How to Create a Moving Average Slope Color Change Indicator for Thinkorswim Platform
In this video I am going to show you how to create a Moving Average Slope Color Change Indicator for the Thinkorswim Platform.
Shareable Link:
https://tos.mx/!I9PrStiP
**Indicator Code**
*** Where there is "less than" in code replace with the less than arrow symbol, YouTube restricts this symbol in their description or you can use the shareable link above to get code...***
#Moving Average Slope Color Change
input Length = 20;
input AvgType = AverageType.SIMPLE;
input Price = Close;
plot Slope = MovingAverage(AvgType, Price, Length);
Slope.Definecolor("Positive",color.Cyan);
Slope.Definecolor("Negative",color.Red);
Slope.AssignValueColor(if Slope less than Slope[1] then Slope.Color("Negative") else Slope.Color("Positive"));
**End of Code**
This walkthrough of the moving average slope color change indicator will cover how to create and use the moving average line with Thinkorswim. I will cover how to use the moving average slope color change to identify a change in trend. You will be able to copy the code and create the new indicator within Thinkorswim in under 5 minutes. This indicator can be a useful tool to add to your trading setup. After watching this video you will be able to answer the question of how to create and add a moving average line where the line color changes if it is in an uptrend (positive slope) or downtrend (negative slope) to the Thinkorswim trading platform.
**Timestamps**
0:00 Introduction and Overview
0:25 Moving Average Slope Color Change Walkthrough
1:14 Indicator Code Walkthrough with Explanation
2:06 Creating a New Study and Adding the Indicator to Thinkorswim
3:35 Conclusion and Final Thoughts
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