thinkscripts – Page 6 – Easycators Thinkorswim Downloads

Posted on Monday 2016.09.05Monday 2019.09.16 by Josiah

Position Size Calculator with Entry and Stop

High Low Entry Stop Calculator - Example 15 minute chart

Position Size Calculator for ThinkOrSwim

The position size calculator for ThinkOrSwim is a simple but important ThinkScript I made that allows me to instantly know what my entry, stop, and position size should be in order to maintain an equal risk on every trade I take.

One issue many new traders face is inconsistency — especially having losing trades that are larger than their winners. This is a recipe for disaster in trading. The more variables you can control in a trade, the less likely you are to screw up and lose a lot of money, and therefore the more consistent and predictable your returns will be. And one important aspect of controlling those variables and smoothing out your growth curve is sizing your positions correctly every time. And this indicator helps you do just that.

Basically, this indicator allows you to specify what size bar you want to size your entries off of (say a 15′ candle for example). No matter what chart you’re looking at (it could be a 5′ or 2′ chart for instance), this indicator will allow you to know what the latest 15′ bar’s high and low is, and how many shares you would need to buy in order to properly size an entry based on that 15′ candle.

Example of what the entry and Position Size Calculator for ThinkOrSwim shows you

It could just as easily be that I’m looking at a 5′ chart and want to know how to size my positions correctly for a 5′ candle high/low entry and stop — this indicator can handle that too. One glance and you know how to enter your orders — no calculator needed.

Features:

Specify in advance how much you want to risk on each trade — could be $25 or $1000.
Add a few cents of padding to the entry and stop if desired. Calculations adjust automatically.
Tells you your entry price, stop price, stop size, and the number of shares to order.

Take a look at the screenshots and the video and let me know if you have any questions!

Original price was: $129.99.Current price is: $109.99.Add to cart

Position Size Calculator for ThinkOrSwim - example 5 minute chart — Position Size Calculator for ThinkOrSwim – example 5 minute chart with a 15 minute entry

Position Size Calculator for ThinkOrSwim - Example 15 minute chart — Position Size Calculator for ThinkOrSwim – Example 15 minute chart with a 15 minute entry

Original price was: $99.99.Current price is: $49.99.Add to cart

Posted on Monday 2016.09.05Monday 2019.09.16 by Josiah

Key Reversal Time Lines Indicator

Reversal Time Vertical Lines Indicator for ThinkOrSwim

This reversal time indicator for ThinkOrSwim could be very important to your trading. Many times we forget that there are multiple dimensions to the stock market — price, share volume, and tick/trade volume all play a role, but one dimension we often forget about is the dimension of time. In our stock charts, time is one of the two dimensions displayed … price is the vertical axis, and time is the horizontal axis. But we often seem to ignore it.

Time influences the movement of markets due to a wide variety of reasons. Tom Bulkowski’s statistical work has shown that intraday trend reversals tend to occur at 1 minute past each hour, 1 minute past each half hour, and 51 minutes past each hour (examples would be 9:01, 10:31, 11:51 respectively). Knowing these kinds of statistical tendencies is what having an edge in the market is all about. There are also exchange procedures that lead to price movements at certain times of the day — for instance, intraday margin calls usually happen between 11:00 a.m. – 1:30 p.m. Things like this show how time truly matters to price movement, yet is largely ignored.

It was with this in mind that I put together a highly-customizable ThinkScript indicator to highlight important reversal times throughout the day. It can be used to highlight a statistical reversal time you’re watching, to tell you at what time of the day you should change strategies, or even just remind you to take lunch or close out your afternoon positions. There are endless ways the time lines indicator can be used based on your own trading system.

Customizable Features:

The ability to add custom text labels to each time line, or remove individual labels
The ability to show/hide a particular reversal time (just place a zero in the time specification field to make it disappear)
The ability to change the line color
The ability to change the line style (solid, dashed, dotted, etc.) and thickness/weight
The ability to place the lines on the lower studies (volume, etc.) as well as the main price chart, if desired

Original price was: $99.99.Current price is: $49.99.Add to cart

Reversal time indicator - time lines every 20 minutes — Reversal time indicator example setup: custom time lines every 20 minutes.

Questions?

Email me here or leave a comment below!

Original price was: $99.99.Current price is: $49.99.Add to cart

Posted on Monday 2016.09.05Monday 2019.09.16 by Josiah

The Power of the Relative Volume Indicator for ThinkOrSwim

Relative Volume Indicator for ThinkOrSwim

For many of you subscribe to the classical trading philosophies of legendary traders like Jesse Livermore and Richard Wyckoff, there is probably no need for me to further emphasize the importance of volume here. Over the years I’ve read many, many trading books, and after reading many of these classical traders’ books, pamphlets, and articles, I realized my current toolset for analyzing volume was insufficient. And that is what led to this relative volume indicator for thinkorswim.

Most trading websites tell you to watch for volume surges, and there are many ways of determining when a surge is happening. Some relative volume indicators simply check to see when volume is above its moving average. But these measures are highly inaccurate, especially at certain times of the day. Volume is always going to be higher at the open and the close, and these extremes skew the moving average for the rest of the day, making it basically useless.

What I really needed was a way to see what the average volume was for a given bar at a specific time of day, and then to compare the current volume to that bar’s average to see if there was anything unusual going on. So I set about trying to develop ways of automating my volume analysis as much as possible, and making it abundantly obvious whenever there was a trading anomaly in the works. And that journey led to this set of ThinkScript studies for ThinkOrSwim, which provide an easy, visual way for stock traders to quickly determine if a tradable event is occurring.

How it works:

Relative Volume Indicator Add to Chart — Relative Volume Indicator – Add to Chart

A given bar’s volume is averaged over a customizable look-back period (10 days by default).
The current bar’s volume is compared to its average volume and ranked in relation to that average.
If the current bar’s volume is below average, it will be dark gray; if it’s above average by certain thresholds it gets brighter, and turns blue at extremely high readings, drawing your immediate attention.

What you get:

A custom-programmed relative volume indicator that tells you if the current volume is below average, just average, above average, or truly extreme.
A custom-programmed relative trades indicator that shows you the relative number of trades that are happening — or, said another way, the relative speed at which the tape is scrolling — indicating the amount of interest there is at the current price level.
A special bonus indicator showing the average shares per trade for the current bar. When you see this number jump you know the big boys have joined the party!

Why you want it:

Find key turning points on the chart before the move is over. Identify where unusual buying or selling has begun to create a reversal and start building a position early.
See what the big boys are doing so you can follow in their wake and stay on the right side of the trade!
Never be fooled by the basic volume graph again. Your typical volume graph can lead you astray and trick you into thinking there is strong commitment behind a move when there really isn’t, or make you miss the moves that do have strong commitment behind them but are often impossible to find without the right tools!

Original price was: $249.99.Current price is: $199.99.Add to cart

Questions?

Email me here or leave a comment below!

Original price was: $249.99.Current price is: $199.99.Add to cart