Thinkorswim Risk-Reward Drawing Tool

[@Oct-jy4dz]

I'm so happy to find this video to build a reward and risk ratio tool for ThinkorSwim. I've been struggling with it for a while. Thank you for sharing.

[@Hahntech]

Awesome! Glad it was helpful!

[@arnabpaul8079]

This was a super-helpful idea. While playing with it, I realized that there is an equivalent solution that's "arguably" a tad bit simpler. Use Fib extension tool instead, and bring back the tip of the 2nd leg to the same point you started from. It works in both direction - bullish or bearish. Of course, the appropriate levels need to be checked/unchecked based on your need. By simpler, I mean you can keep your Fib retracement default as is, and do not need to pick it from another chart. That's of course assuming that retracement is used more often than extension.

[@Hahntech]

Thanks for explaining that alternative method using Fib extension tool. I played around with that before recording the video and decided on going with the Fib retracement tool. It’s great to have two methods to pick from.

[@michaelclancy7874]

Many thanks for taking the time to illustrate this.

[@Hahntech]

You are very welcome. Glad you found it helpful. I wish there was a more advanced solution to this on Thinkorswim. But for now, this is the best we can get.

[@wiseman5767]

Very cool 👍🏼 can you sir indicate the shortcut used on mac to delete quickly a drawing like a line( not the drawing set) Tysm

[@Hahntech]

I have used Cmd + Z to undo chart drawings and that works pretty well. Individual drawings can be removed by making the drawing “active” and then using fn + delete on the keyboard. I tested it and it works. But by the time you activate the drawing you might as well just right-click and select “remove drawing”.

[@wiseman5767]

@@Hahntech thank you and good luck

[@grave10578]

Is there a way to save each one as it's on tool or do you have to leave a chart up to keep changing default?

[@Hahntech]

Sorry but no. If that were possible I absolutely would have included that in this video. What I demonstrated in the video is the best we can do in the current version of Thinkorswim. If you need a dedicated risk/reward drawing tool with additional levels of functionality, users of Thinkorswim should submit that as a feature request to the developers of Thinkorswim.

[@stevenheitzman8708]

Save it in a different drawing set.

[@dumbcat]

i'm watching a TOS strategy on a chart during live trading. i understand a TOS strategy cannot trade for you, but thought it would be fun to watch the buy/sell 'orders' populate on screen. but the signals do not seem to appear on the chart in real time. the signals do appear, but they are delayed by several bars. by 'delayed' i mean the orders appear after the fact. they appear over to the left several bars where they were supposed to appear, but not until much time has passed. just curious if this is known behavior, or if maybe i just did something wrong

[@Hahntech]

Yes, something is definitely wrong. The behavior you described is called "repainting" and this means your strategy signals are based on being able to read the future. Throw that chart strategy in the trash bin. It is completely useless for trading.

[@dumbcat]

@@HahntechI've decided I must construct a rudimentary time travel device to view how the code can see the future.

[@Hahntech]

You can see how the code is reading the future just by looking at the code. If you don't know how to identify the elements of the code which are reading the future bars then you need to learn how to do that. Or hire a professional developer to write your chart strategies for you. The following post from our Q&A Forum may help you understand SOME of the potential mistakes that are made. But your code may still have other elements which violate the rules of back-testing: www.hahn-tech.com/ans/parablic-sar-signal-not-firing-in-tos-strategy/

[@dumbcat]

@@Hahntech I thought close[1-10] might view the last 10 closes but apparently it sees the future! lol

[@Hahntech]

Yep, you got it. But make sure you carefully examine the rest of your code to make sure you don't have any other mistakes.

[@elitanug289]

❤

[@robbief84]

What a waste of time

[@Hahntech]

Really? I find it very helpful for my own trading. It's the very best we can do with the current version of Thinkorswim.

[@itdoesanimation]

Don't listen to the haters. I watch your videos. Good job on your health progress, and thank you for continuing to upload. I am also learning how to auto trade with your round trip trading video. You are doing great.@@Hahntech

[@Hahntech]

Thank you very much for your kind words of support and encouragement. I don't get many negative comments so I try to post those as soon as they come through. And it's really nice when some of my viewers chime in to refute those negative comments on the channel.

[@stevenrossgoldstein1693]

Honestly I was. Curious how some scalpers would draw those out. I’ve been doing it in my head. This was interesting to me. Thank you 🎉