thinkScript: MACD Lines and Histogram

As far as I can see, the default studies in thinkorswim does not include one where both the MACD lines and histogram are plotted on the same pane. I’ve simply combined the code from the two studies.

 thinkscript-macd-lines-histogram-combined

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thinkScript: EMA Channel

This is a rather simple study/indicator, so I hope I just didn’t miss seeing it in the list of predefined studies. Basically, it consists of two channel lines drawn at a percentage above and below the EMA centerline. Again, Dr. Alexander Elder recommends this over the simple moving average channel. Although, in a pinch, the SMA channel works just fine.

thinkscript-ema-channel

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thinkScript: Impulse Study for Charts

The Impulse indicator, as defined by Dr. Alexander Elder in “Come Into My Trading Room”, helps you know when it is fairly safe to enter a trade. It relies on a exponential moving average and the MACD-Histogram.

If both the EMA and MACD-H is trending up, the Impulse will be a green point above the price bar. If both the EMA and MACD-H is trending down, then the Impulse will be a red point below the price bar. If the EMA is trending up and the MACD-H is trending down, the Impulse will be a blue point above the price bar. And if the EMA is trending down and the MACD-H is trending up, the Impulse will be a blue point below the price bar.

thinkscript_impulse_sample

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Getting wet with thinkorswim

Last week, while looking for a brokerage to setup my Roth IRA, I stumbled upon a new discount brokerage, thinkorswim. I haven’t  setup my Roth with them yet, but I did register for a free paperMoney account and downloaded their desktop software. I also downloaded thinkAnywhere, which is a Java-based application for Windows Mobile.

From the couple days I’ve had it, I am very impressed with all the tools and data you have accessed to. When I first saw what TOS offered in their desktop software, I was blown away. I currently only have trading accounts with Zecco and Interactive Brokers, so that may have something to do with my reaction. (If you are familiar with either, you can probably tell that I was looking for the cheapest of the cheap when I signed up for those two. And you do get what you pay for in those two cases.) 

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Windows Live Writer

I don’t blog. It’s not because I don’t have time. It’s not that I don’t like the idea of blogging or having a blog. I have tried several times over the past couple years to start and maintain a blog; however, I only manage to get a few posts up before I lose interest (see SurplusCode).

In analyzing my failed attempts to be a blogger, I believe I have found two main reasons why I don’t succeed at blogging. One, I hate to write. Well, to be more exact, I have the fear of not writing well. I have this strange inner feeling that someone is always critiquing me and that makes me want to write perfect blog posts. And whenever you have perfection as the ultimate, each keystroke comes further and further apart. In fact, I probably use the backspace and delete keys more often than any other key. Sad, but true.

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