Simple Yet Very POWERFUL Swing Trading Strategy

Y

ykd2018x

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@mc01439

i have more better tehcniques to know the trend and which direction what size trade one should be taking and the most important is when to take an exit , if combine them all into one code , it will become a powerful system for trading

i dont know who can do it here , but i am sure if combine them win rate would be 85%++
 
mc01439

mc01439

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@mc01439

i have more better tehcniques to know the trend and which direction what size trade one should be taking and the most important is when to take an exit , if combine them all into one code , it will become a powerful system for trading

i dont know who can do it here , but i am sure if combine them win rate would be 85%++
@ykd2018x

You may want to find a code expert and have the code written for you if you are not good with ThinkScript. This will more than likely cost you but if as you outline will save you in the long run.

I like to know what and why I am trading. Understanding the code is key for me to trade the draw downs. This is way I like to learn the code and then trade the code that I understand because I wrote it.

The most is learned by taking what others have been kind enough to share and then experiment with it. Thank You for sharing your work, it has potential with the added checks and balances you referred to. Good luck to you.
 
mc01439

mc01439

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Took what I understand you to be saying with RSI (7) and put it to code for your use. The main code came from TOS.

declare lower;
input length = 7;
input over_Bought = 60;
input over_Sold = 40;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;
def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;
plot RSI = 50 * (ChgRatio + 1);
plot BEAR = over_Sold;
plot BULL = over_Bought;
plot UpSignal = if RSI crosses above BEAR then BEAR else Double.NaN;
plot DownSignal = if RSI crosses below BULL then BULL else Double.NaN;
UpSignal.SetHiding(!showBreakoutSignals);
DownSignal.SetHiding(!showBreakoutSignals);
RSI.DefineColor("OverBought", GetColor(1));
RSI.DefineColor("Normal", GetColor(7));
RSI.DefineColor("OverSold", GetColor(5));
RSI.AssignValueColor(if RSI > over_Bought then RSI.color("OverBought") else if RSI < over_Sold then RSI.color("OverSold") else RSI.color("Normal"));
RSI.SetLineWeight(2);
BEAR.SetDefaultColor(GetColor(8));
BULL.SetDefaultColor(GetColor(8));
UpSignal.SetDefaultColor(Color.UPTICK);
UpSignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
DownSignal.SetDefaultColor(Color.DOWNTICK);
DownSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
AddCloud (RSI, BULL, Color.green, Color.Current);
AddCloud (BEAR, RSI, Color.red, Color.Current);
AddCloud (BEAR, BULL, Color.current, Color.yellow);
 
D

DDW

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@mc01439

Nice work there. Is it possible to add an audio alert for when RSI crosses 60?
 
mc01439

mc01439

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@mc01439

Nice work there. Is it possible to add an audio alert for when RSI crosses 60?
Add the code below to the bottom of the script.


#RSI Alert
def Bearish = RSI crosses below over_Sold;
def Bullish = RSI crosses above over_Bought;
Alert(Bullish, ” RSI Possible SIGNAL UP ”, Alert.BAR, Sound.Ding);
Alert(Bearish, " RSI Possible SIGNAL DOWN ", Alert.BAR, Sound.Ding);
 
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J

jmcjkl

New member
HI TRADERS / FRIENDS

Let me share a very simple and powerful tool which i have been using in my trading from very start point until now.

I found here many many indicators developments some are really very useful but i hope you will accept that.

OLD IS GOLD & SIMPLE IS EVEN MORE POWERFUL IF YOU CAN CHANGE THE WAY OF YOUR LOOKING INTO IT.

I am discussing one of my best SWING trading system.

RSI :- RELATIVE STRENGTH INDEX

PERIOD (7) :- because its short term swing trade , the longer the period will be the longer the term will be of a trade cycle but that doesn't mean you should use rsi with 2 periods for day trading coz it wil give you a feel of a doctor sitting at OT watching LCD saving someone from a stroke anyways lets come back to the point.

BUY LINE :- 60
SHORT SELL LINE :-40

I DONT CALL ABOVE OVERBOUGHT OR OVERSOLD because thats a wrong definition of RSI.

Entry for long :- on daily charts RSI(7) MUST , be above 40 , and on 1 hour chart its going above 60 and closing there itself.

