Important notes: 1. This strategy is designed for same day SPY option scalping. All profit shown in back testing report is based on Profit/Loss (P/L) estimates from trading options with approximately 6 months of data. By default, it is set to 10 option contracts. By default the initial capital is set to $5000. Pyramiding is set to 3. 2. This strategy works better with non-extended market data. 3. This strategy is mainly developed for SPY trading on 5 min chart, it probably will not be very profitable with other tickers or time frame without tweaking all the parameters first. 4. This strategy will work with QQQ as well, but please adjust the profit multiplier to match the P/L of QQQ options.
How it works: When trading the indices, many rely on the TICK for market directions. This strategy is a trend following strategy that uses a combination of conditions using the following indicators: - TICK - RSI - VIX volatility index - EMA
For entries, the conditions are: 1. TICK moving average crossover with a delayed signal line 2. Bullish or bearish RSI signal, RSI > 50 for bullish, < 50 for bearish 3. VIX must be above a certain threshold to take advantage of high market volatility 4. Price must be on top of EMA line for long, and below for short For exits, there are 3 scenarios: 1. Stop loss set by a percentage of the daily ATR value 2. Trend changes on the TICK and the RSI 3. Bearish or bullish divergence on price with TICK
This strategy automatically signal to close all trades at 3:50 pm EST at the end of the day.
Extras: - There is an option to show P/L for reinvesting profits
Enjoy~!!! Let's all make $$$
Phát hành các Ghi chú
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Added option to stop trading after Max daily profit is reached - this helps manage over-trading Added blue and orange triangles to indicate TICK reversals
Back testing and forward testing results will vary. The security functions used on line 33, 41 and 53, will cause repainting when back testing. Chart resolution is 5m and you are requesting data of Day which will continuously change in real-time until the Daily candle has actually closed.
PtGambler
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@thermal_winds, Thanks! I will keep that in mind. I am still a Pine Script rookie~
AutoPenalti
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Hey there, I seem to get an error and I think it has to do with the trade period... "Pine cannot determine the referencing length of a series. Try using max_bars_back in the study or strategy function." Additionally, it doesn't show the entry long/short and exit long/short descriptions like shown above. Any ideas?
PtGambler
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@AutoPenalti, try refreshing and make sure you are only using it for 5min tf. I am using it right now without any issue. DM me if still doesn't work. Cheers~
AutoPenalti
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@platsn, can't DM you since my rep is low but I tried your suggestion and even with the 1m script you have and i get the same error.
PtGambler
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@AutoPenalti, im sorry, but I have no clue as I am still a Pine script noob TBH. I've been using both strategies every day and have been working fine for me.
loxx
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Did you check if this is repainting?
PtGambler
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@loxx, don't think it is, i've been using it daily~ cheers
iradwatkins
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Can this be integrated in my Thinkorswim TD account? If so how do i go about doing that