Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[subzero]

Does anybody know how can I scan RV in pre-market?
This RV scanner works at beginning of market only.

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)

 

[westsail5000]

@redmoma I literally just came on here to ask that same question. I find the answer that you were given unsatisfactory, but I give them a c+ for the regurgitory information that was given to you. And its not just the watchlist columns its the scans also. The relative volume has the worst issue with loading. I have tried closing all windows, charts, options grids, upping the memory, nothing seems to work. I have very good internet connection, Its really a doosie. As if its not enough dealing with the similar issue of the custom expression issue, although that issue does seem to clear up by closing some windows.. My scans show up less that 20 results and I only have one open and still the relative volume issue, it really ****es me off, gonna be looking for alternatives soon if cant get this sorted out, tos is playin with my heart again : ( By cutting down the available bandwidth they are really making tos unusable. I wonder if they increase bandwidth to those with higher account balances, ect...

 

[jrock8903]

@westsail5000 I contacted TD via online chat and they said "We know there is an issue with Custom Columns and have no ETA on when it will be fixed". GRRRRR... so far this seems to be a good indicator. When I scan at 8:35 Central, I usually only have one or two tickers.. maybe a few more by 8:45. Hard to trust the output when you don't know what the RV1 is. Also don't know if I should be seeing more.

 

[BonBon]

@ltphong112 Try this

def isRollover = GetYYYYMMDD() != GetYYYYMMDD()[1];
def beforeStart = GetTime() < RegularTradingStart(GetYYYYMMDD());
def vol = if isRollover and beforeStart then volume else if beforeStart then vol[1] + volume else Double.NaN;
def PMV = if IsNaN(vol) then PMV[1] else vol;
def AV = AggregationPeriod.DAY;
def x = Volume(period=AV)[1];
def y1 = Round((PMV/x),2);
def L = Lg(y1);
def p = if L>=1 then 0 else if L>=0 then 1 else 2;
def y2 = Round(y1,p);
plot z = y2;
z.assignValueColor(if z>=20 then color.CYAN else if z>=5 then createcolor(255,153,153) else createcolor(0,215,0));

If it is not working check the this thread.

 

[westsail5000]

Does anybody know how can I scan RV in pre-market?
This RV scanner works at beginning of market only.

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 thought u could just change the aggregation from D. D doesnt do premarket, gotta go the next step down to 4hr/2hr/1hr ect... then under the 4 hr ect ull see u can select ext for extended hrs. usually u can change it just like u wud any other built in study. dont touch the code is what im sayin, if ur tryna use that code.

 

[Shasha]

@Gabrielx77 I can not get the shared link for TREND PAINTER http://tos.mx/hvxOzYt to load on TOS. Just keeps "loading". Can you share the actual code for your best version of Trend Painter?? Thanks!

 

[rad14733]

@Gabrielx77
I can not get the shared link for TREND PAINTER http://tos.mx/hvxOzYt to load on TOS. Just keeps "loading". Can you share the actual code for your best version of Trend Painter?? Thanks!

TOS has been doing system updates throughout the weekend and sporadic lapses in functionality across the platform can be expected... I keep reading the same complaint in topic after topic today... Be patient and check again later...

 

[JoseyWales]

If anyone is still checking this thread, I would love to know what stocks came up on your PM scan for today.
And tomorrow (Wed)

Last: 0.5 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.

And the RV1 scan at 9:35 ish

Last: 0.5 to 15
% Change: 10% to No Max
Volume: 500,000 to No Max
Shares: 1 to 70,000,000
Custom Study Filter with Aggregation set to D (day) using this code: plot scan = close >= (open*1.04);
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)

Is anyone having success?

BonBon?, Gabrielx77?, Jezzer46? Anybody else?

Much appreciate the teamwork on this site.

 

[JoseyWales]

If anyone is still checking this thread, I would love to know what stocks came up on your PM scan for today.
And tomorrow (Wed)

Last: 0.5 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.

And the RV1 scan at 9:35 ish

Last: 0.5 to 15
% Change: 10% to No Max
Volume: 500,000 to No Max
Shares: 1 to 70,000,000
Custom Study Filter with Aggregation set to D (day) using this code: plot scan = close >= (open*1.04);
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)

Is anyone having success?

BonBon?, Gabrielx77?, Jezzer46? Anybody else?

Much appreciate the teamwork on this site.

2-10-21 OLB was first up on the RV scan at 6:33 for me RV1 = 96.2

 

[jezzer46]

Hey guys I actually dont day trade these stocks anymore but I did for awhile back last year. (reason I dont trade is because I use strictly cash only accounts in which the capital required became an obstacle to me). Here is the scan I used and it still works:

Volume: min 600,000 max: open
Last: min $0.50 max: $15
shares: min: open max: 70 million
%change: min 3% max: open
Study: custom: plot scan = close>=(open*1.04); sort by D (day)


The trick to trading these stocks is not focusing yourself with the initial move up from premarket. Its almost pure luck that you can get in before then. The way the scan is designated to work is to find the stocks that have made the move already, hence you will see a lot of stocks that hit the high premarket and fall back down.

RV1 comes into play as it helps you designate where the most volume is being traded for the day. Trading the low floats is all about momentum. The more the rv1 the higher chance that that stock moves. Its not always the case but thats where your trading plan comes into play. Stocks that dont register the rv1 are a toss up. I used to sort by total volume not by highest rv1. It helps with the non registering rv1 in the column.

