Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[BonBon]

I just use regular EMAs myself. 18/50. Thats it. I watch them on the 1 and 5 minute charts side by side. If 18EMA holds strong I consider it to be in a strong up momentum. If we dip to the 50EMA I look to see how its reacting to that level. Most times when it fails the 50EMA momentum is heading south.

For me when it goes under the Fib 34 ema and is heading to the Fib55 ema it is "heading south".

 

[mansor]

After a nearly a month of using this scan the ones that are about to run just jump out to you. This morning while IGC was still running wild I was focused on NTN. It ticked all my boxes. News, positive momentum, substantial volume, and pull back.

For those struggling to make sense of this scan remember that you can adjust the scan any which way you like. Experiment, try different variations, make it work for you.

1st post on this thread

This is another great thread after swingarm @BenTen, thank you.

Per @Sonny 's pre-market scanner guidelines posted on "color coded indicators" I was able get FAT NTN & I can't remember the 1st one. Anywho, I wasn't avaiable to check 930am est to 10am est. Being back now, I look NTN chart, it had peaked in the early phase of pre market & around 920am est it was around lows ( I always looked at pre market runners from a diff angle, if they remain consistent after a spike going into 930 rth session, they usually tend to run after open & vice versa).

Running rv1 rth scan, NTN is 140-150, so the question I have is, did you get in after the 1st bounce breaking vwap upward, cause it did plunge for few mins below vwap (this is all on 1m chart) & the second spike at 10:10am est broke vwap and was gone until 11:35am est, consolidated, spiked again.

I need methodology at this stage

@BenTen, what would you suggest regarding z score column that was discussed on swingarm thread, I am seeing zs >4 & rv1 > 100 as a sign to buy in. But I can't draw any conclusions at this point, with your experience, care to shed some light on these 2 values & can they be used as numbers/indicators for buy signal simultanesouly?

Thanks!

 

[BonBon]

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);

@axlerod lol I am a female lol. Thanks for sharing the code. If I tweak it I will share the tweaked version.

 

[axlerod]

@axlerod lol I am a female lol. Thanks for sharing the code. If I tweak it I will share the tweaked version.

Omg lol I'm sorry haha! You got it tho! Appreciate it lmk if anything neat you come up with!

 

[jezzer46]

This is another great thread after swingarm @BenTen, thank you.

Per @Sonny 's pre-market scanner guidelines posted on "color coded indicators" I was able get FAT NTN & I can't remember the 1st one. Anywho, I wasn't avaiable to check 930am est to 10am est. Being back now, I look NTN chart, it had peaked in the early phase of pre market & around 920am est it was around lows ( I always looked at pre market runners from a diff angle, if they remain consistent after a spike going into 930 rth session, they usually tend to run after open & vice versa).

Running rv1 rth scan, NTN is 140-150, so the question I have is, did you get in after the 1st bounce breaking vwap upward, cause it did plunge for few mins below vwap (this is all on 1m chart) & the second spike at 10:10am est broke vwap and was gone until 11:35am est, consolidated, spiked again.

I need methodology at this stage

@BenTen, what would you suggest regarding z score column that was discussed on swingarm thread, I am seeing zs >4 & rv1 > 100 as a sign to buy in. But I can't draw any conclusions at this point, with your experience, care to shed some light on these 2 values & can they be used as numbers/indicators for buy signal simultanesouly?

Thanks!

NTN I entered around 1006am when price was consolidating around $3.35ish. I dont use vwap. It works for some people but not for me.

 

[murkr]

@axlerod This will give me analysis paralysis lol. Do you really use all of that information on the scan? If you had to pick top 3-4 useful columns in that picture what would it be?

Also, does anyone know how to create a watchlist from stocks that were removed from a watchlist/scanner? Because currently stocks join and leave the watchlist because it's connected to the scanner. However, if I start a trade in a stock and then it disappears from the watchlist I lose all the important information that the watchlist populates for me.

Try this may help as this gives a nice view of everything my pre-market scan

CURRENT PIC is today at 10pm so showing all the stocks it would of picked up but at 8am -9:30 am there are only 3-10 options on it.

From there I add different custom studies I have done or variables to narrow it down from volume change to average volume or golden cross recently etc.

here is what it looks like

Scan Link - http://tos.mx/wH4xQQH
Column Links

• Previous Day Close - http://tos.mx/FmJ7h5a
• Pre Makret % Change - http://tos.mx/jOD8vHl
• After Hours % Change - http://tos.mx/QZzK6wU

Too much code to paste each snippet sorry but can do if people will like. Figure link be easier.

 

[jezzer46]

HX was another good one to end the day. Don't usually trade things under $1.00 but I liked the flow on this.

 

[murkr]

@BonBon I notice you follow "shares" and "volume" on your watchlist. I'm new to this momentum trading. Can you explain why its important to keep track of those numbers?

