Awesome! I am glad you found this and it is working for you as well. It has completely changed my Trading career! I had another great day again today. I met my 1K a day quota by 9:40. It makes trading easy and stress free. For me at least.Dude, you won me over with this one. I'm hot that i didn't notice it until last weekend. Helped me scale in and out of NVDA and IWM today; stress free. Ever find yourself in Northern California ... you've got an ally. THIS WAS FROM LAST WEEK; TOOK A WHILE FOR COMMENT TO GET APPROVED
Not sure why that is happening to you. I do not have that issue. The first thing that comes to mind is to double check the Time Axis extended to the right. That needs to be less that 50. I keep all of mine at 30.The LRC keeps shifting, and I noticed that around 8:30 AM, the price appeared to be crossing the upper bound. However, when I checked back two hours later, around 10:30 AM, it showed that at 8:30 AM, the price had never crossed the upper bound. Below is SPY 2 min chart.
8:30 AM PST
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10:30 AM PST
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What does the EMA Distance mean?11/02/24 update:
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. http://tos.mx/!d1bHIhA6 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.
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Here are the Codes:
LRC-V.2 - This works for All - https://tos.mx/!bRJfYOTJ
***Updated***LRC_V4 - http://tos.mx/!YoqXeGmM This version gives 6 levels. You may turn them off if you do not wish to use them.
This is the version I use now!
*Update #5 * LRC_V5 - http://tos.mx/!XtXNUwzN This version is the same as LRC_V4 with a multiplier option added. Here is a link to the video on how to use it.
https://usethinkscript.com/threads/trust-the-levels-trade-options-in-thinkorswim.18367/post-147551
Workspace: https://tos.mx/!niiF8VvV
Charts
LRC_V5 Basic Chart: http://tos.mx/!7NL4jnhD
My actual Trading chart: http://tos.mx/!tNIRfQNS
mod note:
Here is a link to the video.
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I am not sure what "EMA distance" you are referring to. I will take a guess that you are asking about the distance the 20 EMA is away from the price, If this is correct, It is really subjective. I pay attention to how much of pullback may occur and decide whether or not I will hold or take profit and then look to re enter if price uses the 20 EMA as support/resistance.What does the EMA Distance mean?
@METAL what does EMA Distance mean?
How can you take advantage or use it successfully to trade?
I may have tried the auto pivots. It rings a bell. I deleted almost all of the custom indicators I had once I started using this strategy. As for the Price beyond the LRC Lines, I created a new LRC that has a multiplier and it is awesome. I put it on page one. Here it is: http://tos.mx/!bMgRWsLp .Hey @METAL thanks for all of the work on this strategy, really cool. I tried it today for the first time in real life, and had some OK success...I had some small winners, took a big hit on a TSLA put trade (it was going nuts).
On the LRC lines, with stocks that had decent movement, eg NVDA, TSLA etc the lines eventually went away. That is, they started with the open, but once the stock made a move up for example, the LRC lines stayed on their same trajectory and I didnt really have that edge to follow. Any thoughts?
Also, I used a pivot s/r indicator from this forum, and it worked pretty good as well. It's called AutoPivotPointsSupportResistance. Have you tried that by chance?
thanks again!
That is Awesome to hear. Have a great weekend!Awesome thanks so much! I will load the new LRC in ASAP.
I followed the strategy again this morning and had great success...once you get used to the price action it is very effective. Have a great weekend!
The Anchored LRC starts at 4am eastern std and ends at 9:29 1 minute before market open. If you are in a different time frame, you will need to adjust to your pre market start and 1 min before open.Does anyone know what time the LRC lines start to plot each day?
Thinkscript uses Eastern Times in coding the Anchored LRC.The Anchored LRC starts at 4am eastern std and ends at 9:29 1 minute before market open. If you are in a different time frame, you will need to adjust to your pre market start and 1 min before open.
Thanks Metal! Do you, or anyone know if this works well on other timeframes?The Anchored LRC starts at 4am eastern std and ends at 9:29 1 minute before market open. If you are in a different time frame, you will need to adjust to your pre market start and 1 min before open.
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