Sharing Different Approaches To Strategies In ThinkOrSwim

[Ajordan930]

@netarchitech
Thank you. I saw the heads up on the repainting and I absolutely “practice patience” when using that and usually wait for the next bar to close on a 2 minute chart. Also 100% have to have other confluences at the same time. I am slowly learning there is no magical indicator just some solid ones that can help predict or paint a scenario.

Thank you again.

 

[netarchitech]

@Ajordan930:

You are certainly welcome Happy to help, if I can... Thank you for sharing the Inverted VIX...

I'm glad to read that you "practice patience" as that seems to be something that is in short supply...

I have amassed a collection of 2600+ thinkscripts in my search for the "One to rule them all", but recently I have pivoted in the direction of less is more...I too look for Confluence where I can find it...And Divergence while we're at it...

Good Luck and Good Trading

 

[QUIKTDR1]

TY for sharing a reminder every study and every strategy requires a personal experiential response in order to conform to an individuals perceptions interpretations and biases not simply mirroring.Sharing different approaches open a varied approach that maybe used to develop a personal thesis

 

[useThinkScript]

Sharing different approaches open a varied approach that maybe used to develop a personal thesis

Exactly! Sharing different approaches is a core purpose to this forum.
Hopefully, this thread will provide a place for discussion.

Rules:
You can share your approach.
You cannot deride other approaches.

There are no wrong approaches. There are no "bad" indicators.
So please be sure to be respectful and not use derogatory terms.

Using Repainting Indicators:
Indicators such as Zig-Zags, Swings, Waves, Reversals, Pivots, Order Books, Fair Value Gaps and other Higher Highs-Lower Lows are the fastest tool for identifying trends, making them an integral part of any strategy trading on timeframes of 5-min and less.

It is recommended to never rely solely on repainters for trade entry.

@Ajordan930 is 100% correct in the proper use of repainting indicators:

Thank you. I saw the heads up on the repainting and I absolutely “practice patience” when using that and usually wait for the next bar to close on a 2 minute chart. Also 100% have to have other confluences at the same time. I am slowly learning there is no magical indicator just some solid ones that can help predict or paint a scenario.

For more information as to using repainters:
https://usethinkscript.com/threads/...hart-for-thinkorswim.19840/page-3#post-151807
https://usethinkscript.com/threads/agaig-trading-guide-summary-in-thinkorswim.19935/
https://usethinkscript.com/threads/agaig-daytrading-scalping-for-success-in-thinkorswim.20383/
https://usethinkscript.com/threads/...ses-repaint-indicators-for-thinkorswim.20126/

 

[MerryDay]

I look for Confluence where I can find it...And Divergence while we're at it...

I agree with @Ajordan930 and @netarchitech

• Confluence is key: I review multiple indicators (both repainters and not), on multiple aggregations; along with market sentiment and instrument/sector/market-related news +additional analysis to strengthen my confidence in entries/exits.
• Divergences: While not part of my core strategy, does serve as heads up that something interesting this way comes.

I transitioned from trading daily upward LRC channels to weekly upward LRC channels to better navigate current market volatility. Focus remains on filtering out weak instruments and aligning trades with broader market trends.

SPY Index Influence
All my trading instruments correlate with the SPY index; its direction dictates my trades.
I use multiple SPY charts (7-min, 1600-tick, 233-tick) for monitoring SPY volume and market speed changes.

• SPY PSAR transitions and up/down ratios are permanent chart alerts that signal market direction changes and strength. These are my "should I stay or should I go" alerts.

I am a volume-based trader

• Low volume levels equals no trades. Upward volume movement on the SPY index signals when to start looking to trade.
• Current market conditions (low volume, consolidation) have provided me limited opportunities. Institutional Traders are sitting out; waiting on more economic data.

Trade Execution Criteria

• I do not trade on buy/sell arrows
• If the overall market meets the above criteria; I am up for trading any instrument that is lower in its range but not excessively oversold, but that is not too far above price support and has volume to move price; with proven fast movement and long as there is still profit potential to be had.
• I avoid instruments outside ±3 z-score deviations from the mean (not overbought or oversold).

