Thinkorswim strategies: can you copy the script for autotrading?

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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
 
BenTen

BenTen

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

BenTen

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@spencer13579 I'm not sure. It sounds like you want to auto trade based on an indicator. If that is the case, ThinkorSwim does not support that at the moment.
 
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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

rad14733

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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

BenTen

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

 
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spencer13579

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

Yeah, I've tried that and it didn't work, but now that I think I've been trading Options, so I might not show the contracts.
 
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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
 
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Bobbydigital83

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how can you route ninjatrader to use think or swims market data for auto trading?
 

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