Relative Volume Strategy and Momentum Scanner for ThinkorSwim

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

What a day! SPI started and all the other energy stocks came up with it. 2 straight weeks of low volatility, this was what I was waiting for. Stocks traded today that was on the list : SPI, SUNW, DPW, POLA
 
I have used the Momo Scan provided here as below, When a Ticker pops into the watchlist, I see that the major move is already completed, is there any way we can adjust this to showcase sooner than later.
Last = .50 to 15
Volume > 100,000
%change >=10%
Shares = 1 to 70,000,000
Custom = plot scan = close >(Open * 1.03)
Unusual Volume - Volume increased at least 40% in typical average over 60 periods "D"

I am looking out to adjust this scan to show the Momo scan when its ready to move and not when the move is already completed.

Thanks
 
What a day! SPI started and all the other energy stocks came up with it. 2 straight weeks of low volatility, this was what I was waiting for. Stocks traded today that was on the list : SPI, SUNW, DPW, POLA
Did u use btd with settings that you mentioned earlier to trade?
 
Did u use btd with settings that you mentioned earlier to trade?

Yes and no. When the stocks where trading with relatively high volatility I waited and used the BTD. However, once those stocks started getting into a frenzy buying dips is hard so I switched to breakout buying.
 
Man I got smashed today by POLA, SUNW, and OEG.

I'm trading based on my fib levels but there were such big moves that I kept getting stopped out.
 
Man I got smashed today by POLA, SUNW, and OEG.

I'm trading based on my fib levels but there were such big moves that I kept getting stopped out.


Keep at it. I used to be the same way. Eventually you build up a sense to when to buy and sell. I traded those 3 plus NCTY today and I only failed at POLA (small loss) only because I didnt follow my gut feeling.
 
My problem was I took a trade when there was low liquidity and the price tanked 20% in one second.
Does anyone know of an indicator that can help me measure liquidity so this doesn't happen again? @BenTen ?
 
@Sonny This scanner and strategy are awesome. Thanks! I'm new to TOS coding and trying to learn everything I can. What exactly does " plot scan = close >= (open*1.04); " mean?
 
Hi @Ginu09,

I have a couple of follow-up questions:

1. How did you add the net % change condition to the scanner? Did you select "Study" and "AfterHours_Percentage_Change" under Price Performance? Also, is it set to 1m or D?

2. Finally, do u mind sharing the watchlist code for #2 (= a watchlist column to identify if the stock has crossed the pre-market high)?

Thanks so much
 
Hi @Sonny have you fixed the RV1 code yet on the Color Coded Watchlist Columns? Because me and some other members are having loading issues with it. About half of the "Gainers" show RV1 values then the other half say "loading" and "NaN". And lastly are we just purely focusing on the highest RV1 value in Cyan or across the board Cyan? Thanks in advance.
 
Hi @Sonny have you fixed the RV1 code yet on the Color Coded Watchlist Columns? Because me and some other members are having loading issues with it. About half of the "Gainers" show RV1 values then the other half say "loading" and "NaN". And lastly are we just purely focusing on the highest RV1 value in Cyan or across the board Cyan? Thanks in advance.
I have been following this thread for a while now and unfornutaley SONNY hasnt posted in a very long time.
 
Hi @Sonny have you fixed the RV1 code yet on the Color Coded Watchlist Columns? Because me and some other members are having loading issues with it. About half of the "Gainers" show RV1 values then the other half say "loading" and "NaN". And lastly are we just purely focusing on the highest RV1 value in Cyan or across the board Cyan? Thanks in advance.
@Joseph Patrick 18 : I think Sonny has left the building... :cautious:

Sonny
Joined May 7, 2020
Last seen Jul 22, 2020
 
Ok thanks appreciate it.

Ok thanks appreciate it.
@Joseph Patrick 18 - I use this for a Relative Volume Watchlist Column - may or may not be useful to you. I found it on this site. Forget which thread.

Code:
def isRollover = GetYYYYMMDD() != GetYYYYMMDD()[1];
def beforeStart = GetTime() < RegularTradingStart(GetYYYYMMDD());
def vol = if isRollover and beforeStart then volume else if beforeStart then vol[1] + volume else Double.NaN;
def PMV = if IsNaN(vol) then PMV[1] else vol;
def AV = AggregationPeriod.DAY;
def x = Average(Volume(period=AV)[1],60);
def y1 = Round((PMV/x),2);
def L = Lg(y1);
def p = if L>=1 then 0 else if L>=0 then 1 else 2;
def y2 = Round(y1,p);
#plot z = y2;
#z.assignValueColor(if z>=10 then color.CYAN else if z>=1 then createcolor(255,153,153) else createcolor(0,215,0));
AssignBackgroundColor(if y2 > 10 then Color.BLUE
else if y2 > 8 then Color.DARK_GREEN
else if y2 > 6 then Color.GREEN
else if y2 > 4 then Color.LIGHT_GREEN
else if y2 > 2 then Color.LIME
else if y2 > 1 then Color.YELLOW
else if y2 < 1 then Color.ORANGE else Color.BLACK);
AddLabel(yes, y2, Color.BLACK);
 

Ben's Swing Trading Strategy + Indicator

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.

I'm Interested

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

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
533 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