Relative Volume Strategy and Momentum Scanner for ThinkorSwim

xmnGAiV.png


Hey, Thank you MarryDay. I am trying to run this scan after hours but sometimes it doesn't work, any idea, please? Thank you for your help

Thanks
 

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

I made a change to the scan and removed the % change condition to see the high RV1s with an initial dip in the morning. If anyone likes dip buys or gap & craps, this may be helpful.
 
RGLS ate my lunch today. Bought at the 1.07 bounce on the 5 minute and suddenly it was at .99 in the blink of an eye. Ugh, that will teach me to step away from the computer.....
 
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.
When I enter "plot scan = close >= (open*1.04)" it says invalid statement: syntax error: double ==
Please advise. Thank you.
 
@Sonny So for shorts would you change the custom study filter to NEGATIVE 1.04? see below...

plot scan = close >= (open*-1.04);

or is it plot scan = close >= (open/1.04);
 
Last edited:
@CDJay Actually, this is more for looking back on RV and volume to see the values. The best live values will be the RV column code in my other thread and my volume chart label.

The best premarket relative volume estimate is my chart label and the latest version is page 4 of Useful Intraday Chart Labels.

I realize this is off topic but I have certain songs that motivate me to do well in trading: (artist, title)

Pet Shop Boys, Opportunities
ABC, Millionaire song
Warrant, DRFSR
Twisted Sister, We're Gonna Make It
Motley Crue, Keep your eye on the money
Twisted Sister, I Wanna Rock
Warrant, Big Talk
Lita Ford, Larger Than Life

Check them out on Youtube if you get a chance and let me know what you think.
Sonny, now I know the secret sauce I've been missing!

Actually, in the beginning of each day I'm in the same room as my lovely bride, and I've always said that she doesn't like music with guitars, drums or synthesizers — what else is left?! — so I put on playlists that I know she'll accept.

But I'm wired for music. In fact, my username came courtesy of my brother at a time long before states began getting into CBD's. There was an exhale, and in that slightly squeaky voice he says, "Jay, Jay. CDJ."

"What are you talking about??"

"CDJ. It's perfect. CD, DJ, and Jay. It all fits and you've got a million CD's. You should be a DJ."

And as much as that stoner irritated me in that moment, I became a mobile DJ for about five years....
 
I have a Homer d'oh moment that might have actually segued into a good idea if TOS allows it.

A guy in a video said he likes to throw the news underneath the charts, because it forces Level II to get smaller, so he's able to see the Bid and Ask at a glance versus spread apart. That sounded reasonable, so I copied him. A couple of days later, I was using the scan in after hours and realized I should have picked two different stocks. Suddenly, I realized, "Hey, that one had news! And that one too!"

That's Homer's d'oh moment. I never had noticed the immediate effect of good news before, because I never had it running on the screen.

At that point, I added news alerts to Sonny's scans and started waking up earlier to try to catch the news as it hits. I also have been trying Benzinga Pro, which will factor in in a moment. Overall, my trading has been decently better, because I'm catching some ahead of 15% to 30% gains. Actually, I've caught a number ahead of 100% moves, but selling at the right moment? Nah, I **** at that!

Anyway, one thing that happens often is the news will come out, I'll flip to that stock, which has two long green bars and is growing a third, so I hop on. I might pick up the move from $1.75 to $2.13, but the truth is the stock had already risen from $1.42 before news ever made it to Benzinga.

And this leads to my idea. Can we modify the scan to look for X amount of price rise with Y amount of increased volume over Z amount of seconds? There are two associated questions. 1) Will ThinkScript allow us to do it? 2) And what do you guys think would be the best parameters?

I'm thinking something like a 3% price rise with the volume of the past 15-30 seconds at least twice the throughput of the previous minute. (Maybe greater volume).

I think there would be three common outcomes as these show up in a watchlist, ranging from worst to first:

1) We click over and buy the stock, but it was such a momentary spike, it’s already heading down, so we have to quickly bail and take a small loss.

2) It was an intraday spike and we tag along for another 3% to 10% rise. Benzinga's Squawk does this, butting in to say, "ACHV getting a pop right now." I've been able to take advantage of a couple, but many have already petered out by that point.

3) It was the start of insiders buying on good news, but now we'd be able to buy the stock 30-90 seconds before the news hits TOS's feed. That happens two or three times a day and those are significant winners.

So, ye coders, does TOS give us the granularity to look at 15-30 seconds of volume?

Please say Yes, please say Yes, please say.......
 
Last edited:
@CDJay It does, it’s the SecondsFromTime function.

you should only trade stocks with news as you need a positive catalyst for more eyeballs to move the stock price.

I like getting in early so I removed the 4% up condition from the scan and try to take advantage of the relative volume spike before it gets above VWAP. Regardless however, there will be opportunities when the stock dips to a support level.
 
There any suggestions such as possibly adding

then 1 else 0 ; (this way it can avoid noise and only once the candle is fully closed it be alerted not in the middle to void fake outs?

plot sc = scan within 5 bars ;

OR we do something like this? so it resets every morning with fresh picks not picks form days ago? What are your thoughts?

def sc = if scan==1 within 5 bars then 1 else 0;
def reset = if secondsFromTime(2000)==0 then 1 else 0;
def sauce = if reset==1 then 0 else if sc==1 then 1 else sauce[1];
plot goodsauce = sauce;
 

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.

Download the indicator

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
426 Online
Create Post

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Back
Top