Build a Custom Rate of Change Indicator for ThinkOrSwim in 23 Minutes

Learn how to build a smarter Rate of Change indicator for ThinkOrSwim in 23 minutes.

We'll improve with the built-in rate of change indicator in the TOS platform, and turn it into a range-bound indicator with buy and sell signals, using some simple thinkScript.

For those that would like to follow along with the code, you can download the indicator for free from our website, using the links below.

✅ RATE OF CHANGE INDICATOR DOWNLOAD LINK:

If you are interested in joining a Volatility Box membership, here are the 2 memberships we offer:

➜ Futures Volatility Box:

➜ Stocks Volatility Box:

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⏱️ Here are video timestamps that might come in handy:

0:08 - Introduction
1:55 - thinkScript Planning
5:00 - Rate of Change thinkScript
12:41 - Integrate RSI
15:04 - Bull and Bear Signals
21:03 - Final Code Review
22:35 - Summary

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✅ Download the Futures Volatility Box here:

✅ Download the Stock Volatility Box here:

✅ Watch the new Triple Pro Squeeze course here:

#thinkScript #stockmarket #ThinkOrSwim

[GrimmReapa]

Thumbs up guys, TOS Indicators work hard to give you free content to help you become a better coder the absolute best on YouTube.

[neuvocastezero]

You all clearly know your stuff, and have helped me become much more fluent in Thinkscript. Thanks for all your great work.

[cgcg]

I love your videos. Thanks for what you do. I don’t use indicators much but I look at “overbought and oversold” differently on RSI. For example When I see an overbought RSI reading I interpret it as extreme bullish energy vs thinking it will always reverse. Add an rsi to a chart of a stock that made a strong move and u will likely see overbought signals right before the big move. I think that keeps a lot of people out of the big moves if they are relying just on indicators and think overbought means an immediate reversal. when I started trading and relied on indicators I wouldn’t enter a day trade until the rsi was nearly in overbought territory. Always worked better than treating overbought as a sell signal. I’m a day trader so maybe it’s diff for swings idk.

[TheJustinjet]

You guys are unbelievable! Great work again.

[JerryPena]

WOW!! Gave me an idea on how to merge my own indicators for a stradegy I had in mind. Thank You!!

[TheHcreek]

Love all the info you guys share!! Request: I know you put a ton of work into this already so really hate to ask but adding how to scan in TOS to find when the indicator arrow has plotted and/or an overlap into the extreme areas would be the icing on the cake. Again, don't mean to sound ungrateful at all as you share SO much info already, just thinking out loud. Thank you again!!

[WiReDApe]

Fun project, I just finished my RSI heat map tool. Build a tool with a combined weighted RSI based on range.

[rcook]

Thanks! This gave me the idea of applying Bollinger Bands around various other indicators or measures in order to see if they could be an alternate method (vs. highs/lows) of seeing extremes. I would have an input to the # of std deviations applied as well to see which ones seem to contain the extremes (maybe a range of 2 to 3 SDs). The BB study allows you to change the inputs somewhat but they are mostly around some price measure and volume. It does allow implied volatility as an input but it seems that sometimes there are gaps that don't quite look right. I am trying to create a custom script to see if that works better and maybe try on other studies as well.

[WiReDApe]

I like when you do these videos. I wish ToS actually protected our developer code. I am trying to find a connection with ToS to fix this and create a market place.