Thinkorswim strategies: can you copy the script for autotrading?

daredevil117

New member
Hi guys. New member here. Ive been using TOS studies with scripts and have been backtesting the strategies section and found a strategy i really like with my trading style.
I want to automate the strategy to trade with TOS or TD but when i called their programmers they said they couldn't build a script for me to autotrade the built in TOS strategy because of liability issues and they could get sued because they'd essentially be giving me financial advice without a license. They suggested auto trading through ninjatrader but routing it to their market makers. I have no programming experience and dont want to risk building my own autotrading system being buggy, would make more sense to use the one they already have built in.
My question is this: does anyone have access to TOS strategy scripts or any experience with a good autotrading software or programmer i could link up with to build the script using the TOS strategy parameters?

I know its a lot there so thanks in advance!

- Evan
 

daredevil117

New member
ThinkorSwim doesn't have support for auto trading at the moment. You can only backtest a strategy.

Indeed. However i would like to use their strategy script to plug into a subsidiary or 3rd party and would like to know if their strategies script can be copied or if anyone has access to strategy scripts. Because it takes about 50 trades a day or more with the signals and i want to take advantage of it. Part of its success is due to the higher frequency and premarket trading. I want to automate it as much as possible because i like the strategy.
 

spencer13579

New member
Hello, just out of curiosity, would it be possible to create some sort of chart study to plot your entries and exits? Instead of entering into a trade and then manually creating a price level for your entry point, something that will automatically do it for you when a buy/sell order is triggered. Thought just crossed my mind, wondering if it was possible.
 

spencer13579

New member
No, I don't think auto trading is the right term. Just something that would create a price level after I execute a buy order or sell order. Lets say I create a buy order for 10 AMD shares at $83.24. The order executes, and a price level, named say, "Entry", is created on the chart at $83.24. Same thing the other way around. I sell 10 AMD shares at $84.50. Price level, "Profits Took" at $84.50. I mean, it takes 2 seconds to do it manually, I just thought it would be cool if I had something that would do it for me. Might help to keep track of how good your entries and exits really are.

I won't let other people manage my money, I sure ain't gonna let a trading platform do it. (;
 

rad14733

Well-known member
VIP
The problem with using a Strategy to signal Buys and Sells is possible, but not as effective as one might think... One thing most members new to Thinkorswim should realize is that just because a Strategy appears to be winning virtually every trade, things don't play out that way in real trading... When you see Strategy results you aren't seeing any of the false trades that get repainted as the market moves - all you see is the ideal completed trades... Trust me, if every Strategy had 80% - 100% winning rates then everyone would be using them and would be filthy rich... But real life doesn't play out like backtesting does...

Now, all that being said, you can quazi-autotrade using Thinkorswim... There are several YouTube videos about doing so... What you want to research is Thinkorswim Conditional Orders... They are a one-shot deal but can be saved for re-use, meaning that you can incorporate Buy and Sell "conditions" into an order but then the order has to be placed again... Let's say you want to Buy when the price crosses above a moving average and Sell when the price crosses below the same moving average... You can do that but it won't just keep trading for you... You setup a Conditional Order to do a single round-trip Buy and Sell... Rinse... Repeat... One aspect of this is that it protects you from blowing up your account...

There would be nothing worse than having a flawed auto-trade strategy that blew through your trading account funds in a matter of seconds or minutes... Yes, it really happens...!!! So Thinkorswim doesn't allow novice traders to get into that kind of trouble... They know that novice retail traders can't afford such losses and protect traders from them... Furthermore, if you can't trade successfully manually you have no business trying to find a strategy that you think will auto-trade you into wealth... Again, if it was that easy then everyone would be doing it... The thought of initiating a auto-trading system and then walking away and returning to find that you are rich is just a fantasy... A more realistic outcome would be that you walk away and come back to find that your trading account has been crippled...

