Simple Options Volume Indicator for ThinkorSwim

switchfire

Member
Hello,

I've built a very basic study to show the volume of up to 2 specific chosen options. I don't know how useful this might be. If anyone has any suggestions or ideas I'm willing to listen. It would be cool if there were a way to sum of the volume of all calls or puts for a specific expiration. Or maybe add the volume for entered strike + 3 strikes above or below. I don't know if any of this is possible. Anyways just thought I'd share.

Code:
#Option_Vol - Simple Volume Histagram for up to 2 Options
#Created by Switchfire
#v1.0 08FEB2020


declare lower;

input Option1 = "";
input Option2 = "";

plot Vol1 = volume(Option1);
plot Vol2 = volume(Option2);

Vol1.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Vol2.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
Vol2.SetDefaultColor(GetColor(5));

#End Script

https://tos.mx/RIIAst4
This shows the calls (blue) and puts (red) for Monday, 10 Feb 2020 332c/p

unknown.png

(i've done a simple modification to the plot which anyone can apply in settings)
 
Last edited:

JJSPX

New member
Is it possible in TOS to have 3 strike prices and so you don't need to manually pick the strike, a command that says something along the lines of "choose current ATM strike, choose 1 strike OTM, choose 2 strikes OTM)... so if SPX is trading 3334, for example, it chooses the next closest expiration and the 3335, 3340 and 3345 strikes?
 
There is a thinkscript command "GetATMoption", which would theoretically help with this, but I can't seem to get it to work, even using the basic examples given on the site. You can also call adjacent options using GetNextITMOption and NetNextOTMOption, which could perhaps accomplish your idea.

Maybe you'll have better luck: GetATMoption - thinkorswim

Is it possible in TOS to have 3 strike prices and so you don't need to manually pick the strike, a command that says something along the lines of "choose current ATM strike, choose 1 strike OTM, choose 2 strikes OTM)... so if SPX is trading 3334, for example, it chooses the next closest expiration and the 3335, 3340 and 3345 strikes?
 

switchfire

Member
Is it possible in TOS to have 3 strike prices and so you don't need to manually pick the strike, a command that says something along the lines of "choose current ATM strike, choose 1 strike OTM, choose 2 strikes OTM)... so if SPX is trading 3334, for example, it chooses the next closest expiration and the 3335, 3340 and 3345 strikes?

That would be pretty cool. I tried to play around with GetATMOption, but i don't have the experience or skills with thinkscript to know if it's plausible
 

ext99k

Member
@switchfire Great work, this is great!

Is it possible to make this easier so we don't have to manually enter the strike codes?

For example, maybe it can automatically grab the ATM call and puts based on the most recent option expiry (weeklies for example) for the current symbol... that would save loads of time, as we constantly switch between companies - thanks!
 

spm009

Member
Would it be possible to make a version of this script that takes into account ALL p/c regardless of strike and expiration?
 

ext99k

Member
@spm009 your best bet would be to just use Interactive Brokers, the platform does that (aggregates all call and put volume), and it does it easily without using a huge amount of memory... In my experience, the plots aren't very valuable while day trading... there's many false signals

Interactive Brokers also does a good job of showing volume and open interest for each strike, separated by expiry

I would post a screen shot but the forum doesn't have an option

What's great about this indicator for TOS is that you can customize the plot for a particular strike you're interested in, which could be more valuable.
 

bulldog737

New member
This is such a good indicator and fits perfectly with my strategy. I was wondering if there was a way to scan for volume spikes above a given number? or if it was possible to scan for relative volume? Thank you!
 

pritspat

New member
@BenTen Is there some setting on TOS that I am missing? I've added this indicator but am not getting anything on the chart.

OptVol.JPG
 
Last edited:

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