Complete Noob - Need Script for Trading Strategy

[Afterwork]

I am trying to create a script that uses Wilders RSI set at 10,40,30,Close and SMA of 200. I want to buy when RSI is below 30 and sell when it is above 40 or ten trading days. How would I do this?

 

[Pensar]

@Afterwork The RSI and SMA are already default studies in ThinkorSwim. Just add the studies to the chart and edit them in the study properties?

 

[Afterwork]

I have the chart set up. Looking to back test it so I got to make it into a strategy for back testing.

 

[rad14733]

@Afterworks How does the SMA200 tie in with the RSI logic...???

 

[Afterwork]

If price is above the 200 SMA and Under 30 RSI Buy - (Buy Conditions)
If RSI is over 40 or after 10 Trading days Sell -(Sell Conditions)

 

[Afterwork]

If price is above the 200 SMA and Under 30 RSI Buy - (Buy Conditions)
If RSI is over 40 or after 10 Trading days Sell -(Sell Conditions)

I spent 2 Weeks back testing took forever - And if I want to change one small thing I would be back to 2 weeks back testing. I also plan on setting up a bearish market version. Just new to scripting the whole thing. Once I can see how the above script would work then I should have no issues.

 

[rad14733]

If price is above the 200 SMA and Under 30 RSI Buy - (Buy Conditions)
If RSI is over 40 or after 10 Trading days Sell -(Sell Conditions)

Have you put forth any effort into creating a Strategy as yet, or just want someone to create one for you...??? We don't generally just bang out code upon request but we're willing to help you along... It would start with converting existing Studies into Strategies and then merging the RSI with the SMA... When I started using Thinkorswim I had to learn how to work with Thinkscript just as everyone else had to... My suggestion would be to start out by converting the RSI Study to a Strategy - essentially copying the code over, and then adding AddOrder() functions using your logic... If you put forth the effort I'll help you along but I'm no longer going to just code for others... I have found that members won't learn anything if they don't try - just like everything else in life... Take that how you like, but that's where I'm at... I'm always willing to help others who are willing to help themselves...

 

[Afterwork]

Okay you can copy the code over

 

[PSandy]

Have been trying to code this for a scan Buy conditions stock greater than 50 sma and Stochastic Full %k less than 40 also if 20 sma greater than 50 sma to make the setup stronger. Please give input

 

[Afterwork]

I got the RSI fiquired out minus the 10 day stop - How do I add The SMA when Length is already defined?

 

[MerryDay]

@Afterwork
I am not sure your filter of selling after 10 trading days can be implemented on the TOS platform. Defined variables related to portfolio management that can be used in scripts are limited. If someone knows a P&L field available to scripts the following logic would work

input HowManyDays = 10;
def CountDays = if variable_name != 0 then 1 else 0;

plot TriggerMaxDays = if sum(CountDays, HowManyDays) == HowManyDays then 1 else 0 ;

As for the rest of your request

• buy criteria = RSI under 30 and price over EMA200
• sell criteria = RSI over 40

input rsi_length    = 10 ;
def rsi = reference RSI("length" = rsi_length)."RSI" ;

# ########################################################
def BuyCriteria =
#If price is above the 200 SMA
close > MovAvgExponential("length" = 200)."AvgExp" and
#WHILE the RSI is under 30.
rsi is less than 30 ;

def SellCriteria =
#If RSI is over 40
rsi is greater than 40 ;

# ########################################################
#Order Management
AddOrder(OrderType.BUY_AUTO, BuyCriteria, tickcolor = Color.YELLOW, arrowcolor = Color.BLACK, name = "Buy", tradeSize = 100);
AddOrder(OrderType.SELL_TO_CLOSE, SellCriteria, tickcolor = Color.PINK, arrowcolor = Color.RED, name = "sell", tradeSize = 100);
# ########################################################

I provide this script per a poster's request. I personally would not trade this strategy. There are many better RSI strategies on this forum that can be found using the search function.

 

[PSandy]

Please give input on code problem mentioned earlier.