Unusual Option Activity Scanner for ThinkorSwim

theelderwand

Active member
2019 Donor
VIP
Lots of buzz around Unusual Option Activity (UOA) so thought I'll share out this scanner that I fine tuned for my personal use.

The scanner looks for the following:
  1. Option Volume of 10k or more
  2. OI of 5k or less - Usually indicates fresh volume coming in or the part where Unusual comes from
  3. Delta 0 -> 40 - You can fine tune this as you see fit. I try to stay close to the money
  4. DTE 14 -> 100 - Best for getting long term ones that come here
This is just a starter to filter through and analyze how to play the UOA. Use this as a starter to find the options and then drill down. Best used on "All stocks", the indices are too noisy with many players whose underlying intentions are usually unclear.

Example from today:

OyrKbCB.png


Option chain for ELY:

QNyOr8N.png


As you can see there's already good OI in 20 and 21 in the call side and 22 has 10K volume come in with 1K OI. And on the PUT side you don't see much interest. This is an entry I'll try and test it.

There could be other things that might come into play as well, but nevertheless it's a good way to track how Unusual Option Activity shows it's hands and potentially give an insight into following smart money.

Share link: http://tos.mx/REAjsH9
 
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TradingWRLD

New member
I'm confused you say the 10K volume was on 23 strike, but the pic shows it at 22 strike, is that just a typo or am I reading this incorrectly
 

TradingWRLD

New member
Great thanks, just wanted to make sure I wasn't missing anything, but thanks for this, it looks very promising, will try it out, as long as Trump can keep his hands of twitter and causing markets to dive
 

rad14733

Well-known member
VIP
Someone has definitely been manipulating things in the options market... I've heard scuttlebutt that SoftBank or some other nefarious trade group may be at play again... Got into a couple In The Money options where the stock price rose and the option pricing was diving or the stock was dropping and option price was soaring - both for extended periods of time for no apparent reason... NIO was the biggest culprit and even taking volatility into account it didn't make any sense... There was a huge divergence from the statistical norm unlike any I have seen that lasted for a period of time... I had to doublecheck to make sure I didn't have my Put and Call Active Trader panels loaded in reverse order... I either run the Call above the Put or Call to the left and Put to the right... And I was definitely watching the right options for the underlying... On a 3 minute chart this went on for multiple bars and I got stopped out at least once...

I may give your code a try but I use a different trading style for the most part...
 

theelderwand

Active member
2019 Donor
VIP
@rad14733 Most of SoftBank's billion dollar option trades were found by MMs and stock prices were pinned to kill them bro. Such big tactics manipulation usually never works. If caught MMs can punish with devastating consequences.
 

codydog

Active member
I wanted to add a note of caution here and I'm not encouraging or discouraging anyone from pursuing any idea. I've traded for a long time and wanted to share something - hopefully no one is offended by my post.

I know folks who scan all sorts of stuff everyday, follow 100-200 stocks, daily, and claim to make loads of cash. My guess, from their lifestyles, is that they'd be better off financially (and have a whole lot more free time to pursue whats really important) simply buying a Vanguard fund. I only follow 10 stocks and think that maybe I should only follow 5 or 6. When you're scanning, you really have no idea what the other trader is doing - eg, hedge, open, close or even simply a mistake that gets unwound when accounting figures it out.

And I think Softbank is up like 30% from mid-Sept, so, maybe nobody punished them and maybe they're not so dumb.
 

mdtn

Member
VIP
@theelderwand I was just curious if there are more intraday. or option weekly scan setup or intraday reversal. Thanks again for a nice unusual option scan. It detected GME, and KSS last week. but I was too late to enter.
 

BTExpress

New member
@theelderwand, is there a way to scan for open interest change day over day? I want to scan for oi[4]<oi[3]<oi[2]<oi[1],oi. I want to find stocks that smart money keeps betting on increasingly in the last 5 days.
 

XeoNoX

Well-known member
VIP
OI is the open interest... its the amount of option contracts there were left open at the previous day's close.
 
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mini

Member
Is there an indicator to show the unusual options activity indicator in the chart using the "options times and sales" statistics. Every time a high volume options appear in the " options times and sales" can also show in the indicator in the chart. Maybe a call options in a green bar and put options in red bar and also showing the numbers of calls and puts? Do you think that will be possible? Thanks.
 

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