OptionsHacker -to show Volume/OpenInterest/GammaExposure for the options chain For ThinkOrSwim

[sudoshu]

Why when I have the script active my candle sticks stop moving across all my charts (I only have the script on one chart)

I've noticed that this happens when it is still loading, it will depend on your computer (how fast it is) and your internet (how fast it is). I would recommend trying a smaller timeframe and see if that helps, for example 1day/3months instead of 1day/1year

Edit: you can check on the help > system tab to see how your pc and throughput is performing.

 

[Whizz]

I've noticed that this happens when it is still loading, it will depend on your computer (how fast it is) and your internet (how fast it is). I would recommend trying a smaller timeframe and see if that helps, for example 1day/3months instead of 1day/1year

Edit: you can check on the help > system tab to see how your pc and throughput is performing.

I'm only using 60% of my memory and my internet is 900+mbps, I also tried a smaller timeframe, and still no luck

 

[sudoshu]

I'm only using 60% of my memory and my internet is 900+mbps, I also tried a smaller timeframe, and still no luck

What settings on the study are you using? Try setting smaller timeframe and low strike depth ... like 5. If you can share your workspace I may be able to help more.

Also 60% of how much RAM? Internet should be more than okay. For reference I have 64GB of DDR4 RAM total, with thinkorswim using 16GB and it takes a solid 15 minutes to load on SPY 1y/1d for me at a strike depth of 20

Edit: I guess ticker would matter as well, not sure what your trying it on but SPY may take longer to load than something less liquid ...

 

[Whizz]

What settings on the study are you using? Try setting smaller timeframe and low strike depth ... like 5. If you can share your workspace I may be able to help more.

Also 60% of how much RAM? Internet should be more than okay. For reference I have 64GB of DDR4 RAM total, with thinkorswim using 16GB and it takes a solid 15 minutes to load on SPY 1y/1d for me at a strike depth of 20

Edit: I guess ticker would matter as well, not sure what your trying it on but SPY may take longer to load than something less liquid ...

I am tryiong it on SPY and it loads up fairly quick >10sec. TOS is using>60% of 16GB, i adjusted the settings you justed, it did help but there is still a little bit of lag( I also removed 2 indicators from another chart). Also the chart that has the indicator also freezes.

 

[sudoshu]

Hmm, I wonder if having multiple charts and windows open effects performance that much ... Its definetly a resource intensive script, as it has to go through every expiration on each day for every strike up to the depth - so lots of number crunching. Probably best used before open or after close to get an overview of the options activity.

 

[Whizz]

Hmm, I wonder if having multiple charts and windows open effects performance that much ... Its definetly a resource intensive script, as it has to go through every expiration on each day for every strike up to the depth - so lots of number crunching. Probably best used before open or after close to get an overview of the options activity.

I believe a combination of scripts across multiple charts and windows slows TOS down. And using the indicator before open or after close to get an overview of the options activity is probably the only solution as of now

 

[tifoji]

Yes I also went down the thinkscript path. Gave up because it was too resource intensive. I use tda api and python now. Output the live gex graphs to discord.

I hope you find a way to make it work in thinkscript.

Is it possible to share more info about your api setup ? Would love to create live charts etc.

 

[2187Nick]

Is it possible to share more info about your api setup ? Would love to create live charts etc.

td-ameritrade-python-api is the script I use to access tda api. You can find it on github. He also has youtube videos explaining how to set it up. good luck

 

[Cookie Monster]

Is it possible to add Vanna + Charm?
What I recall Gex alone cant be used. You would need vanna and charm in combination with gex to determine whether to long or short.
Pos vanna is usually bullish but if vix is decreasing it's not a bullish move. But if gex is super negative and Vanna negative but volatility is increasing it's better to go long

 

[Cookie Monster]

Here's my current setup, you can see how increased put buying + diminishing call buying is affecting the gamma environment.

How do i set it so that I can see just the gamma exposure?

 

[sudoshu]

Is it possible to add Vanna + Charm?
What I recall Gex alone cant be used. You would need vanna and charm in combination with gex to determine whether to long or short.
Pos vanna is usually bullish but if vix is decreasing it's not a bullish move. But if gex is super negative and Vanna negative but volatility is increasing it's better to go long

Anything is possible but I would have to look into it, haven't had much time lately to work on this. If I do end up getting something to work I'll be sure to update this post, but if you have an idea how to get those features in please open up a pull request on github.

