Relative Volume Strategy and Momentum Scanner for ThinkorSwim

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Gabrielx77

Member
Well, today was a bad day for trading these low float stocks. All the stocks on my scanner were down 30min after the bell. Is there an indicator that can help measure market sentiment for these low float stocks?

I actually saw some pretty good movement; take a look at NWGI. That's the ticker I was watching for a break over VWAP and it almost played up to its PM high.

@Gabrielx77 thanks for the help first of all but I do have a quick question if you don't mind plz. So I was trying to find PM stocks to add it to my personal worklist and then narrow it down but your scanner didn't pull up any tickers for me. Can you please let me know what i am doing wrong?

the scanner settings i have are:

Last: 0.50 to 50
Volume: minimum 5000 to no max
Study: After Hour percent change The Close has moved greater than 10% in the after-hours trading.


I ran the scan at 6am (9m East coast time) and 6:21 am (9:21 am) with zero results.

what am i doing wrong?

thanks man

Hey sorry I didn't reply eariler, but yeah from the picture you have to change your agg from "D" to "1m". You probably found that out by now. If you want to double check, your PM scan this morning should've shown SCON, YTEN, JAGX and SHIP as your leading gappers.
 
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Gabrielx77

Member
This is an interesting scan (RV1), loaded it yesterday and watching today and the rest of this week. For those of you that have been using it, is there a minimum RV1 you have found to be effective/profitable? I.E., the highest RV1 stock showing up right now has an RV1 number of 17. I saw yesterday LUB had over 1000 RV1 number?
Take a look through the whole thread, you should have some of your questions answered; however, anything between 0-5 is normal, 5-20 is solid, 20 < is strong..
 
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avbraga1122

New member
@Sonny, quick note to say thanks, my friend. This scanner is killer. Riding NLS right now as I type this for +2% profit. The scanner works like a charm. Thank you!
 
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Ghs

New member
VIP
@Sonny, quick note to say thanks, my friend. This scanner is killer. Riding NLS right now as I type this for +2% profit. The scanner works like a charm. Thank you!

@avbraga1122, This is the first time I am posting in this forum. How did you determine which ticker you are going to follow when the market opens out of all the tickers from PM scanner and what is the price range? Could you please share if you follow any specific strategy?
 
murkr

murkr

Member
VIP
I'm looking to create a gap down scanner. I was watching someone's live stream on YT today and their scanner picked up STSA which has had a nice rebound all morning.

How do I create the scanner? Do I just put a -7.5 here?

 
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Ghs

New member
VIP
Hey sorry I didn't reply eariler, but yeah from the picture you have to change your agg from "D" to "1m". You probably found that out by now. If you want to double check, your PM scan this morning should've shown SCON, YTEN, JAGX and SHIP as your leading gappers.

@Gabrielx77, I use Percentage change >10% for my PM Scan. YTEN had the highest RV when I checked the PM scan around 9am today as my price range is 1-15.
Thanks for explaining your strategy in post#313 . I wanted to go with YTEN when the market opened but waited to monitor the trend.
I am still trying to understand at point you take a trade, is it when an uptrend reversal indicator shows up or the price is above vwap or the fib retrenchment is between 38 and 61 or combination of multiple indicators?
 
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avbraga1122

New member
@avbraga1122, This is the first time I am posting in this forum. How did you determine which ticker you are going to follow when the market opens out of all the tickers from PM scanner and what is the price range? Could you please share if you follow any specific strategy?


With this scanner the tickers will pop on your watch list kinda late. For example, when NLS and PRPL popped on my list they were already running, up some 5%. So you need to be very careful with your entry to ensure you're not chasing an extended move.

After running 7%, NLS entered a consolidation phase. That's good and a breather for the stock. 9EMA was still above 20EMA (bullish). 90EMA above 200EMA (Bullish). All EMAs pointing up (Bullish). Higher time frame and lower time frames in upward direction (bullish). Went to Stocktwits to see what folks were talking about the stock, there was enthusiasm. Decided to enter the trade at around 9am. Rode it from the consolidation to the highs for 3.5% profit. Exited the trade at around 930am

I like this EMA one above the other as a strategy. The 30, 15 and 5 minute charts seem to be pretty accurate to me for when to enter/exit trades. As you can see from the photo, you'd have had another opportunity for a 2% scalp at around 1025 to 1030am (see blue arrows).

