Trust The Levels - Trade Options In ThinkOrSwim

[METAL]

I have not had a red day in a long while it stays this way. It seems as though it is getting even easier.
$2,200.00 so far. I am holding one overnight.

NVDA:

SPX:

TSM: Not a smart trade....

 

[METAL]

Todays Trades: Another amazing (HUGE) day and I was blessed with my TSM hold

AAPL:

BABA:

TSM: $2,790.00!!!!

*Houston

 

[snoopydoopy]

I have not had a red day in a long while it stays this way. It seems as though it is getting even easier.
$2,200.00 so far. I am holding one overnight.

NVDA:
View attachment 24088

SPX:
View attachment 24089


TSM: Not a smart trade....
View attachment 24090

Hey @METAL thanks so much for all you do to share such great info about your trades!!

I had a few questions about these trades you posted last night.

1. How did you get into NVDA so quickly? Were you watching it premarket or already had your eye on it? It obviously rocketed up but if you are looking at a bunch of different tickers how did you make the call to focus on NVDA for right at open? How many stocks are you looking at at a time?

2. Another question on the NVDA, I notice on your chart you have marked out a couple resistance price levels (I assume those are resistance levels you have identified as they are red and you have green price levels in other charts). You mention on your original post that S/R is more important and takes precedence over the ALRC levels so being in between two levels there what made you take that trade?

3. On the SPX trade you said that you noticed the red LRC was acting as support but you were below the 9 and 200 which I thought you had to be above / crossing through those to consider a call? Obviously great trade but from the laid out strategy wouldn't the lower risk entry be where you have #2 where you scaled out one?

4. Obviously the TSM trade worked out great with your update this morning but what was the thought process behind adding more and more calls instead of just getting out of the position and cutting loses?

5. This one is just about general trade management. I notice in all 3 screenshots there is a lot of crossover in entry and exit / scaling points, how are you managing all 3 trades at once instead of just focusing on one? Do you have multiple grids up? Do you have multiple active trader grids connected to different option contracts? This seems difficult especially on a 2 minute timeframe so curious how you do it!

Again thanks so much for sharing so generously! Also I re read my questions and they sound kind of negative in tone and I really don't mean them to at all! Just trying to learn more about how you are trading with the strategy and your thought processes!

 

[METAL]

1. How did you get into NVDA so quickly? Were you watching it premarket or already had your eye on it? It obviously rocketed up but if you are looking at a bunch of different tickers how did you make the call to focus on NVDA for right at open? How many stocks are you looking at at a time?
**I watch 24 charts on my grids as well as another monitor that has 4 charts. I vary the tickers on the 4 charts and usually have it on 5/15 min. As for NVDA, It was one of my top watches based on premarket. It is really easy to get in stocks quickly once you get the hang of it. I also have (2) watch lists (CALLS & PUUTS) that I populate just before market open so I can be ready to hop in.

2. Another question on the NVDA, I notice on your chart you have marked out a couple resistance price levels (I assume those are resistance levels you have identified as they are red and you have green price levels in other charts). You mention on your original post that S/R is more important and takes precedence over the ALRC levels so being in between two levels there what made you take that trade?
**My scale out target was 132 however, It was a minor level. It flew right through it so, my next target was LRC's and 134.

3. On the SPX trade you said that you noticed the red LRC was acting as support but you were below the 9 and 200 which I thought you had to be above / crossing through those to consider a call? Obviously great trade but from the laid out strategy wouldn't the lower risk entry be where you have #2 where you scaled out one?
**I typically do not trade into the 20 & 200 EMAs but in this case, I felt pretty good about my chances as I was watching all of the other tickers and had noticed a few moving up and away from key levels. I had a very short leash on this one if it did not go.

4. Obviously the TSM trade worked out great with your update this morning but what was the thought process behind adding more and more calls instead of just getting out of the position and cutting loses?
**I used my L-LRC as my driving force behind this one. If you aren't using the L-LRC's for swing/overnight trades, You should be.

5. This one is just about general trade management. I notice in all 3 screenshots there is a lot of crossover in entry and exit / scaling points, how are you managing all 3 trades at once instead of just focusing on one? Do you have multiple grids up? Do you have multiple active trader grids connected to different option contracts? This seems difficult especially on a 2 minute timeframe so curious how you do it!
** When I get into multiple at the same time, I will use my watchlist to select the options I am trading and the will instantly be in my active trader. For example, When I had TSM & NVDA at the same time, I will have one of them on my "main" trade chart and watch the other one on my grid charts.

Again thanks so much for sharing so generously! Also I re read my questions and they sound kind of negative in tone and I really don't mean them to at all! Just trying to learn more about how you are trading with the strategy and your thought processes!
**No worries. Good luck to you!

If you search the thread, you will find videos that may help to explain my trades easier.

 

[CBOE]

I have had others say this happens to them. I believe the reason that it may move is the "Expansion Area" "Bar to the right" in the time axis in chart settings, Needs to be no more than 50. I keep mine less than 30. I do not know why this can affect it or if it is what is causing. Give this a try and see if this will help. My levels may have moved slightly but it was so little that it doesn't affect my trading. The level will also slightly change based on the time frames you may use. I use 2m only with the LRC_V5. The reason for this is the LRC uses highs and lows throughout PreMarket. 15m High and lows will be different from where the 2minute highs and lows will project the lines.

I believe the LRC is dynamically adjusting according to what the price does.
It does not seem to be locked/fixed.

