Dollar Volume Indicator for ThinkorSwim

[GuitarSlinger81]

Is anyone aware of an indicator that displays as bars just like volume, but instead of share volume it's dollar volume? I did some Googling and looked around in TOS, but I couldn't find anything. Perhaps if this doesn't exist it would make a good first project for me, since I'm learning ThinkScript.

 

[StockWonk]

I can approximate $ volume on the x-axis with the following code:

plot aaa=round(vwap * volume)/1000000;
aaa.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);

However, that doesn't give me a horizontal histogram profile at various price levels like VolumeProfile does. I'd love for a way to at least approximate a $ volume profile in the same way as VolumeProfile.

 

[petezm]

I think StonkWonk and the title of this post already provide a sufficiently detailed description of what we are looking for. Basically we are interested in a study that converts the existing TOS volume profile study's volume traded/price into $amount traded/price.

Best Regards,
Petezm

 

[MerryDay]

I think StonkWonk and the title of this post already provide a sufficiently detailed description of what we are looking for. Basically we are interested in a study that converts the existing TOS volume profile study's volume traded/price into $amount traded/price.

Best Regards,
Petezm

@StockWonk

I moved your posts here as this thread contains the most comprehensive discussion of dollar volume on the uTS forum.

 

[BasicBobby]

I already have a script that tells me the dollar volume of a stock, but I'm looking for a dollar volume study for my scanner. I basically want to scan anything over $3m volume. Any help is appreciated. Thanks in advance!

 

[ExpertNoob]

how would that help? a $100 stock with $3 miilion volume is different then a $1 stock with $3million in volume.
$3 stock is a 1 million in volume
$100 stock is 30k in volume

 

[bwuerstle]

I already have a script that tells me the dollar volume of a stock, but I'm looking for a dollar volume study for my scanner. I basically want to scan anything over $3m volume. Any help is appreciated. Thanks in advance!

I would like to know this also. Are you also looking for a scan that tells you trades on the day?

 

[bwuerstle]

I've been researching on how to get the most accurate $ Volume on TOS. I can't find a constant that will bring up data of volume for each traded price$.

A formula has to be used.

The simplest way seems to be price(High + Low)/2 * volume. A code from a chart study by @SuryaKiranC uses def DollarVolume = hl2 * Vol; def AvgHL2 = Average(hl2[1], length); def DaysDollarvol = VolDayAvg * AvgHL2;

Even simpler would be use close * volume.

I'm not sure but maybe VWAP * volume would be most accurate but not sure if it can be done?

Does anyone know a good scan or column function for this problem?

My reasoning for using $ volume is if my account gets bigger and I want to use more size for one stock then it is more important to know how much $ Dollar Volume instead of simple Volume of shares traded because $ Volume standardizes all the stocks in the scan by accounting $ per shares traded as a priority instead of only shares. A 100k volume in 1$ stock is different than 10$ at the same volume.

Do you know how to put your dollar volume into a scan? I am very new to this both trading and writing scripts. So on the scanner, If dollar volume is over 500000 or so? Also, do you have a script for the time a stop was traded in a day? or is there an easy way to do that. As far as a liquidity test would go?

 

[Pensar]

@bwuerstle Scanning for dollar volume can be as simple as close * volume > 5000000.
Go to "Scan" --> "Add filter" --> "Study" --> click the "pen" next to the time selection box --> "thinkScript Editor" --> and delete the default line of code and replace it with the code above.

 

[Pensar]

@BasicBobby See the post here - https://usethinkscript.com/threads/dollar-volume-indicator-for-thinkorswim.1253/post-84680

 

[GeeMann]

I always scan for average dollar volume, because I want to make sure any stock I buy has plenty of liquidity. I use SMA(close,50) * SMA(volume,50)

 

[Mr_Wheeler]

Very cool. it seems like another great indicator to help you confirm a trend, maybe even help you judge how much money you should trade with.