Try this NQ Strategy + Code for ThinkorSwim

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AlgoTrader77

New member
New here, so I thought I’d post something everyone can use (who wants to).

I’m normally not a very big fan of lagging indicators but this is super easy to use and gives pretty high win ratios in these markets. Plus, it’s VERY easy to get the hang of it!

I had this created for me a while back (see code below).

You simply wait for a bar/candle to close below/above the line and take a breakout/breakdown 1 tick above/below (depending on direction) the prior candle. (see annotations in screenshot)

Been getting 20 to over 100 points (points NOT ticks!) per trade!!

I annotated this in the screenshot, but to reiterate… loss mitigation is entirely up to you. Some of these candles are 40-90+ points in a single minute. So, use caution on how tight you keep things. Let the market breathe and the strategy do its thing! You can use the opposite end of the prior candle you are trading your breakout/breakdown from to protect capital. Or you can pretty much do whatever is inline with your risk tolerance.

Profit taking is a bit different – at least for how I handle it. I set an initial profit target 100 points above my entry (because these markets are NUTS!!). I’ve had this hit many times in 30 minutes or less. Especially that last one which took about 5 minutes (see Wednesday March 19, 2020 at 2:46 Chicago time short entry price 7395.25).

I use this on the NQ with a 1-minute chart and that’s about it. Super fun and easy to see in real-time.

Here is the code:
Code:
plot myindicator=ExpAverage(close,20);
myindicator.SetDefaultColor(Color.White);
myindicator.AssignValueColor(if close>=myindicator then Color.Green else Color.Red);
myindicator.SetStyle(curve.LONG_DASH);
myindicator.SetPaintingStrategy(paintingstrategy.LINE_VS_SQUARES);
myindicator.SetLineWeight(5);
myindicator.setHiding(if close>open(period="DAY") then 0 else 1);
 
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J007RMC

J007RMC

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nice is the script limited trade whatever? thanks
 
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AlgoTrader77

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You could probably use it on anything. I only have used it on the NQ because of the movement. But it would probably work on most markets. Finding the right chart would probably matter. BTW, that last trade in extended hours has run for 90 points :D
 
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Teebone21

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Thanks for contribution. It could have kept me in my Oil trades today
 
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AlgoTrader77

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Yes, no problem Teebone21... when the markets are like this (learned from trading 2008 madness), I personally think you need to use tools that by their nature open everything up for the big runs - which are pretty much everything. Using technical tools that are more conducive to much smaller moving markets really limits earning potential in these markets. This tool is very useful in these markets! I just hope this last for a LONG TIME!!
 
J007RMC

J007RMC

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Actually liking this on the spy and very compatible with my wave trades.
 
A

AlgoTrader77

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Actually liking this on the spy and very compatible with my wave trades.
Awesome! What chart for the SPY? 1 minute still? Also... would love to get others feedback on this. Ripped several hundred points on NQ today! If one of you coders out there feel inclined to turn this into an auto strategy and share that would be awesome!
 
J007RMC

J007RMC

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No the 2 min primarily using waves theory but no elliot. I try to catch the major/minor waves at tops and bottoms. very successful using the top bottom strategy I intend to run this tomorrow I like it. I put a link to your posting on my page here.
 
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AlgoTrader77

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I wanted to clarify 1 thing about executing this strategy in real-time. This should help with those of you who might be new to trading and also for those of you who have experience but may not be used to reacting in these crazy markets. This little piece of advice (opinion) will help you cut losses more efficiently and get you in on the right runs when you are supposed to.

I annotated it in this screenshot.

 
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zee2881

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That's an easy and awesome strategy, can't wait to give it a look real-time tomorrow. Thanks for sharing!!!
 
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AlgoTrader77

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Absolutely! Let me know how it goes!! Last long trade just went 99 points (max run) from entry (7217.25 long @ 7:57PM Chicago time). And you're probably long now for another 80 points! (may have already taken profit) :cool:
 
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zee2881

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Absolutely! Let me know how it goes!! Last long trade just went 99 points (max run) from entry (7217.25 long @ 7:57PM Chicago time). And you're probably long now for another 80 points! (may have already taken profit) :cool:
Will do! Watching it now of course, wife thinks I'm crazy. Any particular way you avoid the chop, or is it just simply sticking to your stops, and moving on to the next trade?
 
A

AlgoTrader77

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Will do! Watching it now of course, wife thinks I'm crazy. Any particular way you avoid the chop, or is it just simply sticking to your stops, and moving on to the next trade?
Yes. Embrace the losses and celebrate the wins. The wins should be massive. No way to avoid the losers. You can always practice on the micros. This thing (the market) is going to run hard and we have many days and hopefully weeks of these massive moves. If you take a 20 point loss, you shouldn't be taking less than that in wins. If you look at the trades you'll probably average 50+ points on your wins. These movements are too big not to go big. I was too tight in 2008. Not anymore! :D
 
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AlgoTrader77

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And by the way... if you are trading this now you should be in short from 7289.75 @8:31PM Chicago time. Up 90 +/- points right now and counting! Boom!
 
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zee2881

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That's the exact trade I'm watching. Not in just watching, for now...😁
 
A

AlgoTrader77

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Try simulating it so you can learn the "rhythm". Once you get it its super easy. Probably 300+ points in Globex already. California just shut the state down. I'm guessing this is going to cause more havoc! Friday should be really good!!
 
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PlantainPapi

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I've noticed your examples on the 1 min time frame, would this be effective on 5 min also or no?
 

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