Custom Scan Using MACD and RSI but no Squeeze
Thinkorswim Scan MACD RSI Squeeze
Free custom indicator included, and linked below. One of our viewers contacted us via Facebook page asking for help with a custom scan on the Thinkorswim trading platform. The request was to demonstrate how to combine three indicators into a single scan. The specified indicators are the standard MACD, and RSI along with the *TTM Squeeze©. The viewer states he was struggling to get the three indicators to work in a custom scan. This video, titled “Thinkorswim Scan MACD RSI Squeeze”, will demonstrate step-by-step the process of creating the customer indicator (linked below). Once created, the indicator is then used to create a custom scan. You will see how these three indicators fit together (or not!). As the custom scan is assembled you will get to examine the output for each of the filters. By the end of the video you will understand how to put it all together and run the scan yourself. Near the end of the video will be a link to a previous video which demonstrates how to install this custom indicator on your Thinkorswim platform after downloading it from this link:
Link to scan file: Scan_MACD_RSISTUDY.ts
Link to chart study file: Chart_MACD_RSISTUDY.ts
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
*The TTM Squeeze is a proprietary indicator owned by Trade The Markets. It is available free to all TD Ameritrade clients who have access to the Thinkorswim platform.
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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Hi Pete,
I was successful in setting up the scan and getting it moved into a watchlist. I seem to recall some comments you mentioned in one of the videos advising a workaround to in order to perform a quasi backtest. Can you please advise how we can backtest using the Scan MACD RSI study/scan/watchlist config. Thank you for being an excellent mentor to all of us!
Back-testing can only be preformed using a chart strategy. Scans and watchlist never come into play for back-testing on Thinkorswim. We have an enter section of our website dedicated to chart strategies: https://www.hahn-tech.com/category/tos/strategies-tos/
hi Hahn-Tech,
I put the code below into the custom scan study, it returns the results. However, I verified those returned stock from scan, itdoes not show the last time it oversold stock. I watched your video many times and can’t spot the issue. Will it still work in this year 4/13/2020?
First, this is not the place to post code. That’s why we have a Q&A forum. Second, you should be using the most current version: https://www.hahn-tech.com/thinkorswim-scan-macd-rsi-part-two/
If the scan results don’t match your charts you most likely have mismatched settings between the chart and the scan.
Thank you got it.
Can you save and share this scan?
Thank you so much
Be sure to check out part two. The code is provided through links embedded within the video and included within the video description. Part two is here: https://www.hahn-tech.com/thinkorswim-scan-macd-rsi-part-two/
Hi Pete,
I downloaded the from this link MACD RSI code from this link- Scan_MACD_RSISTUDY.ts but I can’t open it. I am getting prompts to use third party apps to see the content. Can you help.
Thank you
Sridhar
From our website. The menu at the very top. Click on the Help menu item and select “Frequently Asked Question”. Then enter the term “download” in the search box. This is the result of that search: https://www.hahn-tech.com/ans/?search=download
From that list of results. Read the details for the question titled: “How to download and import STUDY.ts files into Thinkorswim”
Hi Pete,
I downloaded the code for MACD RSI from your website by I using the link you provided. The file won’t open. I am getting prompts to use third party apps.
Thank you
Sridhar
From our website. The menu at the very top. Click on the Help menu item and select “Frequently Asked Question”. Then enter the term “download” in the search box. This is the result of that search: https://www.hahn-tech.com/ans/?search=download
From that list of results. Read the details for the question titled: “How to download and import STUDY.ts files into Thinkorswim”
Great website, great videos. Thanks for your help and dedication. Keep the good work!
I do like the explanations of the code. It really helps a newbie understand how ThinkOrSwim works.
Thanks for taking the time to provide this feedback. Very glad to know you find our content valuable.
I tried cutting and pasting code today 4/14/2018 and realized that TOS seems to have changed it and now uses different code from when the video was posted in 2015. Is there an updated video to show how to create this scan using the new TOS codes? thank you
Sorry, I’m referring to the step-by-step video your link in this video leads to.
So you are referring to the video located here: https://www.hahn-tech.com/thinkorswim-custom-scan-stochastic-macd/
The issues you are having are likely due to the addition of breakout signals added by Thinkorswim to the Stochastic and MACD indicators. Locate this line in the code: “plot UpSignal;” and delete everything from that line down to the bottom of the code.
Sorry to say I just tested this and it’s working fine without errors. I downloaded the code using the link in the video description and pasted it into a new scan. No errors.
One heck of a body of work Mr.Hahn very very impressive. Can I offer/request you go one small and improving step forward by adding shared item links from within TOS, Links are so much easier and less problem prone than the studies ending with the TS suffix. The majority mess up the TS study format by mistakenly opening them with a text tool. On almost all TOS items there is a linkable feature available. Open the study icon and share is in the top right corner. Other shares are usually under the = symbol top right of most pages.
Also increase the font and bolding of the TS and links on your pages.
The problem with those shared links, (I also did a video on those), is that they expire after about 90 days. So for a video that has several years of self life they are a miserable alternative. But I appreciate the feedback. The STUDY.ts files were selected as the best method to deliver code without introducing human error. If folks are opening those files to copy/paste, they are defeating the very purpose they are being used. You can tell folks how to do something, but often times you find out they think they know better.
Excellent tutorial. This particular setup was exactly what I had been looking for.
If you thought this one was good, check out part two: https://www.hahn-tech.com/thinkorswim-scan-macd-rsi-part-two/