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Repaints AGAIG Best Trading Chart Setup For ThinkOrSwim

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csricksdds

Trader Educator
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UPDATE: 4/18/24 added overview of indicators used and why, explanation located below chart image

The market has three moves: Up, Down and Sideways. My goal is the trade these movements using the simplest of indicators to head me in the right direction. It works on all time frames (the best being an hour or less).

Chart Link: http://tos.mx/!mPuNL9nn Click here for --> Easiest way to load shared links
bsQt5xS.png

I only day trade one chart (SPY, SPX, or QQQ) following my indicators (knowing that they repaint - but so does life!). I try to never trade up in a down market, nor down in an up market. I also watch for 8/20 crossovers and will exit a put if it crosses up, or a call if it crosses down (some traders trade only the crossovers).

an overview the indicators and labels UPDATE: 4/18/24
First we’ll discuss the Labels at top of the chart:

ATR: This label represents the Average True Range for Daily/Weekly expected movement. Since candles move 6-10 (average) on any time frame this one is set to (9) for a nine period trend for Days or Weeks. It could be changed to any lookback number you choose.

PSAR Trans: PSAR is defined as “Parabolic Stop and Reverse” showing candle change in direction and listing how many bars ago the change took place. This Label is coordinated with the Yellow Dotted Line down on the chart with Label words “Last PSAR Transition” showing candles above/below that line. PSAR indicates when a price trend breaks ahead of a potential reversal (i.e. Follow the Money).

StackedEMAs 8-13-21-34-55: These are all Fibonacci Levels (levels frequently used as turning points by algorithmic computer traders). When the label is Green these levels are lined up positive (probable uptrend); when Red they are lined up negative (probable downtrend); when Yellow the market is probably choppy with no completely defined direction. I use EMAs instead of SMAs (Simple Moving Averages) since EMAs favor current trend rather than overall historic trend.

5-8 EMAs: This is a Red/Green color label to show an initial trend change possibly taking place.

ORB Yellow Bordered Label: (OPENING RANG BREAKOUT) This label is only active during actual trading hours. It will designate if the stock (ETF) is trading within, above, or below the Opening Range Breakout. On the chart it is a broken line while during the first 15 min. breakout and a solid line the rest of trading day. I am using a 15 min. Breakout Range whereas some traders prefer the first 30 minutes.

TTM Trend Label: The TTM Trend (free oscillator on TOS) is a lower oscillator showing a four color movement. My label only shows Green/Red for trend up/down. My Red/Green Candles are coordinated with the oscillator as well (but again only in the 2-color mode).

The next Label shows trend as Green “OVERALL BULLISH”; Red “OVERALL BEARISH”; or Yellow “CHOP HOLD.”



Now a look at the Chart itself:



My chart is setup using Heikin Ashi Candles. If you use these make sure you find an explanation for these as verses regular candles. Basically Heikin Ashi candles are good for a day trading trend, with the shadows (wicks) showing direction (rather than a potential reversal as on a regular candle). Flat bottoms/tops show strong based direction with an upper/lower wick.
The Green/Red Candles giving a visual overall trend.
The candles are painted with momentum from the TTM Squeeze Indicator.
Momentum is more responsive than the default heiken ashi trend coloring.

Last PSAR Transition Yellow Dotted Line was explained above.

The Long/Short Chart Bubbles are an indicator I developed showing probable change in direction.

A solid Red/Green Line also shows a high/low probable transition trend point.

The shaded (cloud) Red/Green Box-like areas are Support and Resistance areas.

The larger White/Yellow arrows are trend reversal areas. The smaller Green/Cyan show a continuation trend for up to 8 candles. Strong reversal indications are when two or more arrows overlap each other and/or a long/short bubble is present. Because indicators repaint my goal is to have more than one indicator showing a change taking place

The White Dotted Lines show PDHi (Previous Days High) and PDLow (Previous Day Low). These are frequently Resistance/Support areas unless Stock/ETF in a breakout mode above/below yesterday’s close.

The PRICE POINTER is one of my favorites which moves up/down with actual price.

The Blue/White lines are the 8/20 EMA trend lines. The 8 moves the fastest in correlation with the 20. Both levels are Fibonacci related (I’m using a 20 instead of the 21 since the 21 is a frequent change in direction area (the 20 gives me a heads-up). Also notice when the Blue Crosses the White (Crossovers) as many individuals trade only the crossovers. Be careful with these lines approaching each other, however, as it may be a pivot rather than a crossover?



That pretty much covers my AGAIG Best Trading Chart Setup. Thanks to useThinkScript members whose indicators I am using, or have modified, for my chart!

My background in life was mostly in a visual profession. Notice that I don’t use any lower indicators as it’s difficult (at least for me) to comprehend an overload of competing information.

When I taught in The Options Club here in The Villages (largest retirement community in U.S.) my moniker was “Visual Options Trading” because:

“if you can’t see it how can you possibly trade it?”
 
