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Patterson Hist Indicator for ThinkOrSwim
Indicators, ThinkOrSwim

ThinkOrSwim

The Patterson Hist Indicator is a powerful ThinkOrSwim technical indicator for volume normalization and analysis, providing traders with insights into abnormal volume spikes and highlighting specific days for added context. Designed for clarity and customization, this indicator helps traders monitor volume behavior relative to historical averages.

Key Features of the Patterson Hist Indicator

  • Normalized volume histogram:
    The indicator calculates the normalized volume using standard deviation and historical averages over a customizable period:
    • Histogram bars are color-coded for easy analysis:
      • Above Threshold (Green): Highlights when volume exceeds the defined threshold.
      • Below Threshold (Red): Displays normalized volume below the threshold.

This makes it easy to identify high-volume spikes that could signal potential market opportunities.

  • Adjustable standard deviation threshold:
    Traders can set the threshold for volume outliers. This flexibility allows for tailored analysis based on market conditions and personal preferences.
  • Zero-base display for visual clarity:
    The histogram is anchored to a zero baseline, ensuring volume changes are visually intuitive. Negative values can be optionally included or excluded for cleaner analysis.
  • Alternate day highlighting:
    For improved time-based context, the indicator highlights alternate trading days with a shaded cloud (Dark Orange). This helps traders observe how volume behaves across different sessions.
  • Customizable inputs:
    • Length: Set the lookback period for calculating averages and deviations.
    • Allow Negative Values: Optionally display negative normalized values.
    • Highlight Alternate Days: Toggle cloud highlights for alternating days.

Why Patterson Hist Indicator from MyIndicators?

The Patterson Hist Indicator is one of the best ThinkOrSwim indicators for traders focused on volume analysis. Its ability to normalize volume relative to historical deviations makes it an invaluable tool for identifying outliers and potential market signals. Whether you're watching for breakout volume or tracking session-based patterns, this ThinkScript indicator simplifies volume analysis into actionable insights.

Ready to identify abnormal volume spikes?
Download the Patterson Hist Indicator from MyIndicators now and gain the edge with advanced volume analysis tools!


Patterson Hist Indicator for ThinkOrSwim

Buy Now for only

35.00 USD

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Questions

Who are we?
My indicators is born as an idea from passionate people that love the market. We are a young team that creates indicators to make trading more productive and efficient. We are 100% Swiss based. Discover our vast collection of indicators and become part of the future of trading.
What do we offer?
We offer a wide range of market indicators designed to improve your trading efficiency and insights into market trends.
How can you join us?
Joining us is easy! Visit our website and sign up to get access to exclusive market insights and indicators.
How much does it cost?
Creating a reliable indicator takes time, that’s why every indicator comes with a particular price. We make indicators for NinjaTrader, MT4, MT5 and TradeStation. If you can’t find your platform, don’t worry, we are probably working on it.

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