 
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jezzer46

Member
VIP
A lot movement today. Good to see. I really had high hopes for VISL, still made some decent gains on it. I did not get a lot of screen time in today, but TCON and CODX seems to be the gifts that keep on giving this week. Sucks that I missed my entry on both of them.

Also for guys that are new, do not be afraid to make different variations of this scan. I have a variant that has no float preference, and higher volume and it popped up OSTK, DKNG, PENN among others.

*an rv1 higher than 1 on higher float stocks is really good. It is signaling it is trading above its daily volume
 
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Ghs

New member
VIP
With this scanner the tickers will pop on your watch list kinda late. For example, when NLS and PRPL popped on my list they were already running, up some 5%. So you need to be very careful with your entry to ensure you're not chasing an extended move.

After running 7%, NLS entered a consolidation phase. That's good and a breather for the stock. 9EMA was still above 20EMA (bullish). 90EMA above 200EMA (Bullish). All EMAs pointing up (Bullish). Higher time frame and lower time frames in upward direction (bullish). Went to Stocktwits to see what folks were talking about the stock, there was enthusiasm. Decided to enter the trade at around 9am. Rode it from the consolidation to the highs for 3.5% profit. Exited the trade at around 930am

I like this EMA one above the other as a strategy. The 30, 15 and 5 minute charts seem to be pretty accurate to me for when to enter/exit trades. As you can see from the photo, you'd have had another opportunity for a 2% scalp at around 1025 to 1030am (see blue arrows).

https://ibb.co/Bj5Rysb

@avbraga1122, Thanks alot for explaining your strategy. Could I ask, why you did not go with PRPL? It was also showing a bullish signal.
Do you always compare 5m, 15m and 30m chart before entering into a trade? Do you also use the same strategy for scalping?
 
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Ghs

New member
VIP
A lot movement today. Good to see. I really had high hopes for VISL, still made some decent gains on it. I did not get a lot of screen time in today, but TCON and CODX seems to be the gifts that keep on giving this week. Sucks that I missed my entry on both of them.

Also for guys that are new, do not be afraid to make different variations of this scan. I have a variant that has no float preference, and higher volume and it popped up OSTK, DKNG, PENN among others.

*an rv1 higher than 1 on higher float stocks is really good. It is signaling it is trading above its daily volume

@jezzer46,
I am using after hour percentage change is greater than 10% for PM gapper and volume more than 500,000. Would you suggest to lower than % to catch more tickers? Also, what price range do you use for your PM scanner? I am using .5 to 15.

I am also using 10% change in the market hour scanner with RV1 value. Should the % value be lower to catch any potential ticket sooner?
Also, how do you decide to enter into a trade when you see a ticker with high RV1 after 9:30am? Most of the tickers are already up by the time they pop up in the scanner.
 
J

jezzer46

Member
VIP
@jezzer46,
I am using after hour percentage change is greater than 10% for PM gapper and volume more than 500,000. Would you suggest to lower than % to catch more tickers? Also, what price range do you use for your PM scanner? I am using .5 to 15.

I am also using 10% change in the market hour scanner with RV1 value. Should the % value be lower to catch any potential ticket sooner?
Also, how do you decide to enter into a trade when you see a ticker with high RV1 after 9:30am? Most of the tickers are already up by the time they pop up in the scanner.

Answer to first question is yes. If you are looking at only stocks that have gained 10% and 500,000 then that is going to limit your results to that. Premarket/aftermarket is very tough to gauge what will happen after opening bell. I personally do not use pm scans to find stocks to trade during market hours. I have experienced too many failures with them.

What to trade is something that only experience will guide you. I personally look for good volume (over 1million), good news, great momentum, good rv1. The rv1 is tricky because the breakouts happen when it is in the lower range of 1 to 7.

I have said this before but this scan is not the end all be all. It will not catch the risers at the bottom. It will show you what other people are trading and what has potential to move during the day.
 
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avbraga1122

New member
@avbraga1122, Thanks alot for explaining your strategy. Could I ask, why you did not go with PRPL? It was also showing a bullish signal.
Do you always compare 5m, 15m and 30m chart before entering into a trade? Do you also use the same strategy for scalping?

because I coincidentally had PRPL on my list yesterday, and the ticker ran 6% yesterday. I though it was going to pull back today and I hesitated to enter it today. But it spiked today 11%-ish. The thing is that my strategy is turning into making 2% per trade. 2% to me is a good return and my target. I'd rather take profits than be greedy. I'm a new trader too so my strategy is still evolving.