@Gabrielx77
As you can see DTSS had the highest RVI on my scan. This is the scan's watchlist. DTSS was one of the main movers in the premarket with a high RVI but it opened lower than the premarket price. The down arrow shows that the stock has started to retrace. As this stock gapped up tremendously from its previous day's close I assumed it would retrace to the 78% levels. As you can see it retraced throughout the day. It can reach the 78% retracement levels (or near it) and then gap up once again. However in this scenario I would not take the trade but wait until it retraces and look for a buy signal (the up arrow after the retracement to the previous day's levels. This arrow is part of the trendpainter courtesy of @BenTen). To the right there are also support and resistance lines as well. This code was obtained in this forum as well.

This is the second example

MARA also had a high RVI. It was the 5th highest on my scan/watchlist. However, based on the buy signal (arrow on the chart), VWAP and the strong buy trend this was a better trade. It only retraced to the 38% level and went as high as $4.79. (reminder, the fib retracement was done at the opening. I would have to re-draw the fib retracement reflecting the $4.79 price to get an accurate retracement level.

 

[BonBon]

@BonBon I notice you follow "shares" and "volume" on your watchlist. I'm new to this momentum trading. Can you explain why its important to keep track of those numbers?

@murkr its ok. I too was a novice when it came to trading, technical analysis etc. However, it has always my goal to become involved in trading and after I completed my Ph.D. I began researching and learning about technical analysis, best trading platforms etc. If you type "shares' and "volume" into the search at the top right you should find discussions based on these topics. Additionally, there are many videos on youtube that will help you understand these trading concepts, terms and their importance in regards to trading. I hope this help.

 

[Ginu09]

@murkr its ok. I too was a novice when it came to trading, technical analysis etc. However, it has always my goal to become involved in trading and after I completed my Ph.D. I began researching and learning about technical analysis, best trading platforms etc. If you type "shares' and "volume" into the search at the top right you should find discussions based on these topics. Additionally, there are many videos on youtube that will help you understand these trading concepts, terms and their importance in regards to trading. I hope this help.

We had the same journey!

 

[murkr]

@BonBon I just signed on this morning and checked the watchlist with your code and it seems to not be working properly.
My chart and the watchlist code is set to 1min. So I dont know what to do to fix it.

Here is the code Im using for the arrow.

input ThermoLookBackBars = 50;
input PlotType = {default AdaptiveMovingAverages, Standard};

def HighLowScore = 1000 * ((high - high[1]) / (high[1]) +
(low - low[1]) / low[1]);

#ATR TrailingStop Code
input trailType = {default modified, unmodified};
input ATRPeriod = 5;
input ATRFactor = 3.5;
input firstTrade = {default long, short};

def HiLo = Min(high - low, 1.5 * Average(high - low, ATRPeriod));
def HRef = if low <= high[1]
    then high - close[1]
    else (high - close[1]) - 0.5 * (low - high[1]);
def LRef = if high >= low[1]
    then close[1] - low
    else (close[1] - low) - 0.5 * (low[1] - high);
def ATRMod = ExpAverage(Max(HiLo, Max(HRef, LRef)), 2 * ATRPeriod - 1);

def loss;
switch (trailType) {
case modified:
    loss = ATRFactor * ATRMod;
case unmodified:
    loss = ATRFactor * Average(TrueRange(high,  close,  low),  ATRPeriod);
}

rec state = {default init, long, short};
rec trail;
switch (state[1]) {
case init:
    if (!IsNaN(loss)) {
        switch (firstTrade) {
        case long:
            state = state.long;
            trail =  close - loss;
        case short:
            state = state.short;
            trail = close + loss;
    }
    } else {
        state = state.init;
        trail = Double.NaN;
    }
case long:
    if (close > trail[1]) {
        state = state.long;
        trail = Max(trail[1], close - loss);
    }
    else {
        state = state.short;
        trail = close + loss;
    }
case short:
    if (close < trail[1]) {
        state = state.short;
        trail = Min(trail[1], close + loss);
    }
    else {
        state = state.long;
        trail =  close - loss;
    }
}

def BuySignal = Crosses(state == state.long, 0, CrossingDirection.ABOVE);
def SellSignal = Crosses(state == state.short, 0, CrossingDirection.ABOVE);

plot TrailingStop = trail;
TrailingStop.Hide();
#End ATR Trailing Stop Code

def A = Highest(high[1], ThermoLookBackBars);
def B = Lowest(low[1], ThermoLookBackBars);

def FiftyTwoWeekHigh = A;

def FiftyTwoWeekLow = B;

def FiftyTwoWeekScore = 10 * (((high
- FiftyTwoWeekHigh) / FiftyTwoWeekHigh) +
((low - FiftyTwoWeekLow) / FiftyTwoWeekLow));

