Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[Ginu09]

IGC, I missed this one. I had it up and was looking at it after it did its first move from $0.97 to $1.12. Didnt see the news on it until a few minutes later. Time I saw it was 0935am. RV1 was relatively low, cant remember exact number but nothing that jumped out to me, but this one checked all my boxes on potential trades. Mad at myself on this one.

Tried BOXL twice broke even. I thought this was going to bigger but thats the way things go sometimes.

Morning was full of mistakes so I decided to step away to not fall down a hole.


*IGC did a pull back and surpassed its high after. Not saying this happens all the time but its there on most days.

I got IGC. I scanned after a few minutes and it was the only stock on the scanner at the time. I like the setup:

-Above the 50% fib
-Was hovering near VWAP not too far from pre-market highs

When I saw the break above previous highs I got in at 1.03 and again in testing the pre-market highs at 1.22, rode it until the halt into the $2s but I wasn't able to adjust my stop and got taken out at $1.60. Was really happy with that one.

Got in again in the afternoon squeeze in the $1.70s, bought in more in the $1.90s and sold into $2.10s above the day high.

 

[poststreet]

IGC reached above rsi 14 69 at 1045 , 5 minute chart, so much simpler , add one column "rsi" in the "premarket movers" section of TOS.

 

[jezzer46]

I got IGC. I scanned after a few minutes and it was the only stock on the scanner at the time. I like the setup:

-Above the 50% fib
-Was hovering near VWAP not too far from pre-market highs

When I saw the break above previous highs I got in at 1.03 and again in testing the pre-market highs at 1.22, rode it until the halt into the $2s but I wasn't able to adjust my stop and got taken out at $1.60. Was really happy with that one.

Got in again in the afternoon squeeze in the $1.70s, bought in more in the $1.90s and sold into $2.10s above the day high.

Awesome. IGC had a ton of setups after 1pm. Kept pulling back then breaking high. Love stocks like those.

 

[Ginu09]

IGC reached above rsi 14 69 at 1045 , 5 minute chart, so much simpler , add one column "rsi" in the "premarket movers" section of TOS.

Too late for me. Once it catches that high momentum zone of rsi > 70, and once you plan your trade, it’s already gone.

 

[CDJay]

I got IGC. I scanned after a few minutes and it was the only stock on the scanner at the time. I like the setup:

-Above the 50% fib
-Was hovering near VWAP not too far from pre-market highs

When I saw the break above previous highs I got in at 1.03 and again in testing the pre-market highs at 1.22, rode it until the halt into the $2s but I wasn't able to adjust my stop and got taken out at $1.60. Was really happy with that one.

Got in again in the afternoon squeeze in the $1.70s, bought in more in the $1.90s and sold into $2.10s above the day high.

Ginu, do you recall where you set the low and high of the Fibonacci? Was it based off the low and high of premarket?

 

[Ginu09]

Ginu, do you recall where you set the low and high of the Fibonacci? Was it based off the low and high of premarket?

Yes always low of premarket, not yesterday’s close

 

[CDJay]

Yes always low of premarket, not yesterday’s close

I just started using Fibonacci. Do the low and the high have to be chronological, or can I grab the low from 6:45 and the high from 6:05?

 

[Ginu09]

I just started using Fibonacci. Do the low and the high have to be chronological, or can I grab the low from 6:45 and the high from 6:05?

I don't understand the question

 

[CDJay]

I don't understand the question

I know that with TOS we're supposed to grab the bottom of the low point, then the top of the high point, and it will draw the lines. For the reading to be accurate, does the low point have to occur earlier in time than the high point? Or if a stock spiked from 1.50 to 2.50 at the open of premarket, then dropped down to 1.00, and you use the 1.00 low (which occurred later) and the 2.50 high (which, of course, occurred first) to set the lines, will the reading of the Fib retracement still work well?

TOS will obviously put the lines wherever we draw them, but 50% between 1:00 and 2.50 would be 1.75, while 40% between 1.50 and 2.50 would be 2.00, so the bounces should theoretically be off on one of them. So I'm asking whether you — or anyone else — has noticed a greater accuracy when using the low in front of the spike versus using the low if it occurred later?

Basically, I don't want to develop confidence in faulty information, because I know Murphy's Law would one day burn me!

 

[Ginu09]

I know that with TOS we're supposed to grab the bottom of the low point, then the top of the high point, and it will draw the lines. For the reading to be accurate, does the low point have to occur earlier in time than the high point? Or if a stock spiked from 1.50 to 2.50 at the open of premarket, then dropped down to 1.00, and you use the 1.00 low (which occurred later) and the 2.50 high (which, of course, occurred first) to set the lines, will the reading of the Fib retracement still work well?

TOS will obviously put the lines wherever we draw them, but 50% between 1:00 and 2.50 would be 1.75, while 40% between 1.50 and 2.50 would be 2.00, so the bounces should theoretically be off on one of them. So I'm asking whether you — or anyone else — has noticed a greater accuracy when using the low in front of the spike versus using the low if it occurred later?

