Unusual Options Metric (Option Chain Column) For ThinkOrSwim

[emaguireiv]

I’ll post the link when I can. They’re all from this forum though search these if you so choose
1. Percent Change Last
2. Change Open Interest (%)
3. Volume 2x Open interest
4. MAMA (in the confirmation trend chart setup thread)
5. How Much To Move

@HODL-Lay-HE-hoo! Thanks for linking the V2xOI and where to find the MAMA info. #1 and #2 are pretty self explanatory and I was able to recreate those on my own. Cannot find anything on the "How Much to Move" on here...if you don't have a link to it, can you please give a quick explanation of what it's supposed to indicate so I can try to recreate on my own?

 

[rip78]

@jkinl: I do not know why you are getting this error message. I suggest that you look at the two YouTube videos that I posted on May 17, 2023 in this thread. Sorry that I could not be of more help.

 

[HODL-Lay-HE-hoo!]

@HODL-Lay-HE-hoo! Thanks for linking the V2xOI and where to find the MAMA info. #1 and #2 are pretty self explanatory and I was able to recreate those on my own. Cannot find anything on the "How Much to Move" on here...if you don't have a link to it, can you please give a quick explanation of what it's supposed to indicate so I can try to recreate on my own?

I will find a link it is just spread divided by delta (I think that’s the formula..?) to determine how much the underlying needs to move in order for the option to increase in value. I will post a link soon.

How Much To Move

def net = ask - bid;
def howmuchneedtomove = net / Delta();
plot data = AbsValue(howmuchneedtomove);
AssignBackgroundColor(if (net < .5) then Color.dark_green
else if (net >.5 ) then Color.Dark_Gray
else Color.dark_GRAY);

data.AssignValueColor( if (net < .5) then Color.White
else if (net >.5) then Color.black
else color.black);

 

[SummerTime]

yup, to whom it may concern this + Volume 2X open interest as % is the real deal.... thank you for your service

Hello! What is the column with "MAFA5"? Thanks

 

[kdd]

Regarding the .TSLA230519P172.5 that I mentioned in post #28 of this thread. It should be noted that just because that PUT had a very high Unusual Options Metric number, one should not assume that all of those puts were on the buy side of the trade. Using my options flow software, I was able to see that there were seven trades yesterday for that strike price. (With a minimum premium of #100k for each trade and an expiration date of 5/19/2023). Two of those PUT trades were on the buy side. And the remaining five from yesterday were on the sell side.

If you can share, which "Option flow software" shows buy/sell side? Thanks!!

 

[HODL-Lay-HE-hoo!]

Hello! What is the column with "MAFA5"? Thanks

Description is under the watchlist column post… though it is vague. MAFA represents price action, 5 is the aggregation of course.

https://usethinkscript.com/threads/...-all-be-all-for-thinkorswim.15257/post-124254

 

[Ronathan Edwards]

Nice work good sir... Added some pretty colors and rounded to whole number...

#Defining variables

def Delta = Delta();

def Ivol = imp_volatility(GetUnderlyingSymbol());

def OptionMarkPrice = close;

def UnderlyingPrice = close(getUnderlyingSymbol());

def UnderlyingVolume = volume(getUnderlyingSymbol());

#V.A.L.R - Volitility Adjusted Leverage Ratio

def Leverage = (Delta * UnderlyingPrice);

def LeverageRatio = Leverage / OptionMarkPrice;

def VALR = LeverageRatio * Ivol;

#Volume to open interest ratio (if statement pervents divide by zero errors)

def OpenInterest = if open_interest(period = AggregationPeriod.DAY) == 0 then 1 else open_interest(period = AggregationPeriod.DAY);

def volOI = volume / OpenInterest;

#Option dollar volume traded

def DvolumeOpt = volume * ohlc4 * 100;

#Underlying dollar volume traded

def DvolumeUnd = UnderlyingPrice * UnderlyingVolume;

def DvolumeRatio = DvolumeOpt / DvolumeUnd;

#Multiply by 1000 so output better displays in the columns

def WhaleScore = round(VALR * volOI * DvolumeRatio * 1000,0);

plot WhalePlot = WhaleScore;
addlabel(yes, whalescore, if (WHALESCORE >=2100) then Color.black
else if WHALESCORE >=1000 and WHALESCORE<2100 then Color.white
else if WHALESCORE <1000 and  WHALESCORE >=100 then Color.white
else if WHALESCORE <100 and  WHALESCORE >=0 then Color.white
else if WHALESCORE <0 and  WHALESCORE >=-100 then Color.white
else if WHALESCORE <-100 and  WHALESCORE >=-1000 then Color.white
else if WHALESCORE <-2100 then Color.black
else Color.dark_GRAY);

AssignBackgroundColor(
if (WHALESCORE >=2100) then Color.cyan
else if WHALESCORE >=1000 and WHALESCORE<2100 then Color.dark_green
else if WHALESCORE <1000 and  WHALESCORE >=100 then Color.gray
else if WHALESCORE <100 and  WHALESCORE >=0 then Color.gray
else if WHALESCORE <0 and  WHALESCORE >=-100 then Color.gray
else if WHALESCORE <-100 and  WHALESCORE >=-1000 then Color.dark_green
else if WHALESCORE <-2100 then Color.cyan
else Color.dark_GRAY);

View attachment 18533

What's the MAFA5? Is that sharable? Thanks!

