Free Warrior Trading Momentum Scanner for ThinkorSwim

I came across this video on YouTube yesterday and I tested the scanner this morning while day trading.


The creator claims that it produces similar real-time results as Ross Cameron's Warrior Trading Momentum Scanner with the exception that it's totally free!

I tried it this morning and it works great!

There's two additions I would recommend:

  • 5% change minimum
  • 9 EMA greater than 20 EMA

Without these additions you will get 20 - 50+ results everytime you scan, and most of the results will be useless stocks on a downtrend.

The key to this scanner and any momentum scanner is to find the stocks that are making the biggest moves in an uptrend. These are the stocks that a majority of day traders will be trading. That inevitably creates a herd mentality that pushes prices higher.

My approach:
I sort my results by % change, and I scan every minute on the minute and look to take a trade that meets my criteria by the :50 second mark, at which point I input my order on a 1-minute candle.

I hope this helps you as much as it's helped me. Good luck.
 

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

How do you Signal the 9 ema to be greater then the 20 ema

@jtrain252 ExpAverage() is a Function...

GuCA7jd.png


Which produces the code:

Ruby:
ExpAverage("data" = CLOSE, "length" = 9) crosses above ExpAverage("data" = CLOSE, "length" = 20)

You could just as easily select "greater than" instead of "crosses above"...
 
Last edited by a moderator:
Thank you @GetRichOrDieTrying for the video and sharing. I am not really a Warrior Ross C. fan, where I've heard from a friend that he broadcast his day trading via Youtube and if you're not one of his premium members you get a delayed (3-5 mins) broadcast meaning he can exit earlier from the trade and if you're following him on same trade you might be left bagging or flushed. Lately, I have been intrigued with momentum trading.

Thank you again for sharing the scanner, I will give it a try tomorrow and add it to my collections of watchlist scanners. :)

@cabe1332
 
FYI this is Ross' criteria for momentum trades-

1 Demand: High relative volume (above avg vol today)
2 Demand: already up 5%(or down) vs yesterdays close
3 Demand: news event moving the stock higher
4 Demand: price range $1-$10
5 Supply: Less than 10M shares avail


How would one set up a scan for #1??
 
Last edited:
FYI this is Ross' criteria for momentum trades-

1 Demand: High relative volume (above avg vol today)
2 Demand: already up 5%(or down) vs yesterdays close
3 Demand: news event moving the stock higher
4 Demand: price range $1-$10
5 Supply: Less than 10M shares avail


How would one set up a scan for #1??
Add filter for “Study” select “unusual volume” from drop down list then type in whatever % you want. Let’s go with 10%. Volume has increased 10% from avg over 50 periods. Depending on what timeframe you set the scan for dictates what those 50 periods are.

If you mess around with the scan criteria, you’ll be able to find most of these answers yourself. That’s what I’ve done. Same goes for writing scripts. Scripts take much more time, trial and error, and research, but 4 weeks ago, I couldn’t write any scripts at all. This morning, I wrote a MTF Squeeze Histogram Colored Labels script. It’s a learning curve, but mess around with the application and you’ll be surprised what you pickup/learn!
 
Last edited:
FYI this is Ross' criteria for momentum trades-

1 Demand: High relative volume (above avg vol today)
2 Demand: already up 5%(or down) vs yesterdays close
3 Demand: news event moving the stock higher
4 Demand: price range $1-$10
5 Supply: Less than 10M shares avail


How would one set up a scan for #1??
http://tos.mx/Io3jI3x

This should work for you, if you're still in need. The criteria are as follows:
  1. High relative volume (volume above average volume today).
  2. Demand up 5% or more compared to yesterday's close.
  3. Price is in the range between $1 and $20.
  4. Supply (volume) is less than 20 million shares available.
  5. Gapping up 5% or more.
  6. Volume is at least 200,000.
 
http://tos.mx/Io3jI3x

This should work for you, if you're still in need. The criteria are as follows:
  1. High relative volume (volume above average volume today).
  2. Demand up 5% or more compared to yesterday's close.
  3. Price is in the range between $1 and $20.
  4. Supply (volume) is less than 20 million shares available.
  5. Gapping up 5% or more.
  6. Volume is at least 200,000.
This looks awesome for the underlying, but is there a way to change the script to scan for options? I am looking for an unusual volume / momentum option scanner for large caps. As you can see by this being my first post, I am new here. I will keep looking around for now, thank you any help.
 
This looks awesome for the underlying, but is there a way to change the script to scan for options? I am looking for an unusual volume / momentum option scanner for large caps. As you can see by this being my first post, I am new here. I will keep looking around for now, thank you any help.

The ToS platform does not provide a custom script Scanner for Options
read more:
https://usethinkscript.com/threads/options-scan-hacker-in-thinkorswim.5114/page-4#post-82892
 
Last edited:

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
399 Online
Create Post

Similar threads

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Back
Top