Best Day Trading Strategy / Indicators For ThinkorSwim

Zedd

New member
Can someone share me with a day trading strategy that has worked for them. I have tried many strategies and used many indicators but ended up losing trades or the strategy didn't work good enough backtesting.
 

GiantBull

Member
Posting the indicators that you use if you care to share your success with other traders in here would be nice
@halcyonguy those are the correct links, but I am not sure if the ak trend is on that thread. I can't remember which one it was on.

Links for the 4 indicators:
Anchored Momentum: https://tos.mx/buzNdWK
AK trend: https://tos.mx/ymhoN5R
Zscore indicator: https://tos.mx/ibBpRr6
Ehlers: https://tos.mx/14yaHql

I forgot to mention that I trade on a 3 min chart and I only trade SPY. The important part is to figure out when a trend has exhausted itself. I use a combo of support and resistance and also the TMO. Whenever it is overbought or oversold, I wait for price to reach a near-term resistance/support area and then watch for a buy/sell signal from the 4 indicators. If 3 out of the 4 indicators have fired a signal I am in the trade. I have tested about almost every indicator that has been posted on this website and I find these 4 to be pretty powerful when used together. I know there's many coders who have posted multiple indicators in one study such as the confirmation candles or the CSA indicators but unfortunately, I couldn't make money off of those.
 

graf

Member
@halcyonguy those are the correct links, but I am not sure if the ak trend is on that thread. I can't remember which one it was on.

Links for the 4 indicators:
Anchored Momentum: https://tos.mx/buzNdWK
AK trend: https://tos.mx/ymhoN5R
Zscore indicator: https://tos.mx/ibBpRr6
Ehlers: https://tos.mx/14yaHql

I forgot to mention that I trade on a 3 min chart and I only trade SPY. The important part is to figure out when a trend has exhausted itself. I use a combo of support and resistance and also the TMO. Whenever it is overbought or oversold, I wait for price to reach a near-term resistance/support area and then watch for a buy/sell signal from the 4 indicators. If 3 out of the 4 indicators have fired a signal I am in the trade. I have tested about almost every indicator that has been posted on this website and I find these 4 to be pretty powerful when used together. I know there's many coders who have posted multiple indicators in one study such as the confirmation candles or the CSA indicators but unfortunately, I couldn't make money off of those.
Thank you for sharing
 

Trader Raider

Well-known member
VIP
You are right, sorry for the confusion. I am using the Ehler's Distant Coefficient that was posted by @Christopher84 which is inside the confirmation candles thread
Thanks for clarifying:) FWIW, last year I back tested both the DCF and the flex/reflex on 10 years worth of data. For the instruments and timeframes that I trade, the DCF did better. I am not a coder though, so it's possible I erred somewhere.

Best wishes and happy trading!
 

GiantBull

Member
Thanks for clarifying:) FWIW, last year I back tested both the DCF and the flex/reflex on 10 years worth of data. For the instruments and timeframes that I trade, the DCF did better. I am not a coder though, so it's possible I erred somewhere.

Best wishes and happy trading!
I would put DCF in the top 5 most profitable indicators posted on this website. Once you find the right parameter for your timeframe it can seriously add a few extra 0's in the end of your account balance
 

lolreconlol

Active member
@halcyonguy those are the correct links, but I am not sure if the ak trend is on that thread. I can't remember which one it was on.

Links for the 4 indicators:
Anchored Momentum: https://tos.mx/buzNdWK
AK trend: https://tos.mx/ymhoN5R
Zscore indicator: https://tos.mx/ibBpRr6
Ehlers: https://tos.mx/14yaHql

I forgot to mention that I trade on a 3 min chart and I only trade SPY. The important part is to figure out when a trend has exhausted itself. I use a combo of support and resistance and also the TMO. Whenever it is overbought or oversold, I wait for price to reach a near-term resistance/support area and then watch for a buy/sell signal from the 4 indicators. If 3 out of the 4 indicators have fired a signal I am in the trade. I have tested about almost every indicator that has been posted on this website and I find these 4 to be pretty powerful when used together. I know there's many coders who have posted multiple indicators in one study such as the confirmation candles or the CSA indicators but unfortunately, I couldn't make money off of those.
interesting.. thanks for the links! Could you share a chart and what you are looking for before taking a trade?
 

csricksdds

Member
VIP
My trading has improved since changing to only the SPY and QQQ's (watching and trying to understand the nuances of these). For years I screened and dreamed with modest success. Years of trading has brought me down to a few trend indicators I call AsGoodAsItGets. Are they perfect...no! Are they helpful...yes! The market is like the ocean and doesn't care about my little sailboat (nor yours) but if I try to go with the flow using my AGAIG's indicators, and try to follow the money (trend) my days are better than they have been in years. When my indicators repaint, or show direction change, I get out and/or take any profits (or small losses) at that point. One can always get back in! Wanting to make "a little more" is where most losses occur. One never loses money when they take a profit (large or small). There is no "holy grail" which is why only a small percentage are profitable. UseThinkscript has been a big help to me in my learning process as I continue to read and try to learn from others.
 

GiantBull

Member
My trading has improved since changing to only the SPY and QQQ's (watching and trying to understand the nuances of these). For years I screened and dreamed with modest success. Years of trading has brought me down to a few trend indicators I call AsGoodAsItGets. Are they perfect...no! Are they helpful...yes! The market is like the ocean and doesn't care about my little sailboat (nor yours) but if I try to go with the flow using my AGAIG's indicators, and try to follow the money (trend) my days are better than they have been in years. When my indicators repaint, or show direction change, I get out and/or take any profits (or small losses) at that point. One can always get back in! Wanting to make "a little more" is where most losses occur. One never loses money when they take a profit (large or small). There is no "holy grail" which is why only a small percentage are profitable. UseThinkscript has been a big help to me in my learning process as I continue to read and try to learn from others.
If day trading options SPY is the only logical security to trade based on volatility and volume. I don't count repainting indicators as indicators because there is no way to back test them properly as your results will always show up as 100% success although you could have had many false signals. However, in the world of trading you need to have an open mind and constantly challenge your paradigm so I will take a look at it the next few days to see how it performs with the TMO oversold/overbought areas. Just taking a look now the results do seem to be fairly well, but live price action can be a whole different story.
 

csricksdds

Member
VIP
Thanks for your feedback - if you find an indicator that tells you the next minute, the next hour as relates to the market it is my hope that you will share it. My indicators look at trend and they show up in overbought/oversold areas and give me a pretty good idea what to expect but, as in life, things do seem to repaint occasionally!
 

lolreconlol

Active member
If day trading options SPY is the only logical security to trade based on volatility and volume. I don't count repainting indicators as indicators because there is no way to back test them properly as your results will always show up as 100% success although you could have had many false signals. However, in the world of trading you need to have an open mind and constantly challenge your paradigm so I will take a look at it the next few days to see how it performs with the TMO oversold/overbought areas. Just taking a look now the results do seem to be fairly well, but live price action can be a whole different story.
@GiantBull could you share a screenshot of your chart and how you use those 4 indicators?
 

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