ThinkOrSwim ScriptsChart Indicators and Scans
Having the right tool to do a job fast and correctly is critical in many professions. Well trading is no different and having a good set of tools for trading can be super beneficial. We have developed a streamlined set of indicators and scans that we think are best to help you narrow your focus and simplify your trading. All the details on what is included are below. Education packages will be available to teach you how to use these indicators in detail in the near future. As for now, the packages are sold without educational videos.
Please note that all scripts can ONLY be used on the ThinkOrSwim (TOS) trading platform.
ALL INCLUSIVE DAY TRADER SCRIPT PACKAGE
This package of scripts contains all of the day trading scripts including:
- Advanced Entry and Exit Indicator
- Trend Buy and Sell Indicator
- Trend Red Light/Green Light Master Grid
- RVOL Indicators
- VWAP Indicators
- ATR Levels Indicator
- EMA Cloud Indicator
- Previous Day Values Indicator
- Pivot Levels Indicator
- TTM Squeeze Indicator
- Market Muscle View
- Historical Breadth Indicators
- TICK Cumulative Indicator
- Bonus Scripts
- Stock scans provided to help discover new opportunities
This bundle of scripts will help you narrow your focus and simplify your trading.
Please note that we are currently building some awesome educational videos to further your education. As for now, this bundle of scripts are sold as is and without any educational videos.
All scripts can ONLY be used on the ThinkOrSwim (TOS) trading platform.
ADVANCED ENTRY AND EXIT INDICATOR
- The new Advanced Entry and Exit Indicator displays possible entry and exit signals based on oversold and overbought calculation. A yellow or pink candle appears when price is reaching a caution area because of an overbought condition in which price might turn back down. A blue or purple candle when price is reaching an oversold condition in which price might turn back up. This indicator should be used along with price action to determine the trade and is not an absolute or guarantee of price action.
- Once an entry or exit signal is triggered you receive a message in the ThinkOrSwim (TOS) message center and a bell rings to get your attention. Please note that this script is customizable so you can turn on and off the bell alert if you desire.
- New additions to this script include the ability to see multiple entry and exit signals on the chart using up and down arrows in the price action bar chart. Additionally, the new version has the option to show the price trigger value and stop value for the signal. To see the bubble for this information you open the setting and change the option to display it or turn it off.
- With fast moves in the market up and down these signals are not absolute and you can receive multiple signals on the 5 minute chart so we recommend to use this for opportunity alerts as opposed to a definitive signal to enter or exit.
TREND BUY AND SELL INDICATOR
- The Trend Buy and Sell Indicator displays possible signals based on pivot points in price. A green arrow shows a possible buy condition and a red arrow down shows a possible sell condition. This indicator should be used along with price action to determine the trade and is not an absolute or guarantee of price action.
- This indicator can show colored price bars of red or green but by default this is turned off so that the other entry and exit scripts can be visible on the chart.
- This script is customizable to show a bubble at the point of signal that gives additional information of the price at the time of the signal. By default this is turned off so that the chart is clean and less cluttered but it’s there if you want to use it.
- At the bottom of the 5-minute and 15-minute chart there is a multiple time frame signal that uses the same logic as this trend indicator. So, while looking at the 5-minute chart you can see the signal for any configuration of 3 other time frames. By default the 5-minute, 15-minute, and 30-minute signals are shown on the 5-minute chart. Also, by default the 15-minute chart shows the 15-minute, 30-minute, and 1 hour signals.
TREND RED LIGHT / GREEN LIGHT MASTER GRID
- The Trend Red Light / Green Light Master Grid is an awesome tool that displays possible signals on a 5-minute time frame for 14 different tickers. Think of this as a view of the market trend and current strength of the market. A green light shows a possible buy condition and a red light down shows a possible sell condition. This indicator should be used along with price action to determine the trade and is not an absolute or guarantee of price action.
- This indicator also shows some market internals at the top with multiple time frame view of the inverse VIX, $ADVN-$DECN, $ADVN/Q-$DECN/Q. Why inverse VIX? Because if VIX trend is down, then that is more favorable to long trade setups.
- The advance/decline issues show overall market trend on multiple time frame of 5-minute, 10-minute, 15-minute, and 30-minute.
- By default the 14 tickers on the lower 5-minute master grid are: SPY, QQQ, IWM, AAPL, AMZN, GOOGL, META, MSFT, NFLX, NVDA, $DXY, VIX, $ADVN-$DECN, $ADVN/Q-$DECN/Q.
- The Relative Volume (RVOL) Intraday script shows the current relative volume for a stock up to the minute on an intraday basis compared to the last 5 days. Higher Intraday RVOL can indicate the stock is in play with other traders or institutions.
- The Relative Volume (RVOL) Daily script shows the relative volume of a stock compared to the last 30 days average volume. Higher daily RVOL can indicate an increase in interest in the stock.
- The Volume Weighted Average Price (VWAP) Cloud plots volume weighted average price along with standard deviation band lines to assist you in trading ranges, bullish, and bearish setups.
