Combining the Stochastic and MACD into a Custom Scan
Thinkorswim Custom Scan Stochastic MACD
Have you ever wished you could take your favorite setup and convert it to a custom scan? Wouldn’t it be great to just press the scan button and instantly have a list of qualified charts to review? In this video, you learn how to convert the logic of your setup into a custom scan on the Thinkorswim platform. You’ll have to work with a little bit of scripting language. But don’t worry, I’ll show you step-by-step how to take your ideas and translate them into a clear signal the scan engine can understand. Even if you’ve never worked with a scripting language before, this video makes it easy.
IMPORTANT UPDATE: At the 15:05 mark of the video there is a typo in the “plot Data” statement which was corrected before reviewing the signals on the chart. You will find the corrected version of the “plot Data” statement is shown at the 18:14 mark of the video, just as I was copying the code to paste it into the scan. So please use the code as displayed at the 18:14 mark of the video. Sorry for any confusion this may cause.
Thinkorswim Custom Scan Stochastic MACD
This video demonstrates how to convert the plot lines from two different indicators and convert them into a true/false statement the scan engine can understand. Once you’ve mastered these techniques you will be spending much less time reviewing charts. Your own custom scans can filter out the low hanging fruit, saving your countless hours of chart time.
Lean More:
Would you like to learn how to master the custom scan tools on Thinkorswim?
Click here: Thinkorswim Scans Beginner to Advanced
Learn how to build custom scans without writing any code: Thinkorswim Condition Wizard
DISCLAIMER: I AM NOT A CERTIFIED FINANCIAL ADVISOR AND NOTHING IN THIS VIDEO OR TEXT IS AN ADVERTISEMENT OR RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT. NOR IS THIS VIDEO OR TEXT INTENDED TO INSTRUCT YOU ON HOW TO MAKE BUY OR SELL DECISIONS USING ANY OF THESE INDICATORS.
*Thinkorswim is a chart analysis platform offered by TD Ameritrade: www.tdameritrade.com
TD Ameritrade provides financial services including the trading of Stocks, Futures, Options and Forex.
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Thank you for creating this custom scan. I am wondering, where can I find the thinkscript code?
The source code for this was never published and is not available. The point of this video was to demonstrate that it is possible to combine conditions from 2 or more indicators and plot them as one signal on the chart, which can also be used as a scan.
There is very little value intended for the end result.
The value here is this (and this is the crucial point).
The value here is to understand what is possible. Then teach you exactly how to build these on your own. Once you learn how to build them on your own, you get to create whatever trading tools you can imagine.
If you are not interested in learning how to build these on your own than this video is not for you. We have plenty of other videos which provide free trading tools without you having to learn how to build them yourself.
Thank you for your response! I totally understand that. In fact I viewed your condition wizard video and I was quickly able to create a scan for exactly what I was seeking for without having much knowledge in using custom filters. Also, I have became a paying member to your Patreon. Thanks, again!
I am very happy to know you were able to build your own custom scan using the teaching I presented in the Condition Wizard video. And I want to thank you for your support on Patreon. Take care.
Pete I have been wrestling with the video all afternoon. Specifically the code for plotting the scan for the data. I have tried to copy the code per your video but the scan does not pick up any signals at all. I know I am a dummy but please tell me I’m not insane.
I just used the code from this video to run a scan and it returned a large list of stocks. I used the daily time frame and the first four stocks in the results list are as follows: ABB, AIZ, ALGT, AMED. Hope that helps you find out what you missed. Good luck! Writing your own code can be a very challenging endeavor and you will learn the most when you run into issues like this and have to work your way through to the solution.