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Daily Watchlist of Stocks Discussion for ThinkOrSwim

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Frequently Asked Questions About Daily Watchlist of Stocks:
https://usethinkscript.com/threads/daily-watchlist-of-stocks-to-day-trade-weekly-options.1023/

Criteria:
Only a select and curated list of mostly large cap tech stocks are watched.
Here is the watchlist @BenTen and @MasterSteve use https://tos.mx/aulPuHR
The below scan is run after hours.


Timeframe:
This strategy is for scalp trading only. @MasterSteve says:
I expect to see a move the very next day, or I’m out of the trade.

Direction:
There is no expressed direction in the watchlist.
You need to use indicators such as Support&Resistance, Trend/Momentum, and Volume in your attempt to determine the sentiment.

Scanner:
To scan for the pattern called Blast-Off. Use the study found here:
https://usethinkscript.com/threads/blast-off-indicator-for-thinkorswim.621/page-8#post-119487
Scan for Arrow is true
We set up a scanner with that list and set the condition to be if the blastoff indicator is True. Then it'll print out a list of the expected movers for the next day.

Watchlist
For those just starting out, @MasterSteve recommends:
We come up with the watchlist every day using the blastoff indicator https://usethinkscript.com/threads/blast-off-indicator-for-thinkorswim.621/ on our tech watchlist (https://tos.mx/aulPuHR)


We've found that if a stock appears on this watchlist, it is very likely to move the next day. There are thousands of opportunities to make money every day in the stock market. Our goal was to make a limited watchlist with the most likely movers so it would be easier to make money. People could take this, watch just a couple stocks, and enter according to their own risk tolerance.

Yeah, a typical scalp trade I'll take either end of week or the next week expiration. I usually like to enter at the money and out of the money plays, usually for a quick 15 min- 3 hour play at the most. I don't much pay attention to delta at the time. I don't intend on waiting a long time for the play to develop, just looking for quick move.

I would keep with in the money or close to the money strikes with at least a couple weeks out to play it safe until you get more familiar with trading. I've found going too far out of the money on a subweekly timeframe can lead to account blow ups quick.
Read more here: https://usethinkscript.com/threads/daily-watchlist-of-stocks-to-day-trade-weekly-options.1023/
 
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@MasterSteve and @BenTen , is this going to be a daily routine? if so, could we participate and be alerted whenever there is a scalp alert during tradeing day ? thx.
Hi Cherif, yes we plan for this to be a daily routine. We're still working on finding good movers and picking the right direction. The next phase will be alerts. For now, we're just publishing a list of stocks that will likely move, so people can add them to their watchlist and make a potential play. From our watchlists to yours.
 
I'm a newbie here but like what I see so far. Being a scalper I really like your pre-market scan for unusual options idea. How can we here gain access to your findings prior to the open?
 
@BenTen and MasterSteve, Is is possible to share your knowledge, how you come up Watchlist every day, IIf you share your tips and technique or if you share video it will help us...
Hi San,

So we come up with the watchlist every day using the blastoff indicator https://usethinkscript.com/threads/blast-off-indicator-for-thinkorswim.621/ on our tech watchlist.
Here's the latest code for it.

https://tos.mx/ajuPLf7

You can set up a scanner with that and set the condition to be if the blastoff indicator is True. Then set it up running from a watchlist of your choosing and it'll print out a list of the expected movers for the next day. From that watchlist, I like to look at the flow for the day and see if there is any unusual flow or expected momentum that we could see for the next day. I'll take out anything that doesn't have much option flow or doesn't look interesting to watch for the next day. Then I'll post the results.
 
Where do you get your UOA (unusual options activity) from ? and how you determine direction from such data thanks a lot ????
I get my unusual options activity from CBOE and I determine direction based on what the overall amount of orders look to be doing and if they're bought or sold on the bid or ask. This article does a good job of explaining the basics for the bid and ask price, the same is true for options.

https://www.investopedia.com/terms/b/bid-and-ask.asp
 
@MasterSteve @BenTen
Thanks for your response and spending your valuable time on this query.

I am trying incorporate your feedback with my screen but i could not :) I knew I am not doing correctly. Please advice.

1. Created watch list using blast indicator and set the watch list parameter like below. But its not showing me blast result, I mean there is no indecision candle( Purple)
Plot : hh
input: trig
condition: is true
within 1 bar

BUT verified today watch list for below stock and its shows indecision candle (purple) for below stock.
BA
NVDA
PG
SQ
TGT
TSLA
V

2. I understand that you determine "low for the day and see if there is any unusual flow or expected momentum that we could see for the next day" based on Watch list indecision candle ( Purple) am i correct or you use any other method.

3. How do you determine "much option flow" - You replied " unusual options activity from CBOE " is there any specific site or any watch list or any scanner.

4. I request,please share any Video or document or tutorial which explain Unusual Volume activity and Flow.

Hi San,

1. Here's a video Ben's put together to show how to set up the scan. Helped me get it working on my thinkorswim.
https://drive.google.com/file/d/198GW8-jKQD0vHdQdu5urqPqoZeidp2U0/view
2. We use the option flow for the day to see if there is a good amount of interest in the stock. We've found that if there's a large amount of flow the day before, and if the stock shows up on our scan, it is very likely to be scalpable the next day.
3. I use CBOE to watch options flow, but I think it would be possible to see if there's a large amount of flow using thinkorswim. Check out Option Hacker in the scan tab. You can see individual stocks flow there and that could give you an idea of the volume behind certain strikes.
4. An informative article about unusual options activity.
https://chatwithtraders.com/options-unusual-call-buying-activity/
Did I miss anything @BenTen ?
 
How does this daily watchlist relate to scalping?
Do you determine a direction or just that there will be lots of movement?
We've found that if a stock appears on this watchlist, it is very likely to move the next day. There are thousands of opportunities to make money every day in the stock market. Our goal was to make a limited watchlist with the most likely movers so it would be easier to make money. People could take this, watch just a couple stocks, and enter according to their own risk tolerance.
We found that the best indication of direction typically comes the day of a scalp. We had previously tried to pick direction the day before and ended up over the long term at 50/50.
 
@MasterSteve Thank you, Steve, for posting the link to that video. You got it. One thing to note though is that in the video, you see I named the plot for the Blast Off indicator as "bullish." Keep in mind that the indicator does not tell you which direction the stock is going to move the next day. That was the only misleading thing in that video (my fault for naming it that way).
 
@MasterSteve, @BenTen Thanks for your response, I have final query based on your video, In mean while i will try to learn CBOE and UOA concept.

1. Can you post updated Blast script which you are using. ( because in condition i could not see Bullish or Bearish )
2. In video After you select S&P 500 you select other scan in --> Personal --> Watch other from Personal -> Watch. ( Can you post your personal Watch setting )

I feel bad to ask some basic question... :) excuse me.
 
Can you describe your typical scalp trade in terms of what DTE and delta you like to choose?
Yeah, a typical scalp trade I'll take either end of week or the next week expiration. I usually like to enter at the money and out of the money plays, usually for a quick 15 min- 3 hour play at the most. I don't much pay attention to delta at the time. I don't intend on waiting a long time for the play to develop, just looking for quick move.
 

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