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New Trading Strategies for ThinkOrSwim Published

thinkorswim trading strategies

New ThinkOrSwim Trading Strategies Published

I’ve recently posted several strategy scripts to the website that identify quantifiable edges for my fellow traders. These ThinkOrSwim trading strategies can be traded standalone, or tweaked further and customized to fit an individual’s trading style. They can either be used to setup automated trading systems in other platforms, or traded manually within ThinkOrSwim and improved with price action trading principles. My most recent strategies are all listed under the strategies category on the site, and here’s a quick reference list:

Most of these strategies come straight out of Larry Connors and Cesar Alvarez’s book “Short Term Trading Strategies that Work,” and are specifically for trading the SPY, SPX, or ES futures. But these ThinkOrSwim trading strategies may also provide edges on other instruments, and you can test them on whatever symbols you like to trade, to see if they can be applied profitably there as well.

I hope these strategies are as intriguing to you as they were to me, and hopefully they will provide you a more quantifiable way to determine your edge in the market as well.

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Updates to Relative Volume + Position Sizer

Today I’ve released some substantial updates to both the Relative Volume indicator set and the Position Sizer.

Relative Volume, Trades, Shares-Per-Trade, and Shares-Per-Range

  • The Relative Volume, Trades, Shares-Per-Trade, and Shares-Per-Range indicators have all been combined into a single indicator that lets you switch between modes.
  • The Time-Based Average and the Moving Average based relative volume indicators have now all been combined into the single indicator as well, so you can switch between a time based average for use on intraday timeframe charts, and a custom moving average of volume for any timeframe chart.
  • Efficiency improvements have also been made to reduce resource consumption and keep your platform responsive.
  • Find out more here.
Thinkorswim Time Based Relative Volume Settings 1
Thinkorswim Time Based Relative Volume Settings 1

 

Thinkorswim Time Based Relative Volume Settings 2
Thinkorswim Time Based Relative Volume Settings 2

 

Thinkorswim Time Based Relative Volume
Thinkorswim Time Based Relative Volume

 

Position Sizer

Thinkorswim Position Sizer updated labels

  • The Position Sizer has a new mode for Fixed Dollar Target, in addition to the existing Fixed Price and Risk Multiple target modes.
  • New mode for stop – fixed dollar stop
  • New mode for risk per trade – choose a fixed dollar amount to risk or keep the normal percentage of buying power, either auto or manually chosen
  • All the data points in the label have been separated out so they can be controlled individually.
  • New labels for Bid-Ask Spread, Daily Volume, stop size, buying power required, etc.
  • Add spread size to stop size automatically
  • Fixed an issue to limit number of shares not only by risk per trade but also by buying power
  • Added offset setting for labels, so you can choose to display the entry/stop/target and position sizing info for the prior candle instead of the current candle, in case you like to use bar break types of entries based on the just-closed prior candle.
  • Find out more here.
Thinkorswim Position Sizer - Settings 1
Thinkorswim Position Sizer – Settings 1

 

Thinkorswim Position Sizer - Settings 2
Thinkorswim Position Sizer – Settings 2

 

Thinkorswim Position Sizer - Settings 3
Thinkorswim Position Sizer – Settings 3

 

Thinkorswim Position Sizer - Settings 4
Thinkorswim Position Sizer – Settings 4

 

Thinkorswim Position Sizer - Settings 5
Thinkorswim Position Sizer – Settings 5

 

I will be updating the images and data sheets for each in the coming days, but I wanted to get the release notes out there for people who’ve already purchased in the past.

I hope these changes will add value and benefit your trading workflow. As always, updates are free to prior purchasers and the new links are available in the My Account > Orders area of the site. Thanks for your continued support and kind feedback!

-Josiah

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Day Trading with Relative Trade Size and Equivolume – Daily Journal

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Day Trading with Price & Volume on $MU – 2018-04-25

Josiah recaps the entries on $MU for 2018-04-25 using his Price Volume Day Trading method.