Long Term Bollinger Band Breakout Strategy for ThinkorSwim

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
 

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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.
 
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 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
 
@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.
 
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!
 
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.
 
@Zachc
Thank you, there was some line of code that I needed here to further refine my already profitable strategy that was selling winners to earlier. Now I have the opportunity to capture runners that have a momentary pullback.
 

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