Master Pre-Market Trading In ThinkOrSwim

[UpTwoBucks]

In this YouTube video, we explore the importance of monitoring volume spikes during premarket trading. Volume spikes indicate increased market activity and can provide valuable insights for traders. By watching volume spikes, you can understand market sentiment, identify catalysts, enhance technical analysis, manage risks, and execute profitable trades. Real-life examples are shared to illustrate how volume spikes can be leveraged for successful trading. Viewers will gain a comprehensive understanding of the significance of volume spikes in premarket trading and how to utilize them effectively to enhance their trading strategies.

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[UpTwoBucks]

Volume Spike Code

input vol_change_pct_threshold_up = 0.0; 
input vol_change_pct_threshold_down = 0.0;

# Volume Spike Indicator
def rel_vol = volume / Average(volume, 50);
def vol_change_pct = (rel_vol - 1.0) * 100.0;
def is_spike = vol_change_pct >= vol_change_pct_threshold_up;
def is_spike_down = vol_change_pct >= vol_change_pct_threshold_down;
def is_bullish = close > open;
def is_bearish = close < open;


AddLabel(yes,
         if is_spike and is_bullish then Concat(AsPercent(vol_change_pct / 10000.0), " - Bullish" + "   ")
         else if is_spike and is_bearish then Concat(AsPercent(vol_change_pct / 10000.0), " - Bearish" + "   ")
         else " ",
         if is_spike and is_bullish then Color.GREEN
         else if is_spike and is_bearish then Color.LIGHT_RED
         else Color.black);