Relative Volume Strategy and Momentum Scanner for ThinkorSwim

What's up, guys, hope ya'll don't mind me posting my results. After PM analysis, my main three stocks were SGLB (120.3 RV), VIVE (87.7 RV) and OVID (6.1 RV). Today I traded SGLB and made a 6.5% ROI. The RV1 scanner combined with the TR indicator seems to be working really well together. I should've been watching BBI instead of OVID, but it didn't sell off until 9:25, after I had already had the 3 stocks I'd be watching for the day.

Also, after today I've decided to just aim for a 10% gain rather than using 2 brackets; although, I'd be sacrificing an extra gain of 3-5%, I'd be decreasing the amount of risk on my trades. Here's my fill prices and chart if anyone is curious. I did buy before the break of VWAP, but it worked out well because it was far enough to be a level of resistance, but at the same time hit my 10% goal. I didn't like how the stock wasn't in between the 38-61% Fib levels, but it all worked out well.

9puhgXA.jpg


F4FTEqC.jpg
Wow nice results! I played SGLB but by the time I got to VIVE (to my untrained brain) it looked over extended.

question for ya, how did u narrow ur results down to three stocks? Also did u use the scanner setting you posted above to get these results and what time did u scan the market?
thank you for your help and education bud
 

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Thanks. And what I do is look for stocks with high RV, some sort of news catalyst and smooth run ups pre-market. OVID traded choppy but it had good news catalyst so I decided to watch it. Also, I scan around 9:15-9:20 and yeah I use the PM scanner I posted a few replies ago.
 
Thanks. And what I do is look for stocks with high RV, some sort of news catalyst and smooth run ups pre-market. OVID traded choppy but it had good news catalyst so I decided to watch it. Also, I scan around 9:15-9:20 and yeah I use the PM scanner I posted a few replies ago.


Thank you for the knowledge bud, just out of curiosity what were the tickers you narrowed your results down to today?
 
Thank you for the knowledge bud, just out of curiosity what were the tickers you narrowed your results down to today?
To be honest, today was a slow morning.. didn’t find anything i loved but had success on WORX, made 7%.. My main three PM stickers i watched were WORX, DPHC and IMUX
 
To be honest, today was a slow morning.. didn’t find anything i loved but had success on WORX, made 7%.. My main three PM stickers i watched were WORX, DPHC and IMUX
How do u figure out high RV stocks PM? I read that RV scanner only works little after 930 right?
 
What's up, guys, hope ya'll don't mind me posting my results. After PM analysis, my main three stocks were SGLB (120.3 RV), VIVE (87.7 RV) and OVID (6.1 RV). Today I traded SGLB and made a 6.5% ROI. The RV1 scanner combined with the TR indicator seems to be working really well together. I should've been watching BBI instead of OVID, but it didn't sell off until 9:25, after I had already had the 3 stocks I'd be watching for the day.

Also, after today I've decided to just aim for a 10% gain rather than using 2 brackets; although, I'd be sacrificing an extra gain of 3-5%, I'd be decreasing the amount of risk on my trades. Here's my fill prices and chart if anyone is curious. I did buy before the break of VWAP, but it worked out well because it was far enough to be a level of resistance, but at the same time hit my 10% goal. I didn't like how the stock wasn't in between the 38-61% Fib levels, but it all worked out well.

9puhgXA.jpg


F4FTEqC.jpg
Good to show results and ideas around an indicator to tune it...
 
