Relative Volume Strategy and Momentum Scanner for ThinkorSwim

rad14733

Well-known member
VIP
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?

You would save the code as a Study and then reference the Study in the Conditional Wizard for a Custom Watchlist Column... The process has been documented and I'm pretty sure @BenTen has posted a video in the usethinskcript YouTube Channel...
 

Madhu

Member
Here is a new revision of the code which now captures price of 0.5 to 15:

Last: 0.5 to 15
% 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*1.04);
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)

With these new settings, stocks like VRNA will show up on here. VRNA had a great setup. It was an AM gapper (from premarket scan). It would show up on this momentum scan as well. It also had the highest RV1 of all stocks on Friday. Plus it had bullish stock patterns like rounding bottom, double bottom, VWAP break, and bull flag pattern before it had the big spikes. When a stock has the highest RV1 and has bullish stock patterns, it has a good chance to do big VWAP bounces like VRNA did.
Hi Experts,
I was able to add these:



Last: 0.5 to 15
% 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*1.04);

I am not able to add these:
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)

Can you please help me how to add this particular last one?
 

TeeK

New member
Hi Experts,
I was able to add these:



Last: 0.5 to 15
% 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*1.04);

I am not able to add these:
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)

Can you please help me how to add this particular last one?
You could try this tos shareable link: https://tos.mx/TzJ1SY7
 

SMB777

New member
Hi
Can someone or @BenTen help modify this code so that scan results only show tickers with "r"(Relative Volume) greater than 5?
Right now it only color codes the relative volume

Code:
#Relative Volume
def x = Average(volume, 60)[1];
def v = volume;
plot r = Round((v/x),1);
r.assignValueColor(if r >= 20 then color.CYAN else if r>=5 then createcolor(255,153,153) else createcolor(0,215,0));
 
Last edited:

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
@SMB777 Here is an example

HbXzBMP.png
 

Ginu09

Member
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?

I made a few tweaks also to Sonny's criteria as I found too many results were returned:

Sonny requires a 10% net change from the day before and a +4% intraday change. I reduced the 10% net change to 2% as there are many plays where there is no gap up and little to no pre-market volume but the second it breaks pre-market highs, it's in play for the day. The 2% finds these early as it incorporates net change from the day before. I therefore also remove the +4% intraday requirement. By also removing the intraday requirement, it catches high relative volume plays that dip at the open.

I added a filter to require market caps below 200M because the bigger the market cap the more money is required to be put into the stock to double or triple it intraday.

I upped the max price to 50 to catch the TKAT's that go up from $7 to $20+.

I upped volume to 500,000.
 
Last edited:

ImaBat

New member
This is what I use to scan for Stocks with relative volume over 5.0 Hope it helps! (works well with Daily)

Code:
plot signal = RelativeVolumeStDev(50).Relvol >=5;
 

SaintsOptions

New member
@BenTen, @markos, @horserider You all seem to be very knowledgeable about different indicators so I was wondering what can you recommend I use with this a strategy to help decide when the trend will start reversing or losing momentum.

Right now I'm trading using a Fibonacci retracement but sometimes price flies right past a zone and I was wondering if there was a way to see that the trend was exhausted and is ready to turn.

Things that come to mind are RSI, MACD, factual energy, ADX. But I was wondering if there is anything else or one that works the best at helping me determine if there is about to be a reversal at one of the fib zones.

EG: I want to see price approaching a fib retracement level and look at another indicator to determine if the price will bounce from that zone or fly through it.
Was wondering if the TTM Squeeze study might show exhaustion. I know this was posted a long time ago but I just found it and it's still relevant.
 

STS Cyber Rogue

New member
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:

Scanner's conditions:

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)

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.

RVOL Indicator and Watchlist Column: https://usethinkscript.com/threads/rvol-relative-volume-indicator-watchlist-for-thinkorswim.1014/
Would this be a good choice for swing trading? I'm very new and trying to stay away from scalping and intraday.
 
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:

Scanner's conditions:

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)

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.

RVOL Indicator and Watchlist Column: https://usethinkscript.com/threads/rvol-relative-volume-indicator-watchlist-for-thinkorswim.1014/
can you able to share scan template which you mention here
 

RECONRANGER

New member
VIP
@jezzer46 @Gabrielx77 @k8be @mv08 @Vimal Mittal @apmerf @vj123 @webdementia @kinetic

I have revised the scan settings based on some low volume stocks that need to be screened out. Make sure you set an alert when new symbols are added and check the Message Center to see them as they pop up.

Last: 0.5 to 7
% 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) and using this code:
plot scan = close>=(open*1.05);

Study Filter - (under Volume) Unusual Volume, Current bar's Volume increased at least 50% from its typical average over 60 periods and Aggregation set to D (day)
Hi Sony, do you mind sharing the TOS link scan. Thanks
 

richardnguyen

New member
VIP
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:

Scanner's conditions:

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)

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.

RVOL Indicator and Watchlist Column: https://usethinkscript.com/threads/rvol-relative-volume-indicator-watchlist-for-thinkorswim.1014/
Do you have a scan setup where it gap down ready for a big loss ?
 
Last edited:

MerryDay

Administrative
Staff member
Staff
VIP
Lifetime
Hi Sony, do you mind sharing the TOS link scan. Thanks
Did you know that clicking on a member's avatar will allow you to see when a member was last seen on the uTS forum? @Sonny has not been seen in a while. :(

Not sure what you are looking for. These are all default elements in the Scan Hacker that you can choose exactly as in the post you quoted.
Here is how it should look:
DHqrORs.png

Shared Scan Link: http://tos.mx/SB96H62 Click here for --> Easiest way to load shared links
 

MerryDay

Administrative
Staff member
Staff
VIP
Lifetime
How did this work for you?
How do you feel about holding overnight?
Not sure who in this 23-page thread that you are addressing?
Did you know that clicking on a member's avatar will allow you to see when a member was last seen on the uTS forum? The OP: @Sonny has not been seen in a while. :(

# # # # #
The best way to learn to read charts and indicators is to apply them. Recommend you put it on your chart. Nothing beats personal experience ;) The only way you will know what the plots are doing, is to observe them on your charts and how they inter-relate with your other indicators.

Review the history over a variety of tickers. Review the overnight history to see if holding overnight would work for you.

Most indicators need tweaking depending on the timeframe, the market, the ticker.

No one can possibly know what tweaks will work best for you. It is up to you to play with the settings and see how the indicator line up w/ your strategy and with your other indicators.

To determine if this indicator brings value, analyze it over different timeframes, across history and with multiple instruments.
# # # # #
 

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