Next you need to check the Pivot RSI and see if both the RSI color lines are below the 25. You can use WilliamsFractal which is close to my script When the EMA are in this order, as soon as the candlesticks come down and touch any of the EMA and then goes up, this would be the first sign to enter. Note: The blue arrows are another one of my scripts I have not included in this strategy scripts. If they are not in this order then the signal can not be reliable. The EMA 100 (yellowish white line) needs to be on the bottom with the EMA 50 (green line) in the middle, and EMA 20 (blue line) will be on top. In order for this chart to give us a buy signal instead of sell signals. I also added arrows to the Pivot RSI to show that it also indicates a buy position. The image below shows a chart that I have circle areas on it that represent buy long positions. If the two RSI go above the 80 this is considered an overbought zone and if the EMA indicate signs for a short position then you could enter. If the two color RSI lines go below the 25 this is considered oversold zone and if the EMA also signals a buy then you could enter into a long trade. The color area between 80 and 25 signal a no buy or sell zone. This will give a better average strength of the index and helps with indicating the buy or sell signals. The reddish line is calculated to be smoother and will trail behind. ![]() The Pivot_RSI plot has two (2) lines that are Relative Strength Index which measures the speed and change of price movements. The bottom yellowish white line is EMA 100 which is also based by default on close price. The middle green line is EMA 50 based by default on close price. The top blue line is EMA 20 based by default on close price. I will break down the three (3) lines in the chart first, then I will go into the Pivot_RSI plot. Note: The color dots script are not included in this study They are similar to ATP Trailing Stop script Then plotted below the chart is the Pivot_RSI script with the two(2) wiggly lines and a colored section in the middle. The image below shows all the studies that should be active on your chart.įrom this chart you can see three (3) colored lines under the candle sticks. Once you have all the different studies installed in ThinkorSwim and active in your chart. ✨ Featuresīefore starting □, you need to have ThinkorSwim Platform installed. Thinkorswim buy sell signals script how to#How to use this strategy will be explained below. This strategy gives you indicators to buy long or sell short based off the 3 EMA and the Pivot RSI. ![]() Once you have them downloaded and added to your chart studies you can start using them with this strategy. This strategy uses these different scripts I have written. Be sure to backtest any strategy to determine if you understand the risks involved with each strategy. Any investment decision you make in your self-directed account is solely your responsibility. However, I do not make recommendations or determine the suitability of any security or strategy for individual traders. Disclaimer: In order to demonstrate the functionality of my script, I used actual ticker symbols in the chart images.
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