thinkScript Studies on thinkorswim | Ken Rose, CMT| 1-22-21 | Trading with the Market Forecast Study

thinkScript Studies on thinkorswim | Ken Rose, CMT| 1-22-21 | Trading with the Market Forecast Study

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hello investors so interesting day in the market today we started started coming off sort of to the downside but every by the end of the trading everything was recovering and recovering nicely most of the indices are at or close to all-time highs is there an indicator that will kind of give us a heads up with regards to a potential change in trend in other words a reversal and if there isn't one is there something that we can do to build one [Music] again everybody welcome to our think script studies on thinkorswim boy interesting week here in the market interesting start off to the new year having these indices at all time highs i've gotten quite a few questions in relationship to an indicator that's currently available on thinkorswim and as a result of that i think i think i think that that will be our area of discussion here today just a reminder you can follow me on twitter my twitter handle is at krosc underscore tda i want to thank uh mike fallett i believe over in the chat window appreciate mike being here to address any questions you do have do feel free to chat in any questions you have over there to mike i'm sure he'd be more than happy to help you out with that i also encourage you to follow mike on twitter he's also got some great information he posts over there and wave disclosures here today just a reminder that in order to demonstrate the function of the platform we need to use actual symbols however td ameritrade does not make recommendations or determine the suitability of any security or strategy for individual investors any investment decision you make in your self-directed account is solely your responsibility we also use a paper money software application here this is for educational purposes only successful virtual trading during one time period does not guarantee successful investing of actual funds during a later time period as market conditions do change continuously here is a picture of myself i've been here for about 16 years i specialize in blending both fundamental analysis with technical analysis one of the things i love about what i do is there's always opportunities to learn new things that's something i've always enjoyed doing there's always opportunities to learn new technologies and applying that technology to new strategies and the like i love learning in this area i love trading in this area and i love teaching in this area i'm also a contributor on the td ameritrade network i'm a charter market technician and i work with things scripting building indicators triggers as well as strategies so typically what's the process that is used when you're looking at using this tool that we have available to us as part of the thinkorswim platform we usually identify a goal in other words what exactly is it that we want to accomplish through writing a custom script then we ask ourselves the question can think scripting meet the goal there is a lot of things you can do with think scripting but you can't do everything so we so we wanted so usually when you look at what you want to do you want to say okay is that realistic given the tools that we have then sometimes we'll out we'll outline the steps to script we'll apply our think script tools we'll write the custom script and then we'll test what is written so with regards to today's session what we'll do is we'll basically talk about identifying our goal right here we'll address the question can think scripting meet the goal we'll come down here and we'll test what is written related to our goal if we have some time we'll get into these areas i don't know that we will the goal that we'll be talking about here today is related to a study that's on the thinkorswim platform called the market forecast study this is a study that does give you an indication i guess you could say a harbinger of a potential trend change not only not only a potential change in direction but actually a potential trend change we'll discuss that a little bit we'll discuss how it works and the primary question i've been getting over on twitter is not only about the market forecast study but an explanation how it is commonly used and you know what can be done with with what's currently available on the thinkorswim website in order to make it a little bit more user-friendly so that's that that's our goal is to look at the market forecast study here today see if we can make it a little bit more user-friendly so we can we can have a better use of our time with regards to implementing it with regards to can things can think scripting meet the goal i'm gonna i'm gonna step out here a little bit and say my my answer here would be yes okay but um you know as far as meeting these goals that is rather subjective so we'll we'll put this together and i'll let all of you decide whether or not you think that we've done well with regards to making the forecast study that comes with the thinkorswim platform a little bit more friendly to use for other users plus have a better understanding of using it so basically my goal here today is that we'll not only know what the market forecast tool is but we'll have a better understanding of how to use it and as a result of custom scripting will be in a better place to use it and make better use of our time with regards to doing that we'll test what is written okay and and i'm and i and i'm going to add an additional um study to this you know the the market forecast studying we'll see this in a moment it goes something like this and it kind of goes like this okay so so this is a study that shows up below your chart okay i also want to share with you a link today that up here in your chart here we have price action up here in your chart here you can get you can get indicators as far as what that market forecast is doing with regards to potential