Posted 2/3/23: Most recently updated version:
http://tos.mx/NiWsfTL
So I use a very specific setup. It's kind of a mashup between what John Carter teaches with one of his in Mastering the Trade and TradingWarz Golden Indicator. I've used it for about 2 years now and it's extremely profitable. Honestly, I haven't backtested it but I would love to but I'm just not as technical as most in here. I know it brings me immense profit and on Friday, my port grew 11% using it. It's not a small port either. It's a reversal setup and it's solid with tight stop losses. I use it with a Darvas Box but TOS has a great Darvas Box study.
I'm looking to see if someone can create an indicator for it. To keep this post as short as possible, here is the setup:
1) Only using the last 20 candles on any timeframe.
2) Find the high and low of last 20 candles. As a new candle is created, it disregards anything not in the 20 candles.
3) On the high candle, place a "Priceline" that is the low of that candle (wicks included).
4) Once a candle closes a LL below that "Priceline", place a bubble called "Buy Puts" on that candle. It has to close below the low of the highest candle. It would be great if the candle could be painted a custom color. I use black in keeping with John Carter's concept.
5) A stop loss "Priceline" is drawn on the "High" of the highest candle. This is a great stop loss and keeps risk at a low with confirmation that the trend is not reversing but also keeps you from getting shaken out by MM's.
6) On the low candle, place a "Priceline" that is the high of that candle (wicks included).
7) Once a candle closes a HH above that "Priceline", place a bubble called "Buy Calls" on that candle. It has to close above the high of the lowest candle. It would be great to have this candle also painted a customer color. Again, default should be black.
8) A stop loss "Priceline" is drawn on the "Low" of the lowest candle. Again, another great stop loss to keep your risk at a minimum but also confirms that the trend reversal is not manifesting.
I use this with a Darvas box because I will take my option contracts where the Darvas Box low or high is respectfully. This setup works like a champ when I use it manually but I'm trying to share it with people that I trade with so they don't have to depend on me for their signals. I don't charge for signals nor do I have a discord. I just have a group of traders that I've traded with a long time that see how my port grows and theirs doesn't. I've tried to share this concept with them but many still don't get it and this would be great to share and I would love for you guys to use it too. It's a solid setup and it works very well.
Any help would be greatly appreciated!
Also, I would like the indicator to have a trailing stop loss. I forgot to include this important point.
Once it has moved 50% from current entry, I would like it to put a stop loss at the HH of the last two candles for puts and the LL of the last two candles for calls. This locks in profits to ensure you don't get greedy and lose your gains when the market starts to shift. I do take profits on important pivots like PMH and PML and this morning, it made me $3 on each share.
It's easy to trade 0dte's with this setup as well.
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would like to test it
