AGAIG Best Trading Chart Setup For ThinkOrSwim

[csricksdds]

I received the following inquiry and will go over my chart layout and indicators. Here it is in detail
for those who wish me to do so? Here was the inquiry:

“This is a beautiful chart setup. Would you mind sharing the chart layout, or is it a collection of studies? If so, which studies would I need to replicate it? Great work!”

The 1st post has been updated with the below detailed explanation.​

an overview the indicators and labels
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 and the Green/Red Candles giving a visual overall trend.

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?”​

 

[fd84770]

Good morning. Is there a scan for AGIG? Thank you.

 

[csricksdds]

Good morning. Is there a scan for AGIG? Thank you.

Thanks for your question. No I have no scan for this chart setup (not sure if anyone else has made one). As a side note: I quit scanning for multiple stocks after turning 75 and have been trading only one or two since that time. I now trade the SPY and QQQ and find this profitable for my purposes. Any stock with good volatility (5+) is good for day (or swing) as one can use Friday expirations for those whereas I'm trading today's expiration on the SPY and QQQ.

 

[fd84770]

Thanks for your question. No I have no scan for this chart setup (not sure if anyone else has made one). As a side note: I quit scanning for multiple stocks after turning 75 and have been trading only one or two since that time. I now trade the SPY and QQQ and find this profitable for my purposes. Any stock with good volatility (5+) is good for day (or swing) as one can use Friday expirations for those whereas I'm trading today's expiration on the SPY and QQQ.

I appreciate your quick reply. I'll certainly take your advice and only use it for my watch list, including the SPY and QQQ. Thanks a million.

 

[csricksdds]

I appreciate your quick reply. Thank you.

You're welcome.

 

[Option1]

How does the video work? I downloaded and still don't see it?

 

[csricksdds]

How does the video work? I downloaded and still don't see it?

Yes I made a 10 minute video but couldn't get it to post. I use Camtasia for recording but imgur (the link for adding to useThinkScript posts) said it would take no more than six seconds? In any event pull up your favorite chart and scroll backwards to see how the indicators look (remember they may repaint and you will see them as repainted if they did so). As retail traders we don't know the next move of the market from either fixed, or repainting, indicator. The difference in the fixed is that it remains in place and you can see where the market moved differently from where the fixed indicator was. We can only determine from evidence (multiple indicators) as to what the market will probably do next. If the market moves in a direction contrary to what 2-3 of my indicators project, I will frequently close for a small loos and look for a new entry opportunity.

 

[tenacity11]

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
mod note:

https://imgur.com/a/xf012qq

Thanks for this. When I downloaded the link the chart has a light green background and I would like to change it to black but when I go into appearance and choose black for the background nothing changes. Any idea why. Thanks
You can disregard the question I figured out what the problem was and all good now. Will be very interested to watch this on Monday. I already saw the switch at EOD on fri with QLD which is one of my favorites to trade.
Just FYI I'm in Sarasota..

 

[agorena123]

@csricksdds Anyway to share the video another way like google drive or similar? Would love to get your take on the indicators and chart.

 

[csricksdds]

For those following: https://usethinkscript.com/threads/previous-day-high-low-close-for-thinkorswim.3494/

I like these versions of Previous Day High Low and Close and modified it a bit to suit my charting. I like to offset the Previous Close but keep the Highs and Lows on my chart as they might be pivot points? Here is a picture of it on my BestTradingChartSetup:

https://imgur.com/a/jmqyYUZ

go here for code:
https://usethinkscript.com/threads/...lose-for-thinkorswim.3494/page-10#post-140850

 

[Joachim]

My chart looks like this after I import it. Please let me know what I need to change:

 

[lolreconlol]

Thanks for sharing. What's your main trading strategy with this setup - wait to break the opening range and then follow the ema? Buy retests of the opening range high/low? I think you said you had a video on the previous post.. did you have any luck posting that? Thank you!

 

[useThinkScript]

My chart looks like this after I import it. Please let me know what I need to change:

https://usethinkscript.com/threads/solved-squished-compressed-plots-on-charts-on-thinkorswim.8341/

 

[stockscouter87]

Hey, So i just imported this chart setup and it seems to be working fine but..... The candles are different. I do not know what to make of that. On any other chart I have a bullish englufing candle and on the chart grid it is a indecision doji at best. Same timeframe so idk, is that supposed to happen for some resason?

UPDATE:
Ah, just a heads up, I figured it out, The candles on the AGAIG chart are Heiken Ashi candles and I had the standard TOS candlesticks.

 

[lucasvictor]

first of all, this is incredible work.. seems like you have spent quite some time developing this and i can't thank you enough for sharing this. I have one question though. I see that some long and short entries have a tiny bar under/over the alert bubbles and some don't.. see the screenshot below with two long entries on a 1 min chart on /NQ chart. Is there a difference in these signals with or without accompanying bars?