I’ve recently been adding several new functions and features to the Thinkorswim Relative Volume paintbars indicator package including:
New volume sources
Range by itself
New range types added
Open Interest
Implied Volatility
Many new combinations of all the types
New BLENDED average mode — weight both the Time Based Average and Moving Average of your volume source according to whatever percentages you want
New automatic or manually set time based mode
New columns and scans for each type of volume source
New labels indicator showing relative overnight volume, premarket volume, aftermarket volume, opening range volume, and regular hours volume
New bonus columns for relative and absolute overnight, premarket, and aftermarket ticks/trade count and share volume
As always, if you purchased the indicator before, all updates are free. Just log back in and go to My Account > Orders > View and the new links should be there.
If you haven’t yet gotten your hands on it, check out the video and my playlists of trades on Youtube, and then purchase the set here:
Today I’ve released some substantial updates to both the Relative Volume indicator set and the Position Sizer.
Relative Volume, Trades, Shares-Per-Trade, and Shares-Per-Range
The Relative Volume, Trades, Shares-Per-Trade, and Shares-Per-Range indicators have all been combined into a single indicator that lets you switch between modes.
The Time-Based Average and the Moving Average based relative volume indicators have now all been combined into the single indicator as well, so you can switch between a time based average for use on intraday timeframe charts, and a custom moving average of volume for any timeframe chart.
Efficiency improvements have also been made to reduce resource consumption and keep your platform responsive.
The Position Sizer has a new mode for Fixed Dollar Target, in addition to the existing Fixed Price and Risk Multiple target modes.
New mode for stop – fixed dollar stop
New mode for risk per trade – choose a fixed dollar amount to risk or keep the normal percentage of buying power, either auto or manually chosen
All the data points in the label have been separated out so they can be controlled individually.
New labels for Bid-Ask Spread, Daily Volume, stop size, buying power required, etc.
Add spread size to stop size automatically
Fixed an issue to limit number of shares not only by risk per trade but also by buying power
Added offset setting for labels, so you can choose to display the entry/stop/target and position sizing info for the prior candle instead of the current candle, in case you like to use bar break types of entries based on the just-closed prior candle.
I will be updating the images and data sheets for each in the coming days, but I wanted to get the release notes out there for people who’ve already purchased in the past.
I hope these changes will add value and benefit your trading workflow. As always, updates are free to prior purchasers and the new links are available in the My Account > Orders area of the site. Thanks for your continued support and kind feedback!
Josiah is a stock & crypto trader, ThinkScript programmer, real estate investor, and budding mountaineer. He's also rumored to be an in-shower opera singer. Josiah started Easycators in 2015 and lives with his family in Nashville, TN. Twitter | YouTube
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