Price Action Toolbox For ThinkOrSwim

[MerryDay]

Price Action is the fusion of real-time price movements with technical indicators and chart pattern analysis, aiming to refine the timing of entry and exit points.

Pros: Price Action is loved because there in No LAG. It provides tick-by-tick action for staging your potential trade.

Cons: Price Action is subjective. There is no a definitive 'buy arrow' that newer traders craved.

While Price Action is about running / gauging your trade, you still need an impetus for starting a trade, IE: Breakout, Gap, Oscillator move or whatever your favorite entry driver is.

How accurate is price action trading? Price action trading is not perfect. However, price action strategies have been shown to be quite accurate.

# ##################################################################################################
Price Action Toolbox: Here is what to add to your chart:

​

The very fast Repainters: Pivots, Inertia channels, Zigzags, Swing High, Swing Low, COG, Hurst, Trend Reversals.​

Pros: Have no lag and very fast for finding pivots and demand zones
Cons: They lie and then repaint over the lies.
So only to be used to confirm. Get actual signals for one of the below:

Candlestick patterns. These are the backbone of price trading decisions:
https://usethinkscript.com/threads/all-in-one-bullish-candlestick-patterns-in-thinkorswim.77/
https://usethinkscript.com/tags/candlestick-patterns/

AND must have a Price Spike Indicator:
https://usethinkscript.com/threads/spikes-indicators-for-thinkorswim.3077/
Volatility Reader for VIP members:
https://usethinkscript.com/threads/volatility-indicator.20595/#post-151306
# #################################################################################################
The following are complimentary to price action trading:

Consolidation and Expansion

Consolidation is when an instrument trades within a range. The trend is said to be sideways. Once this range is broken, it may lead to bigger moves. Consolidation does not predict direction.

It is thought that the longer the consolidation period, the bigger is the movement on the breakout.

The use of one of these indicators can provide insight into consolidation / expansion periods:
https://usethinkscript.com/threads/john-carters-squeeze-pro-indicator-for-thinkorswim-free.4021/
https://usethinkscript.com/threads/eci-gaussian-indicator-for-thinkorswim.1160/
https://usethinkscript.com/threads/...kout-breakdown-indicator-for-thinkorswim.103/


For Trends: Heiken Ashi
https://usethinkscript.com/search/748384/?q="Heiken+Ashi"&t=post&c[title_only]=1&o=replies&g=1

Candle reading in relation to volume: Volume Price Analysis
https://usethinkscript.com/threads/volume-price-analysis-vpa-indicator-for-thinkorswim.38/

Lastly add a Cycle Indicator:
Market Phases:
https://usethinkscript.com/threads/market-phases-indicator-for-thinkorswim.1025/

VIP member's version:
https://usethinkscript.com/threads/volume-price-trends.16117/