 

[HODL-Lay-HE-hoo!]

What's the MAFA5? Is that sharable? Thanks!

https://usethinkscript.com/threads/...-all-be-all-for-thinkorswim.15257/post-124254 sure its in this post

 

[Ronathan Edwards]

Nice work good sir... Added some pretty colors and rounded to whole number...

#Defining variables

def Delta = Delta();

def Ivol = imp_volatility(GetUnderlyingSymbol());

def OptionMarkPrice = close;

def UnderlyingPrice = close(getUnderlyingSymbol());

def UnderlyingVolume = volume(getUnderlyingSymbol());

#V.A.L.R - Volitility Adjusted Leverage Ratio

def Leverage = (Delta * UnderlyingPrice);

def LeverageRatio = Leverage / OptionMarkPrice;

def VALR = LeverageRatio * Ivol;

#Volume to open interest ratio (if statement pervents divide by zero errors)

def OpenInterest = if open_interest(period = AggregationPeriod.DAY) == 0 then 1 else open_interest(period = AggregationPeriod.DAY);

def volOI = volume / OpenInterest;

#Option dollar volume traded

def DvolumeOpt = volume * ohlc4 * 100;

#Underlying dollar volume traded

def DvolumeUnd = UnderlyingPrice * UnderlyingVolume;

def DvolumeRatio = DvolumeOpt / DvolumeUnd;

#Multiply by 1000 so output better displays in the columns

def WhaleScore = round(VALR * volOI * DvolumeRatio * 1000,0);

plot WhalePlot = WhaleScore;
addlabel(yes, whalescore, if (WHALESCORE >=2100) then Color.black
else if WHALESCORE >=1000 and WHALESCORE<2100 then Color.white
else if WHALESCORE <1000 and  WHALESCORE >=100 then Color.white
else if WHALESCORE <100 and  WHALESCORE >=0 then Color.white
else if WHALESCORE <0 and  WHALESCORE >=-100 then Color.white
else if WHALESCORE <-100 and  WHALESCORE >=-1000 then Color.white
else if WHALESCORE <-2100 then Color.black
else Color.dark_GRAY);

AssignBackgroundColor(
if (WHALESCORE >=2100) then Color.cyan
else if WHALESCORE >=1000 and WHALESCORE<2100 then Color.dark_green
else if WHALESCORE <1000 and  WHALESCORE >=100 then Color.gray
else if WHALESCORE <100 and  WHALESCORE >=0 then Color.gray
else if WHALESCORE <0 and  WHALESCORE >=-100 then Color.gray
else if WHALESCORE <-100 and  WHALESCORE >=-1000 then Color.dark_green
else if WHALESCORE <-2100 then Color.cyan
else Color.dark_GRAY);

View attachment 18533

For some reason my Vol open interest isn't showing me anything and the "Big 4" isn't giving me the "thumbs" on the red or green's ... did I do something wrong?

https://imgur.com/a/OUwbPNs

https://imgur.com/a/OUwbPNs

 

[HODL-Lay-HE-hoo!]

For some reason my Vol open interest isn't showing me anything and the "Big 4" isn't giving me the "thumbs" on the red or green's ... did I do something wrong?

https://imgur.com/a/OUwbPNs

https://imgur.com/a/OUwbPNs

The thumbs up or down represent the BIG4 arrows - the colors represent the big 4 candle color - the "alert4" text is the vix alert - the text and the thumb can also appear together as well. The former big4 WL column did not have the vix alert.

 

[Ronathan Edwards]

The thumbs up or down represent the BIG4 arrows - the colors represent the big 4 candle color - the "alert4" text is the vix alert - the text and the thumb can also appear together as well. The former big4 WL column did not have the vix alert.

Any reason the the open interest 2xvolume is always black? I've looked at SPY/SPX TSLA, NVDA, AMD MSFT and it's always black...

 

[HODL-Lay-HE-hoo!]

Any reason the the open interest 2xvolume is always black? I've looked at SPY/SPX TSLA, NVDA, AMD MSFT and it's always black...

Hmm if I’m not mistaken if the volume is not at least 2x oi it will be black but I would have to look at the code.

 

[Gauravkpatel]

Quick question on the Whale Indicator. Is there a way of subtracting the number if the Open Interest drops on the chain? Trying to see if we can get an idea of swings intraday between Calls and Puts. Thanks!

 

[defset17]

I’ll post the link when I can. They’re all from this forum though search these if you so choose
1. Percent Change Last
2. Change Open Interest (%)
3. Volume 2x Open interest
4. MAMA (in the confirmation trend chart setup thread)
5. How Much To Move

I saw the screenshot you posted here (https://usethinkscript.com/attachments/7ubz786-png.18533). I'm having some trouble with my code. For your "Chg_OI" and "Vol 2x OI" columns, what syntax in your script did you use to differentiate color.green and color.dark green based on the outputted values?

 

[veaceslav1952]

I’ll post the link when I can. They’re all from this forum though search these if you so choose
1. Percent Change Last
2. Change Open Interest (%)
3. Volume 2x Open interest
4. MAMA (in the confirmation trend chart setup thread)
5. How Much To Move

This is what I found on this forum in regard to Change Open interest (%):

def oi = openinterest();
def chgoi = oi - oi[1];
plot z = chgoi;

May I please have your version of the WL Column? Could you post the code for (1. Percent Change Last) as well? Thank you in advance.