VWAP Scalp/Reversal Indicator for ThinkorSwim

some potential moves from today.
b3c38fb9f464621786211bf8a15ab89f.png


f5da57be098998d6f7d3fa1126a4ee00.png
 
Does this study works on 3 min timeframe or only for 1min TF?

I personally have not tried this on anything beyond a 1min. It's very possible it works on others but i can't say for sure to what extent. I'd be curious to hear results if anyone has tried it out.
 
$ES futures at 1:11 PM, I have 11 bars counted and a green line at the highs was added, what's the formula or reason or some sort of logic to why this line is drawn and when? anyone?
 
You have sparked my interest in the 3min charts with this indicator. I usually put up between 10-15 stocks with this indicator running and just wait for alerts. I looked at those stocks i picked for today on a 3min chart vs a 1min chart and every one would have been a winner.

I've never traded from a 3min chart. I usually use 1 or 2min. I've noticed myself psyching myself out of trades more on the 1min charts. I get too nervous and close winners early. I wonder if the longer chart would help me with that.

What is your reasoning for using the 3min chart?
 
Thanks for your quick reply to my 3min question; glad that it should work. I found 1min day trading is too fast with a lot of volatility so I have been trying 3min TF as a newbie.

BTW, can you take a look at 1min for OLLI ticker at just before noon time (EST 4/29), there are four bullish arrows appearing one after another, are they considered 'false' signals ?
 
What a move in $DIS Disney today. I luckily was able to catch the run!

I made a V2 of the script based on feedback and testing on the 3min charts. This V2 will show 3min signals on the 1min chart. For example... the 3 small yellow arrows are made up from the signal from the 3min time frame but alerted on the 1min chart.

ALSO - important... you should not enter trades unless the next ~1-3 candles breaks the higher or low of the signal candle. If there is no break, do not take the trade. I have actually been giving it a few extra pennies after the break. I can provide he V2 for 3min signals if anyone would like.

Remember... if the signal just gives you a small bounce... take the profit from the small bounce and then enter if it breaks back below or above the signal candle. I've noticed that some of these trades can be very profitable as well since most will be in the direction of the trend if it's not a true trend reversal.
 
@RConner7 you can change the agg variable to be an input so you don't have to have 2 different versions. User can pick it from a drop down when adding to the chart.

Code:
input agg = aggregationPeriod.THREE_MIN;
 
@RConner7 I am going to try this on a higher timeframes...5 min to 1 hour so I will report back here...Perhaps I missed...I just want to double check...the two studies you posted are the same except the V2 is giving you 3 min alerts on 1 min correct? No other differences? I just want to be sure not to include the two studies if on higher timeframes they will be the same...Thanks...I really enjoy your studies!

that is correct. If using the 5min chart I would use the v1 only because it’ll use whatever timeframe you have set. The v2 will force to 3min. You could also modify the code slightly to what Barbados mentioned to allow yourself to pick the time frame. I just didn’t do that on my end because I don’t really trade higher time frames much.
 
Is there a way to set this up to work with low cap stocks/micro stocks? It seems to work fine with other stocks but not with low float/micro stocks. Thanks man!
 
Last edited:
Thanks for the clarification...Not much of a coder but let me first see how this does...I see that the reversals are based on candle patterns...Perhaps if you ever decide to do something for longer timeframes would you consider implementing Tweezer Tops and Tweezer Bottoms? These seem to be very good indicators of a reversal as well on basically any timeframe. I will test this out and keep everyone posted here. Looking back at some stocks from today the signals are rare on higher timeframes...Only a few hit but were spot on.

I modified the v2 code to allow for changing of the aggregation period. The v1 should still allow for alerts on any time frame and based off that current time frame. Only the V2 will give you alerts for patterns on a higher time frame... for example... if you are looking at a 1min chart, it will give alerts based off a 3min chart.

I will also look into the tweezer pattern to see if i can figure out how to code it.
 
Last edited:
Is there a way to set this up to work with low cap stocks/micro stocks? It seems to work fine with other stocks but not with low float/micro stocks. Thanks man!

if the chart is getting volume, it will make the chart better for showing signals. For example... if the candles show a 1-3 cent range regularly per change, it'll be difficult to read a good setup. Do you have an example stock symbol that you had in mind?
 

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
463 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