signals okay all right so with that and also one other area just throw this in also look at putting together a scan because it's nice to know how the market forecast tool works with regards to bringing up individual charts it's also nice to know how to use that if you want to scan a large number of charts to see which ones may be giving you potential signals as it relates to the market forecast study so with that let's go ahead and get underway to do that i'm going to bring up the thinkorswim platform here here we have the thinkorswim platform just a little bit of a heads up um it for those of you that are attending our session here today just let me give you a little bit of a heads up and let you know that it's assumed that you have a basic understanding of the thinkorswim platform in this session if you don't have a basic understanding of thinkorswim platform you're more than welcome to join us here i do try to craft the words in such a way that they will be beneficial to you okay but there is but but but there's that possibility that you may be a little bit lost here okay again i'll try to make it so that you don't get lost but there's a possibility that you may get lost um if you do feel a little bit lost lost at times i want to show you a couple of the resources available to you not only with regards to using the thinkorswim platform but also with regards to using the think script tools so let's come back over over here to begin with so right up here you see up here you have your education tab right here and you also have an education tab on the td ameritrade website as well sometimes referred to sort of like the standard site up here if you look up here you also have your education tab right here okay when you click on that education tab you can come down here in fact let's do that let's come over here to education come down here and choose webcast when you choose webcast this page like this will open up right here and this is your webcast and you can sign up for upcoming webcast archive webcast i'd suggest you start off by bringing up the webcast calendar and that's currently what we have right here and if you look on the webcast calendar and you look at the day here on thursday and you scroll down here you will find it on thursday at 5 30 p.m you have a platform demo that's called getting started with thinkorswim this is taught by michael fairborne so if you're if you're not really if you don't have some familiar familiarity with the platform let me just this this is a great area to come in here to become familiar with the platform there's also a lot of other sessions in here as well that are also that also can be very very beneficial to you i also encourage you to maybe catch the td ameritrade network as our demonstration is done on the td ameritrade network in fact i think our very own mike falette does does demo some of the aspects of the thinkorswim platform on the td ameritrade network during the year first trade segment in the morning so so that's also a nice reason and also a nice resource that you have available to you i just want to come up here and also there's our there we have it here so that so this is where you can find some additional resources with regards to think scripting itself let's come back over here to thinkorswim and on the thinkorswim platform i'm going to come up here to help right up here okay i'm going to click on help it's a little bit of a squirrely way to find it here once you get over here though there there's a direct link you can say but i'm just assuming you're kind of new here but after you click on help come over here and look over here in the left hand in the right hand side for think script tutorials right there and then go ahead and click on think script tutorials right here and this will take you into page and you've got tutorials on how to do things scripting right in here and if you're brand new to think scripting just come here and start here this this is basically where where i started a couple years ago i'm not an experienced programmer in fact there's a fair number of programmers that attend our session and it's great to have them in our session i frequently get notes and tweets from them with regards to to some suggestions as far as shortening up the code everything i told i totally welcome those okay but but i but i'm pretty much like all of you no no experience programming just starting from scratch and this is a this is a nice tool it's not terror it's not terribly intuitive but it's not terrible either you know you can come in here and learn a lot of the different things we're looking at so when we look at statements and doing things this is a nice place to come back to and just put in your question right here if we're talking about like a get event statement which is which would be related to what we talked about last week when we did when we did our market maker move come in here put get events get events offset and it would and it would describe those statements that are currently used for that so just a couple of resources there well let's come back over here then and look at our task at hand do that i'm going to bring up the charts so i'm just we want to do here is we want we want to start by looking at the four major indices so here is the nasdaq 100 this chart right here this is all the available data that's available on this one in fact i'm going to change this from a day chart i'm going to change that rather than look at it days i'm going to look at it as quarters we may get everything on there yeah there we have everything on there so what can we see from this chart well the nasdaq 100 is at or close to all-time highs right here if we step over here and we look at the russell let's also change this one to a quarterly chart as well maximum available come here so we're looking at quarters we get all the data on here again all-time highs up here we come up here and we look at the spx let's change this one as well i'm going to change i mean maximum time available so we're getting all the data we have