SPX Trading Strategy for ThinkorSwim

[barbaros]

barbaros, very nice. I noticed the study only works on the 10 minute chart. How do I code it to allow for it to work on all time frames? Thanks!

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");

 

[rad14733]

@Tradervic Just a heads-up that if you switch timeframes you may need to make settings adjustments in order to optimize the same accuracy as @Hypoluxa and @barbaros have managed for the 10m timeframe...

 

[Daybuck]

For me all trading is screen time... I don't walk away in the middle of a trade... Some do but I don't, even with Stop Loss and Limit in place...

Check the Learning Center for setting alerts... That is beyond the scope of this topic...

Agree to disagree. If I can set an alert where all conditions are met prior to the trade instead of watching every tick, eyes stuck on the screen all day long, then yeah, Ill opt for the alerts. Also, why would it be beyond the scope of this topic? Setting alerts is a common component in any popular strategy that is posted on this site....

 

[rad14733]

Agree to disagree. If I can set an alert where all conditions are met prior to the trade instead of watching every tick, eyes stuck on the screen all day long, then yeah, Ill opt for the alerts. Also, why would it be beyond the scope of this topic? Setting alerts is a common component in any popular strategy that is posted on this site....

That works unless you're scalping, which is what this topic targets...

 

[bhaskar_madugula]

up $60 now! I think that's good enough

When did u take this trade?

 

[bhaskar_madugula]

I used this strategy and it went up and down, I was little scared. Finally closed for profit. Thank you

 

[Daybuck]

Today, at 11:40 there was a signal for a long entry. The range on that bar was $16 dollars. Obviously if you got in at the lower portion of that range, you were able to get out fairly quick with a dollar profit. If you were like me, you got in at the upper end of the bar and suffered thru a small drawdown before finally getting out around 30 minutes later with a dollar profit.
Are there any suggestions how to enter with a better fill? Thanks

 

[bhaskar_madugula]

Today, at 11:40 there was a signal for a long entry. The range on that bar was $16 dollars. Obviously if you got in at the lower portion of that range, you were able to get out fairly quick with a dollar profit. If you were like me, you got in at the upper end of the bar and suffered thru a small drawdown before finally getting out around 30 minutes later with a dollar profit.
Are there any suggestions how to enter with a better fill? Thanks

Also the upper study arrow was re-painting multiple times...Better wait for arrow and one Candle I think...

 

[rfb]

That works unless you're scalping, which is what this topic targets...

Hi all, yes the scalping is certainly the topic. Took my first trade today at 1140 this morning. Was out at 1210 with $1.40 profit on SPXW210301C3850 position. Of course it ran up quite a bit more, but for my 1st trade, I'm happy.

@Hypoluxa - Thanks again for this strategy. @barbaros - Thanks for addition script with arrows! Awesome quick reference and helps define entries.
Also, thanks again for the trade guidance to all and @king_louie and @rad14733!

 

[Hypoluxa]

Today, at 11:40 there was a signal for a long entry. The range on that bar was $16 dollars. Obviously if you got in at the lower portion of that range, you were able to get out fairly quick with a dollar profit. If you were like me, you got in at the upper end of the bar and suffered thru a small drawdown before finally getting out around 30 minutes later with a dollar profit.
Are there any suggestions how to enter with a better fill? Thanks

SPX calls are a lot slower to move and not as stable most times as puts are. The calls def takes patience....and I'd suggest making lower buy limits....like maybe $1 or $2 lower. Monitor the premiums next time to get a feel for how much they fluctuate when the call signal first shows itself, so the next time you'll have a little bit of a feel of how much to set the buy limit for. I now spend as much time watching premium prices and how much they fluctuate than I ever have.

 

[barbaros]

@Hypoluxa I'm working on hypothetical PnL to the script. How do you think I should classify stoploss? Do I set it as close below the EMAs? I want to calculate the performance of the strategy.

 

[babouin77]

here is a strategy using this indicator.

http://tos.mx/xpBZve0

 

[barbaros]

You are existing only on macd. It may have a better win rate if you exit on target reached or macd.

 

[babouin77]

target reached? i thought the original post will be exit when macd color shift... what do you mean target reached? like a set target? how do you do that in TOS... i posted it so that we can all think of a good return using it

 

[babouin77]

in step 3
3. The ErgodicOsc HAS to be green when the MACD dot crosses above the zero line. You can hold the trade most of the time until this turns from green to red....but I always set a sell limit just in case it whips back in the opposite direction.

does he mean when ergodic turns to red?

 

[barbaros]

I think @Hypoluxa is targeting around $1 move in the direction of the trade.

I'll post an update to the script that shows trade statistics over the weekend...

 

[Hypoluxa]

in step 3
3. The ErgodicOsc HAS to be green when the MACD dot crosses above the zero line. You can hold the trade most of the time until this turns from green to red....but I always set a sell limit just in case it whips back in the opposite direction.

does he mean when ergodic turns to red?

If you're asking what I mean...lots of posts here so not sure....but I don't always trust that logic you speak of, since it can whip back fast. Scalp...get in, make your goal dollar amount and get out. I've never added an exit strategy to any of my strategy posts....only entry.

 

[babouin77]

got you. thanks... appreciate your help and response. Anyone knows how to code a profit target in TOS in a strategy? for example exit when price moves 1 point for example...

 

[bhaskar_madugula]

I just entered put based on the trigger now, let me see if it works...small 1 contract

 

[babouin77]

went short on /ES 3,824.25 at 1pm central ( i have it to show just the market hours so it mimics spx)
and my exit when MACD color switch... for my stop and target... will update here when done.