Just a quick note to let you know the AutoFibs has been updated a bit to include the ability to switch between having 100% at the high or 100% at the low, and a couple of updates that allow the “rolling periods” mode to use either a higher timeframe or the chart’s own timeframe. See the AutoFibs here and prior customers can access the update from the My Account / Orders area of the site by clicking the green “View” button next to their order to bring up the latest links.
Tag: automatic support and resistance
NEW AutoFibs v3.0 released!
I’ve just released a substantial update to the AutoFibs Automatic Fibonacci retracement and extension lines indicator. It now includes multiple new modes for identifying the high-low of a range:
- Built in period
- Day including extended hours
- Opening range
- Manual prices
- Manual dates
- Rolling period
- Full chart
- Zig Zags
You can also now specify how to plot the lines:
- Across the full chart
- Specific number of bars
- Rolling periods (same as in old version)
As always, prior purchasers get the update for free, just log back into My Account > Orders > View Order Details and the new links should be there. New customers can purchase it here.
This is a beta release as of right now, so let me know if you spot any bugs. Thanks! -Josiah
Multiple Timeframe OHLC Levels Indicator: Automatic Support & Resistance
Multiple Timeframe OHLC Levels Indicator for ThinkOrSwim
The multiple timeframe OHLC levels indicator plots the open, high, low, and/or close for a specified time frame (hour, day, week, month, etc.) on a lower time frame chart.
Say you’re trading on a 5 minute chart, and you want to be aware of important nearby price levels. You can add the OHLC levels for the prior day, prior week, prior month, etc. You can also add the levels for the current day, week, month, etc., or 3 days ago, or any other combinations you can think of.
In addition, you can selectively turn off certain values you don’t want (the closing price for the current day, for instance). The indicator automatically takes premarket data into consideration if you have it displayed on the chart, or ignores it if it is turned off, and just uses the regular hours OHLC values instead.
These levels can be incredibly important. I’ve found several levels to be of particular importance: yesterday’s range, last week’s range, and often last month’s range. When you’re a few days into a new trading week, the current week’s range can also be important. I’ve also found the pre market range and the initial balance range to be important as well if you want to add some additional automatic support and resistance points to your chart.
Take a look at the example below and you can easily see how prices tend to respect the OHLC levels from current and prior days and higher time frames.
$69.99Add to cart
About Josiah
Hi guys, I’m Josiah, and I’m a trader/programmer from the Nashville, TN area. I recently finished up both a bachelor’s and a master’s degree in Computer Information Systems at a local university and have been self-employed since then, trading and developing projects with Ruby on Rails on the side. Since I was already familiar with a certain amount of programming, and had an active interest in trading and investing, learning ThinkScript — the scripting language for the ThinkOrSwim platform — made a lot of sense, and helped me develop a platform configuration that really streamlined my trading workflow.
About the ThinkScripts
These basically came about because I got so frustrated with the limited built-in capabilities in TOS, and standalone subscription services that charge $99+/month. So I decided to learn ThinkScript so I could develop indicators and scans for myself. I still use most of these thinkscripts every day while trading.
Questions?
Email me here or leave a comment below!
$69.99Add to cart
