Version Two: Custom Scan Using MACD and RSI
Thinkorswim Scan MACD RSI Part Two
Based on a viewer’s request, this video takes the original MACD RSI Scan to new territory. Two custom indicators are included. One is linked below, the other is linked within the video. The original code for the MACD RSI Scan is used to create a full featured indicator that plots on the price graph. It has built in alerts, both audible and visual. It has many adjustable parameters for customization. It uses the MACD and RSI to plot areas where overbought and oversold conditions begin to reverse. You can adjust the indicator so that is triggers an alert on the currently active bar or have it wait until the bar closes and the signal is locked in. Be sure to watch the entire video so you understand how it works and how to adjust it to fit your needs.
The original Scan indicator is linked below. It has been modified so it can scan for both oversold as well as overbought conditions. The video explains how to switch from oversold to overbought.
Link to study file: Scan_MACD_RSI_2STUDY.ts
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, Just watched your informative video on how to create this study. When I tried to import the link that opened from the .ts link you provided for the study TOS wouldn’t accept it. Here tis the link that appeared below. I’m assuming the link is good and there is some issue on my end? Thanks for your help with this, JK
[Edit: link was removed by moderator]
The link is fine. You just need to learn how to work with STUDY.ts files. The following post from our FAQ section typically helps first time viewers learn how to work with these files: https://www.hahn-tech.com/ans/how-to-download-and-import-study-ts-files-into-thinkorswim/
Pete, You are so right. Haha. Sorry about that. It’s been so long since I added a study this way I totally forgot. Thanks for your reminder tutorial and of course for your time. Much thanks Pete!
Thank you for posting this; very helpful! Would you happen to have the code for alerts on when RSI hits 70 or 30. For example, I want a bubble that shows custom text, when RSI hits 70, and same for when RSI hits 30. Or, is there an easy way to modify this one Chart_MACD_RSISTUDY.ts
The built-in version of RSI on Thinkorswim already includes an option to plot arrows at these crossover points.
Hello,
I have downloaded the the .ts 2nd study code posted in a link in this page. it is labeled “Scan_MACD_RSI_2STUDY.ts” . and it not the one shown in the tutorial video.
In you video posted here the name of the study shows as “Chart MACD_RSI…” and as shown in the attached video, it has an option to switch the alert on “Closed Bar” ( 04:03 minutes).
Where is the link to this .ts code. was it removed?
Ben
When viewing the video, click the information icon in the upper right corner of the chart. This will open the view that shows all available downloads. You will find this study listed at the bottom of that view.
Hello Steve,
Thank you for your excellent work and clear tutorials.
My question regarding this Scan is related to using it in different chart time periods/aggregations.
I see that in your tutorial you always use this MACD/RSI scan on the Day chart/aggregation
Can it be used on shorter or longer time period charts? Will the # days of the MACD cause problems using this on a 5m chart for instance? And, same question for showing the indicators on a chart (Currently I use it as a seperate study), but that’s probably the same answer..
The answer is yes. You can apply whatever time frame you want to the chart and it will plot any signals that appear. Not sure why you asked this question when all you had to do was to download the study and test it for yourself. So I probably don’t understand what you are requesting. Please provide more details if this explanation was not a direct answer to your question.
I am trying to put this indicator on my entire watch list. Is there a way on think or swim to apply the oversold script to check my entire watchlist instead of doing one by one?
Yes, but we can’t provide that solution here in the comments section. Post a new request in our Q&A forum. Be sure to search before posting because you may find a solution you can use has already been posted. https://www.hahn-tech.com/ans/cat/watchlists/