SPX Trading Strategy for ThinkorSwim

[tom23824]

@Hypoluxa there is a possibility of third confirmation today (in 20 minutes?).
Is it too late in the day for the signal? moreover it is Friday!

 

[babouin77]

I wish that I could find a much shorter timeframe that worked for SPX....do you or anyone for that matter, have time to tweak one for us?

im more doing futures on ES... having it RTH so far is showing good returns scalping 12 to 16 ticks each time.

 

[Hypoluxa]

@Hypoluxa there is a possibility of third confirmation today (in 20 minutes?).
Is it too late in the day for the signal? moreover it is Friday!

I'm not good at predicting

 

[bhaskar_madugula]

I bought call to offset..let me see what happens

 

[babouin77]

I went long ES 3,843.25

 

[mikeraya]

Since @Hypoluxa 's strategy is set for 10m, I locked it to 10m charts. If you want to use the script on different timeframes, remove the following 2 lines.

# Check for 10min chart
Assert(GetAggregationPeriod() == AggregationPeriod.TEN_MIN, "Incorrect Chart Time, use 10m");

Are you using this strictly for trading SPX? Any information for trading with other stocks or ETFs. Especially SPY? Thank you in advance.

 

[tom23824]

I'm not good at predicting

yeah, we are not in the business of predictions!
It did setup and got green!

 

[babouin77]

I went long ES 3,843.25

I am out at $3,827.75

 

[Hypoluxa]

Are you using this strictly for trading SPX? Any information for trading with other stocks or ETFs. Especially SPY? Thank you in advance.

You'd have to do some major adjustments to this setup for SPY. This is strictly for SPX.

 

[bhaskar_madugula]

You'd have to do some major adjustments to this setup for SPY. This is strictly for SPX.

Can we use this on /ES?

 

[rad14733]

here is a strategy using this indicator.

http://tos.mx/xpBZve0

@babouin77 Could you please post the code rather than simply a shareable link so members don't have to import into TOS in order to review the code... In addition, while shareable links might seem nice for novices, Copy & Paste is the preferred method for most experienced members... And Copy & Paste doesn't break after TOS rolls out updates, unlike the shareable link site...

 

[Hypoluxa]

dont show after hours time...

So in chart settings - equites, options and futures...uncheck the "show extended hours trading session"?

 

[king_louie]

Beware of the false signals...Looking at historical data.

@barbaros @Hypoluxa @rad14733
Knowing your divergences will help. I see a couple here. (Left Chart) Bearish divergence at 1120 time with the Ergo. MACD dots didn't cross the zero line but it's up high and red. I'm sure if there's a TMO oscillator added on there, it'll probably be overbought . Red heikin ashi, crossed EMAs, Ergo turns red.

(Right chart) The other being at 1010 Am time. If you connect the lows from the open to the 10 am lows. MACD bullish Divergence. EMAs Cross. Green heikin ashi, white MACD dots and green Ergo.

Just a thought. Haven't tried this myself.

 

[rad14733]

@king_louie Sure, there are many ways to embellish this simple strategy but the beauty of this strategy IS it's simplicity... Some traders find something simple that works and stick with it and trade a few select symbols... Others try making constant adaptations in an attempt to catch every trade on every symbol listed... Which trader do you think is more profitable...???

Many traders load up charts with indicators that can be interpreted in a multitude of ways, and I've done so myself, but eventually most end up simplifying... One example is @BenTen who only uses BTD and hand drawn S/R lines... It all comes down to picking your battles wisely, not being worried about missed opportunities, and not being afraid to leave money on the table when exiting a trade...

 

[king_louie]

@king_louie Sure, there are many ways to embellish this simple strategy but the beauty of this strategy IS it's simplicity... Some traders find something simple that works and stick with it and trade a few select symbols... Others try making constant adaptations in an attempt to catch every trade on every symbol listed... Which trader do you think is more profitable...???

Many traders load up charts with indicators that can be interpreted in a multitude of ways, and I've done so myself, but eventually most end up simplifying... One example is @BenTen who only uses BTD and hand drawn S/R lines... It all comes down to picking your battles wisely, not being worried about missed opportunities, and not being afraid to leave money on the table when exiting a trade...

Agreed. I used to load up my charts. What a headache after a while. S/R is a great one that everyone should know. Just that alone will increase win rate

 

[barbaros]

@king_louie Sure, there are many ways to embellish this simple strategy but the beauty of this strategy IS it's simplicity... Some traders find something simple that works and stick with it and trade a few select symbols... Others try making constant adaptations in an attempt to catch every trade on every symbol listed... Which trader do you think is more profitable...???

Many traders load up charts with indicators that can be interpreted in a multitude of ways, and I've done so myself, but eventually most end up simplifying... One example is @BenTen who only uses BTD and hand drawn S/R lines... It all comes down to picking your battles wisely, not being worried about missed opportunities, and not being afraid to leave money on the table when exiting a trade...

Exactly....

 

[Hypoluxa]

Agreed. I used to load up my charts. What a headache after a while. S/R is a great one that everyone should know. Just that alone will increase win rate

@rad14733 @king_louie I like to think of it like this: If you knew you had a better chance of hitting the powerball lottery for $100M rather than buying thousands of dollars worth of scratch offs from the gas station to win a few dollars.....which would you do? LOL!

 

[Hypoluxa]

Here's something I just saw - Using the MACDBB settings from this strategy....SPX on the daily chart stands a chance to dip all the way below the MACDBB zero line for only the 3rd time in a year, if you don't count the COVID crash. Or for only the 3rd time in a year, it could also bounce to green.

https://imgur.com/a/bWkxvSS

 

[Tradervic]

Since @Hypoluxa 's strategy is set for 10m, I locked it to 10m charts. If you want to use the script on different timeframes, remove the following 2 lines.

# Check for 10min chart
Assert(GetAggregationPeriod() == AggregationPeriod.TEN_MIN, "Incorrect Chart Time, use 10m");

barbaros, thank you for your tweaks. Its easier on the eyes. Wondering if you could design a strategy using Hypoluxa's method so that we can see what the returns are on 10 minute and other time frames and on different stocks?

 

[Tradervic]

@king_louie Sure, there are many ways to embellish this simple strategy but the beauty of this strategy IS it's simplicity... Some traders find something simple that works and stick with it and trade a few select symbols... Others try making constant adaptations in an attempt to catch every trade on every symbol listed... Which trader do you think is more profitable...???

Many traders load up charts with indicators that can be interpreted in a multitude of ways, and I've done so myself, but eventually most end up simplifying... One example is @BenTen who only uses BTD and hand drawn S/R lines... It all comes down to picking your battles wisely, not being worried about missed opportunities, and not being afraid to leave money on the table when exiting a trade...

rad14733, great point. I too and I am sure almost all have fallen victim to this. I now try to declutter my charts to have only the very best indicators on. In the world of indicators, more is not better.