Trust The Levels - Trade Options In ThinkOrSwim

[METAL]

Thanks Metal! Do you, or anyone know if this works well on other timeframes?
Also, I prefer buying and selling shares as opposed to options contracts. Is there an advantage to using options with this strategy besides the obvious ones, instead of shares?

Thanks in advance.

Trading shares work great with this strategy. I know a couple of ppl that trade only shares and use this successfully. Some ppl have said they are doing well using it on the 5m TF.

 

[METAL]

Todays Trades--

MSTR:

PLTR:

SPX

BA

 

[iTrade1986]

Is there a reason indicators don't work for SPX, NDX, etc.? Is that because they have no volume?

 

[joecmk12]

Can this strategy be used for Futures and Forex Trading? I'm assuming I would have to change the times in the settings.

 

[METAL]

Is there a reason indicators don't work for SPX, NDX, etc.? Is that because they have no volume?

Because they have no pre market data. I use Spy to trade SPX.

 

[METAL]

Can this strategy be used for Futures and Forex Trading? I'm assuming I would have to change the times in the settings.

Yes! Traders are using it for futures. Not sure about Forex, but I do not see why not. It basically gives you excellent entries as well as target levels.

 

[METAL]

Todays Trades:

SPX: $2,950.00

TSLA: -$662.00

 

[METAL]

Tuesday 11/19/24

TSLA- $901.00. (2) calls @ 9.75 ea.

UPST- $-212.00 Loss

MSTR

SPX

 

[graf]

Todays Trades to End the Week: A Great Week! Hope you guys/gals did well this week!

MSTR: Boooom
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BABA
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SPXView attachment 23328

SPX PUTS...
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ARM:
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TSLA:
View attachment 23331

Nice Trading. Does it work with only with puts/calls? If you go to chart settings and check the show trades box , will it show your trades on the charts?

 

[adasagar7511]

@METAL - For TSLA I can see LRC Levels but when I put SPY and QQQ the LRC levels disappears? Any reason?

 

[METAL]

Met my daily 1K Quota with 2nd trade.
Wednesday 11/20/24

SPX

TSLA- Loss of $414.00

 

[5queezy]

Thinkscript uses Eastern Times in coding the Anchored LRC.
For traders to have the same times that you do with the setting of 0400 and 0939 and LRC lines, they do not have to change the these times, when they use local times other than Eastern times in their chart settings.
When you use 0400, which is the start of trading for the day, then for example, in the Central time zone, to get the LRC lines to match your lines, these lines need to start at 0300 Central time. which these will automatically plot using the code as is.
Hope this helps!

Hi Sleepy, what would the settings be for Pacific time trading? Thanks..

 

[maduraian]

Hello @METAL , hope this is where you would have entered the calls in this COIN setup, waiting for the 20ema crossing over 200ema

 

[VipulArvind]

@METAL - For TSLA I can see LRC Levels but when I put SPY and QQQ the LRC levels disappears? Any reason?

Look for "Price Axis settings" - Change it to auto (when you are on screen for a ticker where you don't see LRC levels). This helped me..Give it a shot

 

[SleepyZ]

Hi Sleepy, what would the settings be for Pacific time trading? Thanks..

As is, 0400 - 0929.

 

[Hoxton]

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.

Hi METAL

Is it possible to repeatedly display the LRC on each day throughout the chart rather than just the current day from 4:00 - 9:30? Appreciate it's bit messy but curious to see how it behaves day after day..

Thanks again for all your hard work.

 

[Stan615]

hi... I have a newbie questions

1) what is the line that follows the price that changes from green to red and green again when the price is on an uptrend?
2) what is the EMAnumber for the yellow line?
3) I can't get my green dotten line to expand to look like yours, what am I missing? I change the multiplier from 2 to for but I still have a lot of dotted lines... trying to learn how to use this strategy....

Thank you in advance for your reply.

 

[METAL]

Hi METAL

Is it possible to repeatedly display the LRC on each day throughout the chart rather than just the current day from 4:00 - 9:30? Appreciate it's bit messy but curious to see how it behaves day after day..

Thanks again for all your hard work.

I believe it would be possible, however, you would need to manually place the date and times for each day back that you would like to apply the Anchored LRC's.

 

[METAL]

hi... I have a newbie questions

1) what is the line that follows the price that changes from green to red and green again when the price is on an uptrend?
2) what is the EMAnumber for the yellow line?
3) I can't get my green dotten line to expand to look like yours, what am I missing? I change the multiplier from 2 to for but I still have a lot of dotted lines... trying to learn how to use this strategy....

Thank you in advance for your reply.
View attachment 23454

Stan,
Check the multiplier in the settings. I typically start with the multiplier @1 but will adjust it as the day goes on in order to provide levels further out. Mine may have been at a multiplier of 2.

 

[METAL]

As is, 0400 - 0959.

0929.