True Strength Indicator for ThinkorSwim

J007RMC

Well-known member
2019 Donor
I feel like Ive been over posting but wanted to add this last script hoping someone may find a use for it. Ive loaded it onto my charts I think it will be useful for me. I found this script on one note but really wasn't much information on it so I added the notation One note and the date it was posted. I added 2 arrows just it will be more memorable for my use.

RmZNtUy.png


Code:
#ONE NOTE
#Wednesday, May 15, 2019 - archived 1
plot Data = close;plot NA = Double.NaN;
NA.SetDefaultColor(Color.BLACK);
NA.HideBubble();
NA.HideTitle();
declare lower;
input IndicatorLine = 32;
input Smooth = 5;
input SignalLine = 5;
plot TSIFast = TrueStrengthIndex(LongLength = IndicatorLine, ShortLength = Smooth);
plot TSISlow = ExpAverage(TSIFast, SignalLine);
plot zero = 0;
zero.SetDefaultColor(Color.WHITE);
zero.HideBubble();
zero.HideTitle();
plot Fast = TSIFast;
Fast.SetDefaultColor(Color.BLUE);
plot Slow = TSISlow;
Slow.SetDefaultColor(Color.WHITE);
Slow.SetStyle(Curve.SHORT_DASH);
plot HighLvl = 25;
HighLvl.SetDefaultColor(Color.LIGHT_GREEN);
HighLvl.HideBubble();
HighLvl.HideTitle();
plot LowLvl = -25;
LowLvl.SetDefaultColor(Color.RED);
LowLvl.HideBubble();
LowLvl.HideTitle();
plot Hist = (TSIFast - TSISlow) * 2;
Hist.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Hist.SetLineWeight(5);
Hist.AssignValueColor(if TSIFast >= TSISlow then Color.GREEN else Color.RED);
#Arrows
input usearrows = yes;
plot arrowup = if usearrows and Hist crosses above 0 then 0 else Double.NaN;
arrowup.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
arrowup.SetDefaultColor(Color.GREEN);
arrowup.SetLineWeight(3);
plot arrowdn = if usearrows and Hist crosses below 0 then 0 else Double.NaN;
arrowdn.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
arrowdn.SetDefaultColor(Color.RED);
arrowdn.SetLineWeight(3);
#Clouds
def cond1 = if Hist > 0
then Double.POSITIVE_INFINITY
else Double.NEGATIVE_INFINITY;
def cond2 = if Hist < 0
then Double.POSITIVE_INFINITY
else Double.NEGATIVE_INFINITY;
input showclouds = yes;
AddCloud(if showclouds
then cond1
else Double.NaN,
cond2,
Color.WHITE, Color.GRAY);
input usealerts = yes;
 
Last edited:

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

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
218 Online
Create Post

Similar threads

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Back
Top