Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[BenTen]

@CDJay As I mentioned, the delay is from ToS system; there is nothing we can do. Sometimes, you get the result in real-time, sometimes you don't. Delay doesn't happen all the time, but you should expect it.

 

[mas00]

Thank You Gabrielx77 I will probably revist this after the market ends today, now today just need to see how things go. Will look for updates on intraday. One last thing i have my own PM scanner, but what setting do you use?

 

[pga0008]

@Gabrielx77 can you share your top study with me - looks very close to mine and i want to back test it as yours looks a little tigher in some spots

 

[Gabrielx77]

Thank You Gabrielx77 I will probably revist this after the market ends today, now today just need to see how things go. Will look for updates on intraday. One last thing i have my own PM scanner, but what setting do you use?

I'm sorry I don't understand what you mean by setting on my scanner.

 

[Gabrielx77]

@Gabrielx77 can you share your top study with me - looks very close to mine and i want to back test it as yours looks a little tigher in some spots

At the moment, the main studies I use are VWAP, 9SMA, 180SMA, RSI and MACD; however, I'm trying to move away from scalping, so I'll be focusing on my TR and TMO indicators on large caps, trading on the 10m time frame.

TR with Arrows: http://tos.mx/FoV5LQN
TMO: http://tos.mx/ZzvuNst

I just back tested these two indicators; you can find my results here:

https://usethinkscript.com/threads/...r-with-signals-for-thinkorswim.183/post-31243

 

[Ginu09]

XTNT showed up on my scan this morning and I traded it a few times

1.42 to 1.65 (16% gain)
1.71 to 1.65 (3.5% loss)
1.81 to 1.99 (10% gain)
2.10 to 2.48 (18% gain)
2.59 to 2.55 (1.5% loss)
2.65 to 2.55 (3.8% loss)

Pretty happy with that one.

I don't like this level of trading though, I'd like to stay in positions a little longer rather than buying and selling at different points. I've tried Heiken Ashi candles but the high/low/close aren't indicative of the true price action and so it affects my stop loss movement.

Anyone have any suggestions?

 

[jezzer46]

XTNT was there for me. I had 2 entries one @ $1.60 there other @ $2.00. I believe it was on the scanner earlier but it only caught my eye around 1020am. I think RV1 was about 6.

 

[mas00]

OK from this whole thread and feedback I tested out 3 variations of the scanners all but 1 which populated at the open bell.. Other did NOT even when I hit scan until some minutes later. I am trading mostly low/float small cap stocks .50-$15 is my main range.

However with all 3 variations I got very different stocks, and the ones that has good runs today didn't populate or even show up on my scan when I hit scan (I was going back and forth between them hitting scan) they came up too late like PHGE or ADMS which were pretty big movers today from the bell. These two stocks also were not in my PM scann mostly it was MCRB, MOXC, and IBIO

v1 of my scanner : has what I thought was the original study of "plot scan = close >= (open*1.04);" which also has Unsual Volume of 40 of 60 and % change of min +5.00. Volume is 100K( This is the scanner which populates at bell for me but only 1 at a time and like other mentioned I need to keep hitting scan or go back to the scanner page in ToS to look at them so I get to them "sooner"

v2. is the same accept % change of min is changed to +3.00% due to someone telling me 5% was too high. Volume is the same as v1 100K

v3. Volume is 250K and minimum share is 50M which is diff from v1&2 with a max shares of 70M and I'm using this script Average Volume.
def x = Average(volume, 60)[1];
def v = volume;
def r = Round((v/x),1);
def rvi = r >= 2;
plot scan = rvi;

At this point I am unsure which scanner is best to use, but the RV1 number doesn't seem to matter because when teal color the stock is already on a down trend and even a low number today like 0.3's or 0.5's ran 30-40%. I'm just posting to let others know these insights. Ideally I would like 1 scanner or possibly have 2 up just to cross reference. I'm curious which works best for you all though.

good luck and I hope your day was green today. My 3 swing plays are doing ok at the moment.

 

[jezzer46]

OK from this whole thread and feedback I tested out 3 variations of the scanners all but 1 which populated at the open bell.. Other did NOT even when I hit scan until some minutes later. I am trading mostly low/float small cap stocks .50-$15 is my main range.

