Wow. This is a 36 min treasure trove of information I didn't know I needed. Realy glad I found your channel and will definitely take a look at your products.
Started using it last week, and up 8%. They are small W's, but a w is a w. I can confirm, this strategy is dead simple, and it makes money. The best part is that you can scale your position according to your account and no need to worry about limit orders and all that for this. I place a 1st trg OCO with a 5% stop on price, set notifications and literally walk away. Thanks Trey. oh and BTW, I paid for a month subscription to your site with my profits. 🤣
You can name and save the conditional order and use it over and over and over again as long as you edit the symbol box to match the stock you are trading and saved the code as a study. If you have a buy and a sell order be sure to edit both tickers...
Hey Trey really great video. I am just starting out on building TOS scripts and you did a great job of explaining each step in detail. One you left out was creating the backtest study ( DTSBacktestData). Any chance you can share that?
@@lancemueller2165 Got, it thanks. What I didn't know how to do was enter the strategy in the conditional order tab as he shows in the end. I believe we can place automated or conditional trades through that tab.
This is a great video. Thank you! One question though, isn't the conditional sell order you set could be a short sell? In order to sell the bought, won't you need to link it to the buy order?
There is not a stop loss nope! My reversal strategies don't have stop losses, my continuation strategies don't have profit targets. When paired together in a trade arsenal they help offset each others downside risk to create a consistent p/l curve
It would be nice if you explain on the video how to manage the trade stop loss in this case where the trigger buy and sell is based on the RSI value. Will you use another RSI value to set the stop loss? This can cause a money management challenge. Please clarify.
I like this strategy when paired with a continuation strategy. I don't believe anyone should ever trade one style. This strategy has a major flaw in that it has no stop loss, so sometimes it does get crushed. You offset those crushes with the huge wins that come from the continuation strategy.
Yes. You simply do not place a filter to only see stocks above $1 in price in the scanner. You see the stocks one by one in a chart as you choose them from the watchlist or the scan results and looking at them individually.
Performing some back testing and one thing I noticed is if a stock price is just over the SMA and the RSI is below 40, all parameters are met to place a buy order. The sell order is only set if the RSI hits 45. What is the stock price drops below the SMA while in a trade and the RSI is still below 45? Is there a way to trigger a sell order if the stock price dips below SMA or the RSI hits 45?
There is no stop loss on this strategy. It does sometimes get smoked, but every profitable strategy has a risk, that's the risk with this one. Don't ever put all your buying power into one strategy and combine it with other strategies that help offset each others cons!
That's an interesting idea. If you have a computer with an AI built in could you have it code directly in ThinkorSwim for you? Will be fun to message with when that time inevitably comes
Wow. This is a 36 min treasure trove of information I didn't know I needed. Realy glad I found your channel and will definitely take a look at your products.
Started using it last week, and up 8%. They are small W's, but a w is a w. I can confirm, this strategy is dead simple, and it makes money. The best part is that you can scale your position according to your account and no need to worry about limit orders and all that for this. I place a 1st trg OCO with a 5% stop on price, set notifications and literally walk away. Thanks Trey. oh and BTW, I paid for a month subscription to your site with my profits. 🤣
Happy New Year Treyding! Loved your rundown of using the TOS platform and primer on how to use the Thinkscript to backtest strategies and automating.
ThinkScript is SO powerful. I genuinely believe every trader should be utilizing it
Perfect! As always very very helpful. Thank you.
Thanks for this! Love hearing when people feel helped by my content!
This is awesome!!. Thanks for showing us step by step.
You're welcome! Thank you for the comment
You can name and save the conditional order and use it over and over and over again as long as you edit the symbol box to match the stock you are trading and saved the code as a study. If you have a buy and a sell order be sure to edit both tickers...
Conditioning orders is so cool!!! Thank you 🏆
Thank you for this! Liked and Subbed to your channel and DTS.
Thank you very much!