for our charts i'm going to come up here put this on quarter so we can catch it on one chart again all-time highs right we look at this back back in the 80s and then all of a sudden it came out of the age boom you know you know if you look at this a lot of this is directly related to technology and availability of technology to everyone okay so this is basically what we're looking at so this this kind of brings it brings us to the question okay we know that the markets don't go up forever we know that they don't go down forever forever is there a study that we can use it can be a harbinger and a harbinger is something that tends to come before something is there a study that we can use that could give us a possible indication that things could be changing and we could have a potential change in trend well there is and that's available on the thinkorswim website now just like any other study it's not perfect you know investors find it to be helpful but it's better but it's not going to be perfect with regards to forecasting with regards to forecasting changes i would look at it as as a as a harbinger something that is creating the possibility that there could be a change in trend so let's shift the gears here we'll go ahead and stay with spx right here but i'm going to change the time frame on our chart here to something that we're probably more accustomed to using and that is we'll come over here back here where each candlestick here represents today and rather than go max available which is i don't know about 70 years or so let's just go back here and take a look at one year okay sure we have one year and and this is a one-year chart here's here's our covet situation this is where we're at right now again close to all-time highs what is a study we can use to kind of get an indication this could be coming to a close well there is a proprietary study that is available to you as thinkorswim td ameritrade users is called the market forecast study and to get to that studying to bring it up on our charts we just come up here to studies click on studies come down here and choose edit studies and over here is our study area right here i'm just going to start typing in market forecast this is this is basically what you can do type in market forecast and notice over here i've got several studies here that have open scrolls okay what does that mean if they have open scrolls that means that those those are custom scripts that have been written if you don't have any custom scripts that's okay don't worry about it okay if you don't have any custom scripts so you'll still have this one this is a standard market forecast study that comes with the thinkorswim platform we're going to go ahead and start with that one i'm going to bring it over here i'm going to choose add selected i have it right here i'm going to choose apply and here we have it right here so let's talk a little bit about how to use the market forecast study right here and basically i'm i'm going to do just just a quick overview now because we're going to want to get into something that's more comfortable i think you'll understand that when when i talk about this quick overview you'll notice here on the market forecast study that we have three lines we have a green line right here which is referred to as an intermediate line we have a blue line right here which is referred to as a near term line and we have a red line right here which is referred to as a momentum line now also when you look at this study it looks it looks familiar to another study let me just throw this question out to you if you're looking at this study and you're saying i wonder where these lines come from because that's a frequent question i get i wonder where these lines come from if there's a study out there that you can think of what study would be the first one that would come to your mind as far as where these lines possibly come from i'm just going to throw that question out there and give you give you a second to think about that a little bit think about all the studies that are out there and just feel free to chat it in you know what um you know looking at those lines and thinking about different studies that are out there is that is there a study or would there be one or two studies that you would think the market forecast originates from come over here and take a look at our chat on some sometimes when you ask the question the time they they get over to attendees there's a little bit of a a little bit of a lag here so um i i'm sure i'm sure i'll get some responses that'll show up over there but i'm not going to wait for them because of the time lag okay so let me let me just tell you this a study that's closely related to this when you look at these lines it's called stochastics this is a proprietary study okay so i don't have the formula available to send out to you but if you wanted to play around with things and kind of get an idea of stuff you would be looking at stochastics i got a couple of thoughts over there moving average moving average you know the stochastics um it really isn't so much about moving average as as it is about as as rick is saying here it's a little bit more about oversold and undersold when you think about studies that have oversold and undersold you're usually thinking about rsi or you're thinking about stochastics those are those are i would say the two biggies okay i'd say i'd say that the market forecast a little bit is a little bit more tighter aligned with stochastics with regards to the lines though the intermediate line is giving us a forecast of movement for about the next one i'm just going to about the next one to three weeks okay what that basically means is when this intermediate line gets up over here where it's overbought when it breaks down out of that zone it's suggesting that the market could be moving into a trend for about one to three weeks to the downside that's that's the green line the blue line here which is the near term line that's giving us a forecast for somewhere in the neighborhood