Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[jezzer46]

OPGN was a beast today. I pulled back on trading to work on my entries and exits as I was getting caught in a lot of dumps. Also for those using higher tf than 1 minute (5/10/15 min) midday to ending session is better than morning imo.

 

[mas00]

I literally press scan in the morning and I get nothing until after the bell and it is too late.

 

[jezzer46]

I literally press scan in the morning and I get nothing until after the bell and it is too late.

reread your post. Adjust the 10% to lower number. I personally use 3%. I do not use unusual volume. For me the bread and butter to the scan is the plot scan = close >= (open*1.04);

Rv1 is not a criteria for trading a stock. It just points out what stock is trading higher than normal volume. With these low floats they are basically pump and dumps. So if a stock already pumped odds are it doesnt come back a second time. Now if there is news with the initial pump then I would pay more attention to that.

 

[mas00]

thanks. I will have to test both out (unusual volume vs no unusual volume) and see what happens monday. I know these are all small cap/pump and dumps, just trying to get in on them earlier, because from what has been spoken about in this forum and the set up it does well 20-30% a day. I can see how the set up works and I'm always watching 5/15MA's. thanks jezzer46

I saw OPGN today as well but it was already at 3.60 and "too late" for my discipline even tho it still ran to 4+ I didn't want to chase.

 

[jezzer46]

thanks. I will have to test both out (unusual volume vs no unusual volume) and see what happens monday. I know these are all small cap/pump and dumps, just trying to get in on them earlier, because from what has been spoken about in this forum and the set up it does well 20-30% a day. I can see how the set up works and I'm always watching 5/15MA's. thanks jezzer46

I saw OPGN today as well but it was already at 3.60 and "too late" for my discipline even tho it still ran to 4+ I didn't want to chase.

No worries. I was having problems with some failures of these stocks too. Just got to grind harder and find what works the best for you.

I had OPGN at $2.50 around 0945am myself. Sold a bit early @ $4 but I was fine with $1.50 gain

 

[BenTen]

@mas00 Expect a 3-5 min delay if you're going to wait for the watchlist to update itself. I would manually hit the Scan button like @jezzer46 said.

 

[Ginu09]

What do you mean when you say "stocks within the top 50% of this range at market open?" Are you saying that if a stock had gone between 2.30 to 2.80, you want it to be above 2.55 at open? Or even 2.60 for being above 61.8%?

And any that fit that criteria are among your considerations?

I want it to stay above 2.55 even if it dips in the morning. Tho if it dips below temporarily that’s ok

 

[CDJay]

@Sonny @BenTen Thanks to everyone for their input, knowledge and guidance regarding the RVI watchlist. I agree that the RVI code assists in making strategic choices when trading. I was searching for code that I could manipulate when scanning for RVI instead of a watchlist. I then decided to use @Sonny's code to create a scan for RVI; resulting in two RSI scans. The first code is for tickers with a RVI >=2; and the other is for tickers with a RVI <2. This helps to narrow down my search enabling me to focus on the high RVI. I included low float shares, vol of 1m etc within the scan.

Additionally, as some members indicated, these tickers also appear in my momentum and premarket and gapper's scan. I tend to trade the penny stocks at this time (.05 to 3.00 or 5.00). The scan can be altered if looking to trade large caps, larger floats etc. Upon executing the scan I simply check my watchlist and select the tickers with catalysts. I have the VWAP, 9EMA etc on my chart and these along with the Fibonacci retracement helps a lot.

I also created an alert which alerts when tickers are removed or added to the watchlist/scan.

Please see below the scan as well as a pic of the scanner (this is from today's trading session). Thanks once again to everyone who has contributed to my growth as I continue my trading journey on this forum.

#Relative Volume High;
def x = Average(volume, 60)[1];
def v = volume;
def r = Round((v/x),1);
def rvi = r >= 2;
plot scan = rvi;

#Relative Volume Low;
def x = Average(volume, 60)[1];
def v = volume;
def r = Round((v/x),1);
def rvi =  r < 2;
plot scan = rvi;

If you are only looking for high RV1, what's the purpose of the scan with the <2 RV1? I assume that code goes into the Study > Custom > ThinkScript?

