Multiple Timeframe Analysis Pullback for Thinkorswim (TOS)

$39.99

Trading using confluence is an important aspect of any good trading system. Confluence refers to the coming together of multiple factors that confirm a trading signal or setup, which increases the probability of a successful trade. In intraday trading, where price movements can be quick and unpredictable, it’s important to have multiple confirmations before entering a trade. Confluence should be used for swing, and long-term trading as well.

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SKU: 170012 Category: Tags: , , ,

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.

Additional information

Feature

Alert, Highlights Bar, Multiple Timeframe, Scanner Included

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Multiple Timeframe Analysis Pullback for Thinkorswim (TOS)