def ThermoScore = ExpAverage(HighLowScore + FiftyTwoWeekScore, ThermoLookBackBars);

input FastLengthShort = 5;
input SlowLengthShort = 15;
input EffRatioShort = 10;
input FastLengthLong = 10;
input SlowLengthLong = 25;
input EffRatioLong = 5;

def AMA = MovAvgAdaptive(ThermoScore, FastLengthShort, SlowLengthShort, EffRatioShort);
def AMA2 = MovAvgAdaptive(ThermoScore, FastLengthLong, SlowLengthLong, EffRatioLong);

plot Line1;
Line1.Hide();
plot Line2;
Line2.Hide();

switch (PlotType) {
case AdaptiveMovingAverages:
    Line1 = AMA;
    Line2 = AMA2;
case Standard:
    Line1 = ThermoScore;
    Line2 = ThermoScore;
}

def InvisibleLine = close * 0;
plot Line3 = InvisibleLine;
Line3.Hide();

def Buy = Line1 > 0 and Line2 < 0 and state == state.long;
def StrongBuy = Line1 > 0 and Line2 >= 0 and state == state.long;
def Sell = Line1 < 0 and Line2 > 0 and state == state.short;
def StrongSell = Line1 < 0 and Line2 <= 0 and state == state.short;

plot GU = BuySignal;
GU.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
GU.SetDefaultColor(GetColor(8));
GU.SetLineWeight(2);

plot GX = SellSignal;
GX.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
GX.SetDefaultColor(GetColor(8));
GX.SetLineWeight(2);


def uptrend = buy;
def Stronguptrend = strongbuy;
def downtrend = sell;
def Strongdowntrend = strongsell;

def arrowup = buysignal;
def arrowdown = sellsignal;

def trigger = if arrowup then 100 else if arrowdown then -100 else trigger [1];

AddLabel(yes,(if trigger == 100 then "👍" else if trigger == -100 then "👎" else "NA"));

AssignbackgroundColor(if trigger == 100 then Color.dark_Green else if arrowdown == -100 then Color.dark_Red else Color.black);

 

[BonBon]

@murkr The thermolookbackbars are set to "9" instead of '50" (both the watchlist and the chart).

My timeframe on the chart is 5D 3m. Did you set your chart timeframe to 5D 1m? If you did make sure the the timeframe for the watchlist is 1m.

 

[Gabrielx77]

What was everyone watching pre-market before looking at the intraday scanner? Was MTP the highest RV in the premarket?

 

[murkr]

What was everyone watching pre-market before looking at the intraday scanner? Was MTP the highest RV in the premarket?

MTP wrecked me today. I bought the breakout instead of the dip and ended up basically buying at the top. Learning lessons the hard way lol.

 

[mansor]

What was everyone watching pre-market before looking at the intraday scanner? Was MTP the highest RV in the premarket?

KMDA had highest RV using sonny's pre market scanner, MTP was around 10-15 rv value range in pm scanner, after 930am est, only 2 or 3 tickers showed up on rth rv1 scanner: mtp was the best of them. It was consolidating around 3.5x range & around 10am it spiked & I just could not see that spike coming & initially I thought it would go downward below vwap at 3.42, is there an indicator/scanner to anticipate big volume influx? I use time & sales along side, but it gives selective information (depending on the size of screen) you could see tons of red prices & get an impression that it's tanking but just when you think actually tanking, green prices start popping up afterwards, it's like chasing in the dark.

 

[natcom2020]

can someone share the scanner and watchlist i dont know how to add it please

 

[BenTen]

@natcom2020 If you need help using the scanner, start with this thread: https://usethinkscript.com/threads/how-to-use-the-tos-scanner.284/

 

[murkr]

@BenTen, @markos, @horserider You all seem to be very knowledgeable about different indicators so I was wondering what can you recommend I use with this a strategy to help decide when the trend will start reversing or losing momentum.

Right now I'm trading using a Fibonacci retracement but sometimes price flies right past a zone and I was wondering if there was a way to see that the trend was exhausted and is ready to turn.

Things that come to mind are RSI, MACD, factual energy, ADX. But I was wondering if there is anything else or one that works the best at helping me determine if there is about to be a reversal at one of the fib zones.

EG: I want to see price approaching a fib retracement level and look at another indicator to determine if the price will bounce from that zone or fly through it.

 

[CDJay]

Is anyone else having problems with TOS's desktop platform today? I couldn't log onto two computers at home, and while I'm able to access it from my work computer, it's taking at least a minute to pull up each chart.

The phone works, but I'm not keen on trading momentum stocks on a 2x5 screen.

 

[BenTen]

@CDJay Yes, the platform wasn't working all day. Issues were reported here: https://usethinkscript.com/threads/tos-down-monday-8-17.3475/