Posted on

Updates to Relative Volume + Position Sizer

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.
  • Find out more here.
Thinkorswim Time Based Relative Volume Settings 1
Thinkorswim Time Based Relative Volume Settings 1

 

Thinkorswim Time Based Relative Volume Settings 2
Thinkorswim Time Based Relative Volume Settings 2

 

Thinkorswim Time Based Relative Volume
Thinkorswim Time Based Relative Volume

 

Position Sizer

Thinkorswim Position Sizer updated labels

  • 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.
  • Find out more here.
Thinkorswim Position Sizer - Settings 1
Thinkorswim Position Sizer – Settings 1

 

Thinkorswim Position Sizer - Settings 2
Thinkorswim Position Sizer – Settings 2

 

Thinkorswim Position Sizer - Settings 3
Thinkorswim Position Sizer – Settings 3

 

Thinkorswim Position Sizer - Settings 4
Thinkorswim Position Sizer – Settings 4

 

Thinkorswim Position Sizer - Settings 5
Thinkorswim Position Sizer – Settings 5

 

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

Posted on

Day Trading with Relative Trade Size and Equivolume – Daily Journal

Posted on

Relative Volume Gradient Paintbars – New Updates for ThinkOrSwim

Relative Volume Gradient Paintbars for Thinkorswim [VIDEO]

Relative Volume Gradient Paintbars Study for Thinkorswim

Today I’m releasing an overhaul of the Relative Volume indicator for Thinkorswim that I’ve been working on for awhile. This is one of my favorite thinkscript studies and I’ve been experimenting with it in my own trading for awhile, so I wanted to go ahead and get the update released on the site and see if it can add some value for my fellow traders.

Like all of our upgrades, they’re completely free to prior purchasers, just go to the My Account > Orders > View Order Details area of the site and the new links should be posted there for you to install.

New Features

  1. Relative Volume Gradient Paintbars to highlight the highest relative volume bars!
    1. Custom colors
    2. 4 custom coloration thresholds
    3. Different color scheme for up bars vs. down bars
  2. MA-based relative volume for tick charts, also with gradient paintbars!
  3. Combined tick volume / trade volume in the same indicator, just switch the mode in settings. Simply add 2 instances if you want both relative tick count & share count on the same chart!
  4. Combined long term studies into 1 study with custom period reset (12 for monthly charts, 52 for weekly charts, 252 for daily charts).
  5. Added a TIME BASED relative volume QUOTE COLUMN so you can see when a stock in your watchlist has surging volume on whatever INTRADAY timeframe you want (5 minute, hourly, etc).
  6. Added a MA BASED relative volume QUOTE COLUMN so you can see when a stock in your watchlist has surging volume on ANY timeframe you want (hourly, daily, etc).

Benefits

  • High volume bars now immediately pop out visually on your chart without having to look down at the histogram.
  • You can even hide the histogram altogether and just use the paintbars function to gauge volume and save screen space.
  • This release really simplifies down the number of scripts and makes each more powerful and customizable.
  • MA-based relative volume indicator can be used on tick charts, intraday minute charts, or daily and higher charts.
  • Using the MA-based relative volume on tick charts lets you see an additional dimension of volume on the same graph (tick count bars combined with share count highlighting really adds additional depth of information).

Get the Relative Volume study here!

I’m finding the volume gradient to be a real value add, and especially on the tick charts:

relative volume gradient paintbars indicator for thinkorswim
Example chart of KO with the new relative volume gradient paintbars indicator for Thinkorswim

Get the Relative Volume study here!