Identifying Best Stocks/Scanner/Swings/Gapups for Day Trading

Krish_Jags

New member
VIP
Hi guys -


I joined this forum and it was very helpful. Thanks for all the contributors from leader board especially “Ben”. Lot of useful info in forum.


I am new to stocks trading and its been 1 month so far I started trading stocks. I tried different ways from different stock alerts providers to buy/sell stocks, but they are not much helpful or not even close to info I learnt from this group.


So far - I learnt about when to buy/sell stocks, based on indicators strategies provided in this forum. But sometimes the stocks I sold will take a swing on same day with in minutes or hours and rise to even more profits.I feel bad for selling early.

  1. I am curious to know if there is any script that can hint me about stock possibly go further up based on patterns or study?
  2. Most of my time goes away by researching what stocks to buy. I have multiple scanners/filters in my TOS platform which I got, but its little confusing to go over all the scanners I have and identifying each stock and doing research on each of the stock from each of the scanner/filter list. Is there a best scanner script that can help me to identify stocks that can take best swing or best gap up along with labels or indicators pls? This will help me a lot as beginner.

I really appreciate your help pls. I am interested in Day Trading @BenTen @tomsk @horserider @markos or anyone who can help me with my request pls.
 

codydog

Active member
@Krish_Jags - never an easy answer to your questions, but, my very simple approach is to just stay with FAANG + BA + VIRT

imo, endlessly scanning for stocks I dont understand or never heard of, seems silly when the mkt favorites provide endless opportunities.

As fir missing out, FOMO is the greatest waste of time. If I capture some % of the move, I dont really care - i see this as a store where you buy and sell inventory all day and have an idea what price you want. And each day start fresh. I think Walmart used to have rules where they sold inventory at 15% markup and Waltons became very very rich.

I'm sure the gurus here will offer alot more and better advice.
 

MerryDay

Well-known member
VIP
@Krish_Jags I agree with @codydog; analyzing, and becoming an expert on a limited set of stocks/futures/options is a better use of time versus endlessly scanning for stocks.

Familiarization with the trending patterns of what is being traded is helpful in determining the optimal entry and exit points.
That said; I was you. Jumping into stocks that "I thought" were positioned perfectly but jumping out at the first sign of trouble. Only for the stock to then go on a stupendous rally. I feel your frustration.

The blackFLAG FTS - SwingArm Trend Indicator using ATRTrailing Stop and Fibonacci Retracements thread is awesome to read through. I don't use the strategy but there are explanations for:
  • what and why certain studies/indicators are important
  • the proper use of support and resistance
AND most importantly
- the need to do multi-timeframe analysis to time your exits and entries.

HTH
 

rad14733

Well-known member
VIP
@joe362 We need a bit more information for clarity in order to answer your question... It really helps to add substance rather than simply a one or two sentence question... In this case you wasted one saying hello which isn't even relevant... Can you please expound on the "best scanner" you are asking about...??? Are you looking for a specific scan for a specific purpose, or is the question about whether to use the Stock Hacker or Option Hacker, or something else...??? Again, it's tough when you leave us with more questions than answers... It just wastes our time trying to pry pertinent information out of you when we could be actually helping someone...
 

rad14733

Well-known member
VIP
@joe362 You can build your own custom scan yourself based on your specific criteria...

I really think you need to spend some time in the Thinkorswim Learning Center because some of your questions to date have more to do with the operation of the platform itself than actually learning Thinkscript... They have videos there to demonstrate how to create your own scans as well as many other basic concepts related to the platform itself that you may not have discovered yet... Another option would be to watch some YouTube videos on the subject... I spend almost every evening watching different trading videos, albeit not all Thinkorswim related, just to see different concepts...

It is beyond the scope of these forums to teach members how to use the platform... We're here to help you learn the Thinkscript language itself... The How To Thinkorswim section has a lot of valuable information... Perhaps this isn't the answer you wanted but I sincerely feel that it is the answer you need - at least in this case...

