Sale!

Multiple Time Frame Stochastics Indicator with Paintbars & Scanner for ThinkOrSwim

$99.99 $59.99

This is a set of Thinkscript add-ons for Think-Or-Swim that allow you trade multiple time frame stochastics setups with lower timeframe chart entries.

Description

This is a set of Thinkscript add-ons for Think-Or-Swim that allow you trade multiple time frame stochastics setups with lower timeframe chart entries. So for instance, you might want to trade stochastic setups on a weekly chart, but make your entries on the daily chart. This study set will allow you to do that by helping you scan and find ideal setups, evaluate trend strength and direction with the custom columns, locate attractive entries with the indicator and paintbars study, and finally make the trade.

The Multiple Time Frame Stochastics Indicator – What It Does

  • Display weekly or monthly stochastics on daily charts
  • Display higher timeframe stochastics on intraday charts
  • Paintbars study colors your price chart based on whether %K is above or below the %D
  • Scan for stocks with stochastics crossing user-defined thresholds
  • Identify trends in watchlists with custom color-coded columns (green for uptrend, red for downtrend)
  • Find lower timeframe pullbacks within higher timeframe trends

How It Works

  • The user specifies a time frame for the indicator, scanner, and watchlist columns (weekly by default)
  • User specifies stochastics settings for %K, %D, slowing average length if any, average type, etc.
  • All plot styles and colors for the chart studies are customizable

Why You Want It

  1. Objective entries and easy to use color-coded chart
  2. Allows you to trade higher time frame trends on lower time frame charts
  3. Easily scan and find multiple time frame stochastics setups to trade
  4. Identify small time frame pullbacks in larger time frame trends
  5. Highly customizable – choose any time frame, any stochastic settings, etc., (good defaults provided).

Screenshots

multiple time frame stochastics indicator for thinkorswim
Example (chart): weekly stochastics indicator changes chart bar color based on K/D crossovers. Example (sidebar): red shows pullbacks on daily stochastic indicator, within green weekly stochastic uptrends.

 

Scan can be added to the sidebar as a watchlist that updates dynamically every 3 minutes. Custom color-coded columns can be used in the sidebar (left), the Stock Hacker scan window (right), or even on the MarketWatch Quotes window (not shown). Custom filters can be added/removed/changed on the scan as needed. The main scan logic can be customized to find stochastic crossovers on the monthly, weekly, daily, hourly, or any other time frame chart.

Video

[youtube https://www.youtube.com/watch?v=pLFk9LZ6aa8]

What is The Stochastics Oscillator?

The Stochastics oscillator was developed by George C. Lane in the 1950s. It’s a momentum indicator showing the relative location of the close to the high-low range over a given number of periods. Lane has stated that the oscillator “doesn’t follow price, it doesn’t follow volume or anything like that. It follows the speed or the momentum of price. As a rule, the momentum changes direction before price.” Thus, the oscillator can be used to find bullish and bearish divergences prior to reversals. The Stochastic Oscillator is range bound so it can also be useful for finding overbought and oversold conditions.

Calculation

Full %K = x-day Moving Average of [ (Current Close - Lowest Low) / (Highest High - Lowest Low) * 100 ]
Full %D = x-day Moving Average of Full %K

Reviews

There are no reviews yet.

Be the first to review “Multiple Time Frame Stochastics Indicator with Paintbars & Scanner for ThinkOrSwim”

Your email address will not be published. Required fields are marked *