Another aspect to all of this is that an automated trading system can only make as many trades as your account funds, and perhaps margin, allow... If the strategy was flawed and it made a bunch of round-trip trades in a hurry you might not lose a lot of money but you would have expended your trading funds for the day, forcing you to wait for the next trading day to try again - hopefully with an amended strategy... So the thought of relying on an auto-trading bot should scare the hell out of novice traders, not entice them... Not to mention the simple fact that you will be flagged as a Pattern Day Trader and be forced to maintain a minimum $25,000 account balance...!!!

Learn to trade successfully... Don't throw away money on auto-trading bots that may only gut your account... The market can and will drain your funds, as will less than reputable sellers of auto-trading bots... Nuff Said...!!!
 

BenTen

Administrative
Staff
VIP
@spencer13579 Thank you for clarifying. Have you tried to enable the "Show Trades" option in your chart?

2HHsyOn.png
 

tradebyday

Active member
@spencer13579 If you pull up the options contract code (ie. .SPY201012C343 ) by putting the options contract code into the ticker symbol area for your chart you can see the options price chart for that specific contract and then with enabled show trades you can see the trades you made. Set along side the ticker symbol chart to mark manually if you wish
 

BigBuzz

New member
VIP
Hi - New member here. I'm trying to do true automated trading. Yes, I understand the dangers. Yes, I understand that Think or Swim does not allow true autotrading, but only conditional orders. In previous discussions of this, some have suggested TradingView as supporting algo trading. I have found many companies that support bitcoin auto-trading with TradingView, but I really want to auto-trade stocks on NYSE and NASDAQ using custom indicators from ToS or TradingView, preferably on a time scale of minutes. Can you do this through TradingView? How? Is any particular broker needed?
 

rad14733

Well-known member
VIP
@BigBuzz Any questions regarding other platforms would be best answered by those platforms... Considering how TOS can only Auto-Trade using API's, TOS would be the folks to ask those questions... And Tradingview would be the ones to answer questions regarding their platform... I would never trust advice from strangers in a forum regarding the information you are asking... Not to mention lability...
 

BigBuzz

New member
VIP
@BigBuzz Any questions regarding other platforms would be best answered by those platforms... Considering how TOS can only Auto-Trade using API's, TOS would be the folks to ask those questions... And Tradingview would be the ones to answer questions regarding their platform... I would never trust advice from strangers in a forum regarding the information you are asking... Not to mention lability...
Hi @rad14733 You have some good points, but I'm just really looking for individuals with experience in auto-trading to help me get started. You mention "TOS can only auto-trade using API's" - Do you know any specific ones (which is not the same as saying you recommend them - simply acknowledging that something exists does not expose anyone to liability). Trust me, I'll do my due diligence and accept full responsibility for it. Finally, I hope you will acknowledge the permeability that exists between some of these platforms. Plenty of ideas for indicators in this forum come from TradingView and other platforms, and they in turn benefit from ideas that originate in Think or Swim. Cross-pollination doesn't inhibit innovation, it enhances it.
 

Chadnash

New member
VIP
@BigBuzz I haven't dove into the API's yet but you can get approved and get access to them by logging into your TDA account and then going to https://developer.tdameritrade.com/apis... I'm hoping to eventually find time to take an in-depth look at some point in the not to distant future...
I am working on some now with some good backtesting reports coming out! Might either be using our own .NET application connected to TDA API's (if so ill post .net C# code) or through Ninja Trader which has ability to handle this through TOS as far as I know.

Primary strategy is based on https://www.nashtech.xyz/Volume mixed with some weighted items and at the moment only tested best towards the micro nasdaq and micro S&P futures.

Once I get it completed I'll post here.

Thanks,

Chad
 

mashume

Well-known member
VIP
I've been exploring the APIs for close to two years on and off using some python notebooks (I'm a Python / SQL developer by day). You can do a lot, but the thinkscript scripts don't (obviously) run in python, so you'll need to be adept at programming the indicators you want to use in whatever language you use to access the APIs.

mashume
 

Similar threads

Top