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]

How is this code any different than the other? They look exactly the same? I just downloaded it, it didn't show up in my "Available Items" because all my customized ones are used. I deleted one and renamed it, copied and pasted the script and I have the same problem... help, please?

I didn't look at the other. The one I just posted works.

 

[Ronathan Edwards]

I literally just walked my friend through the process and he got it working coming from a "virgin" custom available item, and it worked fine for him. I DON'T have any unused items, I have deleted and renamed and put in your code on a script that was already set for "D" day ... and it still doesn't work.

Don't ask me why, or how, but with my friend, he said try it one more time with another customized item and it worked ... go figure.... THANKS !!
Since I'm on here, how am I to read negative numbers on the put side? Does than mean "sells"? So, example, if there are more yellows on the put side OTM than the calls, BUT they are negative numbers, what does that mean?

 

[3AMBH]

I literally just walked my friend through the process and he got it working coming from a "virgin" custom available item, and it worked fine for him. I DON'T have any unused items, I have deleted and renamed and put in your code on a script that was already set for "D" day ... and it still doesn't work.

Don't ask me why, or how, but with my friend, he said try it one more time with another customized item and it worked ... go figure.... THANKS !!
Since I'm on here, how am I to read negative numbers on the put side? Does than mean "sells"? So, example, if there are more yellows on the put side OTM than the calls, BUT they are negative numbers, what does that mean?

https://usethinkscript.com/threads/...that-trades-options-please.11911/#post-103369

 

[turfnerd6300]

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);
16853[/ATTACH]']

Hey, I like this alot. I saw that you wanted to see different colors for varying values and I tweaked it some so that you can see absolute values of 10k, 20k, 50k, 100k, 200k, 500k and 1,000,000 in gamma exposure. its been helpful in recent days in finding price targets for scalps actually and being able to see what contracts MMs are gonna gravitate towards and pull away from @ EOD. I've never posted in here but I hope this is helpful to you and thank you for this gem as I've been interested in gamma and gamma exposure for a while now.



plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();

def rangeHigh = Highestall (absvalue(data)) ;


assignbackgroundcolor (if absvalue(data) > 1000000 then color.white else if AbsValue(data) > 500000 then color.gray else if absvalue(data) > 200000 then color.green else if absvalue(data) > 100000 then color.yellow else if AbsValue(data) > 50000 then color.light_orange else if AbsValue(data) > 20000 then color.cyan else if AbsValue(data) > 9999 then createcolor(250,150,100) else color.black);




data.assignvaluecolor(if absvalue (data) > 200000 then color.blue else if absvalue (data) > 100000 then color.light_red else if AbsValue(data) > 9999 then color.black else color.current);






QQQ
12.22

QQQ
12.23

 

[FuturesTrader2022]

Hey, I like this alot. I saw that you wanted to see different colors for varying values and I tweaked it some so that you can see absolute values of 10k, 20k, 50k, 100k, 200k, 500k and 1,000,000 in gamma exposure. its been helpful in recent days in finding price targets for scalps actually and being able to see what contracts MMs are gonna gravitate towards and pull away from @ EOD. I've never posted in here but I hope this is helpful to you and thank you for this gem as I've been interested in gamma and gamma exposure for a while now.



plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();

def rangeHigh = Highestall (absvalue(data)) ;


assignbackgroundcolor (if absvalue(data) > 1000000 then color.white else if AbsValue(data) > 500000 then color.gray else if absvalue(data) > 200000 then color.green else if absvalue(data) > 100000 then color.yellow else if AbsValue(data) > 50000 then color.light_orange else if AbsValue(data) > 20000 then color.cyan else if AbsValue(data) > 9999 then createcolor(250,150,100) else color.black);




data.assignvaluecolor(if absvalue (data) > 200000 then color.blue else if absvalue (data) > 100000 then color.light_red else if AbsValue(data) > 9999 then color.black else color.current);






QQQ
12.22

QQQ
12.23

@turfnerd6300 thanks for sharing. I will load it up and test.

 

[turfnerd6300]

@turfnerd6300 thanks for sharing. I will load it up and test.

how'd it fare? btw do you know how to set up a scan for this?

