Options Gamma Study For ThinkOrSwim

[FuturesTrader2022]

Would it be possible to take the code below that I have on the options chain and build a lower study that would show the change in gamma for the highlighted Strikes for 0DTE? Even if I had to change the date each day in the code to get it to pull the data? I would want this for SPX and SPY so I could see change in gamma on the chart without having to open up the options chain. I view this every day to get an idea of the gamma wall that may be support or resistance. What I have noticed is that on the SPX if gamma is call heavy then it most likely goes up and those strikes are ITM at end of day. And on SPY just the opposite. Seems to be more of a contrarian indicator on SPY and a direction on SPX. But only 0DTE matters.

CODE
# Gamma Exposure at each strike is calculated by the formula option gamma * open interest * 100 (calls, x-100 for puts)

plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();
assignbackgroundcolor(if AbsValue(data) > 2000 then createcolor(250,150,100) else color.black);
data.assignvaluecolor(if AbsValue(data) > 2000 then color.black else color.current);
15176[/ATTACH]']

 

[3AMBH]

Click on the Trade tab. Enter or select SPX in the Quote.

On the Option Chain row click Layout, then Customize.

Double-click to open any of the Custom, then change the Column name to what you want.

Click on the thinkScript Editor tab. Click in the area where the existing code is, then select all of the code with Ctrl +A, then press the Delete key. Now paste in the new code.

Click Apply, then OK.

Thanks for the help.

 

[3AMBH]

Its working. Thank you a lot!!!!

 

[TOS2221]

Its working. Thank you a lot!!!!

You're welcome!

 

[3AMBH]

You're welcome!

Have you considered VIP for the Discord? There is a SPY channel just starting up. (FYI) Take care!!!

 

[TOS2221]

Have you considered VIP for the Discord? There is a SPY channel just starting up. (FYI) Take care!!!

I don't know what you mean by that.

 

[3AMBH]

I don't know what you mean by that.

https://usethinkscript.com/p/get-vip/ tells everything at this link

 

[3AMBH]

does this code still works for you?! because its giving me NaN results

Your image is July 18. It was a big down day and your image shows heavy Puts.

Would it be possible to take the code below that I have on the options chain and build a lower study that would show the change in gamma for the highlighted Strikes for 0DTE? Even if I had to change the date each day in the code to get it to pull the data? I would want this for SPX and SPY so I could see change in gamma on the chart without having to open up the options chain. I view this every day to get an idea of the gamma wall that may be support or resistance. What I have noticed is that on the SPX if gamma is call heavy then it most likely goes up and those strikes are ITM at end of day. And on SPY just the opposite. Seems to be more of a contrarian indicator on SPY and a direction on SPX. But only 0DTE matters.

CODE
# Gamma Exposure at each strike is calculated by the formula option gamma * open interest * 100 (calls, x-100 for puts)

plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();
assignbackgroundcolor(if AbsValue(data) > 2000 then createcolor(250,150,100) else color.black);
data.assignvaluecolor(if AbsValue(data) > 2000 then color.black else color.current);
15294[/ATTACH]']

Your image is July 18. July 18 was a big down day. I do not understand your explanation, You Said, " What I have noticed is that on the SPX if gamma is call heavy then it most likely goes up and those strikes are ITM at end of day. And on SPY just the opposite. Seems to be more of a contrarian indicator on SPY" Why do you say it is a contrarian indicator. The image shows heaver in PUT and the day was down. Thanks

 

[Gymini]

Your image is July 18. It was a big down day and your image shows heavy Puts.

Your image is July 18. July 18 was a big down day. I do not understand your explanation, You Said, " What I have noticed is that on the SPX if gamma is call heavy then it most likely goes up and those strikes are ITM at end of day. And on SPY just the opposite. Seems to be more of a contrarian indicator on SPY" Why do you say it is a contrarian indicator. The image shows heaver in PUT and the day was down.

Just want to ask why SPY would be opposite to SPX since they move the same way? Not dollar amount but if SPX is trending up so is SPY and vice versa... @FuturesTrader2022

 

[FuturesTrader2022]

Just want to ask why SPY would be opposite to SPX since they move the same way? Not dollar amount but if SPX is trending up so is SPY and vice versa... @FuturesTrader2022

Record your screen every day and you will start to understand why. SPY is small retail traders. Market makers are just taking there money. They park it at max pain every day. The big boys trade SPX.

 

[xasthur]

You're welcome!

i cant get the script to work- when i go to the option Trade tab >layout>customize> drop down menu doesnt show script to choose.. what am i doing wrong?

 

[TOS2221]

i cant get the script to work- when i go to the option Trade tab >layout>customize> drop down menu doesnt show script to choose.. what am i doing wrong?

Double-click to open ANY one of the Custom - Custom 4 for example, then change the Column name to what you want.

Click on the thinkScript Editor tab. Click in the area where the existing code is, then select all of the code with Ctrl +A, then press the Delete key. Now paste in the new code.

