It’s the Thanksgiving holiday in the U.S. today, and for the past 20 days or so I’ve been doing a morning exercise where I remind myself of a few things every day that I’m thankful for.
And so today I wanted to say that one thing that I am thankful for is the trust that my customers put in me every day — trust that I’m not just some shady internet salesman, trust that I’m going to give them a good product that will assist them with their trading goals, etc.
See, this site has allowed me to combine two of my interests — trading and programming — into one, and build useful things for both myself and the Thinkorswim community.
I hope to make it better and provide some new tools in the coming year, but in the meantime, I just wanted to say thanks to all my customers and users, and to let you know that I appreciate your support and trust.
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!
How to Install Indicators, Scans & Watchlist Columns in ThinkOrSwim
This video will show you exactly how to install indicators, scans, and custom watchlist quote columns in thinkorswim. There are actually 3-4 different ways to install thinkScript code, and this ThinkOrSwim tutorial walks you through 3 of them. The fourth way is to just click a “shared item” link and it will install automatically. I figured that one was easy enough to not need an explanation :-).