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Layup Indicators

The layup indicators encompass Intraday Volume % & Channel % custom watchlist columns, the Layup Channels, & Intraday Volume Average.

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Written by Lorna St. George
Updated over 8 months ago

The Layup Indicators give users a comprehensive view of where price is in relation to the ranges that it normally trades within as well as the average volume for the particular intra-day timeframe. The indicators are available on ThinkorSwim (TOS) and TradingView.

The Channel % Indicator:

This Indicator where price is within the yearly channel (PINK), the daily channel (YELLOW) and the 21 period channel (CYAN) on the intraday chart that the user is viewing.

All the lookback periods can be customized for whatever values the user finds relevant to their particular setups.

The indicator defaults to 252 days (the number of trading days available) for the Yearly channel, 21 Days for the Daily channel and 21 BARS for the intraday channel. In the example above, the 21 bars are for the 10 minute chart.

The Intraday Volume Average:

This indicator plots the volume strength for the intraday chart and is usable on any intra-day chart up to the 15 minute time frame. The aggregation of volume defaults to begin at 930 am EASTERN time with a reference percentage (for the purposes of calculating the percentage of the volume for the label) of 100%. These values are also fully customizable by the user if they would like to track different statistics:

PLEASE NOTE: the colors are fixed to Yellow, Cyan and Magenta for the Average cumulative volume plot and the Cumulative Volume Plot based on the total percent of the average.

If Intraday Volume percent is GREATER than the ZERO the Cumulative Volume line is Cyan otherwise it is Magenta.

If the Average Cumulative Volume is GREATER than the Reference Percentage (configured as shown above with a default of 100) the bars plot as YELLOW otherwise they plot as Light Grey.

Highlighted below are examples of Average volume where the percentage was greater than the reference percentage as well as where the Intraday Volume percent was not greater than zero:

The Custom WatchList Columns:

These studies allow you to configure a watchlist column to get a snapshot of current channel percent and intraday volume percent:

For installation on custom watch list columns for TOS, please see the document below:

How to create a custom watchlist column: https://intercom.help/simpler-trading/en/articles/3284541

Some things to be aware of with the Watchlist Columns:

Custom Watchlist columns are not available for TradingView. TradingView does not support scanning or customizing watchlists with 3rd party code.

Additionally, if you are going to use a 10 minute timeframe on the watch list column you must use a 5 day 10 minute chart to get approximately the same calculation. The columns will use ~ 5 days of data - TOS does not allow us to control the amount of lookback data that these watchlist columns use so you will note that the data will be very close but not exact with the label in the Layup indicator itself.

Also please note that for the watchlist column you must make sure that the "Include Extended-Hours Trading Session" box is NOT checked:

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