The basic idea is you can define your Zig Zags as usual with the built in Zig Zag indicator. But instead of just plotting zig zags, the indicator will plot volume profiles for each wave/swing, and additionally anchor VWAPs to the most recent 5 swing high/low pivot points and plot them forward in time to present.
Here’s a quick walk through:
Get the indicator here (or if you’re an existing owner download it in the My Account > Orders > View Order Details page):
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.
Relative Volume Gradient Paintbars to highlight the highest relative volume bars!
4 custom coloration thresholds
Different color scheme for up bars vs. down bars
MA-based relative volume for tick charts, also with gradient paintbars!
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!
Combined long term studies into 1 study with custom period reset (12 for monthly charts, 52 for weekly charts, 252 for daily charts).
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).
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).
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).
Just a quick note here to let all the low float and gap traders out there know that I just updated the low float lists again as of this evening. I realized it was about time to release an update so I went ahead and put the elbow grease in :-). Moving forward, I have added a reminder to my work calendar to go in and update the lists every 2 months.
For those of you who have already purchased the low float stock scan, the new list installation links should be in your order detail page in your My Account > Orders area when you login to your account.
For anyone who’s interested in trading low floats in ThinkOrSwim but hasn’t figured out how to yet, here’s the main low float watch list page where you can learn more about our workaround.
Thanks for being awesome, and enjoy the rest of the week!
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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