Trust The Levels - Trade Options In ThinkOrSwim

METAL

Well-known member
Plus
4/29/24 update:
Here is my chart with all three LRC and the other indicators I use. https://tos.mx/O2Uwdha

Guys, This is somewhat of a game changer for me. I have profited more in the last few days using this indicator. See chart where I bought and sold. Here is my grid if anyone is interested. https://tos.mx/psH8Wtm Click here for --> Easiest way to load shared links
This chart setup uses manually drawn green dashed support and resistance lines
read more: https://usethinkscript.com/threads/...tions-in-thinkorswim.18367/page-4#post-140779

How I trade this strategy: USE the 2m TF (Expansion Bars to the right must be between 10 and 50)
1) I use my grids on separate monitors and look for possible trades to set up.
-- Look for the price to be getting close or crossing one of the LRC lines
-- (SAFE) Like for the price to be above the 200 and 20 EMAs at the time of LRC line cross for CALLS
-- (Aggressive) price to be above the 200 EMA and approaching the 20 EMA at the time of LRC line cross for CALLS. Be prepared for reversal off of the 20 EMA. Same goes if you trade from the 20 EMA into the 200 EMA. (This is riskier but can yield great trades)
--Visa Versa for PUTS!
2) Always have major support/resistance levels plotted out as these areas also determine whether I take a trade or scale out or take all profit. DO not trade into a major S/R level if #(1) above is a perfect setup. It is not worth the risk, however, if you do, be ready to take a loss and move on.
3) Pay attention to QQQ, NQ, ES, and SPY while preparing to enter your trades. For example: If NQ is under 18000 and all of the above is setting up for calls, I will not take the trade until NQ is clearly holding over the 18000 level. This is true for all major levels.
4) I scale out as I go. If price reaches a level of interest I will scale out and see if there is a rejection or a continuation through that area. This could be S/R, Pre day low/high, Pre market Low/High etc..
--I use the 20 EMA as my guide to hold runners. If price does not close above or below the 20 EMA twice, I will continue to hold. You may find this to risky. (You do You). I find that price likes to use the 20 EMA as s/r so it will close over it but then the next candle will continue the trend.
I will add more as I get more experience..

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I want to stress the importance of support/resistance levels. They take precedence over the A-LRC in that if you have a perfect LRC setup but you will be trading directly into a S/R Level, Then I do not take the trade. I will wait until the s/r level has been broken and a confirmed continuation takes place before I enter a trade.
********************************

Here are the Codes:
LRC - Today only - https://tos.mx/Y9lBc45 (I use 2m/Today)
LRC-V.2 - This works for All and is what I use on the chart I trade with - https://tos.mx/!bRJfYOTJ
LRC MultiDay with 2 deviations - https://tos.mx/4ptvXbY
LRC MultiDay w/2 deviations for Spy,ES,NQ - https://usethinkscript.com/threads/trust-the-levels-trade-options-in-thinkorswim.18367/post-140679
mod note:
unfortunately, many members will not have shared links enabled until after the May 13 integration

Here is a link to the video.
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@METAL - what are you trading? Buying Calls/Puts? or longing and shorting the actual shares?

@METAL Also - how did you get your 20 EMA to change colors like that? The layout you shared had the 20 EMA, but is just a standard one - meaning the colors do not change to reflect trend.

That is a cool little EMA.
 
@METAL - what are you trading? Buying Calls/Puts? or longing and shorting the actual shares?

@METAL Also - how did you get your 20 EMA to change colors like that? The layout you shared had the 20 EMA, but is just a standard one - meaning the colors do not change to reflect trend.

That is a cool little EMA.
I trade both Calls and Puts Options. It works either way. I have not had one red day since I started using this strategy. Here is the colored 20 EMA https://tos.mx/qaAvGMG
 
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This is the easiest most profitable strat I have ever used. I do not know if it will change when the market changes but I will keep using it until it doesn't work consistently. Hopefully that never happens. Had a really nice profit to end the week! Have a great weekend everyone!
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This is the easiest most profitable strat I have ever used. I do not know if it will change when the market changes but I will keep using it until it doesn't work consistently. Hopefully that never happens. Had a really nice profit to end the week! Have a great weekend everyone!
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Great success you've been having with this!

I've mostly been using the upper and lower SD as price targets/reversal locations but haven't found a good strategy with the LRC yet. How do you use the LRC in your trading? I.e. break above of upper LRC = bullish signal, break below lower LRC = bearish?

Also see you had some good entries in the mid LRC. Can you clarify how you make an entry decision based on the mid LRC?
 
Great success you've been having with this!

I've mostly been using the upper and lower SD as price targets/reversal locations but haven't found a good strategy with the LRC yet. How do you use the LRC in your trading? I.e. break above of upper LRC = bullish signal, break below lower LRC = bearish?

Also see you had some good entries in the mid LRC. Can you clarify how you make an entry decision based on the mid LRC?
I will put together a short video that explains how I use LRC.
 
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@SleepyZ , I hate to bother you but I have made several attempts and cannot get what I am trying to achieve to work. Is there a way to provide and option that will be "Show today only" and when unchecked, The script will show the LRCA (Linear Regression Channel Anchored) with Deviations on each day like I have indicated on the attached image? I do not show the addition deviation lines and would like them on this if possible. This is so I can go back and study previous days.
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@METAL >> Please can you share your actual chart and indicators so we can test it as we see it on your charts. Seems you have two more SD's running and shows two extra the yellow upper and lower. The shared grid has none of that. Not the same indicator. Linear_Regression_AnchoredMetal and two EMA 20 and 200 are shared but not the LRC_MultiDay_Deviations. Hmmm ... ? Did I overlook something ?
 

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