Mark Helweg's Monday Method

[hockeycoachdoug]

I recently watched a webinar from Mark Helweg at 3xOptions called the Monday Method.
It's basic premise is that Monday is a pivotal day due to markets being closed over the weekend, placing added significance on the open Monday.

It is an option strategy that trades the expiration week entering straight puts or calls during the week and exiting on the close Friday of expiration.

The strategy also is automatic and does not rely on market direction. It is basically a bracket trade. The system is not fully disclosed and is offered as an advisory service.

Although the rules were not disclosed, it appears that an ATR is added and subtracted from the open Monday (i.e. Mon open price +/- ATR). I assume they use a 5 day period for the ATR calculation but I don't know for sure.
You buy a call or put using an "activation order" when the underlying stock price crosses through the open +/- ATR price and exit on the close Friday.
It is possible to trigger both ways meaning buy a put, exit the put and buy a call all in the expiration week.

The premise is that institutions entering or exiting positions must do so over a number of days due to their position size and the Monday open typically indicates likely direction when price goes through the ATR and the move is usually significant. They have a track record showing extremely good results. This is what i am looking for-

I need help coding a TOS indicator that does the following.

Draw a line on the chart showing the Monday open price +/- an ATR amount (would be best that the period amount can be a variable amount).
Probably best if the line colors can be changed also.
The line needs to stay on the chart for an entire week.
It would also be good if additional "target amounts" could be drawn on the chart also in the form of additional ATR unit amounts (i.e. 2x ATR, 3x ATR).

This should be a relatively simple indicator to code. It is important that it calculates based on the Monday open price +/- ATR. Any help with this would be greatly appreciated and I would suggest you try to catch the webinar- It looks like a very promising strategy. Here is a link to the current signup page for the webinar.

https://threexoptions.lpages.co/3x-190501-wall-street-secret-research-3xoptions/

 

[codydog]

i'm naturally a skeptic, but i'd ask if he'd show you his Schedule C and what his section 179 deductions are. It'll give you a better idea if he has skin in the game

 

[hockeycoachdoug]

I rewatched webinar last night and asked how he chooses what 10 trades to recommend out of the 190 tickers he follows. Got a very vague answer that he uses a proprietary filter to determine, but there are many other very profitable trades outside of the 10 recommendations. He showed a slide of trade alerts for 9-23-19 with all levels shown. this might make it easier to replicate. He said there is a video explaining the columns "activity" and "quality" but did not disclose on the webinar. I also asked if trade doesn't trigger on Monday would you still take trade later in the week. He said yes for reversal trades, but it was up to the trader as far as entering an initial trade after Wed.
Slide of Trade Alerts with levels

Looks like most worked out. Did you happen to see the post I made showing the trade alerts from 9-23-19? The breakout lines are much closer then with your calculations. I tried fooling with ATR amounts from the Monday open but couldn't come up with anything that was common to all symbols. Maybe you could have a look Skynetgen and see if you can come up with the equation.

 

[hockeycoachdoug]

skynetgen - Did you do a watch list for this week? How are they working out. Did you happen to view the Slide of trade alerts with levels link in post #42? Any thoughts?