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.
This week I released one of my new favorite studies, Relative Strength, which instead of plotting relative strength as a basic close line graph, it can plot it as a candle chart or a bar graph, so you can trade relative strength price action. It also includes a bunch of extra features that the normal line graph study doesn’t have, such as moving averages, 4 breakout/breakdown signals, 6 bullish and 6 bearish divergence signals over multiple periods, etc. Check it out here.
I’ve also posted some updates to both Big Levels and Premarket Range to add optional summary labels to each one. That way you can use them just to display information on your chart, without any lines, or you can use just the lines, or you can use both together.
As always, prior purchasers get upgraded for free, so just log back in to your My Account > Orders page, and click the green “View” order details button beside your old order. The new links should be there waiting.
Sorry it’s taken me so long to do an actual video for the Weis Wave & Ord-Volume indicator, but that is finally done now and released on the Weis Wave page and the Youtube channel.
I also released some small improvements to the behavior and settings and coloration options.
I’m currently working on some major improvements to the overall features including different methods for identifying waves instead of just the existing ZigZag method, as well as a more full-featured trend identification scheme, so keep an eye out for a beta of that to be released soon.
Meanwhile, check out the latest small update and video here.
The basic idea is you can define your Zig Zags as usual with the built in Zig Zag indicator. But instead of just plotting zig zags, the indicator will plot volume profiles for each wave/swing, and additionally anchor VWAPs to the most recent 5 swing high/low pivot points and plot them forward in time to present.
Here’s a quick walk through:
Get the indicator here (or if you’re an existing owner download it in the My Account > Orders > View Order Details page):
Josiah is a stock trader, thinkScript programmer, real estate investor, and budding mountaineer. He's also rumored to be an in-shower opera singer. Josiah & his family live in Nashville, TN. Twitter | YouTube
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