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).
I recently finished up a complete redesign of my ThinkOrSwim Position Sizer, and I wanted to post a quick announcement and go over some of the new features. I’m pretty excited about what I’ve been able to do with it, and I really hope others will find it as useful as I do.
The original implementation was basically a candle high/low position sizer. It calculated entries 1 tick above the high and your stop was 1 tick below the low of the candle, and it would size your position based on that stop size. Additionally, it only worked on stocks. I had originally made it to help me quickly calculate price action entries and exits and get the right number of shares each time, and it did that well for me, but wasn’t very flexible for other traders’ needs.
The new indicator is completely different and vastly more powerful.
Works on Stocks, ETFs, and now Futures too!
Automatically account for the minimum tick size and tick value of futures contracts
Choose a percent of your buying power to risk on each trade
Script automatically grabs your current account balance and calculates the right amount of shares/contracts to buy based on your predefined risk tolerance
Optionally specify a manual/theoretical account balance
Specify a buying power multiple (2x or 4x account balance, etc., or just leave at 1x to use no margin leverage)
NEW STOP TYPES!
Candle/bar price action stops and entries as before
Specify a custom ATR multiple to use for stops
Change every aspect of how the ATR is calculated if desired
Choose between 4 different DevStop standard deviation levels
New entry methods!
Choose trade direction, long or short
Specify to calculate entries from the close, open, high, or low
Add custom padding for slippage or breakout entries to both entries and stops
Example 1: enter 1 tick above the high of a candle, stop 1 tick below the low, etc., to simulate a stop-market entry and exit
Example 2: assume 1 tick slippage on entries and stops, regardless of entry type
New target methods!
Choose an automatic target based on a multiple of your risk (stop size).
Example: if your stop size is $2, you can specify a 1:2 risk/reward ratio, and it will automatically calculate your target price as $4 above your entry
Choose a manual target price for your trade and automatically get the risk/reward in both Risk Units (Rs) or in percentage terms
Optionally round the shares or contracts to the nearest 10, 100, or whatever other number you specify
Show/hide any labels or lines on the chart
Change label and line colors as desired
Question mark icon / Tooltip for each option explains every setting in detail
How to Get the Updated Version
A quick note: previous purchasers will OF COURSE get the updated version for free! I really appreciate your support, and the updated links will be waiting for you in the My Account area under My Orders, as with all updates I release. If you have any trouble getting the links, just contact me and I’ll make sure you get setup.
If you haven’t purchased the Think-Or-Swim Position Sizer yet but you think it will be of benefit to your trading, you can pick up your copy here:
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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