The Formations ThinkScript study for ThinkorSwim

GuideNumbers as of 2026-10-14

The full five-signal version of our ThinkorSwim study plots every formation that survived testing in both halves of the sample, colour-coded by direction, and prints the measured 21-day outcome on the chart as each one fires. The free version on the public site plots one of the five.

What the arrows mean

POP ▼ One-day +10% on 3× volume. Lagged the market badly in both eras — the worst of the sixteen.
RUN ▼ +20% in ten trading days. Lagged in both eras.
BAND ▼ Close above the 20-day average plus two standard deviations. Small, consistent lag.
RSI ▼ Cutler RSI(14) above 70. Small, consistent lag. Fires often, so it is off by default.
PULL ▲ A 10-day low while still above the 200-day average. The only one that led the market in both eras.

What is deliberately missing

Everything that failed the two-era test — the golden cross, the death cross, breakouts on volume, crashes, 52-week lows, oversold dip signals — is absent. It is not an oversight; those are the results. The full table shows every number.

Using it

Daily charts only: the statistics were measured on daily bars, and intraday aggregations fire the conditions on the wrong bars. These are average tilts across hundreds of thousands of events and the spread of individual outcomes dwarfs them — historical description, not a trading signal. ThinkorSwim is a trademark of Charles Schwab; this study is not affiliated with or endorsed by Schwab.

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Questions this post answers

What does the Formations ThinkScript study plot?

Five formations that survived the two-era test: one-day pops, vertical runs, upper band breaks and RSI above 70 (all followed by lag) and pullbacks in an uptrend (followed by outperformance), each with the measured 21-day outcome printed beside the arrow.

Why doesn't it plot the golden cross?

Because across 47,325 golden crosses there was no reliable signal in either era. The study only plots what the data supported.

Is there a free version?

Yes — a one-signal version is on the free tools page. Members get all five.

Does it work on intraday charts?

Use daily charts. The statistics were measured on daily bars, and intraday aggregations fire the conditions on the wrong bars.

Free ThinkorSwim indicator Formations guide The Filings Browser Cluster buys The Trader Atlas The Backtest engine Seasonal stock patterns that survived an out-of-sample test

Built from SEC EDGAR ownership filings. Only open-market purchases (transaction code P) and sales of $1M or more are counted; grants, option exercises and tax withholding are excluded because they run on schedules set years earlier. Historical description, not a prediction, and not investment advice.