Hey guys, just wanted to write an update. I have been combining the Trend Painter indicator with Relative Volume and the results have been fantastic to say the least. I take 1 trade per day, usually right at market open, and close within 15 minutes after the bell. I'm going to post my results from the last two weeks, feel free to ask me any questions. The green arrow is where I bought and the red arrow is where I sold. I traded 8 times, but it was supposed to be 9; on Monday, 8/31, I went to place an order and it was rejected, no big deal. My success rate is 7/8. which is 87.5%. The strategy I use is: look for PM gap ups, plot Fibonacci Retracement levels of AH/PM high & low, wait for the TP to show a downward reversal right before market open (must below VWAP), buy the break above VWAP and a TP reversal indication once it pops up, set a profit target and sell once you hit it. My profit target for the first week was sell half at a 10% gain and then the other at the high of PM; however, this week I stuck to a 7.5% profit target game plan and it's worked out well (came short of 7.5% often due to fill speed, but all good).


https://imgur.com/BMQImJd
https://imgur.com/bxW0sSj
https://imgur.com/Y3CQqA3
 
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@Gabrielx77 Dude 87% is baller status! Amazing to say the least, I do have couple of questions/requests.

1. Can you please prove the RV and TP codes/TS links please? The reason for this request is there are quite a few versions posted through this thread making it confusing. And the RV script I’m using does not give me RV values till the market is open and moving.
2. What is ur strategy for stoploss? I know it’s different for different ppl and their risk tolerance but would like to learn more about your process.

Thanks bud really appreciate it.
 
Extremely helpful. Thank you.

Please tell me what the indicator is showing in the Upper Left Corner. What is AH/PM high & low and TP?
 
Dude 87% is baller status! Amazing to say the least, I do have couple of questions/requests.

1. Can you please prove the RV and TP codes/TS links please? The reason for this request is there are quite a few versions posted through this thread making it confusing. And the RV script I’m using does not give me RV values till the market is open and moving.
2. What is ur strategy for stoploss? I know it’s different for different ppl and their risk tolerance but would like to learn more about your process.

Thanks bud really appreciate it.
For sure, no problem.

1. The link for the TP indicator is http://tos.mx/TkYNU2a and in regards for the RV pre-market, I like to see any PM mover over a value of 1. You don't need to use RV for PM movers, but the only reason why I like to see it is because I mark down my top 3-5 PM movers in a personal watchlist, which allows me to see what the RV turns out to be for the rest of the day. Although the stocks I'm watching from PM doesn't pop up on my scanner until after I take the trade, I usually use RV as a reflection to see if I made the right choice. Here's a picture of what I'm talking about:


My top 3 PM movers were DPW, RETO and SHLO, all around 0.8-1.5 Relative Volume in the PM. RETO and DPW don't meet the RV scanner criteria at this moment, so they're currently not on the watchlist; however, when you look at my personal watchlist, where I took them down because I felt they had potential, they do have a strong RV value. As you can see, SHLO was a great choice today, but RETO would've been the best option.

The script I add for the RV is as such:

Code:
#Relative Volume
def x = Average(volume, 60)[1];
def v = volume;
plot r = Round((v/x),1);
r.assignValueColor(if r >= 20 then color.CYAN else if r>=5 then createcolor(255,153,153) else createcolor(0,215,0));

Lmk if you don't know how to add it to your scanner/watchlist.

2. As for my SL, I know it's a little high, but since I aim for a Risk to Reward of 1:1 and my Success Rate is 87% so far, my stop loss is placed at the previous leg low. For instance, when I place an order to buy at $1, my brackets automatically set a stop for a 7.5% gain or a 7.5% using a bracket order. If the previous leg low is 5% away from my entry price, I'll adjust my SL to that support level. If the previous leg low is more than 7.5%, i'll adjust my SL to that support level. For instance, I know this is a lot, but I'll never risk more than 12%. If the previous leg low is 15%, i'll put my stop loss at a max of 12% away from my entry point. It works out well because of my high success rate, and as of today, I haven't ran into the problem of ever having to be stopped out at 7.5% or more, which is my 1:1 RR point. I only took a loss once and I believe it was like a 3-4% loss.

So to make it simple, aim for a 1:1 RR (anywhere between 5-10%), if you want to be aggressive you can aim for a 2:1 RR. My SL is placed at the previous leg low (maximum 12%).

BTW, here's the exact link for the RV scan http://tos.mx/5RBkop4. If the stock I'm focusing on pops up on my Watchlist/Scanner before or after I made the trade, I know I made the right choice.
 