Yes. I look at 1h, 30/15/5min for confirmation of EMAs above another. When the 9 is above the 20 EMA I've experienced it to be a reliable trend up. It takes much of the fear and uncertainly out of my trades.
 
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avbraga1122

New member
@jezzer46,
Most of the tickers are already up by the time they pop up in the scanner.

True, therefore look for the price to come down or consolidate, then run again, and then enter the trade.
 
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Ghs

New member
VIP
Thanks @jezzer46 and @avbraga1122 for all the valuable information.
 
G

Gabrielx77

Member
@Gabrielx77, I use Percentage change >10% for my PM Scan. YTEN had the highest RV when I checked the PM scan around 9am today as my price range is 1-15.
Thanks for explaining your strategy in post#313 . I wanted to go with YTEN when the market opened but waited to monitor the trend.
I am still trying to understand at point you take a trade, is it when an uptrend reversal indicator shows up or the price is above vwap or the fib retrenchment is between 38 and 61 or combination of multiple indicators?
My strategy is all 3 combined pretty much. I wait for a small dip below VWAP, a reversal indicator to show up and for the stock to retrace to the 38-61 levels. At market open, usually between the first 5 minutes, I take my trade when the TP indicator shows an upward reversal and a break over VWAP. On some occasions, the stock will dip right before opening bell, but won't show a reversal. In those cases, you would just wanna see a break above VWAP and take your trade on that. Make sure volume is heavily rising too, you don't want to get faked out.

Here's what I'm talking about when it sells off, but doesn't have reversal arrow. I still took the trade because volume was strong and I hit my goal for the morning. Then I went on to some other large cap stocks since I'm still back testing this strategy and don't want to risk any significant buying power.

 
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Ghs

New member
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@Gabrielx77, Thanks for explaining your strategy with a screenshot of your trade. Would you also recommend any strategy for scalping?
 
G

Gabrielx77

Member
@Gabrielx77, Thanks for explaining your strategy with a screenshot of your trade. Would you also recommend any strategy for scalping?
For scalping, you can enter the trade at the break of VWAP with high volume; then you can just place a price target you want to hit and/or sell when volume starts to slow down; then on the first pull back, when the candles start to form lower lows, you can wait for a candle to break the previous candles high or bounce off of VWAP, and then enter in on the trade. I would then sell half at the resistance level of the high for the first leg, then then sell the other half at another price target. The pullback cannot exceed more than halfway of the first legs range, it ha to retrace to its 38-61 levels, preferably closer to the 38 level. You can repeat that process for the first and second pull back. The third pull back would be a little risky.
 
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coolvoice3

New member
My premarket scan is different. It is listed here:

Last: 0.2 to 15
Volume: 5000 to No Max
and
Custom Study (under Price Performance) Afterhours Percent Change, the Close has moved greater than 10% in the after hours trading; check EXT and aggregation to 1m.
The Custom Study you have put in is "After Hours Price Change", will TOS consider the PreMarket as After Hours?
 
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coolvoice3

New member
With this scanner the tickers will pop on your watch list kinda late. For example, when NLS and PRPL popped on my list they were already running, up some 5%. So you need to be very careful with your entry to ensure you're not chasing an extended move.

After running 7%, NLS entered a consolidation phase. That's good and a breather for the stock. 9EMA was still above 20EMA (bullish). 90EMA above 200EMA (Bullish). All EMAs pointing up (Bullish). Higher time frame and lower time frames in upward direction (bullish). Went to Stocktwits to see what folks were talking about the stock, there was enthusiasm. Decided to enter the trade at around 9am. Rode it from the consolidation to the highs for 3.5% profit. Exited the trade at around 930am

I like this EMA one above the other as a strategy. The 30, 15 and 5 minute charts seem to be pretty accurate to me for when to enter/exit trades. As you can see from the photo, you'd have had another opportunity for a 2% scalp at around 1025 to 1030am (see blue arrows).

@avbraga1122 Can you share the code for the triggers.. arrows u showcase on the chart?
 

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