Where do you get your UOA (unusual options activity) from ? and how you determine direction from such data thanks a lot ????
@BenTen and MasterSteve, Is is possible to share your knowledge, how you come up Watchlist every day, IIf you share your tips and technique or if you share video it will help us...@BenTen and I have been working on different ways to incorporate unusual options flow into our trading. The majority of work I’ve done with flow so far is related to swing trading, but it can also work for scalping as well. Here’s how this strategy works: Ben and I keep a watchlist of mostly large cap tech stocks that we usually watch and trade. I scan this watchlist every day after hours for notable option flows and make a watchlist of any that are likely to move the next day and in what direction.
This is different from my other UOA work because I am only scanning tickers we are familiar with, not scanning the whole market. Meaning I may not see unusual flow, but I can see if one side has more interest than the other. The goal for this strategy is for scalp trading only. I expect to see a move the very next day, or I’m out of the trade. The data we’ve gathered has been interesting so far and we thought we’d share what we’re working on with the site. We’ve gotten a fairly good success rate on picking stocks that move, but we’re still working on picking the right direction. I think the next stage of this will be to confirm our direction with flows in the first 15 minutes of the day, but that’s hard to track and watch in real time.
I’ll try and post an update at the end of the day with a recap. We’re still in the early stages of this and paper trading, but plan on eventually using this data to trade real money.
Hi San,@BenTen and MasterSteve, Is is possible to share your knowledge, how you come up Watchlist every day, IIf you share your tips and technique or if you share video it will help us...
I get my unusual options activity from CBOE and I determine direction based on what the overall amount of orders look to be doing and if they're bought or sold on the bid or ask. This article does a good job of explaining the basics for the bid and ask price, the same is true for options.Where do you get your UOA (unusual options activity) from ? and how you determine direction from such data thanks a lot ????
@MasterSteve @BenTenHi San,
So we come up with the watchlist every day using the blastoff indicator https://usethinkscript.com/threads/blast-off-indicator-for-thinkorswim.621/ on our tech watchlist.
Here's the latest code for it.
You can set up a scanner with that and set the condition to be if the blastoff indicator is True. Then set it up running from a watchlist of your choosing and it'll print out a list of the expected movers for the next day. From that watchlist, I like to look at the flow for the day and see if there is any unusual flow or expected momentum that we could see for the next day. I'll take out anything that doesn't have much option flow or doesn't look interesting to watch for the next day. Then I'll post the results.
Hi San,@MasterSteve @BenTen
Thanks for your response and spending your valuable time on this query.
I am trying incorporate your feedback with my screen but i could not I knew I am not doing correctly. Please advice.
1. Created watch list using blast indicator and set the watch list parameter like below. But its not showing me blast result, I mean there is no indecision candle( Purple)
Plot : hh
condition: is true
within 1 bar
BUT verified today watch list for below stock and its shows indecision candle (purple) for below stock.
2. I understand that you determine "low for the day and see if there is any unusual flow or expected momentum that we could see for the next day" based on Watch list indecision candle ( Purple) am i correct or you use any other method.
3. How do you determine "much option flow" - You replied " unusual options activity from CBOE " is there any specific site or any watch list or any scanner.
4. I request,please share any Video or document or tutorial which explain Unusual Volume activity and Flow.
We've found that if a stock appears on this watchlist, it is very likely to move the next day. There are thousands of opportunities to make money every day in the stock market. Our goal was to make a limited watchlist with the most likely movers so it would be easier to make money. People could take this, watch just a couple stocks, and enter according to their own risk tolerance.How does this daily watchlist relate to scalping?
Do you determine a direction or just that there will be lots of movement?
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