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As Good As It Gets 5min Single Chart Scalp Daily

I made a 10 minute Camtasia Video to show the indicators moving but couldn't get it to post (so a single chart only). This chart is the daily QQQ taken today 4/12/24. As a side note I taught here in The Villages Options Trading Club for four years under the moniker Visual Options Trading (until my wife said enough already). Now, having passed the venerable age of 80, I need to keep things as simple as possible. I only day trade one chart (SPY, SPX, or QQQ) following my indicators (knowing that they repaint - but so does life!). I try to never trade up in a down market, nor down in an up market. I also watch for 8/20 crossovers and will exit a put if it crosses up, or a call if it crosses down (some traders trade only the crossovers).

Here is the shared chart link: http://tos.mx/VNpyI0T Click here for --> Easiest way to load shared links

I am curious as to how you determine an up day from a down day?
 
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I am curious as to how you determine an up day from a down day?
If the market stays within the ORB (which is usually does 80% of the time, or basically 1 SD movement, it would be considered chop). I don't consider up/down market unless it breaks out above or below the ORB. Also if the market opens to the upside and the next up movement is lower than the first and the third lower than the second it would appear that the market is walking down (or vice versa). Also in day trading when the market opens to a low I will treat it as not reaching that level again, or if it opens to a high I won't consider it hitting that level again. Of course it mat hit those levels again and/or breakthrough them which might signify an up/down day. Also watch the crossover lines (I use the 8/20) as the 20 EMA (as the 21 is a much used Fibonacci Algorithm turning point). Some traders trade only the crossovers (although they may also be just touch and reverse areas).

The best, and most volatile trading of the day, is usually the first hour to an hour and a half. Some traders only trade during this time and then quit for the day (the old adage is to make a little money in the morning and then give it back in the afternoon). Also if the stock (ETF) you are watching breaks to the upside it may well reverse somewhere between noon to three o'clock.

I called this a a scalp daily chart setup but it works on all time frames for day trading and all stocks (ETFs), trading for Friday's close, or further into the future. It's just a great working chart for all types of trading.
 
Is this a thinkscript using zigzag?

Looks very interesting on a 10 minute chart. Does this repaint by any chance or what has been your experience with using it?
 
Is this a thinkscript using zigzag?

Looks very interesting on a 10 minute chart. Does this repaint by any chance or what has been your experience with using it?

Yes, the OP uses the zigzag. You can see all his indicators here:
https://usethinkscript.com/search/1537785/?q=AGAIG*&t=post&c[child_nodes]=1&c[nodes][0]=8&c[title_only]=1&o=replies&g=1

The OP states that this is one of the best trading charts for all traders on timeframes of 1-hr or less.
He further states that his indicators "repaint - but so does life!"
 
Last edited by a moderator:
Yes, the OP uses the zigzag. You can see all his indicators here:
https://usethinkscript.com/search/1537785/?q=AGAIG*&t=post&c[child_nodes]=1&c[nodes][0]=8&c[title_only]=1&o=replies&g=1

The OP states that this is his main chart for successfully scalping options on the 5min.
He further states that his indicators "repaint - but so does life!"
Very true - these indicators should work on the time frame of your choice. The true moving part of the chart is the 8/20 EMA. I have made the arrows different size so that one can see when they overlap. The more indicators pointing in the same direction (especially overlaps) the stronger the possible change.

Living here in The Villages I will sometimes see a senior turn on his left signal (1st indicator), start slowing down (2nd indicator), move into left land (3rd indicator).... so, does this mean a left turn? Not necessarily! I have seen them turn right, speed straight ahead and sometimes actually turn left; and so goes the market which is why sometimes I lag just a bit behind to make sure the indicators are right! Let the market take the lead, follow my indicators, but because they sometimes repaint lag just a bit behind (it'll only cost a nickel or two to find out for sure)?
 
Very true - these indicators should work on the time frame of your choice. The true moving part of the chart is the 8/20 EMA. I have made the arrows different size so that one can see when they overlap. The more indicators pointing in the same direction (especially overlaps) the stronger the possible change.

Living here in The Villages I will sometimes see a senior turn on his left signal (1st indicator), start slowing down (2nd indicator), move into left land (3rd indicator).... so, does this mean a left turn? Not necessarily! I have seen them turn right, speed straight ahead and sometimes actually turn left; and so goes the market which is why sometimes I lag just a bit behind to make sure the indicators are right! Let the market take the lead, follow my indicators, but because they sometimes repaint lag just a bit behind (it'll only cost a nickel or two to find out for sure)?
What a great analogy and so true! Thank you for sharing your strategy.
 
You're welcome and a big thanks to the administrative team of usethinkscript.com for providing this website where we can share with each other. One of the natural laws of the universe states: "When two or more share, each of them has more" and we certainly get more than we share from this site!
 
Thank you for sharing valuable chart/indicators.

There are two versions of white and yellow large UP or DOWN arrows, one with yellow line with dark thick RED or GREEN lines and other with white arrows but no lines. what does that indicate? Also, what does price pointer (Cyan) mean?
 
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The different size (and different color arrows) all indicate a change in direction (each from a slightly different perspective)....I like two or three to line up (or show same change in direction) before I place a trade.