Entry for short :- on daily charts rsi(7) must be below 60 and on 1 hour chart its going below 40 and closing there in previous candle.

Exit :- dont bet it a way that like you are long by past few days and you are betting that if it goes below 40 u will sell and take your profits , because if that happens it will screw ur 40 to 50% of profits , so the longest trade suppose to be is
long when its goes above and close above 60 then either consider take profits when its above 80 or 85 or else wait when its trying to close below 60 from above

Same goes for short.

If anyone need more details for this with pictures and back test feel free to comment me I will provide.

It's a tested technique for markets but dont think its easy , in markets nothing is easy and u have to consider lots of facts before openinig a position or closing.

From 40 to 60 when rsi stays u will realize market was in sideways , not good for trades so i have skipped them alrdy
Do you set that up as a conditional trade? Also can I have more details with pictures? Thank you
 
J

jmcjkl

New member
Do you set that up as a conditional trade? Also can I have more details with pictures? Thank you
 
P

Piper2808t

New member
VIP
Warehouse
may i get a screen shot of the chart? thanks
 
J

jmcjkl

New member
HI TRADERS / FRIENDS

Let me share a very simple and powerful tool which i have been using in my trading from very start point until now.

I found here many many indicators developments some are really very useful but i hope you will accept that.

OLD IS GOLD & SIMPLE IS EVEN MORE POWERFUL IF YOU CAN CHANGE THE WAY OF YOUR LOOKING INTO IT.

I am discussing one of my best SWING trading system.

RSI :- RELATIVE STRENGTH INDEX

PERIOD (7) :- because its short term swing trade , the longer the period will be the longer the term will be of a trade cycle but that doesn't mean you should use rsi with 2 periods for day trading coz it wil give you a feel of a doctor sitting at OT watching LCD saving someone from a stroke anyways lets come back to the point.

BUY LINE :- 60
SHORT SELL LINE :-40

I DONT CALL ABOVE OVERBOUGHT OR OVERSOLD because thats a wrong definition of RSI.

Entry for long :- on daily charts RSI(7) MUST , be above 40 , and on 1 hour chart its going above 60 and closing there itself.

Entry for short :- on daily charts rsi(7) must be below 60 and on 1 hour chart its going below 40 and closing there in previous candle.

Exit :- dont bet it a way that like you are long by past few days and you are betting that if it goes below 40 u will sell and take your profits , because if that happens it will screw ur 40 to 50% of profits , so the longest trade suppose to be is
long when its goes above and close above 60 then either consider take profits when its above 80 or 85 or else wait when its trying to close below 60 from above

Same goes for short.

If anyone need more details for this with pictures and back test feel free to comment me I will provide.

It's a tested technique for markets but dont think its easy , in markets nothing is easy and u have to consider lots of facts before openinig a position or closing.

From 40 to 60 when rsi stays u will realize market was in sideways , not good for trades so i have skipped them alrdy
Do you set that up as a conditional trade? Also can I have more details with pictures? Thank you
 
Y

ykd2018x

Member
VIP
Do you set that up as a conditional trade? Also can I have more details with pictures? Thank you

@jmcjkl i was travelling , just saw your msg , and still going airport for a flight of few hours

once i back to seat i will be replying you , thanks
 
Y

ykd2018x

Member
VIP
Add the code below to the bottom of the script.


#RSI Alert
def Bearish = RSI crosses below over_Sold;
def Bullish = RSI crosses above over_Bought;
Alert(Bullish, ” RSI Possible SIGNAL UP ”, Alert.BAR, Sound.Ding);
Alert(Bearish, " RSI Possible SIGNAL DOWN ", Alert.BAR, Sound.Ding);

thanks bro , you did a good work for everyone

i ll share more techniques , yes i m not good a thinkscript , i was a programmer 15 years ago so now no more programming in my life

i need a developer , ready to pay the cost , he/she should be good at thinkorswim , it will take few days for me to exlain them whole stretergy to be coded beacuase there will be so many IF / match conditions for taking a decision
 
ImKidKid

ImKidKid

New member
VIP
HI TRADERS / FRIENDS

Let me share a very simple and powerful tool which i have been using in my trading from very start point until now.

I found here many many indicators developments some are really very useful but i hope you will accept that.

