Archive for January, 2010

Complex Analysis Tool (CAT): Analyzing and Recording Think or Swim DDE Data in Excel

January 31, 2010

Donors rejoice: It’s finally here! My Complex Analysis Tool (CAT) for Think or Swim. This tool is an extension of my TOS_Excel_DDE tools, with the addition of macros that record the data at time intervals you choose. I covered the full how-to on DDE linking in a previous post. An earlier version is what I used to create the plots in these two posts.

The CAT tool comes pre-configured to take the S&P 500 and calculate an Advancing / Declining Volume for the index in real time. You can get data as often as every second. If the price of a stock now is above the price at the last time step, then the volume for that stock since the last step is positive. Vice versa for down. The result is summed for the whole list and then plotted. Here’s an example plot:

You could adapt this tool to other calculations or stock watch lists. Instructions are in the file; hopefully it’s self explanatory, but I can answer any questions you may have as you try to modify it to your needs.

The CAT tool is for donors only. You can download the file “” from the Donors Only folder under the “Released Tools” section on my Google Site. If you haven’t yet become a blog donor, you can do so now by clicking the donate button. Donate an amount you feel my tools are worth to you.

If you want me to make you a custom version of the CAT tool, you can also email me for a price quote. Thanks for your support!

Read The Prospectus Discussion Forum Now Open

January 30, 2010

I’ve created the beginnings of a discussion forum for readers of my blog. Here’s the link: RTP Discussion Forum There’s also a link in the blog sidebar at right.

To be clear: I DO NOT have the time to really patrol this board, answer questions, etc. I’ll do what I can, but this is a user-driven community. Whoever wants to post questions, share ideas, collaborate on scripts, or bad mouth me or the Fed (or both) may do so. I’m providing the rallying cry under my blog’s name, since I have so many readers and generous supporters.

I really have only two rules:
1. Don’t be a jerk. Trolls and flame wars are for the Yahoo boards.
2. Don’t steal other people’s content. Give credit where it is due if you get something from somewhere else. If it is someone’s protected IP, then don’t share it. I’d also ask my blog donors to not redistribute my donor-only scripts or tools here (or anywhere for that matter). That doesn’t include my free offerings–modify away there. I’ll keep my official ones on the Google site.

I’ve asked some people to be moderators, and they have the power to change the board around as you want it. So dive in and make it your community!

Pro Pivots: Pivot Points Indicator for Think or Swim

January 18, 2010

I had some requests to add midpoints to my Formatted Pivot Points indicator. I had also made some changes over time that I had not incorporated into the published script yet, so this version has them as well. There’s nothing magic about the pivots, they are just the standard pivot points that many traders use. Here’s an overview of the extra features they have:

Timeframe: Day, Week, or Month. Choose the timeframe for the pivot points calculation.

Show only Today: Yes or No. Yes means that you will only see the pivots for today, No means you can see past pivot levels.

Dynamic Hide: Yes or No. Yes means that faraway pivot levels will be hidden. No shows all the levels.

Zone: Input a number. This plots a band +/- the input number around R1, the Pivot, and S1. I find this useful for visualizing these levels as a zone rather than as a discrete level. I use a value of around 1 or 2 on the ES. Each band plots green if price is currently above it, red if price is currently below it, and orange if price is currently inside it. If you don’t want bands, enter 0.

Show Midpoints: Yes or No. Yes plots the midpoint lines between each level. No hides them all. If you choose Yes here and also choose Yes on Dynamic Hide, then faraway midpoints are hidden along with the pivot levels.

This one is free. Download “Pro_PivotsSTUDY.ts” from “Released Thinkscript Studies” on my Google site. Thanks for reading and your support! You can always donate if you feel like my work adds value to your trading. 🙂

RSI Divergence Indicator for Think or Swim

January 12, 2010

This indicator has been updated!  See the new post here.

In a similar vein to my MACD and CCI Divergence indicators, here’s an indicator that checks for divergences between RSI and price. It’s basically just a modified version of the CCI divergence indicator I did, but using RSI instead. Also added is a filter that only plots signals if a bearish divergence is in overbought territory, and if a bullish divergence is in the oversold area. There are two indicators. The first, “Pro_RSIDivergence_v1STUDY.ts” looks for when the RSI values diverge from price making new swing highs or lows. The second, “Pro_LowerRSIDivergence_v1STUDY.ts” reverses the process, looking for price to diverge from new swing highs or lows on the RSI indicator itself, and is plotted in the lower panel. I would tend to use the upper one only, but you may want the other one, so I did it. I also added the alert code block that I highlighted earlier, so you can let it run on a chart and get alerted if a divergence shows up.

The two studies are found in “” and can be downloaded in the “Donors Only” section of “Released Thinkscript Studies” on my Google site. As always, home-gamers can ask me any questions if they want to make one for free by themselves. The CCI tutorial covers all the same coding I used for this one.

Volatility-Based Trailing Stop Study Updated (v3)

January 11, 2010

I added my alerts block code, and also fixed it since it broke on Tick charts in the most recent Think Desktop update. Download “Volatility_Based_Trailing_Stop_v3STUDY.ts” from “Released Thinkscript Studies” on my Google site.