Hey Trey really great video. I am just starting out on building TOS scripts and you did a great job of explaining each step in detail. One you left out was creating the backtest study ( DTSBacktestData). Any chance you can share that?
I as well would love to know how you made the backtest study.
It's on his website
thanks for showing how to automate the actual orders!
An important step!
Remember as he says at 26:22, the strategy does not actually place the orders for you.
@@lancemueller2165 Got, it thanks. What I didn't know how to do was enter the strategy in the conditional order tab as he shows in the end. I believe we can place automated or conditional trades through that tab.
when it comes time to sell, does the sell_to_close function close all 10 positions, or just 1?
Sell_to_close will always exit your entire open position. So yes, it closes all 10 (or however many) open positions you are currently in.
This is a great video. Thank you! One question though, isn't the conditional sell order you set could be a short sell? In order to sell the bought, won't you need to link it to the buy order?
Nice job Trey. No stop loss on this strategy?
There is not a stop loss nope! My reversal strategies don't have stop losses, my continuation strategies don't have profit targets. When paired together in a trade arsenal they help offset each others downside risk to create a consistent p/l curve
It would be nice if you explain on the video how to manage the trade stop loss in this case where the trigger buy and sell is based on the RSI value. Will you use another RSI value to set the stop loss? This can cause a money management challenge. Please clarify.
Great info. Very interesting.
He’s so adorable!!! Trey, is this your preferred swing trading strategy?
I like this strategy when paired with a continuation strategy. I don't believe anyone should ever trade one style. This strategy has a major flaw in that it has no stop loss, so sometimes it does get crushed. You offset those crushes with the huge wins that come from the continuation strategy.
Happy New Year Trey and Mini Trey! Or is he Quatro? 😀
Thank you!
How can I add that backtest study to my thinkorswim? is it available anywhere?
That's one of my custom created codes. Available on my site
Great video. Dumb question is it possible to make recurring buy and sell based on strategy or just one time only.
I've never found a way to do it. With my knowledge you just have to create the order manually every time
@@TreydingStocks Thanks for confirming and reading the comments. You are amazing.
what is terminal do you use?
Will this strategy work on small cap/ penny stocks? Do I have to make chart for each stock?
Yes. You simply do not place a filter to only see stocks above $1 in price in the scanner. You see the stocks one by one in a chart as you choose them from the watchlist or the scan results and looking at them individually.
How are you loading this in SIMULATED TRADING? In paper money mode you do not have access to studies.
I subscribed because I want the script for the "ThinkorSwim Automated Trading Strategy", but I don't see in the TOS Strategy downloads menu???
Performing some back testing and one thing I noticed is if a stock price is just over the SMA and the RSI is below 40, all parameters are met to place a buy order. The sell order is only set if the RSI hits 45. What is the stock price drops below the SMA while in a trade and the RSI is still below 45? Is there a way to trigger a sell order if the stock price dips below SMA or the RSI hits 45?
Great question..yes..use a conditional order GTC and OCO ( one cancels the other)
Nice to compare one with the VWAP instead of the SMA 200
Could do!
I am unfamiliar with thinkorswim at the present time but where is the downside here besides not seeing a stop loss?
There is no stop loss on this strategy. It does sometimes get smoked, but every profitable strategy has a risk, that's the risk with this one. Don't ever put all your buying power into one strategy and combine it with other strategies that help offset each others cons!
Pretty descriptive vid! Did not know thinkorswim had scripting.
Yep! It's what this channel is all about!
@@TreydingStocks hell yea man!
Is there anyway to add ChatGPT to TOS?
There is not (that I know of)
HOLD out for a while the new PC ALSO Cell Phone's will have Built in .
That's an interesting idea. If you have a computer with an AI built in could you have it code directly in ThinkorSwim for you? Will be fun to message with when that time inevitably comes
It is impossible to listen to your video, why are you screaming so loud
😂
Is your volume button broken... 🤔
I believe it is a marketting style to capture people's attention.