Relative Volume Strategy and Momentum Scanner for ThinkorSwim

[jezzer46]

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

Try removing volume. 5 mil after market will not yield anything.

 

[jezzer46]

Holy crap KODK! Im on a cash account so I stay away from anything over $15 but ...wow!

 

[Ginu09]

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.

 

[68sooner]

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.....

 

[Jesusr123]

Question, for this scan, which RSI should I pick? Thank you

 

[Diamondlil]

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.

 

[jezzer46]

Got alerted for TAOP when it was $4.59, went to put an order in and boom it took off. Mad at myself for overthinking this one.

 

[Gabrielx77]

Got alerted for TAOP when it was $4.59, went to put an order in and boom it took off. Mad at myself for overthinking this one.

Any chance you remember the RV1 it was at when it popped up on your scanner?

 

[jezzer46]

Any chance you remember the RV1 it was at when it popped up on your scanner?

I believe it was somewhere around 3

 

[Gabrielx77]

When I enter "plot scan = close >= (open*1.04)" it says invalid statement: syntax error: double ==
Please advise. Thank you.

You need to add the “;” after each line for the script to register

 

[Gabrielx77]

I believe it was somewhere around 3

wow only 3? Ran up to over 300 today

 

[jezzer46]

wow only 3? Ran up to over 300 today

yeah basically no volume until it surpassed $6. Looked like some insider type trading to start it off and fomo to push it

 

[HighBredCloud]

@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);

 

[CDJay]

@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....

 

[CDJay]

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.......

 

[Ginu09]

@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.

 

[axlerod]

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;

 

[Diamondlil]

You need to add the “;” after each line for the script to register

Thank you!

 

[axlerod]

Question, for this scan, which RSI should I pick? Thank you

Is this your tweak the RSI cuz I dont see that even posted as an initial scan critera that he posted.

 

[BonBon]

@Sonny @BenTen Thanks to everyone for their input, knowledge and guidance regarding the RVI watchlist. I agree that the RVI code assists in making strategic choices when trading. I was searching for code that I could manipulate when scanning for RVI instead of a watchlist. I then decided to use @Sonny's code to create a scan for RVI; resulting in two RSI scans. The first code is for tickers with a RVI >=2; and the other is for tickers with a RVI <2. This helps to narrow down my search enabling me to focus on the high RVI. I included low float shares, vol of 1m etc within the scan.

Additionally, as some members indicated, these tickers also appear in my momentum and premarket and gapper's scan. I tend to trade the penny stocks at this time (.05 to 3.00 or 5.00). The scan can be altered if looking to trade large caps, larger floats etc. Upon executing the scan I simply check my watchlist and select the tickers with catalysts. I have the VWAP, 9EMA etc on my chart and these along with the Fibonacci retracement helps a lot.

I also created an alert which alerts when tickers are removed or added to the watchlist/scan.

Please see below the scan as well as a pic of the scanner (this is from today's trading session). Thanks once again to everyone who has contributed to my growth as I continue my trading journey on this forum.

#Relative Volume High;
def x = Average(volume, 60)[1];
def v = volume;
def r = Round((v/x),1);
def rvi = r >= 2;
plot scan = rvi;

#Relative Volume Low;
def x = Average(volume, 60)[1];
def v = volume;
def r = Round((v/x),1);
def rvi =  r < 2;
plot scan = rvi;