of about three days to a week so that's a fairly short term but it's not as short term as the red line here the red line right here which is the momentum line that's giving us a forecast for one to three days so when they're in the upper reversal zone and they shift down when the red's in the upper reversal zone and it shifts down that suggests continued movement to the downside for one to three days when the blue's in the upper reversal zone and shifts down continued movement to the downside for three days to a week when the green line is in the upper reversal zone and shifts down continued movement to the downside of one to three weeks now when i say continued movement it doesn't mean it goes down like this for three weeks it means something more like this as far as three weeks now is it perfect no it isn't now i've been saying i've been saying um the the the overbought area you also have under here you have an oversold area where exactly are these areas well you can't see it on here really because there isn't anything to identify it we can see these values here the greens 87 the blue 72 and the reds 13 but over over bot is considered to be anything above 80 and oversold is considered to be anything below 20. so that would be number one enhancement let's get some vertical lines on here to show us where we are with regards to overbought and oversold and what if we're not really that interested in one to three days and we're not interested in in three days to a week we just wanted to get the major signal here of one to three weeks but if we didn't want all three of these lines we just wanted one that would also be something that would be nice also what what if we wanted to have something that would that would give us the actual values over here of each one of those potentially labels that would be nice what if we also wanted to come up here in the chart and get some indications here with regards to what's going on with regards to market forecast study that may be nice so what we want to talk about next is we want to talk about primary signals from the market forecast studies which are called clusters but to do that let's go ahead and bring up an enhanced market forecast study okay to do that we're going to come back over here to study is we're going to click on studies we're going to come down here and select edit studies and right here we have market forecasts i'm going to go ahead and close that i'm going to take that off i'm going to come back over here to studies i'm going to type in market forecast to get back up into that area i'm going to choose market forecast enhanced okay right there market forecast enhanced now we're going to take a look at this we're going to talk about clusters by the way folks i think i saw over there in the chat window i think i saw a survey let me just scroll through here but i want to welcome everybody rick and fayez and juan dell todd and cynthia beverly sam sandeep ricardo juan everybody else great to have you here as always phillip everybody else i also fire you if i was looking right i think we have a survey here which which is actually great yeah it does look like we have a survey so what i'd like to do here is just pause for a second because these surveys are so beneficial and so helpful to us what i'd like you to do here for just a moment is is to go over go over there in the chat window and find that survey and just open it up i'm not asking you to complete it right now i'm just going to ask you to open it up open it up so that following our session here you will have it to complete now many of you have already done a survey and you've already completed it that's okay we would like you to complete it every time you see that because that just helps us to know it helps us gauge your interest in it helps us to helps us to gauge your interest in our sessions i'd also like to encourage you if at all possible if you could just take a second or two again following this session when you fill out the survey take a second or two and leave a note or two especially if we failed to meet your highest expectations if we fail to meet your highest expectations i'd especially ask you to leave a note or two just so that we can know what we can do to improve if we meet your expectation then those notes would also be appreciated so we know just exactly how we're doing i like to see surveys over there in the chat window because it gives me a great opportunity to know what i can do to improve our sessions what i'm currently doing that is that is helpful to you okay so coming back over here to our discussion then we have our enhanced or our enhanced study right here so i'm going to go ahead and click on apply here to bring that over and i'm going to take this the standard one off here we'll move that one off we'll click on apply i'm going to say okay i'm going to give this i'm going to give us a little bit more room up here so we can have our discussion so now notice what we have here on our on our enhanced market forecast study okay now we have pretty easy to see this overbought zone and it's anything over 80 right here okay we have our overs we have our oversold zone right here okay pretty easy to see okay that's anything under 20. notice i have over over bought is is in is in sort of a sort of a a highlighted red oversold is in a highlighted green the reason for that is because some of the strongest signals from here actually come from the oversold zone and they're and they tend to be bullish and also some of the strongest signals come up here from the overbought but they tend to be bearish and one of the things we're looking for here is called clusters that's when all three lines like right here that's when all three lines are in the overbought area or when all three lines are in the oversold area i don't know if we've got oversold it looks like we have oversold over here so if we have oversold those are considered to be bearish clusters if we have overbought those are considered to be if we if we have oversold these are bullish clusters