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Extremely helpful. Thank you.

Please tell me what the indicator is showing in the Upper Left Corner. What is AH/PM high & low and TP?

The labels I have in the upper left corner are:

1. 3m High
2. 3m Low
3. The amount of shares I want to buy with a specific dollar amount divided by The high of the current 3m bar +$0.01. So in this case $1500/(3m High + $0.01).

AH is After Hours & PM is Pre-Market, so I plot the low and high with my Fibs between that range. TP is the acronym for the Trend Painter indicator.
 
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For sure, no problem.

1. The link for the TP indicator is http://tos.mx/TkYNU2a and in regards for the RV pre-market, I like to see any PM mover over a value of 1. You don't need to use RV for PM movers, but the only reason why I like to see it is because I mark down my top 3-5 PM movers in a personal watchlist, which allows me to see what the RV turns out to be for the rest of the day. Although the stocks I'm watching from PM doesn't pop up on my scanner until after I take the trade, I usually use RV as a reflection to see if I made the right choice. Here's a picture of what I'm talking about:


My top 3 PM movers were DPW, RETO and SHLO, all around 0.8-1.5 Relative Volume in the PM. RETO and DPW don't meet the RV scanner criteria at this moment, so they're currently not on the watchlist; however, when you look at my personal watchlist, where I took them down because I felt they had potential, they do have a strong RV value. As you can see, SHLO was a great choice today, but RETO would've been the best option.

The script I add for the RV is as such:

Code:
#Relative Volume
def x = Average(volume, 60)[1];
def v = volume;
plot r = Round((v/x),1);
r.assignValueColor(if r >= 20 then color.CYAN else if r>=5 then createcolor(255,153,153) else createcolor(0,215,0));

Lmk if you don't know how to add it to your scanner/watchlist.

2. As for my SL, I know it's a little high, but since I aim for a Risk to Reward of 1:1 and my Success Rate is 87% so far, my stop loss is placed at the previous leg low. For instance, when I place an order to buy at $1, my brackets automatically set a stop for a 7.5% gain or a 7.5% using a bracket order. If the previous leg low is 5% away from my entry price, I'll adjust my SL to that support level. If the previous leg low is more than 7.5%, i'll adjust my SL to that support level. For instance, I know this is a lot, but I'll never risk more than 12%. If the previous leg low is 15%, i'll put my stop loss at a max of 12% away from my entry point. It works out well because of my high success rate, and as of today, I haven't ran into the problem of ever having to be stopped out at 7.5% or more, which is my 1:1 RR point. I only took a loss once and I believe it was like a 3-4% loss.

So to make it simple, aim for a 1:1 RR (anywhere between 5-10%), if you want to be aggressive you can aim for a 2:1 RR. My SL is placed at the previous leg low (maximum 12%).

BTW, here's the exact link for the RV scan http://tos.mx/5RBkop4. If the stock I'm focusing on pops up on my Watchlist/Scanner before or after I made the trade, I know I made the right choice.


Man this is fantastic pieces of information than you so much will test it out Tuesday on paper account.

What is the TRP column criteria on your watch list?
Also is this the TP indicator are you using?

https://usethinkscript.com/threads/...or-with-buy-sell-signals-for-thinkorswim.226/
 
Honestly, don't see anything valuable once I pressed scan. This is my current RV scan http://tos.mx/5RBkop4.

More fine tuning, stocks over $20.00 have far greater moves, and I knocked the opening down so stock isn't running away. Good luck http://tos.mx/EDveW0y and another tweek,...............2% change is to keep the movement low before a run,........MOMO filter added,......http://tos.mx/zPgkDQN
 
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I havent posted in a while but I just want to say dont fall in love with lower priced low floats. I got caught up in maxing out my share positions on stocks under $3. While im up overall Ive noticed that the better moves are on the stocks that are over $4 to $12 and more. Plus an added bonus of the higher priced stocks is that all though im risking the same amount of money, im effectively reducing my risk per trade. Lower share size = lower risk.
 

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