Popular Day Trading Filters In ThinkOrSwim

[Jesusr123]

How do I tune my Thinkorswim to catch smaller market fluctuations with my scanners?

 

[BenTen]

Can you expand more on that request?

Any particular "condition" you're looking to add?

 

[merryDay]

Price flucuations scans come in every type depending on Market Regime and Strategy.
Some of the more common ones are as follows:

MOMENTUM BREAKOUT

---

# Momentum Breakout
def isNewDay = GetDay() != GetDay()[1];
def dayHigh = if isNewDay then high else Max(high, dayHigh[1]);
def isHOD = close >= dayHigh;

def avgVol = Average(volume, 50);
def rVol = if avgVol > 0 then volume / avgVol else 0;
def volCond = volume > 300000;

plot scan = rVol > 3.0 and volCond and isHOD;

EMA TREND CROSS

---

# EMA Trend Cross
def ema8 = ExpAverage(close, 8);
def ema21 = ExpAverage(close, 21);
def vwapVal = reference VWAP();
def avgVol = Average(volume, 50);
def rVol = if avgVol > 0 then volume / avgVol else 0;

def emaCross = ema8 crosses above ema21;
def priceAboveVWAP = close > vwapVal;

plot scan = emaCross and priceAboveVWAP and rVol > 1.5;

VWAP RETEST

---

# VWAP Retest
def vwapVal = reference VWAP();
def avgVol = Average(volume, 50);
def rVol = if avgVol > 0 then volume / avgVol else 0;

# Price within 0.5% of VWAP
def isWithinVWAP = AbsValue(close - vwapVal) / vwapVal <= 0.005;

# Bullish Engulfing pattern
def isBullishEngulfing = close[1] < open[1] and close > open and open <= close[1] and close >= open[1];

plot scan = isWithinVWAP and isBullishEngulfing and rVol > 2.0;

MEAN REVERSION

---

# Mean Reversion
def rsiVal = RSI(14);
def avgVol = Average(volume, 50);
def isVolSurge = volume > (2.0 * avgVol);
def vwapVal = reference VWAP();

# Price is 3%+ below VWAP
def isOversoldVWAP = close <= (vwapVal * 0.97);

plot scan = rsiVal < 25 and isVolSurge and isOversoldVWAP;

@Jesusr123

Never runs scans against the Universe of Stocks. Make sure to define the characteristics that match your strategy first.

VIP-ers can customize these Scan Profiles:
https://usethinkscript.com/threads/stock-profiles-based-on-float-and-institutional-interest.22681/

 

[Jesusr123]

Well, many times the alerts come up at the end of the stock price movement.. I mean, the alert comes up when the stock price is high. So, I would like see theses alert earlier.