Also, how did you get the red, green and black highlights?

Finally, if you're using this in a scan, how do you easily see the charts? I've been using watchlists, because I can cycle through the charts, but I like this format as long as I could see a chart. Do you have them in a detached page, and does it link up to the scan?

Thank you.

 

[emm11]

Hey everyone. I used my premarket scanner just to get a feel for the pm movers. Then at 9:30 I ran my RVI scanner (using the thinkscript "buysignal" instead of the thinkscript strongbuyl). IPDN, PEIX, IZEA and ARC were the top ones based on my scan. I usually scan .05-$3.00

The buy signal for IPDN came at $1.20 and it went to a high of $2.20 before retracing.
The buy signal for PEIX came at $1.93 and it went to a high of $2.48. It has not retraced or made a significant dip as yet.
The buy signal for ARC came at $1.09 and it went to a high of $1.39.
The buy signal for IZEA came at $1.36 and it went to a high of $1.72.

what code is the buy signal based on generated?

 

[BonBon]

@jezzer46 If you are waiting on you watchlist to populate then its a TOS thing not the scanner settings. At 930 to 935 just go into the scan tab and basically manually press the scan button. unfortunately I myself have found to miss alot by waiting for the watchlist.

@jezzer46 and @mas00 . Jezzer46 you are correct. I constantly have to hit the scan button as well. Additionally, I pick up the tickers with the high RVI on my other watchlists before the market opens and at the market open so I am able to catch the early buy signals etc. Hence the reason for the PM RVI scan and my other scans.

I have been playing with the PM and regular RVI script in an attempt to incorporate them into one. In this way the RVI scan will begin before 9:30am. I will be testing tomorrow.

 

[BonBon]

@axlerod

Please can you explain the below columns (last 3). Thanks.

 

[axlerod]

@axlerod

Please can you explain the below columns (last 3). Thanks.

Yes those i did not share cuz those are private. 1D can't explain at this time but uses many more complex variables like aroonocillator kst and momentum and EMAs combined.
But the other 2 is if the close is above the 50ema or 200ema is above or below and how many days above since it crossed. above that line.

 

[BonBon]

Yes those i did not share cuz those are private. 1D can't explain at this time but uses many more complex variables like aroonocillator kst and momentum and EMAs combined.
But the other 2 is if the close is above the 50ema or 200ema is above or below and how many days above since it crossed. above that line.

Great. I understand the privacy. So its basically tallying the number of days a ticker is above or below 50 and 200 EMA. I can see this being useful with those who like to swing trade and favor oversold and overbought. (combined with other technical analysis such as RSI, MACD etc) Thanks once again.

 

[mas00]

OK , so going back and re-reading and there is a lot of adjusting, and it has lead to confusion on my part now.

"(using the thinkscript "buysignal" instead of the thinkscript strongbuyl)" What is the difference?

Also waiting on a reply to axelrods question about PM because that is where I got confused about this RV1 reguarding PM

https://usethinkscript.com/threads/color-coded-watchlist-columns-for-thinkorswim.2977/post-28578

https://usethinkscript.com/threads/color-coded-watchlist-columns-for-thinkorswim.2977

which one is used for PM?

thanks agian and I will be looking to test this strategy out monday/this week. I will try and post runners that I see on here as well on Monday

 

[axlerod]

OK , so going back and re-reading and there is a lot of adjusting, and it has lead to confusion on my part now.

"(using the thinkscript "buysignal" instead of the thinkscript strongbuyl)" What is the difference?

Also waiting on a reply to axelrods question about PM because that is where I got confused about this RV1 reguarding PM

https://usethinkscript.com/threads/color-coded-watchlist-columns-for-thinkorswim.2977/post-28578

https://usethinkscript.com/threads/color-coded-watchlist-columns-for-thinkorswim.2977

which one is used for PM?

thanks agian and I will be looking to test this strategy out monday/this week. I will try and post runners that I see on here as well on Monday

So RV1 Is completely SEPERATE from mine. I just wanted to share my PM (pre market) script and 3 columns I use.

