How to make Thinkorswim Label for Custom Indicator

How to make Thinkorswim Label for Custom Indicator: Thinkorswim (TOS) is a trading platform that offers a wide range of tools for traders, including custom indicators. This article will guide you on how to create a custom label for your TOS custom indicators. A custom label is a tag or a label that displays the value of the custom indicator in real time on the chart.

Table of Contents

Creating a Custom Label:

To create a custom label, you need to follow the below steps:

1. Access the Script Editor

To access the Script Editor, click on the “Studies” button in the top-right corner of the chart and select “Edit Studies.”

2. Code the Indicator:

In the Script Editor, you can code your custom indicator using ThinkScript, a proprietary scripting language used in TOS. Many online resources and forums can help you learn the basics of ThinkScript.

3. Define the Label:

Once your custom indicator is coded, you can create a custom label by defining it within the script. The following is an example of how to define a custom label:

plot myIndicator = 50; label myIndicatorLabel = “My Indicator: ” + myIndicator;

In this example, the custom label is defined as “My Indicator:” followed by the value of the custom indicator. The value of the custom indicator is displayed in real-time on the chart.

4. Save and Apply the Custom Label:

After defining the custom label, you can also save the script and apply it to your chart. To do this, click on the “Save” button in the Script Editor and select “Apply to Chart.” The custom label will now be displayed on the chart.

Customizing the Label Appearance

Once you have also created a custom label, you can customize its appearance by changing its font, size, color, and location on the chart. You can also choose to have the label displayed in the foreground or background of the chart.

To customize the appearance of the label, you need to add a few more lines of code to the script:

plot myIndicator = 50; label myIndicatorLabel = “My Indicator: ” + myIndicator; myIndicatorLabel.setFont(“Arial”); myIndicatorLabel.setFontSize(12); myIndicatorLabel.setColor(color.RED); myIndicatorLabel.setBackgroundColor(color.GRAY); myIndicatorLabel.setHiding(false);

In this example, the label’s font is set to Arial, the font size is set to 12, the color of the text is set to red. the background color is set to gray, and the label is set to display in the foreground.

Conclusion:

Creating a custom label for your TOS custom indicators is a straightforward process that can help you quickly and easily identify the value of your indicators in real time. By following the steps outlined in this article, How to make Thinkorswim Label for Custom Indicator.

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