Basically, I don't want to develop confidence in faulty information, because I know Murphy's Law would one day burn me!

Think about what you’re asking. Why would you trade a stock which had a high followed by a low? Would you consider that move strong? Don’t ever blindly follow suggestions in trading, you can get burned.

 

[CDJay]

Think about what you’re asking. Why would you trade a stock which had a high followed by a low? Would you consider that move strong? Don’t ever blindly follow suggestions in trading, you can get burned.

Ginu, there are a lot of people who specifically look for that scenario, buying the dip at the low after a stock crashes . But I'm gathering from your answer that you wouldn't do that, so you set up your Fibonacci lines from the low of premarket to the high if it occurred chronologically.

 

[Ginu09]

Ginu, there are a lot of people who specifically look for that scenario, buying the dip at the low after a stock crashes . But I'm gathering from that answer that you are implying you wouldn't do that, so you set up your Fibonacci lines from the low of premarket to the high if it occurred chronologically.

At the open yes, but if the pre-market lows occur after pre-market highs, it's an indication the move is weak.

 

[jezzer46]

Ginu, there are a lot of people who specifically look for that scenario, buying the dip at the low after a stock crashes . But I'm gathering from your answer that you wouldn't do that, so you set up your Fibonacci lines from the low of premarket to the high if it occurred chronologically.

Fibonacci lines are subjective, meaning the reason why a certain level will work is because a ton of other people have drawn something similar. Not to say they don't work but in terms of where to pick your high and low, you have to choose the most obvious places.

There is actually a indicator that plots premarket high and lows and draws the fib lines for you. https://usethinkscript.com/threads/pre-market-high-low-indicator-with-fibonacci-for-thinkorswim.75/

Hopefully this works for you.

 

[jezzer46]

After a nearly a month of using this scan the ones that are about to run just jump out to you. This morning while IGC was still running wild I was focused on NTN. It ticked all my boxes. News, positive momentum, substantial volume, and pull back.

For those struggling to make sense of this scan remember that you can adjust the scan any which way you like. Experiment, try different variations, make it work for you.

 

[BonBon]

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.

@CDJay I don't have a fibonacci code. I use the one from TS.

 

[Ginu09]

Fibonacci lines are subjective, meaning the reason why a certain level will work is because a ton of other people have drawn something similar. Not to say they don't work but in terms of where to pick your high and low, you have to choose the most obvious places.

There is actually a indicator that plots premarket high and lows and draws the fib lines for you. https://usethinkscript.com/threads/pre-market-high-low-indicator-with-fibonacci-for-thinkorswim.75/

Hopefully this works for you.

Ya I've seen that, I don't use the Fib per say, just use it to quickly measure the 50% level for momentum purposes.

 

[murkr]

EDIT: I found that I had to refer to https://usethinkscript.com/threads/color-coded-watchlist-columns-for-thinkorswim.2977/

@Sonny So I followed your instructions in post #1 (this is my first scan and use custom watchlist), and my wathlist is being populated by stocks, great!

But, I don't see the RVI column on my watchlist or scanner. How do I add that? If anyone can give me some info that would be great. I'm trying so hard to follow as a noob lol.

 

[BonBon]

Fibonacci lines are subjective, meaning the reason why a certain level will work is because a ton of other people have drawn something similar. Not to say they don't work but in terms of where to pick your high and low, you have to choose the most obvious places.

There is actually a indicator that plots premarket high and lows and draws the fib lines for you. https://usethinkscript.com/threads/pre-market-high-low-indicator-with-fibonacci-for-thinkorswim.75/

Hopefully this works for you.

I use the fibonacci retracement as you would see based on a previous post. However, I also use fibonacci moving averages. Yesterday, IGC dipped to the FIB EMA 34 and then continued its momentum. This occurred 5 times during the regular trading session. This is another signal I would use along with the Fibonacci. Anyone looking to go long after the initial move could have used this as a signal to do so. (each dip signaled a momentum move). After hours it held the 9 and Fib20 EMA and only dipped twice to the Fib 34 EMA.

 

[jezzer46]

I use the fibonacci retracement as you would see based on a previous post. However, I also use fibonacci moving averages. Yesterday, IGC dipped to the FIB EMA 34 and then continued its momentum. This occurred 5 times during the regular trading session. This is another signal I would use along with the Fibonacci. Anyone looking to go long after the initial move could have used this as a signal to do so. (each dip signaled a momentum move). After hours it held the 9 and Fib20 EMA and only dipped twice to the Fib 34 EMA.

I just use regular EMAs myself. 18/50. Thats it. I watch them on the 1 and 5 minute charts side by side. If 18EMA holds strong I consider it to be in a strong up momentum. If we dip to the 50EMA I look to see how its reacting to that level. Most times when it fails the 50EMA momentum is heading south.

 

[Hifidiaries]

Hey @Sonny - Your scanner is spot on! Although it doesn't show any results within the first 30 min, and often stock show up later, around noon - after making their run. How could I modify the scanner to show me sooner? Thank you again for your help!