The dark red/green thick lines also show a change in direction (the thick line tends to catch my eye). The Blue Arrows are ZigZag showing continuing direction trend (I have the indicator set to show up to eight trend arrows - there may be more trend beyond the arrows, or less than eight might show if the trend doesn't continue.

The price pointer (Cyan) is just that...it is the current price (it might show that is is moving up on the candle, in the middle, or down depending where the price is at the current time (one of my favorite indicators).

Hopefully this answers your question?
 
UPDATE:
On Friday I listed this strategy as a scalp trading setup. Probably diminishing the viewing audience to those who are scalp traders (which admittedly is most of my trading) and left out a lot of traders who will benefit as well from this chart setup. I should have listed it as As Good As It Gets Best Trading Chart Setup, which, after years of trading, is the simplest and most effective visual chart I use.

The market has three moves: Up, Down and Sideways. My goal is the trade these movements using the simplest of indicators to head me in the right direction. Charts can be as complicated as one chooses with a myriad of complicated indicators. Charts can also give the same information in as simple form as possible. My goal is to be as simple and effective as possible. This chart is excellent for trading all stocks (ETFs) as one wants to trade and it works on all time frames (the best being an hour or less). The price pointer shows current price (even where it it is active on the current candle).

I changed the label to be more accurate: one of the best trading charts for all traders.

Chart Link: http://tos.mx/VNpyI0T Click here for --> Easiest way to load shared links
mod note:


Chart Image:
I made a 10 minute Camtasia Video to show the indicators moving but couldn't get it to post (so a single chart only). This chart is the daily QQQ taken today 4/12/24. As a side note I taught here in The Villages Options Trading Club for four years under the moniker Visual Options Trading (until my wife said enough already). Now, having passed the venerable age of 80, I need to keep things as simple as possible. I only day trade one chart (SPY, SPX, or QQQ) following my indicators (knowing that they repaint - but so does life!). I try to never trade up in a down market, nor down in an up market. I also watch for 8/20 crossovers and will exit a put if it crosses up, or a call if it crosses down (some traders trade only the crossovers).

Here is the shared chart link: http://tos.mx/VNpyI0T

How do you mange or work on your stop loss strategy
 
The different size (and different color arrows) all indicate a change in direction (each from a slightly different perspective)....I like two or three to line up (or show same change in direction) before I place a trade.

The dark red/green thick lines also show a change in direction (the thick line tends to catch my eye). The Blue Arrows are ZigZag showing continuing direction trend (I have the indicator set to show up to eight trend arrows - there may be more trend beyond the arrows, or less than eight might show if the trend doesn't continue.

The price pointer (Cyan) is just that...it is the current price (it might show that is is moving up on the candle, in the middle, or down depending where the price is at the current time (one of my favorite indicators).

Hopefully this answers your question?
Yes, thank you very much!
 
How do you mange or work on your stop loss strategy
First of all, I have no more than three trades going at a time (usually only one) and I watch it carefully. I will exit if the 8 EMA crosses the 20, or if my indicators show a probable change in direction. Hard stops placed within the ATR (Average True Range) will usually get stopped out (therefore I don't use hard stops). The big boys constantly scan for stops to help move your money into their pockets. When you buy an option your risk is limited to the amount you paid for it, so don't buy more than you can afford to lose. You will make more money in the long run with smaller well managed trades?
 
Do you have AGIG as Strategy script so I can do back testing?
Thanks for the question. No I don't have a backtesting strategy for AGAIG since I don't have many trades open at a time and am more interested in current movement rather than past. I do look back at the end of the day to see if the stock (ETF) traded followed my indicators overall. One other thing I do is look at the option chain for the stock (ETF) I plan to trade to see where most of the open interest is. For AMD overall most OI is on the Call side. Based on this I placed a Friday 170 Call for .92 and placed a GTC order for .98 and hope it pops beyond that price in the morning similar to what it did this morning? It's nice to start the day with a few cookies ($$) on the plate.
 
No stop orders for day trades... I'm familiar with your trading style.. Looks like the strategy is built for swing trading.

Also, what are you using to confirm your trades.. Any successes?
 
The long and short signals always looks so beautiful on the daily chart when I see it.

I remember coming across a zigzag QQE strategy that didn't repaint on this forum which may be interesting if the code is a similar logic. Has zigzag improved your strategy?
 
The long and short signals always looks so beautiful on the daily chart when I see it.

I remember coming across a zigzag QQE strategy that didn't repaint on this forum which may be interesting if the code is a similar logic. Has zigzag improved your strategy?
My charting overall is the key to success. This chart should work for any trading strategy you wish to use. Indicators that don't repaint give you what information? When does one know that the non-repainter was successful (probably later in the day? I trade when multiple indicators suggest a trade. The 8/20 crossovers can also be entry/exit points. Success is when one's wins exceed their losses daily, weekly, monthly, or however one keeps track. I like to be in cash at the beginning of the day and try to be back in cash at the end of the day. I know of no one who never has a losing trade (something I experience as well) - managing them is the key to success. There are multiple ways to manage a trade. Thanks for your feedback and questions. Hopefully my charting will prove to be successful for you?
 

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