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.
