Posted on

Intraday Multiple Timeframe VWAP

Four-hour and 1-hour intraday VWAPs for ThinkOrSwim

Multiple Timeframe VWAP Indicator for ThinkOrSwim

I wanted to take a minute and tell you guys about my new Multiple Timeframe VWAP indicator for ThinkOrSwim. Most of you guys know I love volume, and recently (in the past year) I’ve started trading based on VWAP, or volume weighted average price. VWAP just makes sense: it’s the rolling average price at which the most volume traded during the current time frame (usually day). It’s a good indicator of what the most fair price is for that timeframe.

For VWAP to work, it has to reset at a certain time. Most people look at daily VWAP which resets overnight, either at midnight or at the start of regular hours trading. Longer term traders often look at yearly VWAP, which resets each year on January 1st.

But you can calculate VWAPs for any timeframe, and I’ve found that 1-hour VWAPs and 4-hour VWAPs are incredibly useful — in addition to the normal daily VWAP — both as a gauge of fair value on range-bound days, and as a support or resistance point on trending days.

Examples

Here’s a great example from a chart I pulled up the other day, where the gray line is 4-hour multiple timeframe VWAP, and the red/blue line is the 1-hour VWAP:

Four-hour and 1-hour intraday multiple timeframe VWAP for ThinkOrSwim
Four-hour and 1-hour intraday multiple timeframe VWAP for ThinkOrSwim. Gray = 4-hour, red/blue = 1-hour.

The arrows in the afternoon point out some extremely precise pivot lows that happened RIGHT AT the 4-hour multiple timeframe VWAP. The squiggles show some examples of the hourly VWAP acting as intraday support.

Anyway, I don’t know if I’m the only one that looks at these types of intraday VWAPs, but I find them incredibly useful for evaluating trade locations.

The Reason

Up until now, I had been using Sierra Chart to plot the intraday multiple timeframe VWAP because ThinkOrSwim had no ability to plot them. I have several VWAP indicators including the built-in indicator in TOS, and none of them had the ability to specify your own intraday reset period. So I decided to devote some time to developing my own so that I could get rid of the second platform and keep things a little more streamlined.

After some real struggles, I was finally able to solve the problem of resetting the VWAP at different custom periods. I also added in some features that I’d kind of wished my other indicators had, such as color-coding the VWAP line based on whether price is above or below the line (similar to the VWAP indicator available in TradeStation). And I also threw in the ability to plot standard deviation lines around VWAP as well so you can visually see how far extended price is getting away from “fair value”.

So anyway, I recently posted the thinkscript code for my multiple timeframe intraday VWAP for sale on my ThinkOrSwim Downloads shop in case anyone else is interested in this indicator. Like I said, I don’t think most people are even aware this kind of indicator exists and so it’s pretty uncharted territory, but I think from my experience there is some good edge to be exploited here. But anyway, I would love to hear from you in the comments whether or not you’ve heard of people using this before. And if you’re interested in the indicator itself, here’s the link:

$49.99 $39.99 Add to cart

Posted on

How to Install Indicators, Scans, and Columns in ThinkOrSwim

How to install indicators and downloads in the thinkorswim platform.

How to Install Indicators, Scans & Watchlist Columns in ThinkOrSwim

This video will show you exactly how to install indicators, scans, and custom watchlist quote columns in thinkorswim. There are actually 3-4 different ways to install thinkScript code, and this ThinkOrSwim tutorial walks you through 3 of them. The fourth way is to just click a “shared item” link and it will install automatically. I figured that one was easy enough to not need an explanation :-).

[youtube https://youtu.be/DlaCY2Grc6A]

You can also view the tutorial video on YouTube.

Posted on

Thinkorswim Downloads: Huge Database of FREE ThinkOrSwim Indicators

Thinkorswim Downloads: free thinkorswim indicators chart studies scans and strategies

ThinkOrSwim Downloads Master List of FREE ThinkScripts!

Check out this HUGE list of free ThinkOrSwim downloads! With most of the indicators and studies I program for my trading, I put a lot of time and energy into them in order to make sure they’re professional quality and offer a premium value — that they’re not just rehashing old chart studies that are already available, and have options that traders can use to customize them to their own trading. But there are also a lot of good free thinkScripts out there that do useful things too. And I do get asked about where to download free thinkorswim indicators from time to time, so in true Josiah fashion, I decided I wanted to deliver and go massively above and beyond in providing value, even for something that is completely FREE!

What This Is

This post contains a massive collection of free thinkorswim downloads that the authors have made available without charge on the web through the ThinkOrSwim sharing platform’s special sharing links feature. These thinkScript downloads are not my own, so I don’t warrant or offer any kind of support for them. And I’m not hosting them on my own site, I’m only linking to the downloads on TD Ameritrade’s servers where the authors posted them for free. But I wanted to provide a good one-stop resource for people looking for free thinkorswim resources, custom quote columns, scanners, chart studies, technical indicators, and strategies for the thinkorswim platform, and this list should definitely do that for you!

How to Install thinkScripts and ThinkOrSwim Downloads – First Things First

To install ThinkOrSwim downloads and indicators from these links, there are 2 options: either click the link and then the green button on the next page, OR simply copy the link, select “Setup” on the upper right of your ThinkOrSwim application, and select “Open shared item…” Then paste in the link and open it that way. Sometimes the first method doesn’t work depending on how you have your app installed, so sometimes the second method is the best way.

Download Custom Scans & Scanners for ThinkOrSwim

Download ThinkOrSwim Custom Indicators & Studies

Download Random ThinkOrSwim Studies and ThinkScript Indicators
Download Mobius’ ThinkScripts for ThinkOrSwim

Download Think Or Swim Quotes & Custom Columns for MarketWatch, StockHacker, and Sidebar Watchlists

ThinkOrSwim Downloads – Scripts for Stock, Options, Futures and Forex Trading Strategies

Download The Complete ThinkOrSwim SwimLessons ThinkScripts Archive

All of the past SwimLessons about ThinkScript have been archived for download, and here is the complete list courtesy of TOS Support. It’s an incredible wealth of thinkScripts that should keep you busy for awhile!

ThinkScript Watchlist Custom Quote Columns – Download Below
ThinkOrSwim Downloads of Chart Studies / Indicators / Alerts:
Download ThinkOrSwim Scans / Scanners & Stockhacker ThinkScripts

IMPORTANT: after you import any Scan, go to Scan tab and click on top right menu icon to select the saved query.  Then edit the filters and add any extra filters, and select watchlist of symbols with liquid options top left Scan In.  Now click on top right menu icon and Save Query to save your changes.

Hopefully you found some goodies buried in this huge list of resources.