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.
I recently watched Alphonso Esposito’s New Mastery Series at TradeSmart University regarding his Wide Range Bar Trading Strategy. It seemed awesomely simple and straight forward, and seems to give good signals to boot, so I decided I would make it even easier for my fellow ThinkOrSwim users to add this strategy to their arsenals. Basically you look for these wide range bars, as defined by Alphonso in the course, and buy on an subsequent retracement of approximately 40% (with custom tweaks explained in the course) back into the range of the bar.
This set of ThinkScripts lets you scan for these types of setups, and additionally it comes with a chart study that plots a signal whenever a wide range bar trading strategy setup appears, and plots the 40% line as well.
Most of the parameters can be customized, but are set by default to those explained in the course, except for the minimum volume multiplier, which I just set myself since no specific rule was stated in the course.
The rules are pretty straightforward, but if you want to learn more about how to trade this strategy, you’ll need to sign up for the class at TradeSmart University.
I’m making these available for FREE for a limited time to all my TOS friends, so please help yourself!
UPDATE 12/21/2016 — I’ve been especially productive lately and decided to go ahead and code this into a mechanical strategy that can be backtested on any chart you want! That file will be included now as well.
NOTE: Since I did a bunch more work on this and included a new strategy file now, I’ll have to increase the price from free to a more typical price for a backtest-enabled strategy. Get it while it’s still free!
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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