Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[Gabrielx77]

Today (7/13), the 3 biggest RV1 values belonged to EQ, ECOR, and ANTE. ECOR had a great premarket run, ANTE spiked after 9:35 and EQ had a good premarket run and a massive afternoon run. A great RV1 is not a guarantee of spikes but it gives you the stocks that have the best chance to make big runs. Also, it is best to track the top 3 and enter when the right setup comes up. EQ had huge volume around 12:15 and the price broke above VWAP. If you buy it at VWAP break with a 5% stop loss, you would sell if price drops 5% but hold it if it stays above VWAP and sell after it hits your price target.

So I'm actually having problem with entering on the pullbacks. Today I made profit with NBY, but actually lost money with ANTE because I got faked out. I see that you said a break over VWAP with a 5 % SL is a good entry point. Is this a good way to enter? And what should I do if I find the stock has already made 3/4 pull backs and is trending over VWAP?

 

[Vimal Mittal]

@Sonny I am not able to write scan code "plot scan =close >=open1.05? How do i write this in TOS scan/ please ehlp me out. Thanks.

can u take a snap shot of your plot scan so i know how to enter "*1.05 for open" ? I am able to do "close >= open" in study but not sure how to add 1*05 value? Thanks

 

[vj123]

@Vimal Mittal Copy that line of code in the thinkScript Editor tab. Take a look at this - https://intercom.help/simpler-trading/en/articles/3619367-create-a-custom-scan-filter-in-tos

 

[Sonny]

@Sonny I am not able to write scan code "plot scan =close >=open1.05? How do i write this in TOS scan/ please ehlp me out. Thanks.

can u take a snap shot of your plot scan so i know how to enter "*1.05 for open" ? I am able to do "close >= open" in study but not sure how to add 1*05 value? Thanks

Try this code: (copy it exactly)

plot scan = close > (1.05*open);

 

[kinetic]

Do you use any of your other columns (C0, C1, L1) in this strategy?

 

[Sonny]

Do you use any of your other columns (C0, C1, L1) in this strategy?

Yes, I use these columns as well.

 

[Sonny]

So I'm actually having problem with entering on the pullbacks. Today I made profit with NBY, but actually lost money with ANTE because I got faked out. I see that you said a break over VWAP with a 5 % SL is a good entry point. Is this a good way to enter? And what should I do if I find the stock has already made 3/4 pull backs and is trending over VWAP?

For VWAP break, 5% stop loss is good. A good method of entry really depends on the stock setup. For EQ yesterday, that was the best way at 12:15pm. But it a stock is above VWAP, then wait for pullback to 9EMA or buy after bounce off VWAP. Today, BOXL showed up on the scan and ran from 2 to 2.73.

 

[mv08]

Does PRCP showed in this scan for anyone?

 

[Vimal Mittal]

Does PRCP showed in this scan for anyone?

yes. Thanks.

 

[kinetic]

DARE made some nice moves today around 12:15, it was the 2nd highest RV1 and wouldve been a nice buy when it broke above VWAP

 

[Vimal Mittal]

Try this code: (copy it exactly)

plot scan = close > (1.05*open);

Thanks. I go it.

 

[Vimal Mittal]

@Vimal Mittal Copy that line of code in the thinkScript Editor tab. Take a look at this - https://intercom.help/simpler-trading/en/articles/3619367-create-a-custom-scan-filter-in-tos

yes Thanks.

 

[Vimal Mittal]

Does PRCP showed in this scan for anyone?

How come ALT did not show anywhere till it was too late for me to enter? It did not pick in my watchlist on based of RVOL1.

 

[Sonny]

How come ALT did not show anywhere till it was too late for me to enter? It did not pick in my watchlist on based of RVOL1.

ALT does not show up because the scan only looks at stocks from 0.5 to 5 and ALT opened at 26.

 

[Gabrielx77]

For VWAP break, 5% stop loss is good. A good method of entry really depends on the stock setup. For EQ yesterday, that was the best way at 12:15pm. But it a stock is above VWAP, then wait for pullback to 9EMA or buy after bounce off VWAP. Today, BOXL showed up on the scan and ran from 2 to 2.73.

I saw and I made 6% off it today, but I bought over the high of the first pull back. Unfortunately, I'm on a cash account and have to focus on small gains with limited risk. I'm going to try for the pull back to the 9EMA after the break over VWAP. Every time my scanner updates, I always miss the break of VWAP, that's why I was asking. I'll let you know how it goes tomorrow.

 

[Sonny]

@Gabrielx77
Make sure you set an alert for when new symbols are added to the scan. Then assess the stocks that come at 9:35 or 9:36. Go for the highest volume, highest RV, and stock with room to run. When you buy it, you can hold it as long as it stays above VWAP. BOXL was on the scan early and met these conditions.

 

[jezzer46]

Hi Sonny. Thanks for the scan settings. Is there a certain rv1 level you weed out? Like anything below 10 or so. Or do you just go by top 3 on the list?

Today was the first day I had it up so I was in observation mode. But it nailed GENE had the perfect vwap pull back bounce. Great work

 

[jezzer46]

oh and one more thing. For those who struggle there is a nice little indicator here called momentum keltner channels. https://usethinkscript.com/threads/momentum-keltner-channels-for-thinkorswim.2855/ In the right context it gives really good entries.

The way I use it is in the indicator settings take everything off but the arrows. Then look for positive flow with vwap cross or wait for signal and buy on a pull back. Keeps it really simple and clean

 

[mv08]

Does stock appearing in this

Hi Sonny. Thanks for the scan settings. Is there a certain rv1 level you weed out? Like anything below 10 or so. Or do you just go by top 3 on the list?

Today was the first day I had it up so I was in observation mode. But it nailed GENE had the perfect vwap pull back bounce. Great work

I didn't get GENE in my scanner. Am I done something wrong?
But I created scan using below only:

Last: 0.5 to 5
% Change: 10% to No Max
Volume: 100,000 to No Max
Shares: 1 to 70,000,000
and
Custom Study Filter with Aggregation set to D (day) using this code:
plot scan = close >= (open*1.05);

 

[jezzer46]

@mv08 gene went over $5 so it got taken out of the scanner criteria. it was trading in the $3 range this morning