I have taken screenshot on the same instrument at 10 minutes intervals or so and the levels had changed.
Initially the price touched one LRC level and bounced, but later on the LRC level was several points above the level where the price and the level met previously.

I've seen it live changing.

 

[METAL]

I believe the LRC is dynamically adjusting according to what the price does.
It does not seem to be locked/fixed.

I have taken screenshot on the same instrument at 10 minutes intervals or so and the levels had changed.
Initially the price touched one LRC level and bounced, but later on the LRC level was several points above the level where the price and the level met previously.

I've seen it live changing.

Okay..I do not have this issue. Not sure what to tell you. Mine are fixed. UNLESS, I change to Higher TFs or I changes the expansion area beyond 30. I believe 50 will still work but I have decided to keep below 30. On a 2min TF Mine do not move.

 

[mnunez021]

@METAL I've noticed that the L-LRC will change angles. which video explains the use of it and the meaning of the direction of the angles?

 

[METAL]

@METAL I've noticed that the L-LRC will change angles. which video explains the use of it and the meaning of the direction of the angles?

Not sure what is happening with yours. I had it happen a long time ago but found out that the expanded bars to the right was causing the issue. After that I have not had mine change. I trade with several traders every day and none of ours change. Hope you can figure it out.

 

[useThinkScript]

@CBOE @mnunez021 Perhaps it is the instrument that you are trading?
@METAL trades the highest of liquid instruments with a history of solid ATR movement.
Review the trades that @METAL has provided, and watch the charts for those ETFs/futures/stocks
It seems that you will not see that behavior.

This strategy can only be traded with instruments that move.
ETFs/futures/stocks that lack liquidity and good trading ranges will more likely whipsaw and perhaps demonstrate the behavior you are describing.
Especially on days like today, where the indices were trading at less than half of their normal volume averages.

Here is the VIP method for finding the big movers that work with this strategy:
https://usethinkscript.com/threads/identify-the-big-movers.20100/#post-150094

 

[JoseB]

I reaallll

I have not had a red day in a long while it stays this way. It seems as though it is getting even easier.
$2,200.00 so far. I am holding one overnight.

NVDA:
View attachment 24088

SPX:
View attachment 24089


TSM: Not a smart trad

I have not had a red day in a long while it stays this way. It seems as though it is getting even easier.
$2,200.00 so far. I am holding one overnight.

NVDA:
View attachment 24088

SPX:
View attachment 24089


I realllly want to know what's going on but I'm very confused. That NVDA pic shows about 11 horizontal lines. What does each line mean?

 

[joecmk12]

Do you have a video on how to trade using your charts? From selecting the underlying stock to selecting which option to trade?

 

[smallstacks]

Metal can you please let us know the volatility indicator you talked about in your video and how you use it for TOS thanks

 

[METAL]

Metal can you please let us know the volatility indicator you talked about in your video and how you use it for TOS thanks

Not sure what video you are referring to. I do not use a volatility indicator. I typically just notice the volatility with price action.

 

[METAL]

Today was ROUGH. Traded poorly. I somehow ended green but was down on a bunch of trades. If I had scalped and taken profit early, I would have been way better off but, that is trading.

AAPL: +$650.00 Profit

This is the stair step chart I reviewed this morning prior to market open.

NVDA:

META:

PLTR:

TSLA:

SPX....Saved my Arse..$2,380.00 Profit!

 

[METAL]

Another Beautiful Day...$2,108.00 Day today. Had 2 Losses and made one back up..

SPX:

SMCI- Had $700.00 loss but turned it to a $195.00 Profit!

QQQ- 798.00 Profit

 

[METAL]

Todays Trades.. $Another easy day. Could have been way better but I am human darn it.
AMD:

PLTR:

SPX: $1,310.00 Profit

 

[pmohanty1987]

Had another banger of a day. No losses today and learned from yesterdays mistake.
$6,540.00 Profit. I made a video and will post it later.

Hi @METAL .. Thanks a lot for your contribution.
I have been using the LRC lines for a few days now. While the strategy looks great in hindsight, I am struggling to interpret the lines during live price action.
Could you please create a detailed video on how to use the grid again? I have watched your previous video, but a more in-depth explanation of your approach to reading the lines would be really helpful.

 

[Sap010]

Hello @METAL , thank you for showing us your strategy and for your contribution to this community.
I've been here for a short time and I'm trying your method. I would like to understand how you use all the indicators of the new template, (Volume Label, ATR levels, VWAP, LRC Etc...) and the entry and exit rules, since I cannot find anything similar to the thread start instructions with the modifications that have been made.
Maybe you explained it, but I don't speak English, so if you did it on video I didn't understand it. I'm sorry.
Thanks for advance.

 

[METAL]

I thought I was going to have a RED day today
PLTR. Good setup. Bad execution. Saw another opportunity and made back my loss plus some.

SMCI - Loss

TSM

TSLA

SPX

 

[CBOE]

@CBOE @mnunez021 Perhaps it is the instrument that you are trading?
@METAL trades the highest of liquid instruments with a history of solid ATR movement.
Review the trades that @METAL has provided, and watch the charts for those ETFs/futures/stocks
It seems that you will not see that behavior.

This strategy can only be traded with instruments that move.
ETFs/futures/stocks that lack liquidity and good trading ranges will more likely whipsaw and perhaps demonstrate the behavior you are describing.
Especially on days like today, where the indices were trading at less than half of their normal volume averages.

Here is the VIP method for finding the big movers that work with this strategy:
https://usethinkscript.com/threads/identify-the-big-movers.20100/#post-150094

I am looking primarily at ES and NQ.