- The Volume Weighted Average Price (VWAP) Trend displays bars in a lower chart section showing the trend of VWAP (bullish, bearish, or neutral) and where price is compared to VWAP for an easy understanding of the trend for the day. By default this section is hidden but can easily be turned on for viewing.
ATR LEVEL INDICATORS
- Automatically displays key ATR levels that can act as targets and/or resistance levels for price action.
- The Day Range (DR) vs Average True Range (ATR) script displays a label comparing these values which help you understand if the stock is trading in an expansion day or in a narrow range for the day.
- Understanding the ATR levels and how they can be used for your trading is very important.
- Automatically displays key EMA plots that can help you understand price action.
- Easy view cloud help show bullish or bearish action and possible transition points.
PREVIOU DAY VALUES INDICATOR
- Automatically displays Previous Day Value (PDV) levels that can act as targets and/or resistance levels for price action.
- The PDV indicator displays the previous days Close (PDC), High (PDH), and Low (PDL) using distinct colors for each so that you can easily identify areas of interest for intraday trading.
- Understanding the PDV levels and how they can be used for your trading is very important.
PIVOT LEVELS INDICATOR
- Automatically displays Pivots levels based on a configurable parameters that can help map out levels that act as targets and/or resistance levels for price action.
- Automatically displays a TTM squeeze indicator withing price action which provides space for additional information in the lower section of the chart display.
MARKET MUSCLE VIEW
- The Market Muscle View shows a 5-minute chart of the market internals with specific levels marked on the chart so that you can understand the current market condition and trade accordingly.
- This script is customizable to show the market muscle for the S&P, the NASDAQ, or both. By default this shows both to give a full picture of market conditions.
- The levels mapped out in this view can help you determine trade direction and possible trend of the market intraday.
HISTORICAL BREADTH INDICATORS
- The Historical Breadth Indicators show a 5-minute chart of the market internals including the up/down NYSE, NASDAQ, and AMEX markets. This allows you to see how market conditions have changed intraday and gives you context of the current market condition.
- In addition, there is a visual indicator on NYMO, NASD, AMEX in the lower section.
TICK CUMULATIVE INDICATOR
- The Tick Cumulative Indicators shows a 5-minute chart of market internals on the S&P and NASDAQ markets. This additional information allows you to see how market conditions have changed intraday and gives context of the current market condition.
- This indicator also produces a signal of “bullish” or “bearish” market price action based on the current trend of the market.
- The Breadth Indicators (NYSE, NASD, NYMO) script displays 3 labels at the top of the chart to indicate the breadth values for NYSE, NASD, and NYMO. The ratios for NYSE and NASD can help you understand if the current trend of the day is bullish, bearish, or neutral. The NYMO is the value of the McClellan Oscillator showing market breadth based on the difference between the number of advancing and declining issues on the NYSE stock exchange.
- The Swing Trigger script shows on the daily chart and can help identify stock candidates that are setup for a possible swing trade.
STOCK SCAN SCRIPTS
- The EMA Mover Scan helps identify possible stocks to trade based on current daily price action.
- The Swing Setup Scan utilizes a “swing trigger” script that is customized to find potential stocks that are setup for a swing type of trade.
I have been trading for the last 15 years and have learned the technical and financial analysis of the stocks. For the past few years, I have tried to learn the art of the day trading also and found that if it is done correctly it would be the most profitable form of trading, but that is a big if!
Since using these scripts there has been significant improvement in percentages of very successful trades for me using this platform which decreases the time to gather the needed data and places them in one screen in front of you with one click. This is the most efficient way to analyze a stock or stocks (you can have multiple charts open in one screen) for day trading and also for swing or long term trading. After using this platform for few months I wonder how did I survive trading without it in the past!
I strongly believe this is a tool that every trader should have in their tool box.
Primarily day traded OXY today + $600 on the day just on that using your script, not a tremendous level of RVOL but entry / exit notifications worked perfectly on this stock. I traded it last Friday as well and made a few hundred but today was about 5 for 5, 100% success rate in and out!
I have been using the scripts for over two months and have seen a 50% increase in my P&L. The spot on indicators are filled with vital trading data that is easy to read, comprehend and apply to my day/swing and long term trading strategies. The entry/exit alerts have taught me how to better follow price action and ignore all the noise and chatter that made me trade on emotion rather than momentum, volume, relative strength and price! Every data point is situated and color coded specifically to give you all this information at just one glance. I highly recommend the product to both new and seasoned traders, it paid for itself the very first day I used it!
Ideal and extremely useful/unique tool for active day traders. Notifications and illustrated color coding of candles allows for a distinct advantage raising the probability on successfully executing trades for entry & exits. Highly recommend whether beginner or advanced in trading as it clearly illustrates other meaningful metrics (i.e. RVOL) to further assist in trading decisions intraday. Since starting to use this awesome script, my trading success rate and profitability have gone up significantly. In my opinion, this tool is a gem and consider myself lucky to have it; it is well worth it and will pay for itself rather quickly.