Awhile back I had a trader email requesting I code this indicator for Thinkorswim. At the time I wasn’t able to get to it, and I’ve subsequently lost the email, so I thought I would put this out there in the universe in case he happens to run across it here, and in case anyone else can use it.
“The output of the indicator is the amount of momentum a security has, that is in excess of its average volatility, expressed as a percentage. We are measuring directional strength, “purified” from volatility fluctuations”
Alex Spiroglou
Traditional MACD vs. Volatility Normalized MACD-V for Thinkorswim
As usual I’ve been at work updating the scripts from time to time with new feature ideas, and one client recently mentioned that there weren’t any recent posts on the website, so I thought I’d better start being more diligent about letting people know when I release updates. I’ll try to do that going forward.
The latest update I wanted to mention is that I’ve added some unique capabilities to the AutoFibs ZigZag functionality that lets you draw the levels based on any of the 3 most recent swings (zigzags), but then also plot or project the levels from any of the 3 most recent swings that you want as well.
This is interesting for finding points of symmetry and price targets for take profit orders.
So you could, for instance, base the levels on the range of 3 swings ago, and then project forward from the current swing high, as in this example:
Thinkorswim Indicators – Automatic Fibonacci levels study – AutoFibs example
Here are the new settings to control the behavior:
Thinkorswim Indicators – Automatic Fibonacci levels study – AutoFibs settings
The functionality is similar to the built in 3-points Fibs Extensions tool that comes with TOS, only the indicator makes the process automatic for you.
Existing clients – please go to My Account / Orders and click the VIEW button to pull up your order details and download the latest version there. This is where you can get access to all future updates for free as usual.
Josiah is a stock & futures trader, ThinkScript programmer, Bitcoin maximalist, gold bug, real estate investor, and budding mountaineer. He's also rumored to be an in-shower opera singer. Josiah started Easycators in 2014 and lives with his family near Nashville, TN. xTwitter | YouTube
