Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[Gabrielx77]

How do you set auto RR?

it's risk to reward, and you can set it to whatever you want. Either by value or percentage, I usually do percentage. Just go to Active Trader and chose bracket order; where you see a "+/-", just click it until it changes to a percentage and you can put whatever you want. Orders have to be limit and stop. It's not really setting a risk to reward, but it helps.

 

[Actuarius]

Hi Sonny, I would like to go back to your original post in this thread. Many thanks for the post, but could you please help this noob out? I can't figure out how to get this scan to work - from the most basic level. Are your lines of "code" script that need to be typed into the script box? Or are they filters that somehow get set? Or both? I feel like the first guy who tried to figure out hieroglyphics - not realizing that the some of the characters represented words and others represented letters.

 

[Actuarius]

Can someone please give me mouse click by mouse click instructions on how to install(?) and run this scan? Thanks in advance.

Last: 0.5 to 15
% Change: 10% to No Max
Volume: 500,000 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*1.04);
and
Study Filter - (under Volume) Unusual Volume, Current bar's Volume increased at least 40% from its typical average over 60 periods and Aggregation set to D (day)

 

[nvnun999]

At 9:36 today (7/13), ANTE, INSE, and OSS popped up on the scan. So how would you decide which one to pick? Well, INSE had very little volume, barely above 100K and RV value was low. OSS had a big premarket run so did not have a lot of room to spike further. ANTE had big volume (>500K), huge RV, and had lots of room to run. So the scan will show you good stocks but you have to use these criteria to narrow down which stock is best for potential spikes.

Are you referring to 9am EST OR PST

 

[novadolla]

@Actuarius Just go to the thinkorswim scan tab, and add each filter

 

[Thomas]

Can someone please give me mouse click by mouse click instructions on how to install(?) and run this scan? Thanks in advance.

Last: 0.5 to 15
% Change: 10% to No Max
Volume: 500,000 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*1.04);
and
Study Filter - (under Volume) Unusual Volume, Current bar's Volume increased at least 40% from its typical average over 60 periods and Aggregation set to D (day)

I did your scan,.....added a Momentum "7/65" for stock strength and placed large volume to generate strength...... you can change numbers to whatever you prefer..... copy/Paste > set-up/open shared items,..... upper right on TOS main chart. Import, name it, look in your scans..... http://tos.mx/dYUHUsv

 

[westsail5000]

Here's the code. I'm trying to use it for the market open. to scan for relative volume over a specified amount, over a specified length of bars.

def volumecondition = relativevolumestdev(50).relvol >= 7.0;
plot signal = sum(volumecondition, 10) >= 1;

I didn't write it but got it from YouTube. The thing is is that it seems to work for stocks over around 6.5 but I have yet to be able to pick up anything with a 7.0 rv, on say the 1 minute timeframe. VERY Strange to me huh? and in my conspiratorial mind.. maybe not a coincidence lol. Soo I did lower it to 6.5 last session, but even at 6.5 it seems like it might have missed a few stocks in the morning, but I cant say for sure. But here's the thing that makes it weird, is that the scan does seems to work most of the time as long as its under 6.8 or so but definitely not anything above 7rv. But I can say with much certainly that it will not pick anything up above 7. So anyways just trying to figure out if this is the best code for what I'm trying to do here. makes me think about trying to find another scanner if I cant figure this out in tos..

 

[generic]

@westsail5000 Have you tried using relativevolumestdev(50) study to see what it does? I looked at GLSI and it went from 20K to 20M volume and volumestdev went to 6.99973. I doubt that you'll see 7 on a scan.

 

[westsail5000]

@westsail5000 Have you tried using relativevolumestdev(50) study to see what it does? I looked at GLSI and it went from 20K to 20M volume and volumestdev went to 6.99973. I doubt that you'll see 7 on a scan.

it happens all the time buddy, take a look at pte just yesterday

 

[generic]

@westsail5000 PTE hit 6.76 yesterday. Not 7.

Edit: I'm guessing you didn't change length 50.

 

[westsail5000]

@westsail5000 PTE hit 6.76 yesterday. Not 7.