I also found this indicator to be very helpful: https://usethinkscript.com/threads/custom-thinkscript-volume-stats-for-thinkorswim.970/. The breakdown of volume based on 30day avgs is useful. Another tool to designate high momentum stocks.

*just from my experience opening bell trades ****. The best moves happen 5 to 30 min after market open. Waiting for the pull back worked for me the best. Playing the breakout caused more pain than anything, once in awhile you can get lucky with a parabolic move but what usually happens is that short sellers are looking to drop stock. So sometimes you might get caught up in a false breakout.

Hope this helps anyone.

 

[JoseyWales]

Hey guys I actually dont day trade these stocks anymore but I did for awhile back last year. (reason I dont trade is because I use strictly cash only accounts in which the capital required became an obstacle to me). Here is the scan I used and it still works:

Volume: min 600,000 max: open
Last: min $0.50 max: $15
shares: min: open max: 70 million
%change: min 3% max: open
Study: custom: plot scan = close>=(open*1.04); sort by D (day)


The trick to trading these stocks is not focusing yourself with the initial move up from premarket. Its almost pure luck that you can get in before then. The way the scan is designated to work is to find the stocks that have made the move already, hence you will see a lot of stocks that hit the high premarket and fall back down.

RV1 comes into play as it helps you designate where the most volume is being traded for the day. Trading the low floats is all about momentum. The more the rv1 the higher chance that that stock moves. Its not always the case but thats where your trading plan comes into play. Stocks that dont register the rv1 are a toss up. I used to sort by total volume not by highest rv1. It helps with the non registering rv1 in the column.

I also found this indicator to be very helpful: https://usethinkscript.com/threads/custom-thinkscript-volume-stats-for-thinkorswim.970/. The breakdown of volume based on 30day avgs is useful. Another tool to designate high momentum stocks.

*just from my experience opening bell trades ****. The best moves happen 5 to 30 min after market open. Waiting for the pull back worked for me the best. Playing the breakout caused more pain than anything, once in awhile you can get lucky with a parabolic move but what usually happens is that short sellers are looking to drop stock. So sometimes you might get caught up in a false breakout.

Hope this helps anyone.

Thanks, Jezzer, good info.
I agree, bell trades very rarely work out.
I have been tracking the ones on the RV scan and if you can buy the pullback at the right time it has a good probability of working.
Of course, the right time is the key and difficult to do live.

Good luck to you.

 

[VictusJogi]

2-10-21 OLB was first up on the RV scan at 6:33 for me RV1 = 96.2

Yeah I had an eye on it..Bought it at $12..It went up to $16..I couldnt sell it.. The stock was suspended like 4 times today.. I ended up taking a loss..

 

[JoseyWales]

Yeah I had an eye on it..Bought it at $12..It went up to $16..I couldnt sell it.. The stock was suspended like 4 times today.. I ended up taking a loss..

Argh Yeah I think the sell at 10% profit is almost a must on these. At least half.

 

[VictusJogi]

Argh Yeah I think the sell at 10% profit is almost a must on these. At least half.

True...This is something (Greed&Fear) Clouds over me.. Stock being suspended is a real pain in the neck..
If you looked yesterday $AUVI had the strongest RV..It was around 350 but the stock was suspended around 10 times..

 

[JoseyWales]

True...This is something (Greed&Fear) Clouds over me.. Stock being suspended is a real pain in the neck..
If you looked yesterday $AUVI had the strongest RV..It was around 350 but the stock was suspended around 10 times..

Yes I showed AUVI yesterday also but it took off fast. I didn't see a setup I was comfortable with entering on.
Ran big though.

 

[VictusJogi]

Yes I showed AUVI yesterday also but it took off fast. I didn't see a setup I was comfortable with entering on.
Ran big though.

Yeah it did..

 

[jgresham1979]

So I used the code at the beginning of this thread to create a "Momentum Scanner" as well as the "Momentum Study" to add to my charts. The chart will show a green arrow underneath the candle once that condition is met, signaling that the stock may begin to rise quickly. I was wanting to create a scanner to scan for this signal.

The "Momentum Scanner" will mainly scan for high relative volume, which is great, but by the time I get the alert and click on the chart, the stock has already risen rapidly from the green arrow several candles before. Is there a way to create a scanner that scans for this signal as it happens (or at least once that candle is closed out)? I know how to set it as a watchlist and create alerts to myself when one is added. Thank you.

 

[tom23824]

Today (7/6/20), AYRO had the highest RV1 at 9:32am and it had a huge run today! On 7/2, JOB had the highest RV1 at 9:32!

What is RV1?
what should be the condition in the study while it is applied to Scanner?

 

[VictusJogi]

What is RV1?
what should be the condition in the study while it is applied to Scanner?

https://usethinkscript.com/threads/...gy-and-momentum-scanner-for-thinkorswim.3002/.. Check this link out.. @Sonny did this amazing job...

 

[tom23824]

https://usethinkscript.com/threads/...gy-and-momentum-scanner-for-thinkorswim.3002/.. Check this link out.. @Sonny did this amazing job...

I am bit lost
Do I save the thinkscript code for the relative volume as Study? Then add this Study as a column in the Watchlist?
Then order the Watchlist on the RV column by descding order?