and and if they were overbought these are called bearish clusters okay so so that that's something to keep in mind as we're looking at these what if we're saying to ourselves okay maybe i don't want all this stuff ken i just like the price the one that gives us primary direction and that's going to be the that's going to be the intermediate line the green line can i just can i just get rid of some of this noise and just follow the green line you can do that absolutely and you know over over here we have these labels here we can just look at them and see and see where they're currently at but we also have these bubbles over here you can get rid of the bubbles over here because sometimes they interfere with you overbought in the oversold you're just looking at the labels but you can also get rid of the labels here if you like so you do have a fair amount of versatility with this let me just show you how you can use some some of the versatility here with this so we'll come up here to studies i'm going to come down here and choose edit study i'm going to come in here to the market forecast i'm going to click on this i'm going to i'm going to turn the bubbles off okay i've got my momentum line i'm going to turn that bubble off i got my near term line i'm going to turn that bubble off i got my intermediate line i'm going to turn that bubble off okay i also want to make these lines a little bit thicker but for particularly my my my intermediate line rather than be a 1 here i'm going to make that a 3. i also like

my color to be a little bit darker green because we're we're on a lighter background here also near term i'm okay with that color this one let's make that a little bit of a darker red more of a ruby red now here if i want to keep my labels on there i can leave this at yes if i want to take them off i can i can i can change that to a no if you change this to no you actually get a little bit more real estate down here let's go ahead and turn those labels off and change that to know then we'll say okay and i'll say apply now we can see now we still have all three lines but the intermediate lines a little bit more dominant right now now we're saying that when the intermediate line which when the intermediate line breaks down out of this upper reversal zone particularly after a bearish cluster that indicates a potential a potential significant change in trend right here we can see that we have a bearish cluster because all three lines are in the upper reversal zone right here just highlight that for you right here all three lines are in the upper reversal zone that's a bearish cluster once you get the bearish cluster what i would say the mo i would say primarily technicians rather than take the signal off the red line or the blue line dropping down there they're looking for the intermediate line to drop down below there when that intermediate line drops down below there then that's a harbinger of a potential trend change we can come up here and say okay see we broke down here that got us down here then we broke down here we came up here after that happened we rolled over to lower high and we came down here and we made a lower low it didn't it it didn't last forever it did not last for a very long time but for in that particular circumstance that did play out as a change with regards to the trend if we come over here over here do we have a bearish cluster i don't see a bearish cluster here between the time we came up here and the time we broke down here this is still a bearish signal okay but it's not as strong as the one that we had here following our bearish cluster right here you can see here we broke down here we did come down here we came up here we rolled over to lower high but we didn't come down here and make a lower lull is it perfect no it's not perfect does it is is do do many do do a fair number of investors find it to be beneficial i would say i would say that i would say i would say that i think i'm safe and saying yeah yeah probably likely all right okay so one other thing we want to look at here okay is what if we wanted to just have our green line here and not have all this busyness but kind of get an idea of when we have a bearish cluster up here in our price action can that be done using a custom think script study actually it can be okay and it actually has been so let me see if i can add that study here i'm going to come up here to studies and choose edit studies we'll come back over here i'm going to type in market forecast i think i can find this one i'm not absolutely sure but we'll give it a shot here let's see marketport this is it right here i believe so we'll add that one yeah i'm going to say apply here now for our market forecast enhanced right here i want to i'm going to say down here let's go ahead and take i don't want to see the near term the momentum plot or the intermediate plot i just want to focus on the intermediate line i'll say okay here we'll come down here and we'll say okay here now we just have the intermediate line but notice up here what we've got got these little red dots now what is that red dot saying that red dot saying that right up in here we had a bearish cluster here's another red dot we had a bearish cluster right here another red dot bearish cluster right in here okay so we we had these bearish clusters but our signal occurred when the intermediate line broke down out of that upper reversal zone also notice down here when we were down here notice down here we have these these green dots these green dots are bullish clusters we had a bullish cluster here and we had a bullish cluster down here when did we break out though we broke out right there on that bullish cluster i'm thinking that's right about here that point we came down here we came off of a higher low and we came up here and we made a higher high again it's it's not a perfect indicator you know if we spent some time here i can guarantee you that i that i would be able to find some to find some fault signals but as far as having an understanding of how to