I really like this idea,
https://usethinkscript.com/threads/support-resistance-with-breaks-and-retests-for-thinkorswim.14893/
But can the following be done?
Break& Retest Strategy-
I trade options intraday. I look for stocks that are moving into supply/Demand Zones and Support/Resistance zones. Once the price pivots in either direction, I enter my trade. If the price reveres then I stop out close to the "zone". It really depends on the price action around this specific zone. The great thing is my losses are small but my profit typically are much larger than my losses.
1)Study to be able to find major pivot points of rejection/reversals (Supply/Demand).
2)Need to be able to select the number of times pivots occurred within a percentage of that area (feel free to use another method to achieve this (maybe a range in price value)
3)Show zone on lower TF chart. (Say the D TF is used to locate and plot the "Major Zones", I would want to use a 1m chart to enter and exit trade but the zones will be derived from the D TF with a lookback of x day, weeks, months.
4)Support/Resistance zones would also be using same concept as above. Of course, with different color options.
5)Alert/Signal/Colored watchlist when price has entered the selected zone, When price moves out of zone, this would be a break.
6)Would like to be able to manage the thickness, Transparency of the zones. Input-"Zone Thickness" (numerical value) Some of the indicators provide huge zone which are not very helpful.
7) Would like the "lookback" to be determined by days, weeks, months instead of bars if at all possible. I believe this will be way easier to manage.
8) would like zones to be transparent (Adjustable if possible)
9)Would be great if the Lookback TF can be turned on or off. For example, May need to use the
"Week,6month" lookback to get the best supply/demand zones however, the "1hr, 3 weeks" may provide good
supply/resistance zones for scalping.
8)I would like a trend/ATR to be added so I ma get the most out of my trade. (These are tough and maybe it will be better to have a profit goal and just take it if I reach it, however, I have missed out on major profits because I thought a pull back was going to be a reversal.
P/S, I have tried many of the Support/Resistance studies and have not found one that works like above request. Some get close, but do not put zones in the best locations, sometimes, not even close.
https://usethinkscript.com/threads/support-resistance-with-breaks-and-retests-for-thinkorswim.14893/
But can the following be done?
Break& Retest Strategy-
I trade options intraday. I look for stocks that are moving into supply/Demand Zones and Support/Resistance zones. Once the price pivots in either direction, I enter my trade. If the price reveres then I stop out close to the "zone". It really depends on the price action around this specific zone. The great thing is my losses are small but my profit typically are much larger than my losses.
1)Study to be able to find major pivot points of rejection/reversals (Supply/Demand).
2)Need to be able to select the number of times pivots occurred within a percentage of that area (feel free to use another method to achieve this (maybe a range in price value)
3)Show zone on lower TF chart. (Say the D TF is used to locate and plot the "Major Zones", I would want to use a 1m chart to enter and exit trade but the zones will be derived from the D TF with a lookback of x day, weeks, months.
4)Support/Resistance zones would also be using same concept as above. Of course, with different color options.
5)Alert/Signal/Colored watchlist when price has entered the selected zone, When price moves out of zone, this would be a break.
6)Would like to be able to manage the thickness, Transparency of the zones. Input-"Zone Thickness" (numerical value) Some of the indicators provide huge zone which are not very helpful.
7) Would like the "lookback" to be determined by days, weeks, months instead of bars if at all possible. I believe this will be way easier to manage.
8) would like zones to be transparent (Adjustable if possible)
9)Would be great if the Lookback TF can be turned on or off. For example, May need to use the
"Week,6month" lookback to get the best supply/demand zones however, the "1hr, 3 weeks" may provide good
supply/resistance zones for scalping.
8)I would like a trend/ATR to be added so I ma get the most out of my trade. (These are tough and maybe it will be better to have a profit goal and just take it if I reach it, however, I have missed out on major profits because I thought a pull back was going to be a reversal.
P/S, I have tried many of the Support/Resistance studies and have not found one that works like above request. Some get close, but do not put zones in the best locations, sometimes, not even close.
Last edited by a moderator: