Posted on

Full TMO Relative Strength Set added to the existing Relative Strength Package for Thinkorswim

ROL Rollins TMO Relative Strength True Momentum Oscillator Strategy for Thinkorswim

New TMO Relative Strength indicator and strategy set added to the existing Relative Strength set

This is a new approach or strategy that I think is valuable enough to share with everyone on my site. This is the TMO, or True Momentum Oscillator, which you may have seen or heard of previously from Mobius. The plain vanilla TMO is a great indicator in its own right, even by itself. However, I’ve found that by combining it with Relative Strength, the results are truly impressive.

TSLA Tesla TMO Relative Strength True Momentum Oscillator Strategy for Thinkorswim
TSLA Tesla TMO Relative Strength True Momentum Oscillator Strategy for Thinkorswim

The idea behind this new script is to calculate the TMO for 3 different sources:

  1. The stock itself
  2. A market index symbol such as SPX or /NQ
  3. The relative strength ratio of the stock divided by the index symbol

Then, by comparing the TMO output of each of these sources, we can identify points in time where the stock’s momentum first begins to outperform the overall market early on, while it’s still trading inside a base or pullback pattern.

Thinkorswim Relative Strength TMO True Momentum Oscillator Scanner and Signals Column - Sidebar
Thinkorswim Relative Strength TMO True Momentum Oscillator Scanner and Signals Column – Sidebar

The remarkable thing to me is that this strategy can be broadly profitable on most stocks just using the built-in divergence signals between the 3 TMOs, and no additional filters like MAs or other trend filters.

The other remarkable feature is that this seems to be a timeless source of edge: if many people start using these signals, it will likely create new divergences to take advantage of.

The set comes with a scan, column, 2 indicators, and a strategy for backtesting, and by default it compares the currently-charted stock to the SPX through the lens of the TMO.

This suite of tools is available for free to anyone who has previously purchased the Relative Strength indicator set, and from now on it will also be included for new customers as well.

Click here to get the TMO Relative Strength set for Thinkorswim!

DE John Deere TMO Relative Strength True Momentum Oscillator Strategy for Thinkorswim
DE John Deere TMO Relative Strength True Momentum Oscillator Strategy for Thinkorswim
Thinkorswim Relative Strength TMO True Momentum Oscillator Scanner and Signals Column
Thinkorswim Relative Strength TMO True Momentum Oscillator Scanner and Signals Column
Posted on

Automatic Zig Zag Anchored VWAP and Volume Profile

I had a request to do this indicator from a customer and I thought it would be a useful tool, so I got to work on it. I’ve added this as a free bonus to the existing Anchored VWAP and VWAP multiple timeframe set here.

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:

Thinkorswim automatic Zig Zag Anchored aVWAP and Volume Profile
Thinkorswim automatic Zig Zag Anchored aVWAP and Volume Profile

Get the indicator here (or if you’re an existing owner download it in the My Account > Orders > View Order Details page):

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!