short time frame momentum scanner

[tonytazbaz]

Hello,

I’m currently seeking a solution to monitor my watchlist of short-term momentum stocks. Specifically, I’m interested in receiving notifications when these stocks achieve higher highs or lower lows within a one-minute timeframe.

At the moment, I’m utilizing the dashboard at https://momo.mometic.com for momentum stock scanning. However, I’m exploring the possibility of creating a similar scan within ThinkOrSwim.

Any assistance you could provide in this matter would be greatly appreciated.

Best, Tony

 

[MerryDay]

Hello,

I’m currently seeking a solution to monitor my watchlist of short-term momentum stocks. Specifically, I’m interested in receiving notifications when these stocks achieve higher highs or lower lows within a one-minute timeframe.

At the moment, I’m utilizing the dashboard at https://momo.mometic.com for momentum stock scanning. However, I’m exploring the possibility of creating a similar scan within ThinkOrSwim.

Any assistance you could provide in this matter would be greatly appreciated.

Best, Tony

In order to create a similar scan to something; you need to be able to provide the conditions that you want to scan on.

For instance, one common momentum filter is that current price is greater than the price from 5 bars ago.
So your scan would be written:

close < close[5]

There are several common momentum indicators that members frequently use to gauge the strength and direction of price movements in financial markets. Here are a few key ones:

1. Relative Strength Index (RSI): RSI measures the speed and change of price movements. It ranges from 0 to 100 and is typically used to identify overbought or oversold conditions.
2. Moving Average Convergence Divergence (MACD): MACD is a trend-following indicator that helps identify changes in the strength, direction, and duration of a trend.
3. Stochastic Oscillator: This indicator compares a security's closing price to its price range over a specified period, helping to spot overbought and oversold conditions.
4. Momentum Indicator: It shows the rate of price change over a specific period and can help identify the strength or weakness of a trend.
5. Bollinger Bands: These bands consist of a middle moving average and two outer bands that expand and contract based on market volatility. They help traders spot potential price reversals.
6. Average True Range (ATR): ATR measures market volatility by considering the trading range over a specified period, assisting traders in setting stop-loss orders.
7. Rate of Change (ROC): ROC gauges the percentage change in price over a specific period, revealing momentum shifts.
8. Ichimoku Cloud: This complex indicator offers insights into support and resistance levels, trend direction, and potential buy or sell signals.
9. Williams %R: It's used to identify overbought or oversold conditions and potential trend reversals.
10. On-Balance Volume (OBV): OBV helps traders assess the cumulative volume trend, which can indicate the strength of a price trend.

Many of the above are built into the ToS app.
And by using the forum search engine, you can find customized versions of the above or just search on the word momentum:
https://usethinkscript.com/threads/search-the-forum.12626/

 

[tonytazbaz]

Is there a scanner available that you build that can monitor stocks with strong momentum within a time frame of 1 to 5 minutes?

 

[MerryDay]

Is there a scanner available that you build that can monitor stocks with strong momentum within a time frame of 1 to 5 minutes?

Yes, all the indicators above work on scalping timeframes.
You need to
1. Put the indicators on your chart.
2. See which highlight the type of momentum that you are looking for.
3. Then create your scanning criteria.

If you have not used indicators in the Scan Hacker before; here is a tutorial:
https://usethinkscript.com/threads/how-to-use-thinkorswim-stock-hacker-scans.284/