Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[rogtrader]

What's the best way to find the moving stocks (with the highest momentum in the market). Trade Ideas does have something like that.. Do we have a momentum scanner here? Thanks!

 

[Beouf_Wellington]

Hello, noob here.

I'm no coder by any means and a new trader, but found a Relative Volume code in a thread on this site, and it works wonderfully. The code is:

# START
plot c = Volume(period = AggregationPeriod.DAY) / Average(volume(period = AggregationPeriod.DAY), 50);
c.SetDefaultColor(Color.BLACK);
AssignBackgroundColor(if c > 2 then Color.LIGHT_GREEN else Color.PINK);
# END

Is there a way to add a line to this so the scan shows ONLY stocks with a RelVol of 2 or higher to keep the list down?

Thanks.

 

[BenTen]

@Beouf_Wellington You can set it up to something like this:

 

[Beouf_Wellington]

Thanks @BenTen. In fact, I think you were the one who wrote this code I am using, so thank you for that.

I'll see if I can figure this out. Like I said, new to all of this, but more than willing to research and learn.

 

[rogtrader]

What's the best way to find the moving stocks (with the highest momentum in the market). Trade Ideas does have something like that.. Do we have a momentum scanner here? Thanks!

 

[Vimal Mittal]

Please tell me how to use alert in my watchlist I have never done. Sorry for my poor knowledge.
Thanks sir.

You don't need to keep scanning as long as you set alerts for when new symbols are added to both scans. Just have the Message Center pulled up and you can see any new stocks that pop up on both scans.

 

[stockscouter87]

@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.

Hey Ben! So I normally use Trade Ideas for all my scanning needs but I've been trying to build up my TOS scanner to possibly compete with TI. There is only one thing that I can definitively say that without it there would be no way I could give TI up.

Maybe you can help though. Ok so you know how when there is a ticker starting to move the scanner will say running up?

Well I was wondering if we could get a notification some type of way in real time each time a stock moves say 5% in a min.

Something along those lines.
Also, did the advanced market mive

 

[BenTen]

@stockscouter87 You can only get real-time results when hitting the "Scan" button manually.

 

[vvasanthr]

Sharing my first experience using this scanner today, presuming might be useful to others
Ticker symbol CAAS came in the watchlist through this scanner at around 2.45 pm
I didnt notice the RV1 value of this stock until 3.20pm, by chance i got to notice the RV1 value which was around 560-this was unusual than the values i have seen before,
The stock moved from $8.11 to $12.64 within a span of an hour & the RV1 value moved from 560 to 908

@jezzer46 - look for the top 3 tickers which has the highest RV1 values, you can sort in the watchlist column

@Sonny - Thanks for sharing this scanner, appreciate it.
Was able to catch a shark with this cast net

 

[rogtrader]

Hey @vvasanthr ,

Good comment.. whats the actual scanner here? Can we get alerted? Thanks!

 

[K_O_Trader]

@stockcounter87 what is this so called "runner up" that you mention? I have not seen or heard of this and it sounds interesting

 

[vvasanthr]

Hey @vvasanthr ,

Good comment.. whats the actual scanner here? Can we get alerted? Thanks!

Thanks rogtrader
The scanner details are provided in page 1 of this post & look for other modifications suggest by Sonny.
https://usethinkscript.com/threads/...gy-and-momentum-scanner-for-thinkorswim.3002/

Scanner needs to be setup as watchlist & you can setup the alert for the watchlist. When a new ticker gets added, the TOS platform will send an alart to your preferred device.

 

[rogtrader]

Thanks rogtrader
The scanner details are provided in page 1 of this post & look for other modifications suggest by Sonny.
https://usethinkscript.com/threads/...gy-and-momentum-scanner-for-thinkorswim.3002/

Scanner needs to be setup as watchlist & you can setup the alert for the watchlist. When a new ticker gets added, the TOS platform will send an alart to your preferred device.

Thanks Vasanth bhai!! These days I find some good tickers, but I always mess up the entries and exits .. any good indicator for the entries and exits for day trading? I have tried moving averages, RSI, MACD, VWAP.. Bollinger Bands.. etc but cant catch the runs.. Thanks much!

 

[kmg526]

Thanks Vasanth bhai!! These days I find some good tickers, but I always mess up the entries and exits .. any good indicator for the entries and exits for day trading? I have tried moving averages, RSI, MACD, VWAP.. Bollinger Bands.. etc but cant catch the runs.. Thanks much!

I use the True Momentum Oscillator and MACD Histogram...that has been working very well for me.

 

[vvasanthr]

Thanks Vasanth bhai!! These days I find some good tickers, but I always mess up the entries and exits .. any good indicator for the entries and exits for day trading? I have tried moving averages, RSI, MACD, VWAP.. Bollinger Bands.. etc but cant catch the runs.. Thanks much!

try with this indicator, might be on a larger timeframe would help to decide on the entry & exit better. you can also try on lower timeframes
https://usethinkscript.com/threads/true-momentum-oscillator-for-thinkorswim.15/

 

[pareya]

Hello Sonny, I cannot see the scanner code... Where is it please?

Uhmm... Is it only me that I cannot see the code for the "Relative Volume Strategy and Momentum Scanner for ThinkorSwim"?
Can anyone please help. Thanks in advance

 

[rovo]

@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.

Hi @BonBon , when drawing your Fib Retracements in PreMarket... are you starting at 4am? Or are you including the lows in the aftermarket of the previous day?
Thank you.

 

[natcom2020]

@Sonny hi can you please share this scan i dont know to setup

 

[nvnun999]

@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.

What time frame are you using to look at VWAP & Price

 

[nvnun999]

No problem, but here I’ll put a specific example of the process.

1. Stock opens at 9:30 at $1.00 per share
2. At 9:45 it’s high is $1.10, it’s low is $0.95 and it’s close was at $1.06
3. At 9:45:01 I place an OCO bracket future buy order with a 1:1 RR (automatically sets a limit and stop loss as soon as I enter the trade) at $1.11
4. Wait for the stock to reach my future buy order at $1.11 and adjust my bracket to a 1:1 RR, which would be setting my limit to $1.25 and my stop at $0.95
5. As soon as I’m filled, I wait for it to hit either my limit or stop loss

That’s basically the process; big firms use this strategy with a 70% success rate, but they do trade large caps so it’s different. That’s why I’m going to be back resting this strategy with small cap stocks and the RV1 scanner.

How do you set auto RR?