OLD IS GOLD & SIMPLE IS EVEN MORE POWERFUL IF YOU CAN CHANGE THE WAY OF YOUR LOOKING INTO IT.

I am discussing one of my best SWING trading system.

RSI :- RELATIVE STRENGTH INDEX

PERIOD (7) :- because its short term swing trade , the longer the period will be the longer the term will be of a trade cycle but that doesn't mean you should use rsi with 2 periods for day trading coz it wil give you a feel of a doctor sitting at OT watching LCD saving someone from a stroke anyways lets come back to the point.

BUY LINE :- 60
SHORT SELL LINE :-40

I DONT CALL ABOVE OVERBOUGHT OR OVERSOLD because thats a wrong definition of RSI.

Entry for long :- on daily charts RSI(7) MUST , be above 40 , and on 1 hour chart its going above 60 and closing there itself.

Entry for short :- on daily charts rsi(7) must be below 60 and on 1 hour chart its going below 40 and closing there in previous candle.

Exit :- dont bet it a way that like you are long by past few days and you are betting that if it goes below 40 u will sell and take your profits , because if that happens it will screw ur 40 to 50% of profits , so the longest trade suppose to be is
long when its goes above and close above 60 then either consider take profits when its above 80 or 85 or else wait when its trying to close below 60 from above

Same goes for short.

If anyone need more details for this with pictures and back test feel free to comment me I will provide.

It's a tested technique for markets but dont think its easy , in markets nothing is easy and u have to consider lots of facts before openinig a position or closing.

From 40 to 60 when rsi stays u will realize market was in sideways , not good for trades so i have skipped them alrdy
Yes! Pictures Please! Thank you!
 
Y

ykd2018x

Member
VIP
The Strategy is looking back in the past by using AddOrder(OrderType.BUY_TO_OPEN, Ent, open, TradeSize);. may want to consider close instead of open on both lines of code to get a better picture of how RSI (7) works in real time.

Below are the results after the change to the order code.

def TradeSize =2;

def Ent= RSI("length" = 7)."RSI" crosses above 60 ;
def Ext= RSI("length" = 7)."RSI" crosses below 40;

AddOrder(OrderType.BUY_TO_OPEN, Ent, close, TradeSize);

AddOrder(OrderType.SELL_TO_CLOSE, Ext, close, TradeSize);

Results : 20d 1Hr - /NQ( Futures 2 Contracts . 1 pt move = 40$ profit)
Max P/L; $3,600.00


Total P/L; $1210.00


Total orders; 16

hello bro
thanks for your back test , i request you kindly close the position while rsi is crossing below 60 after the position is open , no need to wait for closing it when it arrive 40 , as RSI 50 levels are their for big drops most of the profits vanished


if its possible to do below mentioned 2 back test pls do for me time frame mentioned also , i dont know how to run a back test on TOS or else i will do it , if you can teach us here how to do it , more thanks

1. 5 MIN CHART time frame ,
def TradeSize =2;
def Ent= RSI("length" = 7)."RSI" crosses above 60 ;
close condition , if/when rsi =85 close it /// OR cross below 60 close it


we just do one bullish back test and see the results then we may be compare them or make one better code for it ,

reds
yogesh
 
mc01439

mc01439

Active member
VIP
Warehouse
hello bro
thanks for your back test , i request you kindly close the position while rsi is crossing below 60 after the position is open , no need to wait for closing it when it arrive 40 , as RSI 50 levels are their for big drops most of the profits vanished


if its possible to do below mentioned 2 back test pls do for me time frame mentioned also , i dont know how to run a back test on TOS or else i will do it , if you can teach us here how to do it , more thanks

1. 5 MIN CHART time frame ,
def TradeSize =2;
def Ent= RSI("length" = 7)."RSI" crosses above 60 ;
close condition , if/when rsi =85 close it /// OR cross below 60 close it


we just do one bullish back test and see the results then we may be compare them or make one better code for it ,

reds
yogesh


As requested.

5 Days = $9,920 with 108 Trades

20 Days = $9,570 with 401 Trades

90 Days = $17,310 with 1842 Trades

180 Days = $27,450 with 2950 Trades

You can continue testing and making the changes you want with the code http://tos.mx/QAEfBm. Add to create strategy.

Here is a simple "youtube" you may want to watch about building strategies.
.

