This package includes the Thinkorswim TOS Auto Trend line indicator, trend line breakout SCAN and custom quote for watchlist.
The Trend line indicator will only plot the most recent two trend lines for both uptrend and downtrend.
The Trend line above the price is formed by two recent swing highs, and the line below the price is formed by two recent swing lows.
You will be able to define the strength of swing high and low in order to detect long term, midterm and short term trend lines. The input Strength is the number of bars on the left and right side of the swing point.
The following video shows how it works on a real-time replay tick chart, the Strength input is 5.
It works the same way on all other timeframes.
It will alert when the price either cross above the upper trend line, or cross below the lower trend line.
Furthermore, it works on any timeframe and all kind of securities (Stock, Forex, Futures, etc.)
The Trend line SCAN will search and find all symbols with the last price that closes above the upper trend line or below the lower trend line.
The chart alert and SCAN use the same calculation for cross above upper trend line and cross below lower trend line.
For example, in the chart below, you will get two alerts, the 1st one is on bar A when it's the 1st time to cross above the upper trend line,
the 2nd alert is on bar B. If the price pullback and cross above the upper trend line again in the future, you will get the 3rd alert.
You will also get both bar A and B in SCAN result, if you scan in 4 days ago(this is a Daily chart), bar A is the last bar at that time, and it crosses above the upper trend line.
Then the price went down and now bar B cross above upper trend line again, so if you scan today, you will get result for this stock again.
You can always apply this indicator multiple times with different "Strength" settings to detect long term, midterm and short term trend lines on the same chart. For example, you can use one with Strength=6 and another with Strength=12. In fact, you can add it as many times as you like, just like the moving average indicator.
The custom quote will show the relative position of current price in the watchlist.
If Close is above the upper trend line, it will show "Above"
If Close is below the lower trend line, it will show "Below"
If Close is between the upper and lower trend line, it will show "Between"
You can apply it to more than one column with a different timeframe.
Copyright @ 2021 Patternsmart - All rights reserved
This website is for educational and informational purposes only and should not be considered a solicitation to buy or sell a futures contract or make any other type of investment decision. It's not recommended to use any single indicator as sole evaluation criteria. The companies and services listed on this website are not to be considered a recommendation and it is the reader's responsibility to evaluate any product, service, or company. patternsmart is not responsible for the accuracy or content of any product, service or company linked to on this website.
Futures trading contains substantial risk and is not for every investor.Please read the following risk disclosure before considering the trading of this product: Futures Risk Disclosure. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.
Trading stocks, options, futures and forex involves speculation, and the risk of loss can be substantial.Investor must consider all relevant risk factors, including their own personal financial situation, before trading. Trading foreign exchange on margin carries a high level of risk, as well as its own unique risk factors. Forex investments are subject to counter-party risk, as there is no central clearing organization for these transactions. Please read the following risk disclosure before considering the trading of this product: Forex Risk Disclosure. Spreads, Straddles, and other multiple-leg option strategies can entail substantial transaction costs, including multiple commissions, which may impact any potential return. Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Prior to trading options, you should carefully read Characteristics and Risks of Standardized Options.
patternsmart.com will not be held liable for the loss of money or any damage caused from relying on the information on this site. Any investment decision you make in your account is solely your responsibility.
TESTIMONIAL DISCLOSURE: TESTIMONIALS APPEARING ON OUR SITE MAY NOT BE REPRESENTATIVE OF THE EXPERIENCE OF OTHER CLIENTS OR CUSTOMERS AND IS NOT A GUARANTEE OF FUTURE PERFORMANCE OR SUCCESS.