Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[Sonny]

Hi, Sonny, After I set the momentum scan/watchlist, how to set up alerts to pop up new symbols in Thinkorswim? thank you in advance

Go to the Scan tab at top, pull up the scan, and under the green SCAN bar, you will see a bar with 3 lines on it. Click this and select "Alert when scan results change". Then you can see new ones pop up on your sidebar scan or pull up message center to see new ones.

 

[CDJay]

Thanks, Gabriel. I'm very appreciative of your input.

 

[Gabrielx77]

Thanks, Gabriel. I'm very appreciative of your input.

No problem, I like to help.

 

[Sonny]

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.

 

[CDJay]

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)

Sonny, I was curious whether there's a strategy on your part to having low float and high float versions of the scan. Would you invest differently in either scenario, so it helps you keep track of which one you're buying?

 

[Sonny]

Sonny, I was curious whether there's a strategy on your part to having low float and high float versions of the scan. Would you invest differently in either scenario, so it helps you keep track of which one you're buying?

I keep them separate because the low float stocks have a higher potential to make big spikes so I would prefer the low float ones over the high float ones.

 

[CDJay]

I keep them separate because the low float stocks have a higher potential to make big spikes so I would prefer the low float ones over the high float ones.

That reminds me that some people try to find stocks with a higher percentage of short sellers, because the shorts can get caught in a squeeze when a stock starts climbing upward quickly. Does TOS offer the ability to flag that? And do you see any benefit to it?

 

[RushPro808]

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)

Could you please clarify "plot scan = close >= (open*1.04);"? Specifically the (open*1.04)..... Is this because a value less than 1 it is not in play? The higher the RVOL the more in play the stock is? Therefore 1.04 represents the RVOL? Thank you in advance.

 

[Sonny]

Could you please clarify "plot scan = close >= (open*1.04);"? Specifically the (open*1.04)..... Is this because a value less than 1 it is not in play? The higher the RVOL the more in play the stock is? Therefore 1.04 represents the RVOL? Thank you in advance.

That filter is to check if current close is at least 4% higher than the open. This allows you find stocks trending upward from the open.

 

[Sonny]

IMRN was the big winner! It showed up at 9:47 today on the scan. It had a good catalyst and was AM gapper. By 9:47, it had a VWAP break and bullish flag pattern as well then VWAP bounce. It is important to wait for the AM gappers to develop. Sometimes, it takes a while like VRNA did on 7/17 at about 10:20.

 

[Gabrielx77]

IMRN was the big winner! It showed up at 9:47 today on the scan. It had a good catalyst and was AM gapper. By 9:47, it had a VWAP break and bullish flag pattern as well then VWAP bpounce. It is important to wait for the AM gappers to develop. Sometimes, it takes a while like VRNA did on 7/17 at about 10:20.

Did it show up on your pre-market scanner or the regular intraday scanner? The only ones on my scanner around that time were XBIO, CKPT, BRQS, DPW and maybe 2 more.

 

[Sonny]

Did it show up on your pre-market scanner or the regular intraday scanner? The only ones on my scanner around that time were XBIO, CKPT, BRQS, DPW and maybe 2 more.

I changed the scan settings. See at the top of this page. IMRN and DPW both were on my premarket scan and I waited for them to show up on my momentum scan and IMRN did at 9:47.

 

[Gabrielx77]

I changed the scan settings. See at the top of this page. IMRN and DPW both were on my premarket scan and I waited for them to show up on my momentum scan and IMRN did at 9:47.

Got it, thank you

 

[jezzer46]

IMRN was the big winner! It showed up at 9:47 today on the scan. It had a good catalyst and was AM gapper. By 9:47, it had a VWAP break and bullish flag pattern as well then VWAP bpounce. It is important to wait for the AM gappers to develop. Sometimes, it takes a while like VRNA did on 7/17 at about 10:20.

it even had the imrnw (warrants) which popped over $1 gain.

 

[CDJay]

Raise your hand if you felt relieved today to escape with small gains on BRQS and TNXP, because you thought you had made the wrong decision before they finally turned around, only to see they went up nearly 50% shortly thereafter!

(my first and only emoji in life.....)

 

[Sonny]

MTP looks great today! It showed up on my scan at 9:34 at $3.92. This is the ideal stock: Low Float (5M), Good catalyst, highest RV1, and VWAP break with smooth upward transition.

 

[CDJay]

That was another one whose exit I blew. I got in at $3.31 at the opening, watched it rise to $4.01, then — with all apologies to any programmer here, because you are the reason I've been able to find these stocks — I don't think Advanced Market Mover can keep up with screamers, because it gave me a reversal arrow, so I bailed at $3.77.

The good news is I'm getting better at picking winners; but I need to learn when to say goodbye!

 

[Sonny]

I will post another chart study that tracks Volume, RV from PM to a set time. You only have to change the endTime to get the value you want:

# Volume and RV at set time

input startTime = 0400;
input endTime = 0945;

def Active = SecondsFromTime(startTime) >= 0 and SecondsTillTime(endTime) >= 0;
def Vol2 = if Active and !Active[1] then volume
else if Active then Vol2[1] + volume
else Vol2[1];
AddLabel(1, "Volume: " + Vol2, Color.YELLOW);

def x1 = Average(volume(period = AggregationPeriod.DAY)[1], 60);
def x2 = Round((Vol2 / x1), 1);
AddLabel(1, "RV: " + x2, Color.PINK);
Addlabel(1, "Time: " + endTime, color.GREEN);

 

[Sonny]

That was another one whose exit I blew. I got in at $3.31 at the opening, watched it rise to $4.01, then — with all apologies to any programmer here, because you are the reason I've been able to find these stocks — I don't think Advanced Market Mover can keep up with screamers, because it gave me a reversal arrow, so I bailed at $3.77.

The good news is I'm getting better at picking winners; but I need to learn when to say goodbye!

Next time, hold your entry as long as it stays above VWAP and sell it when it hits your price target.

 

[RickAns]

Thanks, Sonny. Been trying your watch list here this week. Got to make a nice little sum on riding MTP wave after it popped up on the watch list this morning. Cheers.