Unusual Option Activity Scanner for ThinkorSwim

[JOSHTHEBANKER]

Has anyone been using this scanner? I am just curios how your are trading the UOA options that shows up.
Example today GE -a lot of activity?

 

[MerryDay]

Has anyone been using this scanner? I am just curios how your are trading the UOA options that shows up.
Example today GE -a lot of activity?

Because there is no way to know direction, the scanner cannot be used in isolation:
https://usethinkscript.com/threads/...canner-for-thinkorswim.4056/page-2#post-66636
https://usethinkscript.com/threads/...anner-for-thinkorswim.4056/page-3#post-136159

Pros:

• Early market sentiment: gives traders a sneak peek into what stocks/options, the "smart money" is looking at.
• Higher returns potential: Unusual options activity can lead to bigger stock price movements, offering aggressive traders a chance for higher profits, albeit with higher risk.
• Risk warning: It can act as an early warning system for potential risks in the market, allowing conservative traders to avoid stocks/options exhibiting unusual option activity and protect themselves from losses.

Cons:

• False signals: Not all unusual activity leads to big market moves; sometimes, it's just noise from speculative trading or hedging.
• Limited understanding: Options trading is complex, and figuring out why there's unusual activity isn't always easy. Traders may not know the full story behind the trades.
• Market manipulation risk: Sometimes, the "smart money" may use unusual options activity to manipulate the market, creating false signals and confusion.