Thursday, May 23, 2013

Woodies CCI thinkScript Optimized


The ThinkorSwim Desktop application includes Woodies CCI & Woodies Pivots, as available studies, without charge. Through their proprietary programming language thinkScript, they even let the users call up the study to modify it to their heart's content; as such, with the help of some genuinely kind-hearted souls, were it not for whom so very graciously donated their time and effort, in the thinkScript Lounge, we were able to make this one of the most powerful studies on the platform. The AddLabel script allowed us to denote the distance in pips (or ticks) from the underlying's current price to a prior candle's High & Low; Entire Chart Range's High & Low; Woodies Pivot, R1, & S1. So at any time, I know exactly how many ticks price has to travel to reach the Pivot (or whatever level I am interested in).

The final mod was also using the AddLabel script. This time we called up the 34 period EMA (Exponential Moving Average), and asked the study to tell us the degree of slope on the moving average between the prior candle and the current one. So after a parabolic rise in price, the indicator may read 74* degrees as it begins to flatten out from a steep angle. This is absolutely, without question, and by far my favorite study, now. It offers such a wealth of information, that with it applied to my preferred chart layout of 2x8 (two rows of 8 charts), I have to open another instance of ThinkorSwim desktop to place my trades without data bottlenecks/slowdown.

Legend:
Upper Graph
Magenta = Woodies Pivot Point, White = Distance in Ticks
Red = Woodies R1; White = Distance in Ticks
Green = Woodies S1; White = Distance in Ticks
Cyan = 34 Period EMA (exponential moving average) Slope* In Degrees

Lower SubGraph
Red H = 1 Candle Prior High; White = Distance in Ticks
Green L = 1 Candle Prior Low; White = Distance in Ticks
Red HH = Entire Chart Aggregation High; White = Distance in Ticks
Green LL = Entire Chart Aggregation Low; White = Distance in Ticks

Visit the contact page at www.dWbstreet.com for more information, &/or email dbeck@dWbstreet.com
The entire programming script add-on is posted at the Identity page, www.dWbstreet.com/Identity.php
as a text file, totally complimentary...Enjoy.