Trading Daily Candles With LuxAlgo Script on TradingView - Pure Indicators/TA - FRONT TEST
Alright at the end of every trading day I am going to search a list of Stocks/ETFs and review the LuxAlgo Script Indicators. I will be entering a fake options position by just looking at what the average options price is for that day for a close to the money option 2 weeks out. I will post the chart and the option then lets see how it develops. When the script says sell I will “sell” the fake option and we will see how it does overtime.
Please send me any stocks you want me to add to my list to do this with. Needs to be stocks that are close to a local top or bottom on the daily.
The concept:
Timing reversals on the daily scale is really tough to do. After reviewing a bunch of manuals and videos on this script I have come to a conclusion that this really is a confirmation of trend toolkit. They say the trend is your friend, one thing is for sure that my attempts at timing reversal have not gone well and I need to change my strategy. I am really going to leave this up to pure TA, this is fake money test of a toolkit. Obviously with real cash involved I would be making decisions based on news also.
List so far:
MAR - Marriot
SOXL - Semi bull ETF
BITO - BTC proxy
AMD - Adv Mic Dev
GOOG - Google
DOCU - Docusign
BAC - Bank of America
ZIM - Integrated Shipping
DIS - Disney
TRTN - Triton Shipping
FCX - Copper miners
CCL - Carnival Cruise
TREX - Plastic Decking
NKE - Nike
AAPL - Apple
Link to luxalgo if you are interested:
Typically there is some kind of 20% off code online if you look for it
I picked up a quarterly membership this morning after your post. Haven’t had time to fool around with it today but will over the weekend. Am interested to see how it plays out live on the 1 and 5m this coming week.
I do The trades are so quick I think the confirmation of direction will add conviction to entries. I want to go back through the last 2 weeks or so and look for times where it was wrong on a direction if any. Will also look into option premiums around the time of the callout and the window following to see if we still could have managed a 2% trade.
This is awesome, it’s actually been super helpful in VC, so I’m really glad to see a thread on it! Combining this with news (as you mentioned), social media sentiment, and some of the other helpful tools that have been shared here should be excellent for timing entries and exits. I can attest that a good bunch of your mentions off this tool were correct predictions, so definitely something extremely interesting! Glad to see SOXL on your list (), will be watching out for that one.
For shits and giggles (and my May calls haha), mind seeing what it says on CCL? I’m guessing it’ might call a reversal with the last daily candle being a hammer headed towards the local peak, but interested to see, I could use another day or two of green before selling and rolling out the date further in summer on the downtrend.
Thank you for sharing this with the community, so many plays lately have been sentiment based or sentiment-screwed (understandable given current world events/inflation/etc), so I think going back to technicals is a good thing. I’ve been slowly coming back around to them too, it seems a lot of stock respects the technical aspects, and the ‘astrology’ has kind of been working out a bit lately. Anything that helps confirm what we think we’re seeing is gonna be a good thing for sure, so again, thank you for sharing Jekyll!
I back tested some of the confirmation calls on 3 min candles for the last two trading days on SPY and it was very good! Like 10-20% returns. But the two trading days before that it was less clear. 3 min time frame seemed to be the most successful, 1 min was useless and 5 min seemed not to throw off enough signals to do anything and the ones it did didn’t seem very successful. In general there was almost always an entry that was better on the next 2 candles on the three min time frame, so not like you have to hit the buy button immediately. A big key with this script is to watch the oscillator and anticipate the signal, you take a risk buying on the oscillator then you get confirmation from, the signal.
I plan on doing a separate forum post on how to use it for scalps on 3 min candles.
Nice, let’s hope it throws up a strong! I was thinking to build on my May/June positions on the intraday/week dips hoping for a post-COVID vacation sales pop, and something similar with the airlines (they’re a different animal, but the more passenger heavy tickers seem to have some correlation with cruises). Appreciate it, that script really is pretty awesome (looking at all examples)!
The trades are so quick I think the confirmation of direction will add conviction to entries. I want to go back through the last 2 weeks or so and look for times where it was wrong on a direction if any. Will also look into option premiums around the time of the callout and the window following to see if we still could have managed a 2% trade.
), will be watching out for that one.
