Trend Reversal Coding Signals in the Scan Tab | thinkScript Studies on thinkorswim

thinkScript Studies on thinkorswim | Michael Fairbourn | 7-26-24
Characteristics and Risks of Standardized Options. bit.ly/2v9tH6D
Within this presentation, we initially created a thinkScript that looked for stocks with uptrending conditions and then combined it with a momentum code within the thinkorswim paperMoney scan tab. Specifically, we looked at combining price strength based on a moving average, with strength in the RSI indicator over specific values.
Have a market idea, but you just can't find the tool to put it into action? Create your own custom indicator with thinkScript. Your education coach will build custom trading tools as you watch to help give you an understanding of creating and using scripts on the thinkorswim platform. Time to tinker with those technicals.
1023-3KVR
Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled "Characteristics and Risks of Standardized Options" before considering any option transaction.
Follow me on X (formerly twitter): x.com/MikeFair...
Scripts are for educational purposes only, are not a recommendation, and are not guaranteed for time or accuracy.
Today's thinkScripts:
Reversals, Trend & RSI: tos.mx/!IASzAXUV
MACD Custom Column: tos.mx/!fcyfkymT
Earnings Gap & Go: tos.mx/!dQJ1zz5b
Breakout above 30 bar high: tos.mx/!dPHY1WCT
MACD: Positive Divergence: tos.mx/!QZee2RjH
MACD Momentum: tos.mx/!3WDSyMGa
Lows Column: tos.mx/!yPYPkmk9
DailyPLProfitLossOnChart: tos.mx/!iCB1MJc3
Average Price & Quantity on Chart: tos.mx/!Yqp7n1W7
Strategies Session 1 : ua-cam.com/users/li...
Strategies Session P2: ua-cam.com/users/li...
Scripts are for educational purposes only, are not a recommendation, and are not guaranteed for time or accuracy.
TTM Squeeze Temporary strategy link: tos.mx/!EgIVojaN
TTM Custom Column: tos.mx/!AHR0bZX9
TTM Session One link: ua-cam.com/users/li...
TTM Session Two link: • TTM Squeeze Coding Sig...
TTM Session Three link: ua-cam.com/users/li...
#SchwabCoaching #TraderTalks #mikefairbourn #thinkorswim

[@JoeSuarez-gp1hx]

thx! your discussion of assign background color helped me code my price bubble color so it changes based on one of my one of my mov avgs!

[@tradertalkswebcasts]

Good to hear, thanks for sharing. ^MF

[@CharlesAgha]

Hi Michael, Great Video and thank you for answering my question. You're Da Best!!!

[@tradertalkswebcasts]

Any time! Glad you found it helpful, ^MF

[@wmbrice]

great stuff, Mike, thank you!

[@tradertalkswebcasts]

Glad you liked it! ^MF

[@CharlesAgha]

Hi Michael, is it possible to create an alert for a Script Study such as the MACD Crossover in this video for an entire/specific Watchlist rather than for each /individual stock.
For example, when a MACD Crossover Study is triggered (Red or Green) for the S&P500, I would get an alert notification via an email or phone notification. Thank you for everything.
BTW, I was watching a Ken Rose video and came across the "Dad Joke" you had posted back in February on X. It was very funny, made my day!

[@tradertalkswebcasts]

Hi Charles, let me see if we can get that going. Thanks for the request and glad you liked the joke, ha! ^MF

[@CharlesAgha]

@@tradertalkswebcasts Thank you and have a great weekend!

[@johnsmith-tu9ii]

You mentioned something about adding additional custom columns. How would I go about doing that? I ran out of all my custom columns, and I'm looking for a way to add others.

[@tradertalkswebcasts]

I'll give a visual of it today, thanks. ^MF

[@johnsmith-tu9ii]

@@tradertalkswebcasts Thank you, I would really appreciate it.

[@C00ltronix]

To scan for RIS 40-50 I did: RSI()."RSI" is less than 50 and RSI()."RSI" is greater than 40

[@tradertalkswebcasts]

You looked at both side, nice. Thanks for feedback, ^MF

[@JoeSuarez-gp1hx]

PS try using Wilders instead of exponential on the macd. keeps you in the trade longer.

[@tradertalkswebcasts]

Joe, are you saying to use a signal from the Wilder RSI, similar to the MACD? If so, can you give me a better idea of what that signal looks like, thanks. ^MF

[@Ironboots123]

If a trader is day trading on a 5 minute TF …. I suggest changing the MACD moving averages time to 3-10-16 for scalping

[@tradertalkswebcasts]

More responsive for sure. It would be interesting to explore the shorter timeframes in webcast, thanks for sharing. ^MF.

[@espo164]

Can you script the TTM scalper to trigger a trend change arrow on one closed candle? It seems to trigger when 3candles close thx

[@tradertalkswebcasts]

Sure, I will try to work on this for Friday's class, ^MF

[@edwardsciacca8012]

comment on ( CLOSING PRICE) it is not really that good unless that's what U need what's BAD about it is if U have a Sell order sell if greater then 5% within 1 BAR AND THE PRICE gets to 10% but closes even U made nothing why using the close prevents from intra BAR Trading U get the signal at the Close . Trading from 1967

[@tradertalkswebcasts]

True, you can always get those bigger price moves, ^MF

[@moku5816]

Please change to a black background. The white background is unreadable...it is blinding

[@tradertalkswebcasts]

I've had a lot of requests for white, but let me see if I can use a less strong white background. ^MF

[@sjsphotog]

Good stuff MF. Thanks. Keep it up

[@tradertalkswebcasts]

Glad you found it helpful, thanks! ^MF

[@skunkape5918]

☦🕊❤

[@tradertalkswebcasts]

Thanks, ^MF