Option Volume Alert

jmd2893

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Question to any one who can help with this:

I am not looking for a scanner that goes out and look for spikes in volume on any/all specific options flow.

What I am looking for, is once I have a option selected (see included picture) that I can set an alert when volume moves above certain # of contracts exchanged.

This options chart shows 15,321 contracts at 0945hrs. How would I create/set an audible alert to notify me, if let's just say 3k+ contracts were traded? As always, your guys help is very much appreciated..

JMD

E0fxSlh.png
 
Last edited:
Solution
Question to any one who can help with this:

I am not looking for a scanner that goes out and look for spikes in volume on any/all specific options flow.

What I am looking for, is once I have a option selected (see included picture) that I can set an alert when volume moves above certain # of contracts exchanged.

This options chart shows 15,321 contracts at 0945hrs. How would I create/set an audible alert to notify me, if let's just say 3k+ contracts were traded? As always, your guys help is very much appreciated..

hello,
you wrote a lot of words and i'm still not sure what you want.
please allow me to point out some things , that will help you make better posts in the future.

you said you don't want a vol spike, then...
Question to any one who can help with this:

I am not looking for a scanner that goes out and look for spikes in volume on any/all specific options flow.

What I am looking for, is once I have a option selected (see included picture) that I can set an alert when volume moves above certain # of contracts exchanged.

This options chart shows 15,321 contracts at 0945hrs. How would I create/set an audible alert to notify me, if let's just say 3k+ contracts were traded? As always, your guys help is very much appreciated..

hello,
you wrote a lot of words and i'm still not sure what you want.
please allow me to point out some things , that will help you make better posts in the future.

you said you don't want a vol spike, then proceeded to describe a vol spike.

you talked about volume , then complicated things by mentioning another unit, contracts.

you mentioned contracts exchanged, but didn't mention a time period of when this quantity is supposed to happen?
1 bar, 10 bars, bars elapsed in current day,...

you show a picture, of 2 charts, so i don't know which one i am supposed to look at. you assumed we can zoom in and read them. on my cell, it is hard to read tiny fonts. you didn't mark it up, to focus our eyes on the desired section. the 2 charts are not synced to the same time of the x-axis, the bottom one is shifted, so that adds confusion.
you chopped off the y axis, so i don't know the units, so i can't tell what bar has the desired value. i can almost read the times on the x axis , so i could guess at which bar it is.

i use the snipping tool to grab part of a screen image and mark it up..
https://www.digitalcitizen.life/how-use-snipping-tool/


if you don't want to find a spike, then i guess you want,
to add up volume from all the bars after the open of the day,
and compare that quantity to some number that the user picks.

----------------------------
that link that benten provided probably has something that would work,
but i wanted to give you feedback on the post, and went ahead and made this.

----------------------------

my guess on what you want

on the beginning of each day, a volume counter resets and adds up the volume during the day.
when that accumulated volume is >= some number, then
..an alert is triggered

options,
..yellow arrow above the volume bar
..a yellow box is drawn around the volume bar

can show a test bubble that displays the volume numbers

i was testing with SP100 stocks, stocks with volume, so i set the default trigger volume to be 300k.
change this line if you want something different,
input vol_qty = 300000;


Code:
#vol_accumm_day_00

#https://usethinkscript.com/threads/option-volume-alert.14853/#post-121891
#Option Volume Alert

def na = double.nan;
#def bn = barnumber();

input vol_qty = 300000;
def newday = (getday() <> getday()[1]);
#def istoday = (GetLastDay() == GetDay());
def dayvol = if newday then volume else dayvol[1] + volume;

def x = if newday and dayvol > vol_qty then 1 else
 if dayvol[1] < vol_qty and dayvol >= vol_qty then 1
 else 0;

alert(x, "vol up", alert.bar, sound.ding);

input show_arrow_big_volume = yes;
plot z5 = if show_arrow_big_volume and x then volume*1.1 else na;
z5.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
z5.SetDefaultColor(Color.yellow);
z5.setlineweight(2);
z5.hidebubble();


#------------------------------
input show_yellow_box_on_big_volume = yes;
#https://usethinkscript.com/threads/draw-an-overnight-box-on-intraday-futures-for-thinkorswim.2087/page-3#post-58481
# post49  draw box around a candle
#input charttype  = ChartType.CANDLE;
def condition = x;
def v = volume;
def o1 = if condition and show_yellow_box_on_big_volume then v*1.2 else na;
def c1 = if condition and show_yellow_box_on_big_volume then 0 - (v*0.2) else na;
def h1 = if condition then v*1.2 else na;
def l1 = if condition then 0 - (v*0.2) else na;

DefineGlobalColor(color = Color.YELLOW, name = "Box");
AddChart(growcolor = GlobalColor("Box"), high = h1, low = l1, open = c1, close = o1, type = charttype.candle);

