Description
The Multiple Timeframe Analysis Pullback for Thinkorswim (TOS) gives you the ability to overlay a higher timeframe on top of your trading timeframe for multiple timeframe analysis. E.g., you can overlay a weekly chart on top of a daily, a 10m chart on top of a 2m, a 5m on top of a 1min, etc. It also has an audible alert when a pullback pattern sets up, so you won’t miss an entry. If you want the best entries, you have to take only the best setups.
NOTE: This indicator is similar to the Pullback indicator for thinkorswim (TOS) with alert, but has a timeframe overlay for multiple timeframe analysis and uses 4 moving averages.
It considers a pattern complete when the following criteria are met (conditions listed are for a long bias. reverse the logic for a short bias):
- The fast moving average is above the slow moving average
- The slow moving average is above the “kinda slow” moving average
- The “kinda slow” moving average is above the “very slow” moving average
- There is a sequential pullback of bars that do not exceed the average range *
- The close of the first bar of the pattern is above the fast moving average
- The high of the final bar is above the fast moving average
- The low of the final bar is above the slow moving average
Options for this indicator include:
- bias: default long
- agg: default 5m
- alert sound: default Sound.NoSound
- num pullback bars: default 2
- enforce avg range rule: default yes
- sma very slow: default 100
- sma kinda slow: default 50
- sma slow: default 20
- sma fast: default 10
- show arrows: default no
- trigger bar color: default CURRENT
Download package includes scan code. Please read How to create a thinkorswim (TOS) dollar gainer scan for details on how to add a custom Thinkorswim scan.
* The average range for this parameter is defined by the sma slow option. This rule to enforce the average range may be disabled to loosen the entry criteria.
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