I'm looking for an good Battle of Five Armies army with old Thranduil, Woodelves with spears and Dwarfes with high defense in Front of them. Terror causing F5 D7 shieldwall seems so nice
But I struggle with writing the list. First warband is

Thranduil (bow and armour)
12 Woodelfwarriors with Woodelfspears (4 Elvenbows)

The cheapest Dwarfwarband would be

Balin
12 Warriors of Erebor with Shields

leaving 153 points free. But how to fill them?! Here a few ideas:

1. Monster:
Add Gwaihir and Alfrid (145 points)

2. Big heros:
Take Thorin instead of Balin and Add Legolas to deal with shamans.

3. high model count:
Add another Dwarf warband with a shieldbearer/captain and about 10 dwarfwarriors.

What is the best option in your opinion and are there other ones, you would prefer?

If I were you I would go for your third option. That way you would have a higher number count (37 including hero's).

I agree. your third option is your best. use your dwarves to help protect the elfs and move toward your enemy and hit them with the eleven bows to try and pick off some of their models while bringing your third warband around the side to flank or create a two front attack

Thank you! So what about this army (it's idea 3 with slightly better heros):

Thranduil
8 Woodelves Woodelfspears
4 Woodelves Elvenbows

Balin (LotR)
9 Khazadguard
2 Dwarfwarriors with Shields

Shieldbearer
6 Dwarfwarriors with Dwarfbows
________________________________
500 points; 32 models; 7 mightpoints

11 D7 Dwarfs, 12 F5 spears, 11 S3 bows, 2 F6 3M heros, terror and rerolling couragetests looks good, but I'm not completly happy with it. What would you change?

Balin with Durin's Axe maybe?

Yeah, I thought about it, but it doesn't fit that well themewise...

That's fair enough, um not that I don't like Balin too but if you dropped him for a capt with shield, you could upgrade your shieldbearer to a capt with shield and maybe squeeze an iron guard in there somewhere?

I need Balin for his 3 will points and F6. I wanted to try the shieldbearer because of his rerolling courage test rule, but I'll maybe switch him with a captain.