––––HISTORY & CREDITS 🏦 The [TTI] ThinkorSwim Market Forecast indicator is an adaptation of the Market Forecast indicator originally created for the ThinkorSwim trading platform. This version has been adapted for use in TradingView, replicating the functionality of the original indicator to assist traders in their market analysis.
––––WHAT IT DOES 💡 The [TTI] ThinkorSwim Market Forecast is a technical indicator designed to identify potential buying and selling opportunities based on market analysis techniques applied to multiple timeframes. It consists of three plots: Momentum (red line), NearTerm (blue line), and Intermediate (green line). These plots tend to cycle on daily, weekly, and monthly basis, respectively. The indicator also includes static lines representing the top, bottom, and reversal zones.
Calculations: The [TTI] ThinkorSwim Market Forecast indicator is a technical analysis tool that calculates three separate lines – Momentum, NearTerm, and Intermediate – to help traders identify potential buying and selling opportunities. The calculations are based on market data from multiple timeframes and involve measuring price movements in relation to their recent high and low values. The indicator highlights areas of potential reversals in the upper and lower zones, allowing traders to make more informed decisions on when to enter or exit a position.
––––HOW TO USE IT 🔧 To use the [TTI] ThinkorSwim Market Forecast indicator, look for simultaneous reversals of the three lines in the upper or lower zones. A Buy signal is generated when all three lines go through a reversal at the same (or almost the same) time in the bottom zone (green cloud). Conversely, a simultaneous reversal in the upper zone (red cloud) suggests a Sell signal.
To add this indicator to your TradingView chart, copy the provided script and paste it into the Pine editor. Save and add the script to your chart, and the indicator will be displayed, allowing you to analyze the market based on the Momentum, NearTerm, and Intermediate lines, as well as the upper and lower reversal zones.