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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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Gabrielx77

Active member
@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.
So I made 7% on CPTA this morning, but I know I missed out on GENE big time (I only get 1-2 trades a day bc I'm on a cash account). What I've noticed is that the 5m chart seems to be a little smoother with the run up, especially when I look to sell when it breaks VWAP or the 9Day. I didn't enter GENE this morning because it broke the 9day and I saw CPTA on a move up; however, if I saw the run on the 5m chart, I would've waited for the pullback to the 9Day and easily made over 100%. I'm going to test it out tomorrow, see what I get.
 

jezzer46

Member
VIP
stim was a good one too. Totally missed out on it as I shifted to options at that point. Right at 12pm. While this is not the end all be all it certainly points you into the right direction more often than not.
 

Sonny

Active 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)
 
Last edited:

Sonny

Active member
VIP
Focus on stocks that appear on the scan before 10:15am and track them. If a stock's volume is not 1,000,000 by 9:45am, then it is not worth tracking. Today, BOXL and BKYI showed up and had decent spikes.
 
Last edited:

Gabrielx77

Active member
Focus on stocks that appear on the scan before 10am and track them. If a stock's volume is not 1,000,000 by 9:45am, then it is not worth tracking. Today, BOXL and BKYI showed up and had decent spikes.
lost money on BKYI.. was trading too choppy, it was my fault. Should've got in at BOXL. Even ARC rose, but it was even choppier than ARC.
 

Sonny

Active member
VIP
I have revised the scan settings again. 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*1.04);

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)
 

Sonny

Active member
VIP
I also created one more scan that is the same as the one above except it picks up stocks with higher floats:

Last: 0.5 to 7
% Change: 10% to No Max
Volume: 500,000 to No Max
Shares: 70,000,000 to 300,000,000

Custom Study Filter with Aggregation set to D (day) and 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)

I did this because HTBX had a huge run today but did not show up on my first scan because the float was too high for it. With this new scan, HTBX would appear shortly after 10am.
 

poststreet

Member
VIP
I also created one more scan that is the same as the one above except it picks up stocks with higher floats:

Last: 0.5 to 7
% Change: 10% to No Max
Volume: 500,000 to No Max
Shares: 70,000,000 to 300,000,000

Custom Study Filter with Aggregation set to D (day) and 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)

I did this because HTBX had a huge run today but did not show up on my first scan because the float was too high for it. With this new scan, HTBX would appear shortly after 10am.
sonny thanks for your work, one question- how often dyou scan and you do use a 5 minute time period ?
 

Sonny

Active member
VIP
sonny thanks for your work, one question- how often dyou scan and you do use a 5 minute time period ?

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.
 

markos

Well-known member
VIP
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.
@Sonny thanks for all of the good stuff you are providing here. Greatly Appreciated, Markos
 

k8be

New member
@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)
Thank you Sonny! Also is the change going to be similar for checking the pre-market without the last 2 study filters?
 
Last edited:

Gabrielx77

Active member
when do you start and stop scanning ? thanks
Start at 9:30, although they probably won’t show up until after 9:35; your watchlist should automatically update when stocks are added to the scanner.. make sure you set an alert on your watchlist so you’re notified when stocks are being added. You don’t have to keep going back and refreshing, it’ll show on your watchlist that you use with this specific scanner settings.
 

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