Scan for tight option spreads in ThinkorSwim?

[trader57]

Hi everyone,
I need a way to be able to scan and find those options whose bid-ask price spread for their ATM strike is within a narrow range, say 10 cents or less. This will help find those options with tight bid-ask price spread.

 

[Ken_Adams]

I have often wanted this. I just have created a watchlist of stocks that I know have a tight bid-ask spread.

aa, appl, Amat, amrn, amd, atvi, ba, bac, bidu, c, cat, cmg, cost, crm, caco, cvs, gdxj, dis, fb, Fdx, hd, intc, iq, m, mcd, mu, mro, nflx, nvda, pg, pypl, roku, sbux, spy, snap, sq, tlt, twtr, vxx, vz, wbc, wmt, x, xom, xop

 

[TrueDepth]

Everyone that trades options on TOS needs this, but I don't think it is possible.

 

[RogerHill2020]

I have a script that works for a watchlist column but can't make it work for a scan. Maybe someone can figure it out.

plot spread = Round(ask - bid,2);
AssignBackgroundColor(if spread < 0.05 then Color.Dark_GREEN else if spread < 0.5 then Color.Dark_ORANGE else Color.dark_RED);

Update: Watchlist column BidAskSpread: http://tos.mx/991uyR

NOTE: you cannot scan for tight Bid Ask spread, but you can create a scan and Save Query ... then open the saved query as a watchlist and sort that watchlist by this custom Bid Ask spread column.

 

[apollo23]

Had this same idea as well.

Is there a script for to scan for tight option spread?

Thanks

 

[spencer13579]

Hello, would anyone happen to know, or know how to add, a custom study that could possibly scan for Stocks that have Options where the Bid price is close to the Ask price. It's a little irritating to find what looks to be a good set up on a chart, only to find out the Option Call Ask prices are $100 and the Bid is $10. Maybe something to scan for Options where there is $5, $10 or %5, %10 difference between the Ask and Bid. I already have the technical part of my scanner down, just looking for something I can slip in there to narrow it down a bit. I know it's a long shot, but any idea's or info you can give me, if it's even possible, would be much appreciated. Thanks!

Honest to god I tried searching for an answer to this like 5 times. Forgot the word for it was Spread, Thanks!

 

[MoneyMagnet]

Seems like it should work with code like this:

plot scan = (ask - bid) / ask < 0.1;

however, it keeps saying that bid and ask are not recognized, so I'm guessing that they are allowed in Custom Quotes, but not in scans. Pity.

 

[codydog]

For options I'm active in, I use a Watchlist and include theoretical price and then simply offer above or bid below for fills and let the arbs fill me.

 

[TOSscripter]

Hello,

I am looking at this as described above: a script to narrow the results of a scan to symbols that have a given price spread amplitude/size.
The code would be something like:

priceType.asK - priceType.BID <= (priceType.LAST*0.1)/100

When I have this above in TOS, I get 'double expected' (?)

Thanks in advance.

 

[XeoNoX]

it works as a chart study and column but wont work as a option scan as Thinkorswim doesn't let you scan against custom option related references.

 

[ezrollin]

(close(priceType = "ASK") - close(priceType = "BID")) is less than 5

or

addlabel (yes,(close(priceType = "ASK") - close(priceType = "BID")),color.red);