##############################################################################################

input length = 7;
input over_Bought = 60;
input over_Sold = 40;
input price = close;
input averageType = AverageType.WILDERS;


input showBreakoutSignals = no;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);
def BEAR = over_Sold;
def BULL = over_Bought;
def UpSignal = if RSI crosses above BEAR then BEAR else Double.NaN;
def DownSignal = if RSI crosses below BULL then BULL else Double.NaN;

#RSI ALERT
def Bearish = RSI crosses below 60;
def Bullish = RSI crosses above 40;

Alert(Bullish, ” EMA Possible SIGNAL UP ”, Alert.BAR, Sound.Ding);
Alert(Bearish, " EMA2 Possible SIGNAL DOWN ", Alert.BAR, Sound.Ding);

#For Orders
def TradeSize = 2;

def Ent = RSI("length" = 7)."RSI" crosses above 60 ;
def Ext = RSI("length" = 7)."RSI" crosses below 60 or RSI("length" = 7)."RSI" >= 85;

AddOrder(OrderType.BUY_TO_OPEN, Ent, close, TradeSize);
AddOrder(OrderType.SELL_TO_CLOSE, Ext, close, TradeSize);

#request by ykd2018x
#1. 5 MIN CHART time frame ,
#def TradeSize =2;
#def Ent= RSI("length" = 7)."RSI" crosses above 60 ;
#close condition , if/when rsi =85 close it /// OR cross below 60 close it

##############################################################################################
 
Last edited:
Y

ykd2018x

Member
VIP
As requested.

5 Days = $9,920 with 108 Trades

20 Days = $9,570 with 401 Trades

90 Days = $17,310 with 1842 Trades

180 Days = $27,450 with 2950 Trades

You can continue testing and making the changes you want with the code http://tos.mx/QAEfBm. Add to create strategy.

Here is a simple "youtube" you may want to watch about building strategies.
.

##############################################################################################

input length = 7;
input over_Bought = 60;
input over_Sold = 40;
input price = close;
input averageType = AverageType.WILDERS;


input showBreakoutSignals = no;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);
def BEAR = over_Sold;
def BULL = over_Bought;
def UpSignal = if RSI crosses above BEAR then BEAR else Double.NaN;
def DownSignal = if RSI crosses below BULL then BULL else Double.NaN;

#RSI ALERT
def Bearish = RSI crosses below 60;
def Bullish = RSI crosses above 40;

Alert(Bullish, ” EMA Possible SIGNAL UP ”, Alert.BAR, Sound.Ding);
Alert(Bearish, " EMA2 Possible SIGNAL DOWN ", Alert.BAR, Sound.Ding);

#For Orders
def TradeSize = 2;

def Ent = RSI("length" = 7)."RSI" crosses above 60 ;
def Ext = RSI("length" = 7)."RSI" crosses below 60 or RSI("length" = 7)."RSI" >= 85;

AddOrder(OrderType.BUY_TO_OPEN, Ent, close, TradeSize);
AddOrder(OrderType.SELL_TO_CLOSE, Ext, close, TradeSize);

#request by ykd2018x
#1. 5 MIN CHART time frame ,
#def TradeSize =2;
#def Ent= RSI("length" = 7)."RSI" crosses above 60 ;
#close condition , if/when rsi =85 close it /// OR cross below 60 close it

##############################################################################################

thanks for sharing

i hope our members will see the results and try to incorporate it into their trading
as what is more important to hold and wait enough long to take profits and believing in system

ABOVE MENTIONED SEEMS EASY BUT REALLY HARD TO DO !!!!!
 
S

skynetgen

Active member
Warehouse
@mc01439

i have more better tehcniques to know the trend and which direction what size trade one should be taking and the most important is when to take an exit , if combine them all into one code , it will become a powerful system for trading

i dont know who can do it here , but i am sure if combine them win rate would be 85%++
I can code pretty much anything in thinkscript. Right now I am actually trying to build system with 8 different signals from multiple timeframes. I might be overthinking it, but I havent found anything that works well yet. IF you have more criterias I would be happy to add them and post script. Right now I am testing TDI(traders dynamic index) - which is basically RSI + bollinger band and smoothed averages. But by itself its not great

I coded literally hundreds of indicators and scanners and biggest problem so far - false positives. There are tons signals which work all the time with good trends. The problem is that they also work when there is no good entry
 
