Ultimate MACD Indicator for ThinkorSwim

[VicD]

https://tos.mx/aCqNr2l I played around a bit.

 

[webdementia]

I like this script. Do you have a link back to the original post. I would like to see the thought process behind how it works exactly, Thanks!!

 

[freedom Traders]

@webdementia Just found it from a post BenTen: https://usethinkscript.com/threads/macd-with-bollinger-bands-bb-indicator-for-thinkorswim.287/

 

[David45]

Hi horserider,

I would like to use both your Ultimate MACD and Ultimate RSI together on the same chart to help confirm each other for long and short signals. I see you have a standard, short-term and long-term Ultimate MACD and a short-term and long-term Ultimate RSI.

I will be using these to swing trade index ETFs such as SPY on the daily chart. With that said:

Would you suggest using the short-term or the long-term versions of these studies for my intended purpose? Again, I'm not a day trader, I'm a swing trader using the daily chart for signals.

If using both the Ultimate MACD and Ultimate RSI on the same chart to help confirm each other for long and short signals, would you suggest pairing like time frame versions i.e. the long-term Ultimate MACD with the long-term Ultimate RSI or the short-term Ultimate MACD with the short-term Ultimate RSI? Not sure where the standard Ultimate MACD would fit in with the long-term or short-term Ultimate RSI?

Thanks very much horserider for your insights!

 

[horserider]

@David45 Pairing short to short or long to long should give confirming signals. This is logical as both are momentum type indicators. So both are giving you the same information. If it works to make money for you then that is all that matters.
Maybe think of combining Long MACD to show bigger trend and the short RSI to pick entry/exit points.

 

[David45]

@David45 Pairing short to short or long to long should give confirming signals. This is logical as both are momentum type indicators. So both are giving you the same information. If it works to make money for you then that is all that matters.
Maybe think of combining Long MACD to show bigger trend and the short RSI to pick entry/exit points.

Thank you so much horserider for your thoughts on this. I also really like the idea of using the long-term MACD for the overall trend with the short-term RSI for entry/exit points. Much appreciated!

 

[KamranN]

@horserider do you have a watchlist based on Ultimate MACD Indicator ?

 

[horserider]

@KamranN No.

 

[BenTen]

@crawford5002 Here is how you would set up the scanner for it:

 

[BenTen]

@bspratt22 It looks like @crawford5002 posted more than what he needed to (probably a mistake). But yes, the following section was not needed otherwise it will show an error in ToS.

lower;

input fastLength = 5;
input slowLength = 20;
input MACDLength = 30;
input averageType = AverageType.EXPONENTIAL;
input showBreakoutSignals = no;

plot Value = MovingAverage(averageType, close, fastLength) - MovingAverage(averageType, close, slowLength);
plot Avg = MovingAverage(averageType, Value, MACDLength);


def higherFast = Value > Value[1];
def lowerFast = Value < Value[1];
def higherSlow = Avg > Avg[1];
def lowerSlow = Avg < Avg[1];

plot ZeroLine = 0;


Avg.SetDefaultColor(GetColor(8));

 

[Learnbot]

@horserider if there a way to make this study an upper study? I don't need the MACD portion as upper but the Bollinger band portion as upper study. i Tried doing it my self but no luck, I tried using TD's bolinger band study but the squeeze seems more pronounced in your study than in TD's Bollinger band. Thank you

 

[BenTen]

@Learnbot BB is of the MACD so it has to be at the lower portion with the MACD indicator. If you just want the bollinger bands of price then use the normal Bollinger Bands indicator provided by ThinkorSwim.

 

[mtntempo]

@mdtn here is what I use to scan the MACD for lowfloat stocks.

 

[jnuke27]

Can someone help me with a scanner that will find tickers that have a color change in the macd line from red to green? I don't need it to be crossing the sma line either. I can't seem to figure out what drives that condition. Thanks in advance.

@rcjh88 - Did you get a scanner to work? I tried "macd_line, pick greater than or less than and pick the study again and macd_line again. " I got no results.

Any luck with this scan technique? I haven't been able to get anything to work that meets the red to green color change criteria on any timeframe.

 

[mtntempo]

@jnuke27 did you see my pic above? The bottom condition shows works for me..

 

[germanburrito]

Honestly macd is a great, so are bollingers, but its even greater to understand what bolingers are actually doing, they are taking the standard deviation, meaning the average extreme moves of the last (usually can be changed) 21 bars, look into what standard deviations are, all indicators do is show you a different way that price is moving, like it simplifies the idea that price is going up or down, the most simple form of this that i have come across is THE STRAT, this will allow you to visualize price action, trading without understand what the indicators are actually doing is only seeing the result, trading "indicators" are not the way to trade, but they do help you visualise what price is doing, one may argue that if everyone is looking at the same indicator than it becomes a self-fulfilling prophecy, meaning if everyone is looking at macd to across over to green than to buy than it works, or if everyone is looking at Fibonacci than it might work, i once saw a post by this creator of indicators name mobious, and he stated that more than three indicators is too much. read this

 

[pyeatienza]

@BenTen . How would I set up the scanner when the MACD line turns green for the Ultimate MACD by Horserider 8/30/2019 code:

 

[BenTen]

@pyeatienza Try to follow the tutorial here https://usethinkscript.com/threads/ultimate-macd-indicator-for-thinkorswim.558/post-23204

 

[txp0601]

still can't understand how to use it. it has too many colors and lines..

 

[horserider]

@txp0601 Go back to post # 1. There is a chart section of just the indicator with some notes on possible use. See if that helps. If not ask a more detailed question of what you do not understand.