Try this NQ Strategy + Code for ThinkorSwim

[samoya]

Look at the last move Friday. Signal line stays all the way down below McGinley line. With 3 perfect re-entry opportunities

 

[samoya]

I compared the worst day using the EMAs55 Highs and Lows as a filter with the McGinley as a filter.

Using the EMAs 55 was a loss of $1,690
Using the McGinley was a win of $2,365

Seems pretty interesting. Using only trades during market hours

 

[Chence27]

@samoya All looks good during a nice trend. The first thing I look for is how it holds up during a range.

So you tested the strategy only on a 1 min chart?

 

[samoya]

@Chence27 That's the real big question You cant avoid to loose some trades, but you can minimize the looser. In sideways moves you only take the long trades, when the signal line is > McGinley, short vice versa. That's removes a lot of falls signals.

Look at the chart. In the sideways moves you loose some trades (or even make a small profit) but after the sideways moves there are big moves.

Here you go: https://usethinkscript.com/threads/mcginley-dynamic-indicator-for-thinkorswim.338/

 

[Chence27]

@samoya Thanks bro you're the man!

 

[samoya]

With the kind help of the community I was able to add the label for the last candle High and Low, so you can determine the entry levels easy

Here is the code:

#hint: High/low bubbles on last candle
input count = 1;
def l = low(period = aggregationperiod.MIN);
def h = high(period = aggregationperiod.MIN);
def OneBarLow = lowest(l,count);
def OneBarHigh = highest(h,count);
def LastBar = if IsNan(Close[-1]) then 1 else 0;
Addchartbubble(LastBar, low, "Lowest in Last 1 Minutes: " + OneBarLow, color.white, no);
Addchartbubble(LastBar, high, "Highest in Last 1 Minutes: " + OneBarHigh, color.white, yes);
AddLabel (yes, "High " +  (High)  );
AddLabel (yes, "Low " +  (Low)  );

 

[Chence27]

@samoya What were your exact entry and exit rules for your backtesting of this strategy? I know it's an entry long when McGinley is below the 20ema.. and you enter when a candle closes above the 20ema? What was your exit plan? What was your stop loss?

 

[samoya]

What were your exact entry and exit rules for your backtesting of this strategy?

I know it's an entry long when McGin is below the 20ema.. and you enter when a candle closes above the 20ema?

What was your exit plan?

What was your stop loss?

Entry Rule Long: (Short vice versa)
EMA20 crosses above McGinley 20
Open < EMA20
Close > EMA20 (Trigger candle)
Entry Long 1 Tick above High of the Trigger Candle
2 contracts
1. Target: 10 points (1. contract)
2. Target: EMA 20 crosses below McGinley, Exit at close of the candle (2. contract)

Hard Stop: 10 points both contracts

 

[Chence27]

I have two beefs with this strategy. In a range it can stack up a lot of back to back losses, and it misses a lot of good moves.

 

[samoya]

I have two beefs with this strategy. In a range it can stack up a lot of back to back losses, and it misses a lot of good moves.

Its Not Perfect, but Filters out some Noise.
In sideways moves if lets say EMA20 is above McGinley and Price moves up and down, take only the Long trades.
Yes, there will be some losers.

 

[Chence27]

Its Not Perfect, but Filters out some Noise.
In sideways moves if lets say EMA20 is above McGinley and Price moves up and down, take only the Long trades.
Yes, there will be some losers.

Do you plan on taking this strategy live? It seems like something you could run side by side to your current strategy.

 

[tradeidea20]

Entry Rule Long: (Short vice versa)
EMA20 crosses above McGinley 20
Open < EMA20
Close > EMA20 (Trigger candle)
Entry Long 1 Tick above High of the Trigger Candle
2 contracts
1. Target: 10 points (1. contract)
2. Target: EMA 20 crosses below McGinley, Exit at close of the candle (2. contract)

Hard Stop: 10 points both contracts

In the link your shared for Mcginley indicator do you use the script in post 1? along with that i see your mcginley has lots of inputs while on the link you share has only length input.. Can you assist in this case? thanks

 

[Chence27]

Its Not Perfect, but Filters out some Noise.
In sideways moves if lets say EMA20 is above McGinley and Price moves up and down, take only the Long trades.
Yes, there will be some losers.

There are times when the McGin signal is essentially overlapping the 20ema. Do you take signals from either direction in these cases?

 

[samoya]

There are times when the McGin signal is essentially overlapping the 20ema. Do you take signals from either direction in these cases?

No, when its completely overlapping I scip the trade.
The lines should be apart

 

[tradeidea20]

@tradeidea20 No. Testing is not necessary. I trade live. Time is not a factor. Only price and managing entries and exits. I would need to do an entire webinar to teach it. Better to build automation - trust me

Any update?

 

[Billions]

@AlgoTrader77 Im so sorry for your Loss. My Prayers are with you and your family.

@samoya Can you share the link to your chart trying to find the most current version of strategy Thank you!

 

[QUIKTDR1]

@AlgoTrader77 I am sorry for your loss. Remember the good times and hang in there. God Bless!

 

[Ghs]

No, when its completely overlapping I scip the trade.
The lines should be apart

@samoya - Are you using this strategy in live market? Have you made any changes to get better results?
Thanks!

 

[samoya]

@samoya - Are you using this strategy in live market? Have you made any changes to get better results?
Thanks!

I am sorry for my late reply. Its a crazy time at the moment.
I am still working on adjustments and I will come back the next weeks with some suggestion.
Thanks

 

[Ghs]

I am sorry for my late reply. Its a crazy time at the moment.
I am still working on adjustments and I will come back the next weeks with some suggestion.
Thanks

Thanks @samoya I really appreciate your help and am looking forward to your suggestions.