How To Add A Buy Arrow in ThinkorSwim to your Strategy - ThinkScript - ThinkorSwim Indicator

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Introduction

Hey everyone, this is James with wstrades.com. In this article, we will discuss how to use ThinkorSwim and ThinkScript to add a buy arrow or a long signal to your chart. By creating a new study or strategy, you can have an arrow plotted on the chart to indicate when to go long or buy. Let's walk through the process of coding this in ThinkScript using the Bollinger Bands indicator as an example.

  1. Start by opening ThinkorSwim and navigate to the upper right to find the studies button. Click on it and then select "Edit Studies."

  2. Search for "Bollinger Bands" in the smaller search box, double click on it, and it will populate on the right under added studies and strategies. Right-click on it, then click on "View Sources" to bring up the ThinkScript editor.

  3. Copy the code for Bollinger Bands and create a new strategy by clicking on the "Strategies" tab, then "Create." Paste the Bollinger Bands code into the editor.

  4. Define conditions for a buy signal by comparing the close price to a moving average and the lower Bollinger Band. Plot a buy arrow on the chart when both conditions are met.

  5. Click OK, remove the original Bollinger Bands study, apply the new strategy, and you will see buy arrows plotted on the chart based on your specified conditions.

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Keyword

ThinkorSwim, ThinkScript, buy arrow, long signal, chart, strategy, Bollinger Bands, indicator, code, moving average, conditions, plot, apply.

FAQ

  1. How can I add a buy arrow to my chart in ThinkorSwim using ThinkScript?
  2. What indicator example was used in the article to explain adding a buy arrow?
  3. What are the conditions required to plot a buy arrow on the chart using ThinkScript?
  4. Can I customize the conditions for generating buy signals on my chart with ThinkorSwim indicators?
  5. How do I remove the original study and apply the new strategy to see buy arrows on my ThinkorSwim chart?