Recommend you put it on your scanner. Nothing beats personal experience
The only way you will know what works best for you is to play with the settings and see how the indicator line up w/ your strategy and with your other indicators. To determine if this scan brings value, analyze it over different timeframes, across history and with multiple instruments.
The ToS Options Hacker Module doesn't allow the using of custom scripts to scan against options related data. We aren't allowed to use custom Thinkscript code in the Options Scanner.
Thanks for sharing, i will try itLots 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:
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.
- Option Volume of 10k or more
- OI of 5k or less - Usually indicates fresh volume coming in or the part where Unusual comes from
- Delta 0 -> 40 - You can fine tune this as you see fit. I try to stay close to the money
- DTE 14 -> 100 - Best for getting long term ones that come here
Example from today:
Option chain for ELY:
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
I am still not sure I can read buying or selling from the above picture, please advise.you can check the same day via the <TRADE> tab then go below the option chain to <TIMES AND SALES>and expand the drop down menu
look at O/I during the day and look at volume, the next day should reflect the volume of today, henc O/I 285 today volume 5000 today, then tomorrow should reflect 5285, maybe not perfect, some position may close by end of day etc.... you get what im saying
Hey MerryDay , Quick question about the unusual option activity scan... I have the scan setup to alert me of any changes so it scans all the time M-F. Is it accurate that it would be scanning on Saturdays though since there is no market activity ? Thanks for your input !
Ok thanks appreciate you !!
https://usethinkscript.com/threads/unusual-option-activity-scanner-for-thinkorswim.4056/#post-39532
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