TW Golden Indicators for ThinkorSwim consists of three different trading elements: the Bollinger Bands, the inside bar, and the outside bar.
The initial script was published on TradingView by TradingWarz.
- Bollinger Bands = Red and Green lines
- Inside bar pattern = Yellow candle
- Outside bar pattern = White candle
- Holy grail pattern = Inside bar + Outside bar
#Indicator Name: TW Golden Indicators #Version: 1.0.0 #Developer: Melvin C. #Adapted from tradingwarzone TradingView script #URL: https://thinkscript101.com/tw-golden-indicators-thinkorswim/ input src = close; input length = 20; input mult = 2.0; input bubbles = yes; def basis = SimpleMovingAvg(src, length); def dev = mult * stdev(src, length); def upper = basis + dev; def lower = basis - dev; def inBar = low > low and high < high; def outBar = low < low and high > high; def holyGrail = low < low and high > high and low > low and high < high; plot basis_line = basis; plot upper_stdv = upper; plot lower_stdv = lower; basis_line.SetDefaultColor(Color.light_red); upper_stdv.SetDefaultColor(Color.Light_green); lower_stdv.SetDefaultColor(Color.Light_green); AssignPriceColor(if inBar then color.yellow else if outBar then color.white else if holyGrail then color.cyan else color.current); AddChartBubble(inBar, if bubbles then high else double.nan, "IB", color.green); AddChartBubble(outBar, if bubbles then low else double.nan, "OB", color.green); AddChartBubble(holyGrail, low, "holy", color.green);
This indicator is ideal for day trading and scalping. There are many ways to use the TW Golden Indicators in your setup. You can use it with the opening range breakout strategy or Fibonacci Levels.
You can watch the video below to learn more about his strategy.