 

[MerryDay]

how'd it fare? btw do you know how to set up a scan for this?

https://usethinkscript.com/threads/options-scan-hacker-in-thinkorswim.5114/page-3#post-82892

 

[FuturesTrader2022]

how'd it fare? btw do you know how to set up a scan for this?

What I have found is that the levels matter but you have no idea if they are long or short trades. Tradytics seems to offer me the best way to judge if they are long or shorts. Market net flow is the best indicator by far. You can have SPX bearish and the SPY bearish but if the total market net flow is positive delta then the index goes up regardless. The dealers are hedged either way. Total market deltas seem to be the biggest factor. Then I can use the gamma study to identify the largest levels.

 

[vietroadie]

What do the colors signify - Cyan, Orange, Yellow? Is Cyan the highest rank of probability of ITM, than Yellow, Orange?

 

[Focus]

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);
17318[/ATTACH]']

Gamma was heavy on SPY today and SPY moved up. Now I'm curious to see what it will be like when SPY trades sideways.

 

[Focus]

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);
17326[/ATTACH]']

Do you close and open the options chain again to refresh the gamma?

 

[quantumomegallc]

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.

Ok so Opening Range is either plotted automatically or you are drawing these in by hand?

 

[3AMBH]

Ok so Opening Range is either plotted automatically or you are drawing these in by hand?

By Hand, the lines are Open Interest

 

[Focus]

Hey, I like this alot. I saw that you wanted to see different colors for varying values and I tweaked it some so that you can see absolute values of 10k, 20k, 50k, 100k, 200k, 500k and 1,000,000 in gamma exposure. its been helpful in recent days in finding price targets for scalps actually and being able to see what contracts MMs are gonna gravitate towards and pull away from @ EOD. I've never posted in here but I hope this is helpful to you and thank you for this gem as I've been interested in gamma and gamma exposure for a while now.



plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();

def rangeHigh = Highestall (absvalue(data)) ;


assignbackgroundcolor (if absvalue(data) > 1000000 then color.white else if AbsValue(data) > 500000 then color.gray else if absvalue(data) > 200000 then color.green else if absvalue(data) > 100000 then color.yellow else if AbsValue(data) > 50000 then color.light_orange else if AbsValue(data) > 20000 then color.cyan else if AbsValue(data) > 9999 then createcolor(250,150,100) else color.black);




data.assignvaluecolor(if absvalue (data) > 200000 then color.blue else if absvalue (data) > 100000 then color.light_red else if AbsValue(data) > 9999 then color.black else color.current);






QQQ
12.22

QQQ
12.23

Can Anybody convert this to a lower "study" chart?

 

[halcyonguy]

Can Anybody convert this to a lower "study" chart?

'this' what? you didn't post any code.

please go find the post you are talking about,
click on the post# at the top right,
the web page will reload, with a link that goes to that post.
copy the web address and paste in a post.

post 64 is only partial code.
please also find and link the primary post with the original code.

 

[3AMBH]

This can be a Watchlist Column also.

plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();
assignbackgroundcolor(if AbsValue(data) > 2000 then color.orange else color.black);
data.assignvaluecolor(if AbsValue(data) > 2000 then color.black else color.current)

 

[3AMBH]

Can Anybody convert this to a lower "study" chart?

This script gives ne NaN on every strike

 

[Focus]

'this' what? you didn't post any code.

please go find the post you are talking about,
click on the post# at the top right,
the web page will reload, with a link that goes to that post.
copy the web address and paste in a post.

post 64 is only partial code.
please also find and link the primary post with the original code.

This is the primary post with the original code. https://usethinkscript.com/threads/options-gamma-study.11951/#post-102852

 

[Focus]

This script gives ne NaN on every strike

It works on my Options chain.

This can be a Watchlist Column also.

plot data = if IsPut() then gamma() * -100 * open_interest() else gamma() * 100 * open_interest();
assignbackgroundcolor(if AbsValue(data) > 2000 then color.orange else color.black);
data.assignvaluecolor(if AbsValue(data) > 2000 then color.black else color.current)

Is this different from the original post?

 

[3AMBH]

Is this different from the original post?

No, but I just realized it can be used in a watchlist as well as the options chain. Please repost your script so I can see if it works for me thanks