How to Use ThinkorSwim - How to Color Candles using ThinkScript

Introduction

To color candles in ThinkorSwim using ThinkScript, follow these steps:

1. Add the Simple Moving Average (SMA) study to your chart.
2. Duplicate the SMA study and rename it to something like "SMA Color Candles."
3. Locate the part of the script that calculates the SMA line.
4. Decide on the criteria for coloring the candles - for example, you can choose to color candles green when the SMA line is pointing up and red when it's pointing down.
5. Define the conditions for "long" and "short" based on the direction of the current candle compared to the previous one.
6. Utilize the AssignPriceColor function to color the candles green for "long," red for "short," and leave them as they are for other situations.
7. Delete the old study and check if the new script is working correctly.

This method allows you to visually represent the relationship between price action and the SMA line on your ThinkorSwim charts effectively.

Keywords

ThinkorSwim, ThinkScript, Simple Moving Average, Candles, Coloring, Charting

FAQ

1. Can I customize the colors for long and short candles in ThinkorSwim using ThinkScript? Yes, you can modify the script to assign different colors to long and short candles based on your preferences. Simply adjust the color codes within the AssignPriceColor function accordingly.

2. Is ThinkScript easy to learn for customizing charting features in ThinkorSwim? ThinkScript, the scripting language used in ThinkorSwim, can be relatively straightforward to grasp with practice. It allows for advanced customization of charting elements like candles, studies, and alerts, offering users a high level of flexibility in analyzing and visualizing market data.