How to Add a Label in ThinkOrSwim (Beginner-Friendly)

Introduction

In today's video, we will explore how to easily create your own set of labels inside ThinkOrSwim. Labels can be used to plot indicator values or display calculations and variables in a customizable format. We will cover two types of labels: static labels, which display pre-defined values, and dynamic labels, which show the results of calculations or user inputs.

Static Labels

1. Exponential Moving Average (EMA) Label: To plot the EMA as a static value in a label, use the add label function. Set the boolean variable to yes to always show the label, and input the EMA value as the text parameter. You can specify the color of the label, such as color.yellow, for better visibility.

2. Volume Label: Similar to the EMA label, you can display the volume as a static value by using the volume built-in indicator instead of the EMA. Just input volume as the text parameter in the add label function.

3. Chaikin Money Flow (CMF) Label: To display the CMF value as a static label, use the add label function and specify the CMF plot inside the cmf indicator. For example, cmf.cmf will show the CMF value. Customize the label color to improve visibility.

Dynamic Labels

1. Stacked Moving Averages Label: Define the required moving averages, such as the 8, 21, and 34 periods, and create boolean variables to determine if they are stacked bullishly or bearishly. Use the add label function and an if-then statement to display the label as "Bullish" or "Bearish" based on the boolean variables. Customize the label color based on the bullish or bearish condition.

2. Counter Variable Label: If you have a specific indicator or signal, such as the Simple Breakout Tool, you can count the number of occurrences and display the count in a label. Copy and paste the code for the indicator, and then use the total sum function to calculate the number of bullish and bearish signals. Use the add label function to display the counts with the appropriate text and color.

3. User Input Label: Allow users to input a value, such as the length of a moving average, that will be used in the indicator or calculation. Utilize the input variable to capture user input, and then display that input value in a label using the add label function. The label will update automatically when the user changes the input value.

Keywords:

ThinkOrSwim, labels, static labels, dynamic labels, add label function, indicator values, calculations, variables, EMA, volume, CMF, moving averages, boolean variables, user input.

FAQ:

1. Can I customize the color of the labels? Yes, you can specify the color of the labels using the color parameter in the add label function. Choose from available colors like color.yellow, color.green, or color.red for better visibility.
2. How do I display pre-defined values in a label? Use the add label function and input the desired values as the text parameter. You can include indicators, calculations, or variables in the text parameter.
3. Can I change the label output based on user input? Yes, you can create user input variables and incorporate them into the label text parameter. This allows the label output to dynamically change based on the user's selection or input.