#---------------------------

# test stuff

input test_vol_qty = no;
addchartbubble( test_vol_qty, 0,
dayvol + "\n" +
vol_qty
, ( if x then color.yellow else color.gray), no);
#
#

red lines indicate a new day
hjLk8Jx.jpg
 
Solution
hello,
you wrote a lot of words and i'm still not sure what you want.
please allow me to point out some things , that will help you make better posts in the future.

you said you don't want a vol spike, then proceeded to describe a vol spike.

you talked about volume , then complicated things by mentioning another unit, contracts.

you mentioned contracts exchanged, but didn't mention a time period of when this quantity is supposed to happen?
1 bar, 10 bars, bars elapsed in current day,...

you show a picture, of 2 charts, so i don't know which one i am supposed to look at. you assumed we can zoom in and read them. on my cell, it is hard to read tiny fonts. you didn't mark it up, to focus our eyes on the desired section. the 2 charts are not synced to the same time of the x-axis, the bottom one is shifted, so that adds confusion.
you chopped off the y axis, so i don't know the units, so i can't tell what bar has the desired value. i can almost read the times on the x axis , so i could guess at which bar it is.

i use the snipping tool to grab part of a screen image and mark it up..
https://www.digitalcitizen.life/how-use-snipping-tool/


if you don't want to find a spike, then i guess you want,
to add up volume from all the bars after the open of the day,
and compare that quantity to some number that the user picks.

----------------------------
that link that benten provided probably has something that would work,
but i wanted to give you feedback on the post, and went ahead and made this.

----------------------------

my guess on what you want

on the beginning of each day, a volume counter resets and adds up the volume during the day.
when that accumulated volume is >= some number, then
..an alert is triggered

options,
..yellow arrow above the volume bar
..a yellow box is drawn around the volume bar

can show a test bubble that displays the volume numbers

i was testing with SP100 stocks, stocks with volume, so i set the default trigger volume to be 300k.
change this line if you want something different,
input vol_qty = 300000;


Code:
#vol_accumm_day_00

#https://usethinkscript.com/threads/option-volume-alert.14853/#post-121891
#Option Volume Alert

def na = double.nan;
#def bn = barnumber();

input vol_qty = 300000;
def newday = (getday() <> getday()[1]);
#def istoday = (GetLastDay() == GetDay());
def dayvol = if newday then volume else dayvol[1] + volume;

def x = if newday and dayvol > vol_qty then 1 else
 if dayvol[1] < vol_qty and dayvol >= vol_qty then 1
 else 0;

alert(x, "vol up", alert.bar, sound.ding);

input show_arrow_big_volume = yes;
plot z5 = if show_arrow_big_volume and x then volume*1.1 else na;
z5.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
z5.SetDefaultColor(Color.yellow);
z5.setlineweight(2);
z5.hidebubble();


#------------------------------
input show_yellow_box_on_big_volume = yes;
#https://usethinkscript.com/threads/draw-an-overnight-box-on-intraday-futures-for-thinkorswim.2087/page-3#post-58481
# post49  draw box around a candle
#input charttype  = ChartType.CANDLE;
def condition = x;
def v = volume;
def o1 = if condition and show_yellow_box_on_big_volume then v*1.2 else na;
def c1 = if condition and show_yellow_box_on_big_volume then 0 - (v*0.2) else na;
def h1 = if condition then v*1.2 else na;
def l1 = if condition then 0 - (v*0.2) else na;

DefineGlobalColor(color = Color.YELLOW, name = "Box");
AddChart(growcolor = GlobalColor("Box"), high = h1, low = l1, open = c1, close = o1, type = charttype.candle);

#---------------------------

# test stuff

input test_vol_qty = no;
addchartbubble( test_vol_qty, 0,
dayvol + "\n" +
vol_qty
, ( if x then color.yellow else color.gray), no);
#
#

red lines indicate a new day
hjLk8Jx.jpg

Nice job, Cheers! But I think he is looking for a "study" like you have here (as opposed to manually using the scanner/options hacker), to alert him when the "Option contracts volume" increases above a certain level (not the equity's volume). Probably exactly what you have here, only for "Option contracts volume". Of course, then there would need to be inputs to specify; Option expiration date, strike price, Call-contracts or Put-contracts.

I don't know exactly what he is looking for but if I were wanting something like this, there would be two scenarios I would want:

1) Scan all volumes of a specified option's expiration date (Calls or Puts) and report the "Strike Price" where the maximum volume increases above a specified level.
2) Input a strike price and Alert when the "strike price's" volume (Calls or Puts) increases above a specified level.
 
Thank you both for your replies. I apologize for not directly state which I am trying to expel. I have in my mind what I want to say, however it's difficult for me to get out on paper what I am trying to explain.

As Roy stated above yes, that's exactly what I am trying to achieve. Almost something like unusual flow.

Thank you both so much for your help, it is really appreciated. Also, sorry for the delayed response back as I have not been able to check on this website as often due to extenuating life circumstances.

Regards,

JMD
 

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