Repaints AGAIG Best Trading Chart Setup For ThinkOrSwim

[csricksdds]

I daily scalp the SPY and QQQ. As a new member you will find several chart setups available on this site. It would be my suggestion that you look at several of the trading charts available and pick the one that fits your eye the best. The goal is to have something simple, straight forward, shows trend, support and resistance, while realizing that most indicators have the ability to repaint. We are all looking for good pivot points and the ability to "follow the money." You may want to look at mine which I have put together through the years after teaching options trading here in The Villages, Fl. for several years. Mine is listed on this site as AGAIG-BestTradingChartSetup (the AGAIG means AsGoodAsItGets) but, again review several and find one that works best for you. The nice thing about this site (useThinkScript) is that it can put you days, weeks, months, or years ahead on your current level of knowledge and ability to become an effective trader. Merry Day can, and will probably give you links to several of the different charts available. Happy trading!

 

[rewardiaz]

Thank you @csricksdds. Will explore your stratergy.

 

[csricksdds]

Thank you @csricksdds. Will explore your stratergy.

Explore several and find the one that fits your eye and style. Mine works for ma and for several others as well.

 

[jiva1944]

I daily scalp the SPY and QQQ. As a new member you will find several chart setups available on this site. It would be my suggestion that you look at several of the trading charts available and pick the one that fits your eye the best. The goal is to have something simple, straight forward, shows trend, support and resistance, while realizing that most indicators have the ability to repaint. We are all looking for good pivot points and the ability to "follow the money." You may want to look at mine which I have put together through the years after teaching options trading here in The Villages, Fl. for several years. Mine is listed on this site as AGAIG-BestTradingChartSetup (the AGAIG means AsGoodAsItGets) but, again review several and find one that works best for you. The nice thing about this site (useThinkScript) is that it can put you days, weeks, months, or years ahead on your current level of knowledge and ability to become an effective trader. Merry Day can, and will probably give you links to several of the different charts available. Happy trading!

I really like the idea of scalping on SPY and QQQQ. However, I could not locate your thinkScrpt on this. Please advise.

 

[csricksdds]

If you are wanting some guidelines on trading the SPY and QQQ they would be traded the same as any other equity. If trading 0DTE theta decay is at its highest and so trades can go to zero in a hurry. Until noon I usually trade the 50 Delta (ATM) and, if I make any afternoon trades, I usually go slightly ITM.

If you haven't done much day trading I would recommend AMD, MSFT, AAPL, TSLA or another stock with Friday expirations (best traded Monday - Thursday) recognizing that an ATM trade will be more costly a few days out. An AMD (Advanced Micro Device) 165 C ATM is showing this morning for 4.25 - 4.35. Its ATR is around 6.1 daily and 16.8 weekly (making the weekly range approximately 150 - 180). Early in the week I would day trade use always using my trend indicators as on any trade, and try to be in/out the same day (any stock can be day traded). Early in the week I try to trade just inside where most of the OI (Open Interest) is located as I expect movement toward that OI if my trend indicators agree?

In this case if there is a pullback entry I might trade the 21 Delta 175 C @ 1.32 and exit at the next high pivot point. Remember though, that a 21 Delta is only going to give you .21 cents for a one point uptrend movement whereas the more expensive ATM (At The Money) would provide .50 cents. Also note that a $21 return on $132 is a greater percentage return than $50 on a $435 risk. Everything we trade is risk/reward and a Friday Stock trade also allows more time factor for the trade to play out?.

 

[MerryDay]

I really like the idea of scalping on SPY and QQQQ. However, I could not locate your thinkScrpt on this. Please advise.

There is no one single thinkScript code for this strategy.
There is a complete chart setup.

To import the below chart setup link, you must follow these directions:
https://usethinkscript.com/threads/...ed-item-error-in-thinkorswim.5098/#post-57930

AGAIG Best Trading Chart Setup link: http://tos.mx/VNpyI0T


Once you have imported the chart, you can save it:
https://usethinkscript.com/threads/saving-your-setup-in-thinkorswim.18746/


Chart Link: http://tos.mx/VNpyI0T

To read more about how to trade with this chart:
https://usethinkscript.com/threads/agaig-best-trading-chart-setup-for-thinkorswim.18436/#post-140348

 

[Zlotko]

If you are wanting some guidelines on trading the SPY and QQQ they would be traded the same as any other equity. If trading 0DTE theta decay is at its highest and so trades can go to zero in a hurry. Until noon I usually trade the 50 Delta (ATM) and, if I make any afternoon trades, I usually go slightly ITM.

If you haven't done much day trading I would recommend AMD, MSFT, AAPL, TSLA or another stock with Friday expirations (best traded Monday - Thursday) recognizing that an ATM trade will be more costly a few days out. An AMD (Advanced Micro Device) 165 C ATM is showing this morning for 4.25 - 4.35. Its ATR is around 6.1 daily and 16.8 weekly (making the weekly range approximately 150 - 180). Early in the week I would day trade use always using my trend indicators as on any trade, and try to be in/out the same day (any stock can be day traded). Early in the week I try to trade just inside where most of the OI (Open Interest) is located as I expect movement toward that OI if my trend indicators agree?

