Strategy Based on EMAs, TSI, MACD, and Premarket Highs/Lows For ThinkOrSwim

[Sledge_H]

Sorry, must be a TOS issue, some of the charts in the flexible grid are showing drawings and others are not, wasn't sure if a setting was preventing it in a setting. I was thinking around how when alerts happen the entire chart goes red maybe had an impact.

 

[Drmoh1800]

I don’t know how to do that

I don't think we can do this in tos
I am just using app to do this calculation its not abig deal i will delete the post i dont want people to get distracted

 

[ConCac]

I was thinking “ if LongEntry[1] and high >= LongEntryLine then LongEntryLine else double.nan; that would be accurate because you should get that long entry line well in advance and I don’t think it goes away once there. Haven’t tried it though. Busy today.

I would like to give this a try but dont know where to add it in a codes
if LongEntry[1] and high >= LongEntryLine then LongEntryLine else double.nan;

 

[a1cturner]

I would like to give this a try but dont know where to add it in a codes
if LongEntry[1] and high >= LongEntryLine then LongEntryLine else double.nan;

It would be in the buy order. You would have to change the existing trigger and change the other line to ShortEntry and ShortEntryLine for the sell short portion.

Just for backtesting anyway…

 

[a1cturner]

Sorry, must be a TOS issue, some of the charts in the flexible grid are showing drawings and others are not, wasn't sure if a setting was preventing it in a setting. I was thinking around how when alerts happen the entire chart goes red maybe had an impact.

I don’t think this would affect any drawings. You may check if your drawings are drawn on default or under another user created name.

 

[a1cturner]

I'm probably going to try to refine the sell triggers a little better tonight, stay tuned.

 

[Drmoh1800]

I'm probably going to try to refine the sell triggers a little better tonight, stay tuned.

I would recommend to scale in percentage wise for option it moves very fast up and down

 

[andrelwright1]

@a1cturner, This is absolutely fantastic. I've only been getting into ThinkScript for a short time and this was exactly what I was looking to build for myself. At least very similar. Thank you for doing all the heavy lifting. I've been back testing this on a number of equities and futures with really great results. I do have a few questions.... You have a flex grid of 16 stocks and I was wondering 1) How you had settled on those for the grid and do you swap them with any others? 2) What others have you tried, and have you seen many that fail this strategy? 3) Any recommendations in terms of what you look for in expanding this list of 16, i.e. float, rel. volume, ect.?

 

[Drmoh1800]

Can we back test trail stop with percentage
If we put sell with 1% stop how many will trigger

 

[a1cturner]

@a1cturner, This is absolutely fantastic. I've only been getting into ThinkScript for a short time and this was exactly what I was looking to build for myself. At least very similar. Thank you for doing all the heavy lifting. I've been back testing this on a number of equities and futures with really great results. I do have a few questions.... You have a flex grid of 16 stocks and I was wondering 1) How you had settled on those for the grid and do you swap them with any others? 2) What others have you tried, and have you seen many that fail this strategy? 3) Any recommendations in terms of what you look for in expanding this list of 16, i.e. float, rel. volume, ect.?

I have close to 50 stocks that I watch and am constantly refining. I will sort that throughout the day and find what I think is moving. I then plug those into the flex grid so I can get a quicker look at a glance. If you’ll notice most stocks move together so the outliers are good plays most times.

There are some tickers, like QQQ, SPY and probably some others that just don’t work well with this strategy. It is my assumption that has something to do with how slow it moves and/or premarket movement.

There are obviously going to be some losses but this strategy cuts them pretty quick. I am trying to refine the sell trigger a little better to eliminate the sell triggers that seem to be a little early. I hope to have it done Monday. This weekend is boat weekend. Lol

 

[a1cturner]

Can we back test trail stop with percentage
If we put sell with 1% stop how many will trigger

It would be great if we could but I doubt it’s possible without tick by tick data from ToS

 

[a1cturner]

Version 10.4 is posted in Post #1 along with the updated link. No changes made to flex grid or watchlist indicator.

I honestly couldn't tell you exactly what I changed but I edited the sell signals to eliminate most of the "false" sell signals. (sell signals followed by a continuation of the trend). This will help you stay in much longer and you can now be confident that a sell signal is valid once the candle is closed. I traded OXY 68 Puts today from 1300 - 1500 for a nearly 200% gain. Worked out great.

 

[ConCac]

Version 10.4 is posted in Post #1 along with the updated link. No changes made to flex grid or watchlist indicator.

I honestly couldn't tell you exactly what I changed but I edited the sell signals to eliminate most of the "false" sell signals. (sell signals followed by a continuation of the trend). This will help you stay in much longer and you can now be confident that a sell signal is valid once the candle is closed. I traded OXY 68 Puts today from 1300 - 1500 for a nearly 200% gain. Worked out great.

Can you give some pictures or how you did the OXY 68 trade today ?. I don't know how to trade option using your strategy. Thanks

 

[a1cturner]

Can you give some pictures or how you did the OXY 68 trade today ?. I don't know how to trade option using your strategy. Thanks

Review the bottom of Post# 1 with step by step instructions. See if that helps.

 

[a1cturner]

Post #1 instructions completely updated. Hope that helps.

 

[a1cturner]

Don't put all your faith in this strategy alone! Watch for the rejection off all those daily EMAs today. Everything is trading right at the 5EMA or climbing to the 34EMA. If they cross with some momentum then they may push to the next EMA but I have a feeling they will reject and reverse. Be patient!

 

[a1cturner]

As I was saying this morning. I saw BABA was trending towards 5EMA, price was over-extended yesterday, histogram was trending down on 5 min and 30 min, VIX was going up, buy signal triggered, option price crossed 5EMA so I bought $92 Puts. Made 100%. Had to set a stop loss because I am at work and it triggered

Refer to the bottom of post# 1 for further explanation.

Edit. Go look at where the price bounced and tell me the 5EMA is not magic!

 

[Drmoh1800]

So you buy option when it crosses above 5 ema
Usually i wait to go down 5 ema
I sow baba trending down today , i let it go

 

[a1cturner]

So you buy option when it crosses above 5 ema
Usually i wait to go down 5 ema
I sow baba trending down today , i let it go

Specifically on the options chart when the price crosses above the EMA it is a sign of strength. Same rules though. Don’t buy when it’s extended from the EMA. Don’t let it confuse you.

 

[Drmoh1800]

I think the only thing is missing in this indicator to show momentum of the move In flex grid
Al of the green but only one or two has strong momentum is it volume , ADR,ATR .
I don't know ?

If i want to add this labe inside flex grid
How i do that ADR percentage

declare lower;

input length = 14;

plot ATR = MovingAverage(AverageType.wilders, TrueRange(high, close, low), length);
ATR.SetDefaultColor(GetColor(8));

AddLabel (yes, "ATR:" + Round((ATR / close) * 100, 3) + "%", Color.WHITE);


AddLabel (yes, "ATR:" + round((ATR) , 3), Color.white);


plot ADR = MovingAverage(AverageType.wilders, high-low, length);
ADR.SetDefaultColor(GetColor(6));

AddLabel (yes, "ADR:" + round((ADR) , 3), Color.light_green);

AddLabel (yes, "ADR:" + Round((ADR / close) * 100, 3) + "%", Color.light_green);