Z-Score Upper Indicator for ThinkorSwim

[BenTen]

@Rosalyn I just checked the link, there is nothing wrong with it.

 

[Rosalyn]

@Rosalyn I just checked the link, there is nothing wrong with it.

I know there is nothing wrong with it but I can't seem to open the script when I click the link. It takes me to another URL page. I have TOS platform open but it does nothing. when it routes me to the other page.. I'm stuck

 

[BenTen]

@Rosalyn scroll down a bit and you'll see a button that says "View in ThinkorSwim." Click on it.

 

[Rosalyn]

@Rosalyn scroll down a bit and you'll see a button that says "View in ThinkorSwim." Click on it.

I do click on it and it says if I want to open it in Zulu Platform, if I say yes nothing happens...

 

[BenTen]

@Rosalyn A new ThinkorSwim window should be opened. Please double check by hovering to the ThinkorSwim icon on your taskbar.

 

[Daybuck]

How does this indicator work on a daily time frame for swing trading?

 

[Rosalyn]

@Rosalyn A new ThinkorSwim window should be opened. Please double check by hovering to the ThinkorSwim icon on your taskbar.

Nothing opens, it keeps telling me if I want to open it on Xulu Platform or cancel request... Every time I try to open a link same issue...

 

[BenTen]

@Rosalyn Go to your ToS > Setup > Open shared item... > paste the link

 

[Rosalyn]

@Rosalyn Go to your ToS > Setup > Open shared item... > paste the link

Thank you! I figured it out how to do this before I saw this... Still weird I can't open the link by clicking the link... oh well guess I'll have to do it manually. thx again

 

[rad14733]

Thank you! I figured it out how to do this before I saw this... Still weird I can't open the link by clicking the link... oh well guess I'll have to do it manually. thx again

Something may have changed since the last TOS release because it doesn't work like it used to for me either... You used to be able to click on the Zulu prompt and then when you clicked back into TOS you would get a popup but that no longer happens... Copying the link and opening the shared link, as posted above, seems to be the only way to import until the old Zulu functionality is restored...

 

[Rosalyn]

Here is the chart. http://tos.mx/5Wd4oaR

Hey Chewie. thx for sharing your futures grid but I can't see the timeframes at the bottom of each chart when i import it... ???

I was able to fix it. Thx

 

[Praful005]

@chewie76 Thank you for creating this awesome indicator. how do i create the scan or watchlist column for this zscore buy and sell arrows. Your help will be much appreciated.

 

[BenTen]

@Praful005 You should be able to do it using the existing indicator. Watch the video from this thread if you don't already know how to.

 

[Praful005]

Thank you very much @BenTen

 

[chewie76]

How does this indicator work on a daily time frame for swing trading?

Daybuck, Here is an example of NQ on the DAILY chart. It gives great signals HOWEVER, on a strong continuous uptrend, it will give false signals. It's a good swing trading tool.

 

[bsherman]

@chewie76 I am trying to comprehend how the lower indicator works. Would you mind giving me a short explanation of the lower indicator, the plots (histogram, signal line, and levels) and what constitutes a directional arrow that shows in the upper indicator? I would greatly appreciate it. I find there is something here that could compliment my trading as I rely heavily on standard deviations and mean reversions. For the life of me, I cannot decipher this lower indicator beyond its oscillations.

 

[chewie76]

@chewie76 I am trying to comprehend how the lower indicator works. Would you mind giving me a short explanation of the lower indicator, the plots (histogram, signal line, and levels) and what constitutes a directional arrow that shows in the upper indicator? I would greatly appreciate it. I find there is something here that could compliment my trading as I rely heavily on standard deviations and mean reversions. For the life of me, I cannot decipher this lower indicator beyond its oscillations.

The lower indicator shows a standard deviation for each bar. When the bars cross the average line, that triggers the signal.