Edit: I'm guessing you didn't change length 50.

im assuming you mean the length in the code, that would defy the purpose as im looking for those spikes within a small windo of say 10 minutes if im looking for breakouts at open. And yes the rv did spike well over 7 on the 1 and 5 minute timeframes. not sure what timeframe your looking at... look at pte on your chart in the one minute or 5 minute timeframe at 9:30

 

[generic]

@westsail5000 Your original scan is using length 50 hence the (50). If you change it back to () then you would start seeing scans for 7+. Also using this for 1 min and 5 min would always have spikes on the first bar of open so I would suggest turning off ext hours.

 

[westsail5000]

@westsail5000 Your original scan is using length 50 hence the (50). If you change it back to () then you would start seeing scans for 7+. Also using this for 1 min and 5 min would always have spikes on the first bar of open so I would suggest turning off ext hours.

wow i really feel like an ***** lol. I didnt even think much about that 50 number. See the 10 is supposedly the amount of bars within a timeframe that it is searching for. so like the code i posted would be searching for 1 rv over 7 within 10 candles on whatever timeframe that im on. So i was under the impression that the 10 was the length. So your saying that there are like 2 lengths? So you say change it to () correct? which is basicly changing it to zero? just trying to get a grasp on what your sayin. And yes there are always spikes at open but they are definiatly not always above 6.5 and certainly not always above 7. And again this is not something that i want to use by itself. It it to be combined with the built in unusual volume increase, to really narrow down some good potential breakout stocks. And yes i was conscious about having the ext turned off to make sure that didnt interfere. maybe another scan with ext on would be good. thanks very much ahead of time, im gonna try changing it now, market is closed now but i should still be able to pick up some stocks with the scan, ill let ya know.

 

[generic]

@westsail5000 Changing it to () is not setting it to 0, it's using TOS default settings which is 60. Hope I was able to help.

 

[westsail5000]

@westsail5000 Changing it to () is not setting it to 0, it's using TOS default settings which is 60. Hope I was able to help.

just wanted to say thanks very much that did the trick, i really need to learn to program lol.

 

[redmoma]

Does anyone know why it takes so long for the RV1 column to populate in the watchlist? For me it can take up to 10 minutes to load when a new symbol is added.

 

[rad14733]

Does anyone know why it takes so long for the RV1 column to populate in the watchlist? For me it can take up to 10 minutes to load when a new symbol is added.

There can be several reasons... First, Watchlist Columns have a lower priority than standard trade data so fills take longer, especially during busy times during the trading session... Second, it can depend on the aggregation period you selected for that Watchlist Column... And, finally, it can depend on how many calculated columns you have throughout your TOS setup on Watchlists, Scans, Option Chains, as well as Chart Labels, Chart Studies, etc... All custom calculations come into play...

 

[Gymini]

I ran this scan today and it right on with SIFY... but I dont understand what the other columns are for in the color coded watchlist if RV1 is the only one thats relevant?

 

[HUJI]

I would like to share something interesting I found when trying to find high momentum stocks. Please see the other thread I posted under Indicators labeled "Color coded watchlist columns." The RV1 value is very important in finding the strong stock of the day. When I ran my gap scanner around 9:32am, I found that the stock with the highest RV1 value tends to be very strong. For example, CBLI on 6/26, PDSB on 6/29, POLA on 6/30 and MYOS on 7/1. Each stock was a big winner on that day. So make sure to keep track of the gappers with the highest RV1 for big gains.

Also, I want to share a momentum scan that helps identify stocks early that are ready to run. Just create a scan with the following conditions:

Last: 0.5 to 15
% Change: 10% to No Max
Volume: 500,000 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*1.04);
and
Study Filter - (under Volume) Unusual Volume, Current bar's Volume increased at least 40% from its typical average over 60 periods and Aggregation set to D (day)

On 6/30, it showed OXBR and APEX; and on 7/1, it showed SUNW, LKCO, and MMLP before the big runs.
This scan helps investors shift their focus from the early gappers that sometimes fail to low price, low float stocks that make their moves later in the day. This scan works best on stocks that show up before 11:30am and RV1 values show up only after 9:30am.

What is a ( RV1 ) value ????

 

[jrock8903]

I have set up and trying to use this search, however, many times after the search runs, the RV1 value just says loading and never actually shows a value. Anyone else have this issue?