Long Term Bollinger Band Breakout Strategy for ThinkorSwim

[URA]

Hi Gurus,

@BenTen @Zachc

My first post, Wonderful forum and I am an Invoice trader. Still learning

The Weekly scanner in the first page ( is this for shorting the stocks watch list or buy stocks watch list.)

below is the what the link has
close("period" = AggregationPeriod.WEEK) crosses above BollingerBands("length" = 100)."UpperBand" and RateOfChange("length" = 20)."ROC" is greater than or equal to 30 within 10 bars

To find the stocks to buy should I need to change as below?

close("period" = AggregationPeriod.WEEK) crosses above BollingerBands("length" = 100)."LowerBand" and RateOfChange("length" = 20)."ROC" is greater than or equal to 30 within 10 bars

 

[minpinjr]

Thank you so much. I now have my long term strategy. This site continues to amaze me.

 

[ukd1506]

Hello, @Zachc @BenTen

When to run these Daily & Weakly scan to take new positions?

 

[ukd1506]

Hello,

Did anyone recently used Daily & Weekly scans to open new positions? if yes, I just want to know when you're running the scan to take new position? pls help me as I'm new to trading.

 

[Ldmart]

Hi Guys! I'm totally new to scripts and I'm looking for some help to build a strategy with Bollinger bands

Buy at Close: Price crosses below lower Bollinger Band

Sell at Close: Price crosses above lower Bollinger Band

After a couple tries I could set up on the condition wizard the lines above but didn't figure it out how to add the buy and sell orders

Thanks in advance!
Leo

 

[BenTen]

@Ldmart Check out BollingerBandsLE and BollingerBandsSE under Strategies in TOS.

 

[Ldmart]

@BenTen Hi Ben! i did, the TOS strategies are closing inside the Bands, i'm looking for a close outside the band to buy and a close inside the band to sell

 

[BenTen]

@Ldmart You can open the source code and tinker with the script. If you have any trouble editing it, let us know and we can help. I encourage you to give it a try first.

 

[Ldmart]

@BenTen Ok i'll try again,Thanks!

 

[EvilSurgeon]

Hi @BenTen or anyone else. I just wanted to make sure about the rate parameter.

In post #1, it is suggested to use > 10 https://usethinkscript.com/threads/long-term-bollinger-band-breakout-strategy-for-thinkorswim.451/

In post # 21, it is suggested to use > 20 https://usethinkscript.com/threads/...eakout-strategy-for-thinkorswim.451/post-4301

TLDR:
Best settings I have found so far with testing the strategy over 100 individual stocks and 34 years simulated are:
Bollinger Band Upper 2, Lower -1 Rate of Change 20% and fixed position sizing. These results would be much more accurate if I was able to scale the testing portfolio in think or swim but due to the backtesting limitation in TOS it is a fixed position size not taking into account any compound gains in the portfolio.

Which is the correct setting or traders choice?

I see @Zachc seems to be no longer around.

Thanks!

 

[NCSWIC]

Regarding the scans:

• The Weekly and Daily scans (which are bullish) have the Bollinger Bands set to +2 and -2.
• They should be +1 and -2.
• ROC is hardcoded at 30 and not 10%
• Note: If you convert these to bear scans, change "crosses above" to "crosses below" and the Bollinger Band settings to -2 and +1.

Nice strategy.