use it keep in mind this it's sort of a two-step process first of all look for the cluster uh bearish cluster up here okay bullish cluster down here what's what what is that telling us is telling us that all three lines are in the upper reversal zone or the low reversal zone then look for the intermediate line to break out of the respected zone and that would be your signal with regards to a harbinger of a potential change in trend so when we're up when we're up at all these all-time highs right here we might want to look okay we had a bearish cluster right here right since we had that bearish cluster as the intermediate line broken out of that upper reversal zone it hasn't but when it does that could be a harbinger of an actual change in trend okay all right so with that now um those of you that follow me on twitter you have the market forecast enhanced okay you've got it it it it it is part of of what i've sent out to you in previous times those of you that that have those of you that that have not contacted me on twitter do feel free to contact me on twitter okay and i'll i'll see to it that that you are provided with with with a nice basket of scripts as well as videos on how to use them however you don't need to follow me on twitter to get these scripts because i'm going to share these with you here today because this session is about scripting you know in other sessions i do that that aren't about scripting i get i you know sometimes i'll see chess window hey ken can you send me this comment show me this because those sessions aren't about scripting say hey contact me on twitter i can get it to you that way but this session is about scripting so let me share both of the links for these two studies with you then we'll then we'll swing back out and we'll and we'll run a scan looking for stocks that have either either bullish or bearish clusters okay let me let me go ahead and share these links with you i'm going to send these in a couple places i'm going to put them over in the in the chat window okay now when putting them over in the chat window let me just say they are not guaranteed with regards to accuracy or time they are also not a recommendation i'm not recommending their use they're there for you to try out if you feel like they work out fine if you don't feel like they work out that's fine as well so i'm not recommending their use and i'm not guaranteeing them with regards to to to accuracy or time let me just pop those over to you in the chat window okay so you should have both those over the chat so what i'd suggest you do is just copy those from the chat window put them in a word document or save them somewhere else i wouldn't worry about i wouldn't worry about getting them all set up getting them all set up right now those of you that for those of you that are new to our session here today when you have the links okay the way that you apply them as you come up here to setup click on setup come down here click on open shared item then paste the link right in here just paste it right in there click on preview click on import when you click on when you click on import when you click on preview i'm not sure which one it is you'll get a little box that comes up here that says hey give it a name you definitely want to give it a name otherwise you won't be able to find it remember how when we looked for our studies we went to the studies window we typed in market forecast and all these studies came up well they came up because that's the name that we gave them so remember when you do this to give each one of them a separate name now those of you that are watching this via the archived recording thank you great to have you here today appreciate you taking some time when you have it available to you to join us here and what i'm going to do is i'm going to bring these up on the chart for those of you that are catching this on an archive recording and let me just make this big enough i'm going to activate our drawing here i'm going to bring it down here so that it's big enough so that you can see it okay come down here let's go with 60 and bold how's that that's really big but let's go ahead and stay with that okay so there it is so this is chart dots right the red dots bearish cluster the green dots bullish cluster that's the chart dot study this is the market forecast study the enhanced one that we've talked about right here now what i what i really like about what we're seeing here is those last seven digits are very easy to make out there's no question about them when i talked about coming up here and pasting you can paste the entire link or you can just paste the last seven digits this last seven digits that follow this slash mark right here so if you just want to if you just want to do uppercase q uppercase w lowercase k lowercase i uppercase k uppercase y the numeral 3. if you just want to use that it will work just fine same thing here with the market forecast okay so you have these all right you have them you have them in the chat window you have them on the chart so you should be in good shape all right okay if you are new and you're wondering as far as you know okay how do i how do i maybe you want a little bit more instruction on how to set them up just touch bases with me on twitter and i can send you out a video that goes into a little bit more detail on setting them up but it's basically just set up open shared item paste in the link and you should be good to go so now that we've gone this far let me just ask you um how many of you would like to kind of look at a scan here and we we have a few more minutes here would you like to take off early on friday or would you or should we take a little bit of time here and take a look at a scan you can just go ahead and chat it you can say let's look at a scan let's let's let's call it a day ken i know i know there's a little bit of a pause here let me come over here well let's let's just leave those up here so you have plenty of time to look at that okay i'm going to assume okay i'm going to assume that