How to make Thinkorswim Label for Custom Indicator

Thinkorswim (TOS) is a trading platform that offers a wide range of devices for traders, including custom arrows. This article will guide you on creating a customized label for your TOS custom hands. A custom title is a tag or a brand that shows the value of the custom indicator in real time on the chart.

Creating a Custom Label: 

To make a custom label, you require to follow the below steps:

Access the Script Editor

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

 

Code the Indicator: 

In the Script Editor, you can code your custom indicator operating ThinkScript, a proprietary scripting language utilized in TOS. Many online resources and forums can support you in knowing the basics of ThinkScript.

1. Define the Label:

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

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

In this example, the custom label is described as “My Indicator:” observed by the value of the custom indicator. The value of the custom indicator is shown in real time on the chart.

Save and Apply the Custom Label: 

After defining the custom label, you can also protect and involve the script in your chart. To do this, click on the “Save” button in the Script Editor and choose “Apply to Chart.” The custom label will now be shown on the chart.

Customizing the Label Appearance

Once you have also constructed a custom label, you can customize its formation by changing its font, size, and color and place on the chart. You can also decide to have the title shown in the foreground or background of the graph.

To customize the appearance of the label, you require to add rare more lines of code to the script:

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

In this example, the label’s font is set to Arial, the length is set to 12, and the reader’s color is set to red. The background color is set to grey, and the label is set to show in the foreground.

Conclusion:

Creating a label for your TOS custom hands is a straightforward process that can help you quickly and smoothly identify your indicators’ importance in real time. Following the steps in this article, How to createThinkorswim Label for Custom Indicator. So, you will learn the complete information about “How to make Thinkorswim Label for Custom Indicator” in this article.

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