In this case if there is a pullback entry I might trade the 21 Delta 175 C @ 1.32 and exit at the next high pivot point. Remember though, that a 21 Delta is only going to give you .21 cents for a one point uptrend movement whereas the more expensive ATM (At The Money) would provide .50 cents. Also note that a $21 return on $132 is a greater percentage return than $50 on a $435 risk. Everything we trade is risk/reward and a Friday Stock trade also allows more time factor for the trade to play out?.

Csricksdds: I do day trade Futures but would like to learn Options, could you recommend or have some info on haw to learn options?

 

[csricksdds]

Csricksdds: I do day trade Futures but would like to learn Options, could you recommend or have some info on haw to learn options?

I just googled: Free Options Trading Education and pulled up a whole list of free options courses. I'm not sure if there are basic courses here on useThinkScript? Also OIC (The Options Industry Council) has a site www.optionseducation.org and I think there are several videos as well. There is a free options trading course video https://bit.ly/3KexgQS but I haven't listened to the whole thing but it says for beginners from A-Z and I don't think they're trying to see anything?

 

[Joachim]

Is there a way to remove all the sound alerts on this?

 

[csricksdds]

Is there a way to remove all the sound alerts on this?

Click on the Beaker for "Added studies and strategies"...each study has a wheel on the far right. Click on the wheel and the mode will open...scroll down to near bottom and there will be an alerts dropdown (if alerts are available) You can turn them off there...then on top click "Save as default" and that should clear your alerts. NOTE: Not every indicator has alerts.

 

[ShaggyRS6]

I have a question about the alerts working on a watch list? Do you have something like that for this indicator (which BTW has been the most successful indicator I have used) If I open too many charts my PC slows a little. If I missed this somewhere I apologize.

 

[jiva1944]

Csricksdds: I do day trade Futures but would like to learn Options, could you recommend or have some info on haw to learn options?

Thank you!

 

[Golferdave]

Explore several and find the one that fits your eye and style. Mine works for ma and for several others as well.

When would you enter the trade can you give an example or screenshot of one you entered? New to trading and following your chart set up

 

[csricksdds]

I have a question about the alerts working on a watch list? Do you have something like that for this indicator (which BTW has been the most successful indicator I have used) If I open too many charts my PC slows a little. If I missed this somewhere I apologize.

I don't have a watchlist as I find my charting works very well on just the SPY or QQQs, although I occasionally trade AMD, TSLA, MSFT, etc. but usually just one stock or ETF each day, as I get enough activity on trading any one of those to have a good trading day (any stock with 4-5 volatility will keep me busy using my charting)? I used to scan and hunt for others but didn't find trading to more effective than my present method.

 

[csricksdds]

When would you enter the trade can you give an example or screenshot of one you entered? New to trading and following your chart set up

I enter a trade when my bubbles and red/green arrows are in agreement. My suggestion would be for you to paper trade until you are comfortable with what you are seeing? Remember I use a 5 Min chart and day trade the SPY or QQQ with 0 DTE - you might want to look at one of your favorite stocks and trade it a few days out before expiration to get a feel for how things are working?

 

[ShaggyRS6]

Just curious. I am assuming this wont work for futures?

 

[csricksdds]

Just curious. I am assuming this wont work for futures?

Futures move up/down/sideways the same as stocks and ETFs. I'm not a futures trader but the charting should work the same?

 

[ADTJediInAR]

Hello Sir! As a new trader (well...new to trying to day trade) I love what you've created. Working still to understand all of the components and what they are telling me. I have a question though. I have another chart style that I've created that I like and understand. I'm trying to apply all of your studies to a new chart view that has two charts in the same tab. Mine above and yours below. I understand mine and want to be able to watch the two in tandem to help me learn yours. I have placed all of your studies in the new chart in the order they appear in the chart that popped up when I opened your shared chart. I APPLY changes after I add each item to make sure that each item is working correctly. All goes perfectly well until I add the NO ARROWS study. So I removed that study to get back to normal and then I tried to add the COLOR TREND LINE study and all went crazy again. I then removed that and added the remainder of the studies in the list and all was fine. I've added an image of what happens when I add all of the studies that work in my created chart. It doesn't look exactly like yours...but it's close. I imagine more tweaking of settings. I've also added an image of what happens when NO ARROWS and COLOR TREND LINE are added. If you have any suggestions, or if you know how to add your shared chart to a two chart view while keeping everything in tact instead of it creating a popout chart, I would greatly appreciate it.

My view when I add all working studies:

My view if I also add NO ARROWS and COLOR TREND LINE

Thank you!

 

[ksnyder2000]

Just to get this straight: a white arrow and a yellow arrow overlapping with a buy/sell bubble is the strongest signal? Two overlapping arrows but no buy/sell bubble is a weaker signal? And one arrow by itself is even a weaker signal?
Thank you.

 

[coloradotrader]

@csricksdds. Just wanted to drop a note of appreciation. I have totally connected with your chart. I just completed 20 trades. 85% success on SPY/QQQ and mag 7 stocks using the Long/Short signal or 8/20 cloud cross alone. looking forward to refining my skills with it even further. Again, thanks!