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ThinkOrSwim Position Sizer gets Complete Overhaul! [VIDEO]

New Features for the ThinkOrSwim Position Sizer

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 I had originally made it to help me quickly calculate price action entries and exits and get the right number of shares each time, and it did that well for me, but wasn’t very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.

thinkorswim position sizer labels
ThinkOrSwim Position Sizer labels

New Features

  • 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
    • New! ATR stops
      • Specify a custom ATR multiple to use for stops
      • Change every aspect of how the ATR is calculated if desired
    • New! Kase DevStops
      • 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:

$99.99 Add to cart

Screenshots

explanation of each label in the think or swim position sizer indicator
explanation of each label in the think or swim position sizer indicator

 

 

thinkorswim position sizer chart example 1
thinkorswim position sizer chart example 1

 

thinkorswim position sizer kase devstop atr stop volatility stop
think or swim position sizer with Kase DevStops, ATR stops, volatility stops

 

think-or-swim position sizer with ATR stops
think-or-swim position sizer with ATR stops

 

Thinkorswim position sizer chart example
Thinkorswim position sizer chart example

 

Thinkorswim position sizer chart example and label explanation
Thinkorswim position sizer chart example and label explanation

 

thinkorswim position sizer - options settings 1
thinkorswim position sizer – options & settings 1

 

thinkorswim position sizer - options settings 1
thinkorswim position sizer – options & settings 2

 

thinkorswim position sizer - options & settings 3
thinkorswim position sizer – options & settings 3

 

thinkorswim position sizer - options & settings 4
thinkorswim position sizer – options & settings 4

$99.99 Add to cart

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Higher Time Frame Moving Averages – Now Supports Hull, Wilders, Exponential, and Weighted MAs!

Multiple timeframe moving averages example

Updated Higher Time Frame Moving Averages

I just released an improvement update for the higher time frame moving averages chart study. Any customers who already bought it and use it will of course have free access to the update. The updated link to import the new indicator should already be in your order history under my account, but if you have any trouble getting it just contact me directly and I’ll make sure you get the updated version.

Traders who purchase it from now on will get the improved version which now supports any of the built-in moving averages in ThinkOrSwim, and additionally lets you choose your moving average’s price type (close, open, high, low, etc.).

As in the prior version, you can select the plot color and style, which higher timeframe you want to calculate the average from, how many periods to calculate the average from, etc. This version is just a bit higher quality and more flexible.

Here are some screen shots of the indicator and the updated settings menu:

Multiple timeframe moving averages example
Multiple timeframe moving averages example (click to enlarge)

 

Multiple timeframe moving averages for ThinkOrSwim: example and settings menu (click to enlarge)

$49.99 Add to cart

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Cumulative TICK Indicator for ThinkOrSwim – New and Improved!

New & Improved Cumulative Tick Indicator

Awhile back I posted the Cumulative TICK indicator on the downloads page, but after experimenting around with it for the past several days I wanted to do some updates and improvements. So I’ve just posted the new code on the site and anyone who has downloaded it before will have immediate access to the new code and the new features. I always want to make sure I offer a good product and good value, so your feedback is important to me. Please let me know in the comments if there are any additional features you are looking for and I’ll see if I can incorporate them in the next version. I’m always programming something, so usually it doesn’t take too long for me to improve things.

What’s New

So first of all, I realized that the old indicator didn’t seem to work properly on certain instruments and timeframes due to data peculiarities in TOS. So I fleshed out the code to account for those situations, and now the indicator works on futures like the E-mini S&P 500 as well as stocks and ETFs. And it also works on any timeframe … monthly, daily, hourly, etc. Originally it had only worked in the way Dr. Brett Steenbarger originally used it and talked about it on his blog. But I realized a lot of traders would probably adjust it to their own trading styles, so I wanted it to work for every situation possible. And now it does that.

Second, to make it useful on long-term historical charts, I wanted to add some features. Normally, since the market rises generally over time, the cumulative TICK just keeps growing and growing. The adjusted cumulative TICK fixes part of that by subtracting a moving average to turn the output into more of an oscillator. But on long-term charts that still didn’t fully solve the ever-growing graph problem. What I needed was a “reset” function for long-term charts the same way intraday charts reset at the beginning of each day. So what I did was add the option to have it reset each year, month, or week. Each of these can be independently set.

Third, I’ve added the ability to choose your own average type and length for the Adjusted Cumulative TICK.

cumulative tick indicator set

New BONUS Indicator: TICK Extremes Indicator

This is an indicator that a lot of traders use to fade high and low TICK extremes. I’ve tried to make it really easy to customize by letting you show or hide the zero line, average line, and extreme levels. You can choose what levels you want to use based on whether you’re on a long term chart or a short term chart. And you can set the average type and length as well. All the colors and graph types are customizable as well.

tick extreme indicator thinkorswim

New BONUS Indicator: Comparative TICK Indicator

I’ve seen traders use this in other platforms, and I had some time to kill so I thought I’d see what I could do with it in TOS. Essentially this indicator lets you look at multiple cumulative TICKs at the same time and compare how different markets are behaving relative to each other. So you might compare the NYSE TICK to the Nasdaq TICK, S&P 500 TICK, Dow TICK, etc. The automatic comparison line lights up green when all the TICKs are up-ticking, and red when all the TICKs are down-ticking. You can literally type in any comparison TICK symbol available in Thinkorswim.

comparative tick indicator for thinkorswim

The complete list of TICK symbols is listed here for easy access:

  • $TICK – NYSE
  • $TICK/Q – Nasdaq
  • $TIKA – Amex
  • $TICKAC – Amex composite
  • $TICKAR – ARCA
  • $TICKARC – ARCA composite
  • $TICKC – NYSE composite
  • $TICKC/Q – Nasdaq composite
  • $TIKI – DJIA
  • $TIKIC – DJIA composite
  • $TIKND – Nasdaq 100
  • $TIKNDC – Nasdaq 100 composite
  • $TIKRL – Russell 2000
  • $TIKRLC – Russell 2000 composite
  • $TIKSP – S&P 500
  • $TIKSPC – S&P 500 composite
  • $TIKUS – All USA
  • $TIKUSC – All USA composite

Summary

So just as a quick recap, the cumulative TICK indicator set has been improved and updated with the following new features:

  • Works on all instruments
  • Works on any time frame
  • Custom yearly, monthly, weekly reset function to make it useful on long-term charts
  • Choose your own average type and length for the adjusted cumulative TICK
  • Set a custom closing and opening time if desired
  • New TICK extremes indicator lets you fade high and low TICK readings
  • New comparative TICK indicator lets you see how the different markets are doing relative to each other

This set comes with 4 separate thinkScripts. It includes the basic Cumulative TICK indicator, the Adjusted Cumulative TICK indicator, the TICK Extremes Indicator, and the Comparative TICK indicator.

You can check out the screenshots, video and description of the Cumulative TICK indicator here.