Click Apply, then OK.

 

[xasthur]

Double-click to open ANY one of the Custom - Custom 4 for example, then change the Column name to what you want.

Click on the thinkScript Editor tab. Click in the area where the existing code is, then select all of the code with Ctrl +A, then press the Delete key. Now paste in the new code.

Click Apply, then OK.

still broken- getting NaN

thanks i used a diff name and it worked

 

[Gymini]

Watched this today on SPY... Gamma was Orange showing 10 deep ITM calls where as Puts only had 4= SPY went up for 8 points today

 

[3AMBH]

SPX GAMMA/OPTIONS. 27 July Options Chain had calls showing yellow and no puts showing yellow. (forgot to screenshot it) Shown on the right of chart are the Open Interest # first and then the Strike. Strike is inside (). The 3950 strike was in the money at open. All the rest OTM at open. The 4000 went ITM at 14:40 est. The 4010 went ATM at 14:40 and soon ITM. The 4030 & 4035 went ITM at 15:25. Daily High was 4039.46 at 15:30. The SPY Options Chain at open was evenly balanced between PUTS & Calls. (took no screenshot) . Today, SPX Call Options worked as a "Market Direction Indicator". NO SPX traders were betting short on the market all day.

 

[xasthur]

SPX GAMMA/OPTIONS. 27 July Options Chain had calls showing yellow and no puts showing yellow. (forgot to screenshot it) Shown on the right of chart are the Open Interest # first and then the Strike. Strike is inside (). The 3950 strike was in the money at open. All the rest OTM at open. The 4000 went ITM at 14:40 est. The 4010 went ATM at 14:40 and soon ITM. The 4030 & 4035 went ITM at 15:25. Daily High was 4039.46 at 15:30. The SPY Options Chain at open was evenly balanced between PUTS & Calls. (took no screenshot) . Today, SPX Call Options worked as a "Market Direction Indicator". NO SPX traders were betting short on the market all day.

Have you tried to use it with equities? Is it used to see which side is more skewed towards puts or calls?

 

[TOS2221]

Would it be possible to take the code below that I have on the options chain and build a lower study that would show the change in gamma for the highlighted Strikes for 0DTE? Even if I had to change the date each day in the code to get it to pull the data? I would want this for SPX and SPY so I could see change in gamma on the chart without having to open up the options chain. I view this every day to get an idea of the gamma wall that may be support or resistance. What I have noticed is that on the SPX if gamma is call heavy then it most likely goes up and those strikes are ITM at end of day. And on SPY just the opposite. Seems to be more of a contrarian indicator on SPY and a direction on SPX. But only 0DTE matters.

CODE
# Gamma Exposure at each strike is calculated by the formula option gamma * open interest * 100 (calls, x-100 for puts)

plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();
assignbackgroundcolor(if AbsValue(data) > 2000 then createcolor(250,150,100) else color.black);
data.assignvaluecolor(if AbsValue(data) > 2000 then color.black else color.current);
15300[/ATTACH]']

I noticed the code doesn't produce the same result as calculating it manually. Why is that? Gamma rounding?

For example, right now the SPX 4025C OI = 1222, gamma = .16, so 1222*.16*100 = 19552, but the code result on the chain is 19,416.08.

 

[3AMBH]

Have you tried to use it with equities? Is it used to see which side is more skewed towards puts or calls?

Only SPX and SPY. The premise is according to the original post on page 1. Wed the SPX had all Calls, no puts. At about 3 am Thursday EST SPY looks heavier on puts and SPX is shewed to calls. This is all new to me and watching it close. IT may be an edge.

 

[TOS2221]

Would it be possible to take the code below that I have on the options chain and build a lower study that would show the change in gamma for the highlighted Strikes for 0DTE? Even if I had to change the date each day in the code to get it to pull the data? I would want this for SPX and SPY so I could see change in gamma on the chart without having to open up the options chain. I view this every day to get an idea of the gamma wall that may be support or resistance. What I have noticed is that on the SPX if gamma is call heavy then it most likely goes up and those strikes are ITM at end of day. And on SPY just the opposite. Seems to be more of a contrarian indicator on SPY and a direction on SPX. But only 0DTE matters.

CODE
# Gamma Exposure at each strike is calculated by the formula option gamma * open interest * 100 (calls, x-100 for puts)

plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();
assignbackgroundcolor(if AbsValue(data) > 2000 then createcolor(250,150,100) else color.black);
data.assignvaluecolor(if AbsValue(data) > 2000 then color.black else color.current);
15305[/ATTACH]']

I still don't understand why the maual calculation doesn't agree with the code's calculation.

Add the Gamma and Open Interest columns after the column for the code. The product of those two doesn't equal the code's calculation. What am I missing?

 

[3AMBH]

lower study options hacker

https://usethinkscript.com/threads/...-for-the-options-chain-for-thinkorswim.11437/

 

[DudeDastic]

Followed the steps but still not working for me.