TPS Trading Strategy – High Probability ETF Trading Strategy by Larry Connors

Description

TPS Trading Strategy

The TPS Trading Strategy is a high-probability strategy designed by Larry Connors specifically for trading ETFs. TPS stands for “time, price, scale-in”. Connors wrote about the strategy in his book with Cesar Alvarez called “High Probability ETF Trading“. I’ve really enjoyed learning some of Larry Connors’ and Cesar Alvarez’s strategies in the past – specifically those in the book “Short Term Trading Strategies That Work”. Recently I had a request to implement some of his high probability ETF trading strategies for ThinkOrSwim, and I thought I would go ahead and post the ThinkScript for it on the site for anyone else who is interested.

What You Get

1. The TPS Trading Strategy for backtesting in ThinkOrSwim on any symbol you want
2. Arrows indicating buy and sell locations
3. Includes alerts for buy and sell signals!
4. Custom watchlist/quote column indicating when one of your ETFs or stocks has a buy or short signal
5. Scan to find buy and sell signals on any symbol watch list you choose – scan for setups among all ETFs, all stocks, optionable symbols only, commission-free ETFs only, etc.
6. Full explanation of each option and setting inside the ThinkScript strategy with the built in tooltip/hints functionality

Why You Want It

1. High probability entries and exits
2. Works on multiple ETFs
3. Takes advantage of known market tendencies and structures (buys pullbacks in uptrends, where risk is lowest)
4. Averages in to obtain the best possible pricing

How to Install It

1. It’s easy! We email you the ThinkOrSwim install links immediately upon check out (and they’ll also be saved in your order history on the site for future reference). Simply click each link and confirm on the next page, and the script will be imported to your system automatically. Optionally, you can also copy/paste each link directly into ThinkOrSwim by clicking the Setup menu at the top right corner of the platform and selecting “Open shared item” and then pasting in each link there.
2. Once you’ve clicked or pasted in each link, then you just go activate the thinkscript like you would any other indicator:
   1. To add an indicator or study to your chart, go to Charts > Studies > Edit Studies, and find the indicator in the alphabetical list, and double-click to add it to your chart.
   2. To open a strategy, go to Charts > Studies > Edit Studies, and then select “Strategies” tab at the top left of the window. Find the strategy in the alphabetical list, and double-click to add it to your chart.
   3. To open a scan, go into Stock Hacker and from the menu on the right hand side, select Load Scan Query and choose the scan from the alphabetical list. Then click scan.
   4. To open a column, right-click the column header and select Customize, then find the column from the alphabetical list of available columns, and double click to add it. Then click OK.
3. To customize the settings, just go to Studies > Edit Studies and click the gear icon to the right of the thinkscript. Each study, indicator, or strategy comes with default settings already applied and includes tooltips and hints to help explain what each setting does so you’ll be able to customize it easily. Just click the “?” icon next to the setting for a popup explanation.

Questions?

We’re always happy to answer questions, and full email support is provided with every purchase! We’ll make sure you get up and running. If you have questions, email us here or leave a comment!

Screenshots

Strategy Backtest Results from the Book

Strategy Rules from the Book