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Pre Market Indicator: Premarket High and Low Range for ThinkOrSwim

Premarket Range High Low Indicator for thinkorswim

Pre Market Indicator for ThinkOrSwim

Pre Market indicator for thinkorswim shows the High-Low Range with "Show Today Only" OFF
Pre Market indicator for Thinkorswim – with “Show Today Only” OFF

The Pre Market Indicator for ThinkOrSwim does just what you would assume: it plots the pre-market high and low range as lines on your chart, both during the pre market hours and the regular trading hours of the day. This way they can be used as automatic support and resistance indicators for the rest of the trading day.

You can specify if you want it to show the premarket range for today only, or all days visible on the chart. You can also easily change the line weight, style, pattern, and color. The pre market indicator is made for use with intraday charts only, and you must have “show extended hours” option checked on the chart you want to use it on.

$69.99Add to cart

 

Pre Market Indicator plots High/Low Range with "Show Today Only" ON
Pre Market indicator plots High/Low Range – with “Show Today Only” ON

About Josiah

Hi guys, I’m Josiah, and I’m a trader/programmer from the Nashville, TN area. I recently finished up both a bachelor’s and a master’s degree in Computer Information Systems at a local university and have been self-employed since then, trading and developing projects with Ruby on Rails on the side. Since I was already familiar with a certain amount of programming, and had an active interest in trading and investing, learning ThinkScript — the scripting language for the ThinkOrSwim platform — made a lot of sense, and helped me develop a platform configuration that really streamlined my trading workflow.

About the ThinkScripts

These basically came about because I got so frustrated with the limited built-in capabilities in TOS, and standalone subscription services that charge $99+/month. So I decided to learn ThinkScript so I could develop indicators and scans for myself. I still use most of these thinkscripts every day while trading.

Questions?

Email me here or leave a comment below!

 

$69.99Add to cart

 

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Position Size Calculator with Entry and Stop

High Low Entry Stop Calculator - Example 15 minute chart

Position Size Calculator for ThinkOrSwim

Position Size Calculator for ThinkOrSwim - properties
Position Size Calculator for ThinkOrSwim – properties

The position size calculator for ThinkOrSwim is a simple but important ThinkScript I made that allows me to instantly know what my entry, stop, and position size should be in order to maintain an equal risk on every trade I take.

One issue many new traders face is inconsistency — especially having losing trades that are larger than their winners. This is a recipe for disaster in trading. The more variables you can control in a trade, the less likely you are to screw up and lose a lot of money, and therefore the more consistent and predictable your returns will be. And one important aspect of controlling those variables and smoothing out your growth curve is sizing your positions correctly every time. And this indicator helps you do just that.

Basically, this indicator allows you to specify what size bar you want to size your entries off of (say a 15′ candle for example). No matter what chart you’re looking at (it could be a 5′ or 2′ chart for instance), this indicator will allow you to know what the latest 15′ bar’s high and low is, and how many shares you would need to buy in order to properly size an entry based on that 15′ candle.

Example of what the entry and Position Size Calculator for ThinkOrSwim shows you

Example of what the entry and Position Size Calculator for ThinkOrSwim shows you

It could just as easily be that I’m looking at a 5′ chart and want to know how to size my positions correctly for a 5′ candle high/low entry and stop — this indicator can handle that too. One glance and you know how to enter your orders — no calculator needed.

Features:

  • Specify in advance how much you want to risk on each trade — could be $25 or $1000.
  • Add a few cents of padding to the entry and stop if desired. Calculations adjust automatically.
  • Tells you your entry price, stop price, stop size, and the number of shares to order.

Take a look at the screenshots and the video and let me know if you have any questions!


$109.99Add to cart

 

Position Size Calculator for ThinkOrSwim - example 5 minute chart
Position Size Calculator for ThinkOrSwim – example 5 minute chart with a 15 minute entry

 

Position Size Calculator for ThinkOrSwim - Example 15 minute chart
Position Size Calculator for ThinkOrSwim – Example 15 minute chart with a 15 minute entry

 

$49.99Add to cart

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Key Reversal Time Lines Indicator

Custom time lines indicator

Reversal Time Vertical Lines Indicator for ThinkOrSwim

This reversal time indicator for ThinkOrSwim could be very important to your trading. Many times we forget that there are multiple dimensions to the stock market — price, share volume, and tick/trade volume all play a role, but one dimension we often forget about is the dimension of time. In our stock charts, time is one of the two dimensions displayed … price is the vertical axis, and time is the horizontal axis. But we often seem to ignore it.

Time influences the movement of markets due to a wide variety of reasons. Tom Bulkowski’s statistical work has shown that intraday trend reversals tend to occur at 1 minute past each hour, 1 minute past each half hour, and 51 minutes past each hour (examples would be 9:01, 10:31, 11:51 respectively). Knowing these kinds of statistical tendencies is what having an edge in the market is all about. There are also exchange procedures that lead to price movements at certain times of the day — for instance, intraday margin calls usually happen between 11:00 a.m. – 1:30 p.m. Things like this show how time truly matters to price movement, yet is largely ignored.

It was with this in mind that I put together a highly-customizable ThinkScript indicator to highlight important reversal times throughout the day. It can be used to highlight a statistical reversal time you’re watching, to tell you at what time of the day you should change strategies, or even just remind you to take lunch or close out your afternoon positions. There are endless ways the time lines indicator can be used based on your own trading system.

Customizable Features:

  • The ability to add custom text labels to each time line, or remove individual labels
  • The ability to show/hide a particular reversal time (just place a zero in the time specification field to make it disappear)
  • The ability to change the line color
  • The ability to change the line style (solid, dashed, dotted, etc.) and thickness/weight
  • The ability to place the lines on the lower studies (volume, etc.) as well as the main price chart, if desired

 

$49.99Add to cart

 

Reversal time indicator - time lines every 20 minutes
Reversal time indicator example setup: custom time lines every 20 minutes.

Questions?

Email me here or leave a comment below!

 

$49.99Add to cart