you're okay looking for a scan okay i'll go ahead and we'll march on here for a scan but but again let me let me let me encourage you let me ask you to to take a minute and fill out that survey if you find this session has been helpful to you the best way to say thanks it's nice to get things over in the chat window but a great way to say thanks just take a second and and pop through that survey especially if you can just add a sentence or two with it with regards to scan let's come up here to the scan tab because i do want to show you that um the the market forecast tool that comes with the thinkorswim platform is something that actually comes in comes in very handy if you're looking at doing a scan for stocks that have either either bullish or various clusters so what i did on the thinkorswim platform i came up here to the scan tab and underneath the scan tab i'm hearing the stock hacker okay what we're going to do is we're going to add a study filter over here and guess which study filter we're going to add we're going to add the market forecast study just the standard market forecast study that comes with the thinkorswim platform in an effort to find stocks we'll go ahead and do a scan to look for stocks that currently have bullish clusters that's going to be a little bit more challenged because the markets are such highs now most stocks have bearish clusters we'll do a scan for bullish clusters okay so let's let's go ahead and get underway then here we are on the scan tab i'm going to delete everything that's up here right now so we can start from scratch i'm just going to clean them off boom boom boom boom so we're starting from scratch i'm going to come up here where it says add filter i'm going to add a study filter and when i do that it comes up here it gives you a default study filter which is adx crossover what do we want we want the market forecast filter that's the one we want let's come up here to adx crossover i'm going to come down here and i'm going to choose custom right here and when i choose custom it's going to bring up this custom box right here notice it comes populated with whatever the default study was which was a dx crossover that's not what we want i'm going to hit delete and delete that one then we'll come up here and choose add condition and up here we have our menu up here what are we going to add we're going to add a study what's our study we look it up the same way here as we did when we're looking at our charts we just start typing in the name market forecast here it is right here this is just the standard one these are the these are the these are the fancy dancy ones but we just need the standard one so let's just go with standard that's one we want notice right here i've got i've got some nice choices here i've got momentum near term and intermediate so i can scan for stocks where these lines are at certain points let's start with momentum so we want to find stocks the momentum line is less than or equal to what what's this going to be if we're looking for bullish clusters what's this value going to be on our momentum line it's going to be less than or equal to what or we could just say less than you know technically let's let's go ahead and do that let's just say less than less than what it's going to be less than what i i'm sure that i'm sure that a lot of your your minds are kind of cranking right here i'm just going to put it in here because there's a little bit of a time delay we want it to be less than 20 i'm going to choose save i'm going to add another condition it's going to be that same study right here going to be market forecast market forecast right here which lines are going to be we've already got the momentum let's go to near term we want to be less than less than what in order to have a bullish cluster these values we're going to choose values these values need to be less than what they need to be less than 20. okay we only need one more right we need that near term line so come over here and we'll choose study again over here we're going to choose market forecast and we want our near term line right here whoop not near term sorry intermediate is less than what's the value for a bullish cluster twenty we want it to be less than twenty okay which you save and we've got that okay now if i don't put anything else in here and we leave this to scan in all stocks let's go ahead and make this let's go all stocks i'm not going to intersect with anything all stocks i'm not going to exclude anything if we left it just like this we're going to get a lot of stocks that are going to be traded in pennies 5 cents 10 cents in the like so to avoid that we'll come up here we're going to add one more filter this is going to be a stock filter and on our stock filter that's right here we're just going to say last stocks that last traded and we're going to get a minimum up here be nice we can fill in our own let's just say stocks of the last trade was at 10 or higher okay all right so um what is this where did that come from i don't like what i'm seeing here folks oh you know what happened i'll tell you what happened when i went up here and i changed what we wanted to scan in i lost that well let me come over here by chance have i saved this under another scenario market forecast um i got market forecast breakouts now you know that is so disappointing and we're just about out of time well um let me just do this i'm going to try to do this on the hyperdrive okay when i when i came up here and i said you know what this was set kind of as funky thing you know penny increment option stuff when i changed it all stocks that knocked all our stuff off here let's come back over here let me see how fast i can do this let's see if i can set up some kind of speed record here we've already gone through it so i'm just going to do it here real quick study market for uh you know isn't it kind of that's the way it happens right when you're trying to do stuff fast i'm going to actually copy this copy market forecast momentum line less than value 20.