If you'd rather figure things out yourself then just start experimenting with the Stock Hacker Scanner because you really can't break anything by playing around in there... That's the only real way to get proficient creating your own custom scans... If you take this route, you will need to break you scan down by things like price range, volume or average volume, extended hours enabled or disabled, and whatever other criteria narrow down the results... Then you can scan against different market sectors if you like... I enjoy playing in the scanners but I couldn't describe everything I try or I'd be writing a longer book than this post is turning out to be...

In short, there really is no one-size-fits-all day trading or swing trading scan... You need to find what works for you...
 

joe362

Member
@rad14733
Thanks very much, that's helpful. Honestly when I asked you guys about those question not only get the scrip but actually learn from it. Right now, I'm studying the computers science but don't know really much about the coding language. I think the best way to learning is look at the pro write the code and compare with my own code to see what is different and what did I miss. you guys are freaking awesome.
 

aomt

New member
I'm looking for help to set up a scanner.

I'm new to ToS and new to day trading. At the moment I'm trading with a very small % of my portfolio, still setting up tos and learning. I even started on the phyton course but had to postpone it until summer or so due to more urgent issues in real life.

My style of trading: I'm trying to use is quick in and out. 10 sec - 10 min in a trade. Sometimes longer, if I get in early and it moving strong. Most of my trading is 1m chart, but I do switch to 5m at the end of the day.
I like to trade daily runners (somehow like Ross C., that said I'm not trying to copy him, but rather do my own thing).

My preferred range is penny stocks, 1 - 20$, but I don't mind taking more expensive stocks if the setup is good.

The stocks I trade are either form the alert, or something I find randomly myself (watchlist, scanner). But it's very seldom my scanner show something I can trade straight away. I've tried to copy few scanners online (reddit, youtube), but none of them gives me stocks that I would like to enter. Either they already on the way down or results completely off from what I'm looking for.

So here is what I got in mind:

The number of floats/outstanding:
Less than 200m

Volume:
- Here I would like to see a stock that's got great volume. Both, relatively high volume for the stock and high volume general for the market.
So it would be something like "last 5 periods (on 1 min chart) is x10 of avg for the past day" or "avg last 5 periods (on 1 min chart) is x10 of avg for the prev 30 periods" AND "avg. 1min volume for the past 5 candles on the chart is at least 500.000"

Price increase:
- I'm not sure about that one, but I would like to test/play around with something like "price increase in the last 5 candles at least 5% vs prev 5 candles". Here I would try to change the number of periods, vs prev. day, play around with %.

SMA:
SMA 200 and 50 in uptrend.
SMA crossover. This one I should be able to set up myself, but I would play around 5sma above 8/13/20, AND/or 8 above 13/20, 20 above 50, etc.

I've tried to set it up myself, but somehow it doesn't work. I either get no results at all or completely wrong ones. Your help and advise is highly appreciated!
 

joe362

Member
@MerryDay
I have another stupid question, Do we have any indicator to see how the market move by the section?
I have been looking for website or the indicator to see how the market move by section a long time but cant find this.

9lFByp9.png
 

joe362

Member
@MerryDay
I knew you guys help me a lot in the hard way and easy way, I learn a lot you guys how to correct the script and improve my coding skill.
That's freaking awesome and thanks to spend your time to help me. I just found the pic on online, someone have the indicator to show how the stock perform in a few day to a month. It's just idea I had, that will be great if we create something like that but please ignore that if you think we don't time for it.
p4rjJvb.png
 

MerryDay

Well-known member
VIP
@joe362 You have posted 34 messages. But I am wondering how many of them did you search for the answer before you posted?
I have provided the link to: Guidelines When Posting To The Forum in almost every response I have made to your posts.

For example, if you had searched for 'sector' before you posted your question about sectors, you would have seen:
https://usethinkscript.com/threads/sector-rotation-indicator-for-thinkorswim.845/ which contains a half dozen scripts showing Sector Performance. If none of them, are exactly what you want, you would have followed: Guidelines When Posting To The Forum and explain how you think one of those half dozen should be modified. And you would have posted that inquiry in the Sector Performance thread as requested in the: Guidelines When Posting To The Forum.

It is not about being new to TOS. If you can word your question in a post, you can word your question in a search..
I wish you good trading but I am done. Be well.
 

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