However with all 3 variations I got very different stocks, and the ones that has good runs today didn't populate or even show up on my scan when I hit scan (I was going back and forth between them hitting scan) they came up too late like PHGE or ADMS which were pretty big movers today from the bell. These two stocks also were not in my PM scann mostly it was MCRB, MOXC, and IBIO

v1 of my scanner : has what I thought was the original study of "plot scan = close >= (open*1.04);" which also has Unsual Volume of 40 of 60 and % change of min +5.00. Volume is 100K( This is the scanner which populates at bell for me but only 1 at a time and like other mentioned I need to keep hitting scan or go back to the scanner page in ToS to look at them so I get to them "sooner"

v2. is the same accept % change of min is changed to +3.00% due to someone telling me 5% was too high. Volume is the same as v1 100K

v3. Volume is 250K and minimum share is 50M which is diff from v1&2 with a max shares of 70M and I'm using this script Average Volume.
def x = Average(volume, 60)[1];
def v = volume;
def r = Round((v/x),1);
def rvi = r >= 2;
plot scan = rvi;

At this point I am unsure which scanner is best to use, but the RV1 number doesn't seem to matter because when teal color the stock is already on a down trend and even a low number today like 0.3's or 0.5's ran 30-40%. I'm just posting to let others know these insights. Ideally I would like 1 scanner or possibly have 2 up just to cross reference. I'm curious which works best for you all though.

good luck and I hope your day was green today. My 3 swing plays are doing ok at the moment.

On my scan I have:
volume min:100,000 no max
last min:$0.50 max:$15
shares min:0 max:70 mil
%change min: 3% no max
plot scan = close>=(open*1.04); set to day

Pretty similar to what you are using. So unfortunately I am not sure whats going on. Hope you can figure it out.

 

[mas00]

On my scan I have:
volume min:100,000 no max
last min:$0.50 max:$15
shares min:0 max:70 mil
%change min: 3% no max
plot scan = close>=(open*1.04); set to day

Pretty similar to what you are using. So unfortunately I am not sure whats going on. Hope you can figure it out.

jezzer46, let me ask how did your trades go today? What popped up for you today in terms of RV1 at the bell?

 

[jezzer46]

jezzer46, let me ask how did your trades go today? What popped up for you today in terms of RV1 at the bell?

Most of the time right at the bell nothing shows. Yesterday XTNT was a little bit after the bell and I only traded it after 1020am. Today for me SYPR was the only one I traded and that was @ 0937.

*both had rv1 between 5 and 8 when I was trading it.

 

[Luckydevil23]

First off, thanks Sonny for the helpful tools. Discovered it a week ago and still learning how to make the best use of it, but I've noticed by the time a ticker shows on the scan, even with constant refreshing, it's often seen it's big run already. Anyone else noticing this and have found an adjustment to the scan, or even what to filter out of the scan results? I have a hard time committing to a stock that is on it's way down from a big breakout, hard to tell if it's just a pullback for another run or not. Any thoughts are much appreciated!

 

[jezzer46]

First off, thanks Sonny for the helpful tools. Discovered it a week ago and still learning how to make the best use of it, but I've noticed by the time a ticker shows on the scan, even with constant refreshing, it's often seen it's big run already. Anyone else noticing this and have found an adjustment to the scan, or even what to filter out of the scan results? I have a hard time committing to a stock that is on it's way down from a big breakout, hard to tell if it's just a pullback for another run or not. Any thoughts are much appreciated!

The scan is made to focus on the ones that have made a big run and aims to take it higher. Take a look at LCDX from open to 1125am today it went from .$0.73 to $1.74. Then a little after 1pm it goes from $1.30 to $2.15. Samething happened with SYPR, made a big move came back down and then made a similar move later on.

Its very frustrating to miss the initial run up but those who catch those are in the right place at the right time.

I suggest working on premarket and afternarket scans. BonBon has some he posted earlier in the thread.

*edit: I should add that working on a strategy that takes away your indecision on if to get in or out is paramount. Ideally you just want to sift through the watchlist and execute. Get in a trade designate a stop loss and take profit point and make your plan according to those levels

 

[Luckydevil23]

The scan is made to focus on the ones that have made a big run and aims to take it higher. Take a look at LCDX from open to 1125am today it went from .$0.73 to $1.74. Then a little after 1pm it goes from $1.30 to $2.15. Samething happened with SYPR, made a big move came back down and then made a similar move later on.

Its very frustrating to miss the initial run up but those who catch those are in the right place at the right time.

I suggest working on premarket and afternarket scans. BonBon has some he posted earlier in the thread.

*edit: I should add that working on a strategy that takes away your indecision on if to get in or out is paramount. Ideally you just want to sift through the watchlist and execute. Get in a trade designate a stop loss and take profit point and make your plan according to those levels

Jezzer, thanks so much for pointing that out. It had crossed my mind but I didn’t realize one of the main purposes was to catch stocks headed for a higher resistance. I’ll pay close attention to that from now on. Thanks for your other tips as well, good reminders for a new trader like me. This whole thread has been really helpful for me, so thanks to all.