 

[sudoshu]

How do i set it so that I can see just the gamma exposure?

They have the indicator added multiple times, with different settings, that is why you can see both. To get the GEX you just need to set it to that in the settings. I've been pondering the idea of splitting it up into three different scripts, one for each, as it does require a fair amount of computing power.

 

[sudoshu]

Hi All,

Sorry for the delay in updates, been very busy with work and life.

v0.4 updates:
- Updated the GEX calculations to use the correct spot price. Also changed from LINE to HISTOGRAM as I think it is easier to read.
- Working on IV calculations using an approximation method from mobius
- Still working on expiration date code, minor updates and comments in code on how I think its working

I did try playing with a zero gamma data point, but I'm almost positive this is beyond the capability of the platform. It just requires too much calculations and crashes when I try to run it.

I think the plan is, once I figure out the date/strike code to be truly universal, I will split the script up into three scripts, one for each data type, to increase performance. Until then I will keep working on it as a single script. Also testing the performance is quite hard

 

[METAL]

@sudoshu Thanks so much for all of the time you have invested in this as well as all others that have contributed. Million Dollar question is Can someone record some actual trading or how to use this. That would help dummies like me a ton. Thanks in advance. I hope someone can..

 

[Cookie Monster]

They have the indicator added multiple times, with different settings, that is why you can see both. To get the GEX you just need to set it to that in the settings. I've been pondering the idea of splitting it up into three different scripts, one for each, as it does require a fair amount of computing power.

Yea I think it will be a good idea to split them up.

 

[sudoshu]

@sudoshu Thanks so much for all of the time you have invested in this as well as all others that have contributed. Million Dollar question is Can someone record some actual trading or how to use this. That would help dummies like me a ton. Thanks in advance. I hope someone can..

That would be awesome if someone could do that. I haven't personally used the indicator to base trades on yet as its' still a work in progress, (and I'm trying to buy a house right now so not much play money) but for all three data types I would imagine you'd want to use them in conjunction with other indicators. I've read that using GEX in combination with VIX and a dark pool index is good. Originally the script was just too see what was possible with the platform, and I just posted it here to give back to community since a lot of it was pieced together from snippets I found here. Looking forward to how it plays out and if turning it into a strategy works.

 

[iom1]

@sudoshu Thank you so much for this indicator. Curious can we create the NOPE (Net Options Pricing Effect) indicator with Thinkorswim and add to this indicator?

It works great once identify the GEX levels more details on the setup
https://nope-its-lily.medium.com/interpreting-the-nope-a-brief-users-guide-41c57c1b47a0
https://nopechart.com/

 

[sudoshu]

@sudoshu Thank you so much for this indicator. Curious can we create the NOPE (Net Options Pricing Effect) indicator with Thinkorswim and add to this indicator?

It works great once identify the GEX levels more details on the setup
https://nope-its-lily.medium.com/interpreting-the-nope-a-brief-users-guide-41c57c1b47a0
https://nopechart.com/

This looks really interesting, it would take me quite some time to try and hack it out though as I don't fully understand it yet.

Is this is better used across all strikes and expires similar to GEX?
If so, that is something this script can't really do, or I just haven't figured out an efficient way yet.

I will definitely look into this but I'm leaning towards saying that the platform isn't capable of fully implementing it.

 

[iom1]

@sudoshu Yes its a great leading indicator for GEX as well

• High negative (e.g. -100) NOPE values intraday correlate to increased forward realized volatility intraday (over multiple tested timeframes, up to 240 mins).
• Higher positive gamma exposure tends to correlate with higher intraday positive (e.g. +100) NOPE.

As for strikes yes here is example script using the TD API https://github.com/hayden4r4/NOPE/blob/main/Scripts/NOPE.py

 

[iom1]

@sudoshu here is another good explanation for reference

This is what NOPE is doing. In brief, the NOPE calculation is:

1. Add up the deltas of all calls across all strikes across all expirations, weighted by volume; call it all-call-deltas
2. Add up the deltas of all puts across all strikes across expirations, weighted by volume; call it all-put-deltas
3. NOPE = (all-call-deltas - all-put-deltas) / total-shares-traded

https://elgridly.tech/finstuff/understanding-NOPE/

I hope that helps.