This week I released one of my new favorite studies, Relative Strength, which instead of plotting relative strength as a basic close line graph, it can plot it as a candle chart or a bar graph, so you can trade relative strength price action. It also includes a bunch of extra features that the normal line graph study doesn’t have, such as moving averages, 4 breakout/breakdown signals, 6 bullish and 6 bearish divergence signals over multiple periods, etc. Check it out here.
I’ve also posted some updates to both Big Levels and Premarket Range to add optional summary labels to each one. That way you can use them just to display information on your chart, without any lines, or you can use just the lines, or you can use both together.
As always, prior purchasers get upgraded for free, so just log back in to your My Account > Orders page, and click the green “View” order details button beside your old order. The new links should be there waiting.
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.
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.
Josiah is a stock trader, thinkScript programmer, real estate investor, and budding mountaineer. He's also rumored to be an in-shower opera singer. Josiah & his family live in Nashville, TN. Twitter | YouTube
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