 

[mas00]

I will reiterate Lucky's sentiment here. SYPR came up on the scanner when it was already 1.80 for me over vwap so I entered the trade after it had bounced back from and it shot down. I exited on a loss. One of the highest RV's today was BFRA, and that showed up already at $30+ when it was already halted. PM scanner won't work on half the stocks these scan like BFRA, or the heavy hitters that were already down by 7.am like PM gainers like PRPH, IMMP or EYEN because they down trend from PM highs during the day.

Perhaps I'm still finding it confusing how this strategy works, but it does make it difficult to form a plan when PM movers are different than DT movers. BFRA was at $12 PM with no volume or catalyst, etc. By the time AMTX showed up it was already 2.50ish around 9.30-40 which a move to 2.94 after the dip doesn't leave much room.

I will keep working at this, but at least I know my sentiment is shared. I'm very grateful for the tools and the sharing of this info just want to learn more how this is working out for others do find out how I'm not on that same page. Usually one wants to enter runners on the start of the volume/uptrend not in the middle of a run. LCDX makes perfect sense, but there was no volume or trade action at the bell, hence why it didn't show up on the scan until it was already "too late"

 

[axlerod]

Great. I understand the privacy. So its basically tallying the number of days a ticker is above or below 50 and 200 EMA. I can see this being useful with those who like to swing trade and favor oversold and overbought. (combined with other technical analysis such as RSI, MACD etc) Thanks once again.

Yes absolutely brother! That one i can share no issue the other one i can't cuz it's still in the works I don't want to share something i'm not confident about yet lol! Thats all!

def c = close;
plot ema50 = movavgExponential(c,50);

def up = if c > ema50 then 1 else 0;
def dn = if c < ema50 then 1 else 0;

def upcount = if up==1 and up[1]==0 then 1 else if up then upcount[1]+1 else 0;
def dncount = if dn==1 and dn[1]==0 then 1 else if dn then dncount[1]+1 else 0;

addlabel(1,if upcount then upcount+" Days ↑ 50ema " else if dncount then dncount+" Days ↓ 50ema " else "Nah", if upcount then color.magenta else if dncount then color.red else color.white);

 

[murkr]

I'm a noob with watchlists and scanners. This is my first one. If I set this up right maybe copy this image into the original post to help noobs like myself because it took me awhile to figure this out.

 

[jezzer46]

IGC, I missed this one. I had it up and was looking at it after it did its first move from $0.97 to $1.12. Didnt see the news on it until a few minutes later. Time I saw it was 0935am. RV1 was relatively low, cant remember exact number but nothing that jumped out to me, but this one checked all my boxes on potential trades. Mad at myself on this one.

Tried BOXL twice broke even. I thought this was going to bigger but thats the way things go sometimes.

Morning was full of mistakes so I decided to step away to not fall down a hole.


*IGC did a pull back and surpassed its high after. Not saying this happens all the time but its there on most days.

 

[poststreet]

food for thought, i removed volume from my charts cause of room, why not try using the "premarket movers"
and then customize it with rsi14,5 minute chart, , wait till opening then watch, get in when the rsi crosses 69, examples, IGC, NVDA,MBT,
XSD, XLP, have i traded it , no, im a bouncer, i bounce from indi to indi, method to method, waiting for that one great Grail. ive often though that rsi could replace volume , is rsi more easily measured?

 

[Ginu09]

IGC, I missed this one. I had it up and was looking at it after it did its first move from $0.97 to $1.12. Didnt see the news on it until a few minutes later. Time I saw it was 0935am. RV1 was relatively low, cant remember exact number but nothing that jumped out to me, but this one checked all my boxes on potential trades. Mad at myself on this one.

Tried BOXL twice broke even. I thought this was going to bigger but thats the way things go sometimes.

Morning was full of mistakes so I decided to step away to not fall down a hole.


*IGC did a pull back and surpassed its high after. Not saying this happens all the time but its there on most days.

I got IGC. I scanned after a few minutes and it was the only stock on the scanner at the time. I like the setup:

-Above the 50% fib
-Was hovering near VWAP not too far from pre-market highs

When I saw the break above previous highs I got in at 1.03 and again in testing the pre-market highs at 1.22, rode it until the halt into the $2s but I wasn't able to adjust my stop and got taken out at $1.60. Was really happy with that one.

Got in again in the afternoon squeeze in the $1.70s, bought in more in the $1.90s and sold into $2.10s above the day high.