HighBredCloud
Well-known member
Just curious...what needs to be changed in the script from the first page to look for SHORTS...? In particular this line...
plot scan = close >= (open*1.04);
plot scan = close >= (open*1.04);
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do you mind sharing the studies on this set up, thank youI agree with you, but at the same time everyone is just trying to put in their input about how they use Relative Volume with other indicators and personal scans/watchlists. Just make sure to do this, it has worked well for me, but I stepped away from penny stocks due to the volatility:
Scan pre-market with one of the scanners provided above. I personally keep it simple by setting:
1. Last: 0.5-15
2. Volume: 10k-MAX
3. After-hours Percentage Change < the CLOSE has moved greater than < 10% in after hours trading < 1m aggregate
Sort by the highest Relative Volume stocks; look for patterns and most importantly: worthy catalysts
Once market opens, wait for a pull back for one of the stocks that you were watching pre-market and then to pop up on your intraday watchlist/scanner. It's important that they pop up on intraday because that shows you it has strong RV pre and intraday.
The scanner I use is one of the originals that Sonny provided, but made some tweaks because it was hard to find more stocks to run. Here's my intraday scanner:
1. Last: 0.5 - 15
2. Volume: 250k - MAX
3. % change: 5% - MAX
4. Shares: MIN - 50,000,000
5. Unusual Volume < current bar's volume increased at least 40% from its typical average over 60 periods < D agg
6. Custom...
Code:#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;
If your pre-market tickers fail by 10:45, then you can try and be patient for stocks that pop up on the intraday scanner; but like sonny taught me, you just have to be patient and most of the time your PM tickers actually do run up, even if it's later in the morning.
My process is looking for PM gappers to pullback between the 32.8-50 right before market open, then pull back even more until it reaches the 50-61.8% levels (using the Fib Retracement and plot PM low to high). After I'll watch for a break over VWAP and place an entry price. It works really well, but since I have been trying to get into more large caps I had to step away from the penny stocks. I did some back testing on other indicators called the Trend Reversal and TMO, provided by BenTen, I think I'm going to try and use them for these small caps starting tomorrow. I'll let you know how that goes.
P.S. if you wanted to see my chart setup:
Do you know what the generated the arrows? buy sell signals?@emm11 If I'm not mistaken, @Gabrielx77 is using several moving averages and the True Momentum Oscillator that you can find here.
Yes, just like Ben said I am using the TMO indicator. In the picture above I am using VWAP (white), 9EMA (cyan), 20EMA (purple), 180EMA (orange), Trend Reversal Indicator (Arrows) and the True Momentum Oscillator Indicator (Lower). Here's a link to my back testing of the Trend Reversal Indicator: https://usethinkscript.com/threads/...r-with-signals-for-thinkorswim.183/post-31243do you mind sharing the studies on this set up, thank you
Yeah for sure. When I get home i’ll share the link.@Gabrielx77 Would you mind sharing that layout? It looks very clean
http://tos.mx/RZJIHnr@Gabrielx77 Would you mind sharing that layout? It looks very clean
@Sonny or anyone, Is there any way to determine that a stock will have high RV before the stock market opens? I notice that most predictable bounces happen before my scanner detects them between like 9:30-9:45.
9:45 is when I start to get results in my scanner and by then a lot has already happened. Some guy I constantly get ads from on youtube use this strategy lol, but he actually makes a lot of money. He seems to be able to find which stocks will have high RV before the stock market opens though. He says that within the first acouple of minutes of this video (28:13) He says he looks for stock before market opens that he believes will have high RV.
@Gabrielx77 That chart link only has your VWAP. I was hoping to get it with your volume on the graph itself because I don't know how to do that. Also, your colored trend painter because your colors look a little easier to see then my current setup
Great rules! Thank you.Update for today.. just got a new setup with multiple monitors, it was a great morning. I used the Trend Painter indicator I spoke about a few comments ago. CGIX was the big winner today. My strategy is fairly simple.. all I do is:
1. Scan PM look for stocks with smooth run ups, a catalyst and high RV
2. Plot the Fibonacci Retracement Levels (high and low of PM)
3. Look for a sell off right before Market Open (a break under VWAP with a reversal signal)
4. Let the stock retrace between the 38-61% levels
5. At Market Open, look for a reversal signal and a break over VWAP
6. Place your SL at the previous low, set a bracket order to sell half at 10% gain and the other half at the 100% level (when first half is sold at 10%, adjust stop loss to new leg low)
Here's a picture for some of you to have a visual of what I mean. I bought in at the break of VWAP and reversal signal. Placed a stop loss at the previous low and set 2 limit orders. Waited for the 10% gain, adjusted stop loss to new leg low, sold my other half at the 100% level ($10.40).
Thank you. And it's extremely simple, nothing crazy:Great result @Gabrielx77 !
What was your PM scanner? Could you share?
I wouldn't call this a course. My goal is zero fluff. I will jump right into my current watchlist, tell you the ThinkorSwim indicator that I'm using, and past trade setups to help you understand my swing trading strategy.
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