Y

ykd2018x

Member
VIP
I can code pretty much anything in thinkscript. Right now I am actually trying to build system with 8 different signals from multiple timeframes. I might be overthinking it, but I havent found anything that works well yet. IF you have more criterias I would be happy to add them and post script. Right now I am testing TDI(traders dynamic index) - which is basically RSI + bollinger band and smoothed averages. But by itself its not great

I coded literally hundreds of indicators and scanners and biggest problem so far - false positives. There are tons signals which work all the time with good trends. The problem is that they also work when there is no good entry
I can code pretty much anything in thinkscript. Right now I am actually trying to build system with 8 different signals from multiple timeframes. I might be overthinking it, but I havent found anything that works well yet. IF you have more criterias I would be happy to add them and post script. Right now I am testing TDI(traders dynamic index) - which is basically RSI + bollinger band and smoothed averages. But by itself its not great

I coded literally hundreds of indicators and scanners and biggest problem so far - false positives. There are tons signals which work all the time with good trends. The problem is that they also work when there is no good entry
I can code pretty much anything in thinkscript. Right now I am actually trying to build system with 8 different signals from multiple timeframes. I might be overthinking it, but I havent found anything that works well yet. IF you have more criterias I would be happy to add them and post script. Right now I am testing TDI(traders dynamic index) - which is basically RSI + bollinger band and smoothed averages. But by itself its not great

I coded literally hundreds of indicators and scanners and biggest problem so far - false positives. There are tons signals which work all the time with good trends. The problem is that they also work when there is no good entry
i know your pain what you have mentioned is true in the msg regarding indicators

as per your msg , we shall work together to make things more better ,

should we chat over phone ? whats up ? or in discord ? for making something simple and greate

some of the indicators doesn't work on price charts (i.e. range and renko charts) , my techniques are based on price charts , i hope we can develop
some good indicator
 
Y

ykd2018x

Member
VIP
I like the idea of using this strategy on a 5 minute chart.
if you use it on tick chart or renko or range charts , ur results will be 30 to 50% more then above mentioned , as time charts are limited to time

in 1 minute market can move 100 points or 10 points , both moves will be showen in 1 candle itself , which is not fair at all ,
 
mc01439

mc01439

Active member
VIP
Warehouse
You are correct with the "Range Bars" however the number of trades are way too high with a setting of RSI (7). I changed the code a-bit so you can change the RSI setting with the input setting. Keep in mind this is Long only.

##############################################################################################

#r2 changed the RSI length so it can be adjusted through input setting.

input length = 7;
input over_Bought = 60;
input over_Sold = 40;
input price = close;
input averageType = AverageType.WILDERS;
input showBreakoutSignals = no;

def NetChgAvg = MovingAverage(averageType, price - price[1], length);
def TotChgAvg = MovingAverage(averageType, AbsValue(price - price[1]), length);
def ChgRatio = if TotChgAvg != 0 then NetChgAvg / TotChgAvg else 0;

def RSI = 50 * (ChgRatio + 1);
def BEAR = over_Sold;
def BULL = over_Bought;
def UpSignal = if RSI crosses above BEAR then BEAR else Double.NaN;
def DownSignal = if RSI crosses below BULL then BULL else Double.NaN;

#RSI ALERT
def Bearish = RSI crosses below 60;
def Bullish = RSI crosses above 40;

Alert(Bullish, ” EMA Possible SIGNAL UP ”, Alert.BAR, Sound.Ding);
Alert(Bearish, " EMA2 Possible SIGNAL DOWN ", Alert.BAR, Sound.Ding);

#For Orders
input TradeSize = 2;

def Ent = RSI(length)."RSI" crosses above 60 ;
def Ext = RSI(length)."RSI" crosses below 60 or RSI(length)."RSI" >= 85;

AddOrder(OrderType.BUY_TO_OPEN, Ent, close, TradeSize);
AddOrder(OrderType.SELL_TO_CLOSE, Ext, close, TradeSize);

#end code

#request by ykd2018x on 8.13.2019
#1. 5 MIN CHART time frame ,
#def TradeSize =2;
#def Ent= RSI("length" = 7)."RSI" crosses above 60 ;
#close condition , if/when rsi =85 close it /// OR cross below 60 close it

#################################################################################################
 

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