Developing a SPXL/SPXS Trading Strategy in ThinkorSwim?

E

Eskay

New member
I am a newbie in think script and joined this group in the last couple of weeks. Seeking your assistance in developing think script for the following concept:

SPXL/SPXS Trading strategy based on SPX value relative to daily 3 ema and 8ema

Define Zone 1 as Lower zone when price<8 ema<3 ema

Define Zone 2 as Middle zone when 8 ema<price<3 ema and

Define Zone 3 as Upper zone when 8 ema<3 ema<price.



SPXL BUY Strategy

  • Do not trade when (3 ema – 8 ema) is narrow; trying to avoid headfake


  • Buy SPXL when price crosses above 8 ema by a certain % (to be determined); the script should plot a green arrow when this condition is met in intraday chart
Immediately upon fill,

enter a stop loss order ($ or % to be determined) or

  • enter a sell order based on Fibonacci retracement, cup and handle projection or overhead resistance
  • Hold SPXL when price crosses above 3 ema.
  • Sell SPXL when price reaches a certain % above 3 ema (to be determined); the script should plot a red arrow when this condition is met in intraday chart
  • Buy SPXS when price crosses below 3 ema by a certain % (to be determined); the script should plot a red arrow when this condition is met in intraday chart; again, we are trying to avoid headfakes
  • Immediately upon fill,
  • enter a stop loss order ($ or % to be determined) or
  • enter a sell order based on Fibonacci retracement, reverse cup and handle projection or support below
  • Hold SPXS when price crosses below 8 ema.
  • Sell SPXS when price reaches a certain % below 3 ema (to be determined); the script should plot a green arrow when this condition is met in intraday chart
Do you think you can write a single script that may work out for both day and swing trading?

Or, perhaps, two different scripts weekly/daily ema for swing and day/x min for day trading?

Let us discuss and develop………..

Example below:



Buy SPXS Feb 24 $ 12.98, Sell Mar 23 $ 27.46; gain 112%

Buy SPXL Apr 6 $25.81, Hold Apr 17 $ 34.76; 35% gain!
 
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