 

[rad14733]

I also enabled and modified the momZAvg momentum code which provides me with additional indicators like crossovers... The code below is what I am currently using in place of the commented out line within several Zscore scripts out there... Whether it helps or not is still under review... It should be noted that my version of the Zscore code differs from that posted by Mobius, chewie76, and others...

input momZAvgLength = 13;
plot momZAvg = (avgZv - avgZv[momZAvgLength]);
momZAvg.assignValueColor(if momZAvg > momZAvg[1] then color.WHITE else color.DARK_ORANGE);
momZAvg.setPaintingStrategy(paintingStrategy.LINE);
momZAvg.setLineWeight(2);
momZAvg.HideBubble();

This is about the most clutter I can stand on a chart page but it gives me a lot of information to extrapolate...

 

[BenTen]

TradingView version of this indicator for anyone interested. Converted by @egshih

// ZScore Indicator
// Assembled by @chewie76 on UseThinkScript
// Modified for TradingView by egshih
// @version=4

study("Z-Score Indicator",overlay=true)
//Inputs
price = close
length = input(20)
ZavgLength = input(20)

//Initialize values
oneSD = stdev(price,length)
avgClose = sma(price,length)
ofoneSD = oneSD*price[1]
Zscorevalue = ((price-avgClose)/oneSD)
avgZv = sma(Zscorevalue,20)

//Compute and plot Z-Score
avgZscore = sma(Zscorevalue,ZavgLength)
Zscore = ((price-avgClose)/oneSD)

//Plot zero line and extreme bands
zero = 0
two = 2
one = 1
negone = -1
negtwo = -2
three = 3
negthree = -3

//Buy Conditions, currently set at 0.75
conditionbuy = crossover(Zscore,avgZscore) and avgZscore < -0.75
conditionsell = crossunder(Zscore,avgZscore)and avgZscore > 0.75

//Plot Buy and Sell Arrows
plotshape(conditionbuy, style=shape.arrowup, color=color.blue,location=location.belowbar, text="Buy ZScore")
plotshape(conditionsell, style=shape.arrowdown, color=color.orange,location=location.abovebar, text="Sell ZScore")

 

[egshih]

Here is the lower study in case anyone is interested for TradingView. Thanks @chewie76 @BenTen for all your contributions!

// ZScore Indicator
//Assembled by [USER=117]@chewie76[/USER] on UseThinkScript.com
//Link: https://usethinkscript.com/threads/z-score-upper-indicator-for-thinkorswim.3896/
//Modified for TradingView by egshih
//@version=4

study("Z-Score Indicator Lower",overlay=false)
//Inputs
price = close
length = input(20)
ZavgLength = input(20)

//Initialize values
oneSD = stdev(price,length)
avgClose = sma(price,length)
ofoneSD = oneSD*price[1]
Zscorevalue = ((price-avgClose)/oneSD)
avgZv = sma(Zscorevalue,20)

//Compute and plot Z-Score
avgZscore = sma(Zscorevalue,ZavgLength)
Zscore = ((price-avgClose)/oneSD)

//Plot ZScore

plot(avgZscore,title="AverageZScore",linewidth=1)

plot (Zscore, style=plot.style_histogram, color=Zscore>0?color.green:color.red)

//Plot zero line and extreme bands
zero = 0
two = 2
one = 1
negone = -1
negtwo = -2
three = 3
negthree = -3

plot(zero,title="0Line",color=color.yellow)
plot(two,title="2Line",color=color.red)
plot(one,title="1Line",color=color.orange)
plot(negone,title="-1Line",color=color.lime)
plot(negtwo,title="-2Line",color=color.green)

//Buy Conditions, currently set at 0.75
conditionbuy = crossover(Zscore,avgZscore) and avgZscore < -0.75
conditionsell = crossunder(Zscore,avgZscore)and avgZscore > 0.75

//Plot Buy and Sell Arrows
plotshape(conditionbuy, style=shape.arrowup, color=color.green,location=location.bottom, text="Buy")
plotshape(conditionsell, style=shape.arrowdown, color=color.red,location=location.top, text="Sell")


fillthree=hline(3)
filltwo=hline(2)
fillnegtwo=hline(-2)
fillnegthree=hline(-3)
//fill Cloud
fill(fillthree,filltwo,color=color.red)
fill(fillnegtwo,fillnegthree,color=color.green)