LongEnt.HideTitle();

ShortEnt.SetDefaultColor(Color.RED);
ShortEnt.SetPaintingStrategy(PaintingStrategy.DASHES);
ShortEnt.HideTitle();

LongTgT.SetDefaultColor(Color.YELLOW);
LongTgT.SetPaintingStrategy(PaintingStrategy.DASHES);
LongTgT.HideTitle();

ShortTgT.SetDefaultColor(Color.YELLOW);
ShortTgT.SetPaintingStrategy(PaintingStrategy.DASHES);
ShortTgT.HideTitle();

LongTgT2.SetDefaultColor(Color.MAGENTA);
LongTgT2.SetPaintingStrategy(PaintingStrategy.DASHES);
LongTgT2.HideTitle();

ShortTgT2.SetDefaultColor(Color.MAGENTA);
ShortTgT2.SetPaintingStrategy(PaintingStrategy.DASHES);
ShortTgT2.HideTitle();

BarRisk.SetDefaultColor(Color.MAGENTA);
BarRisk.SetPaintingStrategy(PaintingStrategy.VALUES_BELOW);
BarRisk.HideTitle();

ActualRiskLong.SetDefaultColor(Color.WHITE);
ActualRiskLong.SetPaintingStrategy(PaintingStrategy.DASHES);
ActualRiskLong.HideTitle();

ActualRiskShort.SetDefaultColor(Color.WHITE);
ActualRiskShort.SetPaintingStrategy(PaintingStrategy.DASHES);
ActualRiskShort.HideTitle();

Hey @armybender , thanks for your work, thats exactly what i needed i was using fibonacci tools to do this but now its easier...
Do you have any idea of how we can add on that script to only show the dashes when the candle closes bellow or above EMA 5?

Thanks again!

 

[armybender]

Hey @armybender , thanks for your work, thats exactly what i needed i was using fibonacci tools to do this but now its easier...
Do you have any idea of how we can add on that script to only show the dashes when the candle closes bellow or above EMA 5?

Thanks again!

Sure. You would need to add something like this to every plot though.

plot RangeEntLong =
    if IsLastBar
    and ShowRangeEntryDot
    and close > ExpAverage(close, 5)        <<< ADD something like this
        
    then low + GetAggregationPeriod() + EntryTicks else Double.NaN;

 

[jhorton56]

@armybender, would you please explain further how to get the dots to appear in the price column in the Active Trader? I can't get them to show up.

 

[armybender]

@armybender, would you please explain further how to get the dots to appear in the price column in the Active Trader? I can't get them to show up.

@jhorton56, sure. But first... I find your signature / bio absolutely hilarious! I feel the same. I literally have a degree in portfolio management, as well as two others, and they're absolutely worthless. Nobody manages money like I learned in school. Throw that degree away and trade - that's how to make money.

Ok... it's very simple. Click the gear icon on the very far right of your Active Trader ladder. Not the big gear above near the buttons, but the little one to customize the columns. Then just check the "Show studies from chart" checkbox. The dots should appear.