Relative Volume Strategy and Momentum Scanner for ThinkorSwim

New Indicator: Buy the Dip

Check out our Buy the Dip indicator and see how it can help you find profitable swing trading ideas. Scanner, watchlist columns, and add-ons are included.

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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
VIP
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
@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.
 

charlie2598

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/
can you able to share scan template which you mention here
 

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