If anyone wanted to add or improve to that they are welcome too.

I played with the Rv1 and did not find it to be very accurate or consistent maybe the way I have it setup or what not but was not too happy with it because I got confused reading all the previous posts as which is why I figure i share something simple that works good but could be improved on being my PM gainer script.

 

[mas00]

this thread is so confusing and cluttered now with other "gap scanners" "PM scanners" "AH scanners" things are not relevant to the original post/strategy of RV1 now lol

 

[Gabrielx77]

this thread is so confusing and cluttered now with other "gap scanners" "PM scanners" "AH scanners" things are not relevant to the original post/strategy of RV1 now lol

I agree with you, but at the same time everyone is just trying to put in their input about how they use Relative Volume with other indicators and personal scans/watchlists. Just make sure to do this, it has worked well for me, but I stepped away from penny stocks due to the volatility:

Scan pre-market with one of the scanners provided above. I personally keep it simple by setting:
1. Last: 0.5-15
2. Volume: 10k-MAX
3. After-hours Percentage Change < the CLOSE has moved greater than < 10% in after hours trading < 1m aggregate

Sort by the highest Relative Volume stocks; look for patterns and most importantly: worthy catalysts

Once market opens, wait for a pull back for one of the stocks that you were watching pre-market and then to pop up on your intraday watchlist/scanner. It's important that they pop up on intraday because that shows you it has strong RV pre and intraday.

The scanner I use is one of the originals that Sonny provided, but made some tweaks because it was hard to find more stocks to run. Here's my intraday scanner:
1. Last: 0.5 - 15
2. Volume: 250k - MAX
3. % change: 5% - MAX
4. Shares: MIN - 50,000,000
5. Unusual Volume < current bar's volume increased at least 40% from its typical average over 60 periods < D agg
6. Custom...

#Relative Volume High;
def x = Average(volume, 60)[1];
def v = volume;
def r = Round((v/x),1);
def rvi = r >= 2;
plot scan = rvi;

If your pre-market tickers fail by 10:45, then you can try and be patient for stocks that pop up on the intraday scanner; but like sonny taught me, you just have to be patient and most of the time your PM tickers actually do run up, even if it's later in the morning.

My process is looking for PM gappers to pullback between the 32.8-50 right before market open, then pull back even more until it reaches the 50-61.8% levels (using the Fib Retracement and plot PM low to high). After I'll watch for a break over VWAP and place an entry price. It works really well, but since I have been trying to get into more large caps I had to step away from the penny stocks. I did some back testing on other indicators called the Trend Reversal and TMO, provided by BenTen, I think I'm going to try and use them for these small caps starting tomorrow. I'll let you know how that goes.

P.S. if you wanted to see my chart setup:

 

[CDJay]

1) A few people have said that the watchlists synced up to the scans are slower. Any idea how much slower?

2) If the scans are faster, is there a similar way to see the charts as there is in watchlists where we can link the two? Or would our quickest method be a second screen and typing in the name from the scan?

 

[BenTen]

@CDJay Expect around 3-5 mins delay if you're going to wait for the watchlist (created from the scanner) to update itself. That's the issue with ToS, nothing we can do. An alternative would be to hit that Scan button manually every time you want to refresh data.

 

[CDJay]

@Gabrielx77 you are welcome. There are several ways I use the Fibonacci retracement. If it is a stock that gapped up I would wait until it retraces to the 78.6. levels and wait for the buy signal (I have found that the 78% levels is near the stock's previous support level).

For momentum stocks, I would wait for a retracement no further than the 50% or 66% levels. I have found that these stocks that retrace below the 66% can simply be a pump. I also consider the catalyst when drawing the retracement lines as some tickers may only retrace to the 28% or 36% retracement levels if its a very strong catalyst. I also utilize other technical analysis to help make decisions regarding the trade.

BonBon, would you mind sharing your Fibonacci code? I'm curious to try it, particularly since I've been the King of Missed Opportunities. I find the stocks, but I'm doing a horrible job with my decisions on entries.