Indicator Usage Across Timeframes

1. Lowest Timeframes (<=5-min): Lagging indicators confirm trend direction, volume and tradeable levels.
2. Middle Timeframes (10-min): No-lag price action indicate trends and volume. Plus LRC for range.
3. Trading Chart (30-min): Repainting indicators verify the lower aggregations' analysis ; price action confirms trends. LRC/Z-score for levels. I avoid lagging trend indicators here.
4. Higher Timeframes (2-hour/daily): Using LRC and Z-score. Most critical for confirming overall cycle position.

Market Adjustments

• Entry/Exit trades when SPY changes direction.

This is my current approach.
Almost total opposite to what was my approach to last year's santa claus rally.
Adapting my strategies to market conditions has been the biggest influence on trading style.

My VIP indicators:
Identify The Big Movers
Volume Price Analysis, A VIP Point of View
RSI-Heiken Ashi Dynamic Trend
PSAR-HA-Volatility Price Action
Z-score Range
VIP Supertrend TrendMagic
The VIP Linear Regression
Relative Strength Ranking RSR
Support / Resistance, Your Trade's Make or Break
Trend momentum Labels That Should Be On Every Chart

 

[mii]

@MerryDay How do you know volume entering market. because indicators like volume zone oscillator shoots up and down. how can one know if there is volume coming during the day. Could you please explain how to do volume analysis. Could you please share your chart (7-min, 1600-tick, 233-tick) .

 

[MerryDay]

@MerryDay How do you know volume entering market. because indicators like volume zone oscillator shoots up and down. how can one know if there is volume coming during the day.

Sure, you can read more about the newest Volume Analysis study:
https://usethinkscript.com/threads/volume-price-analysis-vip-pov.20502/#post-151874

Could you please explain how to do volume analysis.

Here was someone with a similar question:
https://usethinkscript.com/threads/customized-lessons-about-volume-oscillators-etc.19145/

And about volume analysis in general:
https://usethinkscript.com/threads/volume-price-analysis-vip-pov.20502/
https://usethinkscript.com/threads/using-volume-change-studies.19306/
https://usethinkscript.com/threads/relative-volume-spikes-momentum.19115/

Could you please share your chart (7-min, 1600-tick, 233-tick) .

Sure, we will put up a market index analysis thread on the VIP forum over the weekend.

 

[WALLEYE]

Hmmmm, I just found a link yesterday, ran out of time to finish researching things. Was frantically searching the forums all morning to find the post again. I copied two scripts from that thread which had chart indicators (arrows), and there was several helpful links within the post to other studies I found very helpful. Usually bookmark links but had to cut my search short and didn't save anything other than the scripts.

Its the additional posts and links associated with the thread that interests me.

Thank you for the reply!
Cheers!

 

[useThinkScript]

Hmmmm, I just found that link yesterday, ran out of time to finish researching things. Was frantically searching the forums all morning to find the post again. I copied two scripts from that thread which had chart indicators (arrows), and there was several helpful links within the post to other studies I found very helpful. Usually bookmark links but had to cut my search short and didn't save anything other than the scripts.

Its the additional posts and links associated with the thread that interests me.

Thank you for the reply!
Cheers!

Here is a review of the most recent links on VIP if it helps:
https://usethinkscript.com/threads/...-strategies-in-thinkorswim.20795/#post-151996

@csricksdds has some of the most popular strategies.
He does an excellent job providing tutorials on entry indicators in his
AGAIG As Good As It Gets chart setups.
He is prolific in explaining what to look for before making entry/exits and has many links.
Perhaps it was one of these?
https://usethinkscript.com/threads/...hart-for-thinkorswim.19840/page-3#post-151807
https://usethinkscript.com/threads/agaig-trading-guide-summary-in-thinkorswim.19935/
https://usethinkscript.com/threads/...ses-repaint-indicators-for-thinkorswim.20126/
https://usethinkscript.com/threads/agaig-daytrading-scalping-for-success-in-thinkorswim.20383/