Setting Up Bollinger Band Alerts In Thinkorswim

 

Someone used your code and adapted it for ThinkOrSwim and added additional features:

Mish's Global Economic Trend Analysis. Someone used your code and adapted it for ThinkOrSwim and added additional features: This configurable period length is also used in calculating the average squeeze value of the bands, which are then halved to determine the squeeze threshold. JNJ kisses the lower Bollinger Band December , which would have a been a great entry point for put sellers not wanting assignment.

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Bollinger bands are a trading technique developed by John Bollinger. He was a famous technical trader who developed the bollinger band strategy to find volatility.. The stock market is a tug of war between buyers and sellers.

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Studies a Edit Studies 3. Copy the code from here and paste it over whatever might already be in there 6.

Pretty much any technical indicator or study can be used to implement practically any strategy you can name. However, some investors may find themselves overwhelmed by so many options, and find it hard to figure out where to start.

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In options trading our goal is often to earn the best premiums for selling our contracts. Typically the more volatility a stock is experiencing, the higher premium the stock option is offering. Bollinger Bands are a great tool for measuring volatility, and often a lead indicator for initiating a trade.

As a put seller, I am extremely interested in the lower Bollinger Band. The idea is, when a stock is experiencing a pullback and on the bottom range of its volatility channel, this is an indicator that it may be time to sell a put. I also find the Bollinger Band indicator an extremely easy to read and implement indicator as it is a quick visual guide for sizing up a stock chart over time and possible entry points.

JNJ kisses the lower Bollinger Band December , which would have a been a great entry point for put sellers not wanting assignment. Click on the images to enlarge them if you need to see more detail or to make them more clear. To enable the alerts, you need to tell Thinkorswim that you want the alerts and where to send them. To do that, Click the "Setup" button in the upper right hand corner.

A menu will pop up, so then click on "Application Settings". This will pop up a box and you will be able to select which options you want. To enable alerts, you will need to confirm the code before proceeding. Make sure to select the "Alert is triggered" box on the left to receive alerts, and then under the "Alert Settings" section on the right, check how you want alerts. I make sure to have "Send an e-mail checked so I get email alerts. This will pop open a box where we can enter our alert.

Click the "Add Condition" button on the lower left corner. We will start with the Upper Bollinger Band, since this alert is pretty straightforward with default settings. After the "Add Condition" button is clicked, you will get another popup box, where you can choose what type of condition you want to alert on. Bollinger Bands is considered a "Study," so choose the "Study" option from the "Select a Condition" drop down box. Now another box will pop up, with the menu "Lookup a study. This will popup a few options.

We are taking default options, so we do not need to change anything on the left column. However, in the middle column, we do want to choose the "is true" option since we want to be alerted when the upper Bollinger Band is breached. Now our alert box is populated with our condition. The caveat here though, is that once this alert is triggered, it will expire.

So, if you want to reuse the alert in the future without having to type it in again, we need to set it to continue even after the condition is met and triggered. So, click the "Set Alert Rules…" button in the lower left hand corner. This will pop up another box. Check the "Recreate alert for reverse crossover" box and then click OK to save this setting.

Now click the "Create Alert" button in the lower right corner of the screen to save the alert. You now have an Alert! In the "Market Watch - Alerts" interface section of Thinkorswim, you will now notice an entry under alerts.

The process of creating a lower Bollinger Band alert is very similar, though we do need to tweak a few settings. We see our condition from the previous alert is still there.