List of "Must Have" Fishing Ponds and Indicators for ThinkorSwim

[BenTen]

@andre.muhammad I'm tagging @FateOwnzYou here, so he knows someone appreciates his work

As for me, I like to keep things simple. My last response in this thread was a year ago. A lot has changed since. My setup consists of no more than one main indicator, our Buy the Dip indicator (shameless plug!)

 

[MerryDay]

@andre.muhammad My #1 is also the Buy The Dip used injunction w/ 1hr/2hr/4hr/Day/Week/Mth charts w/ manual trend lines along w/ the TOS live news to review catalysts, analysts updates, earning reports

 

[mfsteve]

Another member here praising BTD. I'm happy to buy my ETFs on sale (which is what BTD does for me) and then ignore the charts until I get an alert telling me there's another sale. BTD is all I use now.

It's like buying guns: I have to force myself to wait for a sale before I buy more. It ain't easy!

 

[germanburrito]

I have been messing with the fourier series indicator to predict cycles, however i dont know how to tune it, because elher did mentioned that most indicators should be tuned to each individual ticker.

 

[Paulo41Sixty]

AMM, BDD, or others? What TOS script has worked for you the best...and why?

 

[nrk786]

I use OCO Bracket order to buy and sell the stock. Usually I set the BUY as Limit order. But for SELL, I want to set a strategy so I don't have to wait at the terminal.

I usually use 'RSI crosses below 70' strategy for SELL, but sometimes the RSI goes below 70 and goes up again and the stock price goes up several %.

Are there better indicators I can use for SELL strategy, so we get the max. profit for Day Trading?. Any suggestions, much appreciated.

 

[rad14733]

@nrk786 I use OCO as well, but with different logic and goals... I set a Stop Limit to protect my losses and a Limit Order where I'm content with profit... I don't have to watch every trade, although I do unless I have to run out to see a customer, and let the trade play out unless I feel that the strength is there to bump my Limit Order up... Have goals, whether dollar or percentage based... When shooting for maximum profits you can end up trying to catch a "falling knife" and end up with a winning trade turning into a loss...

 

[nrk786]

@nrk786 I use OCO as well, but with different logic and goals... I set a Stop Limit to protect my losses and a Limit Order where I'm content with profit... I don't have to watch every trade, although I do unless I have to run out to see a customer, and let the trade play out unless I feel that the strength is there to bump my Limit Order up... Have goals, whether dollar or percentage based... When shooting for maximum profits you can end up trying to catch a "falling knife" and end up with a winning trade turning into a loss...

Thanks for the response. The stocks I pick for day trading are highly volatile stocks and may go up by several %. If I set a SELL limit for set profit %, i might loose a big profit.

I am wondering if I can combine RSI with another indicator for the SELL to get max. Profit.

 

[rad14733]

@nrk786 Yes, RSI is a great indicator but it should be paired with another indicator or an additional line plot should be added because the issue with RSI is that you never know when it is a true reversal or just a temporary take-profit reversal... An trend indicator that uses other market criteria can help filter these occurrences... Check out ErgodicOsc, which is based on True Strength Index, comes with TOS... I run a modified version on my charts as it can give early signs of weakening and reversal... While perhaps not overly popular I prefer it to other popular indicators like MACD and Stochastics...

 

[Chuck]

This is very nice advice, thank you. I'm incredibly comfortable with ichimoku for some reason. Everything makes sense to me. The last week has been playing with paper, and I've been up on 80% of my choices. I think Thursday and Friday were just weird days. I'll keep playing around with your advice. Thank you for the feedback!

Ichimoku is awesome and easy. Just about every indicator on this platform in my opinion can be seen on ichimoku. An awesome resource for scans and a great ichimoku indicator.

I am able to see price action, relevant support and resistance zones, momentum, trend confirmation, balanced and unbalanced zones, Elliot wave, RSI...etc.....and more. All from the five lines on an ichimoku chart!

 

[Thomas]

Must Have: identified futures and their movements, specific sector news, my MUST preparation consists of, consolidating my scans into one watchlist, flipping through charts to identify which ones to trade? I will identify that with price, in specific pattern, a "Set-up," not reliant on indicators, volume might be of assistance, and make the decision to swing or position. Once the "set up," is identified, an entry will be considered, long or short, depending on strength of the set up and market conditions. That's it, indicators make no decision, and have never been instrumental in my trade entry, target, or exit. Scans are important,..... but indicators play absolutely zero in my trade. My set up and scan are my must haves....
some columns with a Squeeze, volume strength I will take into consideration..... but if my set up isn't there, no trade.

 

[Chence27]

For those listing the indicators you use, I think it would be useful to describe why you use it and perhaps even how you use it in your trading.

 

[Bentley]

Hi people,
Having went thru the forum quite a bit and always found some reoccurring question on certain scripts request and always thinking of helping other find a better solution than to go thru all the links in different part of the forum...

And I think I found it...

Check out the following YouTube where TOS scripts expert tackle them in the most efficient ways:

Trend and Bounce Scripts:

This one video provide an Indicator u can use right now right here + cover the following request:
1. Indicator I can use right now right here but customize to my condition
2. Indicator I can use right now right here but add/minus, day/minutes AND point them out with with my own label
3. Indicator I can use right now right here + add on TOS indicator AND ALSO tweet the TOS indicator
4. Indicator I can use right now right here + look for certain candle pattern
5. Scan, add, delete, customize column... not only in watch list BUT other quote list in TOS

There are lot of other video within this series to power up your scriptiblity and I usually watch this TOS movie during meal or weekend because there isn't any good movie anyway during the past year due to the pandemic. Other video including thing like looking for volume spike, with price action, and turning any indicator into scan and the list go on... they provide the script so u could use them straight away or twist them to your request...

Njoy

 

[fryguy]

Any good suggestions for Short, Mid, and Long Term?

Thanks

 

[Learnbot]

Hello. what are some of the you guys/gals’ favorite trend strength indicators? I trade on 1min chart and use MACD and Elastic Stock but I was wondering if there are any better indicator for strength other than these two that I’m missing. I daytrade so I am interested in indicators that work on lower timeframes.
thank you for your time and education

 

[germanburrito]

Hello. what are some of the you guys/gals’ favorite trend strength indicators? I trade on 1min chart and use MACD and Elastic Stock but I was wondering if there are any better indicator for strength other than these two that I’m missing. I daytrade so I am interested in indicators that work on lower timeframes.
thank you for your time and education

could you explain a bit more how you use macd to indicate strength of the trend not just direction.

 

[Learnbot]

could you explain a bit more how you use macd to indicate strength of the trend not just direction.

So I try to keep it simple if MACD Value crosses above Average and MACD value is below Zero line then I look at Elastic Stoch to confirm uptrend and vice versa.

 

[cswu1211]

Wondering how to re-set the upper left corner of scan setup tab back to "original" where nothing is there.
Right now it shows Top 10 sizzling stock, and I can't get rid of it with new scanner. tks

 

[MerryDay]

@cswu1211 Don't click on the flames icon above the Add filter button and you won't get Top 10 SizzlingStocks.
To reload your scan click on the middle "hamburger icon"

 

[horserider]

@Learnbot "keep it simple if MACD Value crosses above Average and MACD value is below Zero line" You mentioned you wanted trend strength, seems a MACD below the zero line is not showing strength.