i think i think i think rep i think rep repetition can be a good thing right add condition study market forecast near term less than value 20 and one more study market forecast intermediate less than value 20 save i'm going to say okay and i've got last target everything i'm also going to come up here and do one other thing here folks [Music] let's see safe scan query and let me just save this as now note on this notice on this scan query okay you can change and add all different kinds of things right you can you can you can change your your minimum price you can change the lines you're looking at there's a lot of different things you can change here okay i just want to let you to know that because you can make any kind of changes here you want okay i'm going to go ahead and run the scan here oh you know what we're in penny increment options again you know what i'm just going to go ahead and scan it again i don't know why we came up with those it's just yeah i'm i'm i am not sure why that is so weird let's go ahead and scan see if we get anything out of there well looks like we got six matches well let's take a look at them okay so what we'll do is we'll take a look at boeing here so i'm going to do right click on boeing and i'm going to bring it over here to our chart and what should we have we should have a bullish cluster here on bowling let's make maximize this chart here okay so there's our green dot right here okay and you can see that we're in the oversold area right here so our signal on that bearish cluster would be when we break above your course we have an earnings announcement right here as well so that would be the scan um let me do this let me go ahead and share that scan with you again i'm not sure i'm not recommending this as a scan to use this is a template what i'm actually sharing with you here is a template okay i'm not sharing with you a scan i'm sharing with you a template and you can make adjustments to that template in any way that you want all right and again not a recommendation or anything like that and you you may want to go in there and adjust some things all right you know what i just noticed something there are the links folks so you should have those i forgot to hit i forgot to hit my enter key okay so you got chart dots and you have forecast over there in the chat with hey i really apologize for that i put it in there i pasted it in there but then i forgot to hit the enter key so over there you have chart dots you have forecast and then the last link there is to a scan template that you can change and modify it in any way that you want okay and that template is currently set up to find to find bullish clusters in relationship to the market forecast study when you have it up here i think you i think you'll probably be able to come in here and change some things without changing all this stuff to be honest with you i'm not sure why those would change around but you could come in here rather than scanning weekly with the penny increments you should be able to come in here maybe scan the s p 500 or just or just scan in all stocks all right everybody let's go ahead and wrap everything up here today okay what i want to give you another second here over there in the chat window those links are over there so you should have those copied now i think we've had enough time again sorry i didn't hit that a little bit earlier but you know sometimes those things will occur okay so what did what do we talk about here today well we identified our goal we talked about it can think scripting meet the goal i think think scripting did a pretty good job maybe not everything one one would want one wouldn't one would want but not too bad we tested what was written okay we looked at where we looked at where bullish and various clusters were at and we compared them to the dots on the chart to see to see it to see if there was kind of a a a mingling there or i guess you i guess you could say a confluence a confluence of indicators next time we may look under the hood at that you know do some of this stuff looking under the hood and and take a look at some of the actual code i know so i know some of you are programmers and you do like to look at the code or you or you're in the mode of learning programming and learning things scripting you do like to look at the code i'll make a note here possibly to at least look at some of the code related to that related to the market forecast study all right okay everybody well um again thanks for joining us here today and just a reminder that in order to demonstrate the functionality platform we need to use actual symbols every td ameritrade does not make recommendations already to determine the suitability of any security or strategy for individual traders any investment decision you make in your self-correct account is solely your responsibility thanks again folks for joining us here for things scripting for our thanksgiving webcast also just another ask probably tired of me asking you but if you could just take a second and make a comment or two with regards to the survey that would be appreciated best of success you're investing i hope you have a great afternoon and a wonderful weekend also be careful you know we're getting pretty close to the vaccine and everything let's get on the other side of the whole culver thing as happy and healthy investors for everybody thanks again to mike flett for being over there in the chat window sorry to keep you a little bit late here and hope to see you next time everybody we'll see you thanks again [Music] you

2021-01-27 07:48

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