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Watchlist column with option chain data

baxtr

New member
I have a scanner from a friend that scans for specific options that meet a few criteria and then of course sends them to a watch list. The list has the option specific ticker instead of the underlying stock symbol…for example UBER200207C33 What I would like to do is automatically run that list through another scanner for financials criteria or other studies. The issue of course is you can’t scan option symbols like that … is there a way within TOS to take a list like that and have it know that it is UBER and scan the main ticker for the new criteria? Sorry if I am not explaining myself very well
 

perig

New member
Hi all,

I am new here posting but have learned so much from all of you recently. I am using TOS for observing my underlying for one of my intra-day options strategy but I am executing my trades on a different platform at this time.

My strategy consist roughly of selling one far OTM put and one call on an intra-day time frame. Part of the strategy is to set stop losses when things go against me. My stop loss at this time is set to a fix amount for the option to go to. For example if I sell for $1, I could set my stop losses to be out if the price of that option get to $3 or $4, otherwise I let it ride. Simple enough.

Now, what I'd like to do is to be a bit smarter with my stop losses based on what I see on the chart of the day and how the day progresses, including support and resistance levels. For example, I don't want to put my stop losses right below a resistance or above a support, if that makes sense. I'd like to be able to adjust my stop losses during the day up or down within a safe range to optimize with these levels.

So what I'd like to have in TOS is a script that would allow me to have on my underlying chart a line or indicator that dynamically adapt as the day progresses and the greeks change for a specific stop loss value as an input.

It was pointed out to me that something like this is available when having an active order for an option, showing the sell order on the underlying chart and that it'll move with the price of the underlying as time passes. However as mentioned, I do not trade in TOS at this time, and so I cannot directly use this feature. So I'm looking for something that would be similar but without having to do the sell order.

Maybe something related to this Black Scholes Options Model by Mobius for ThinkorSwim. Tried to modify by fixing the strike in the code but I am not getting the right option price, so I probably did something incorrectly and I have just started to look at TOS scripting only very recently so I have limited knowledge.

So to summarize, I'd like to input an option chain (.SPXW200413P2700) and price ($4.00) and have the script draw a line on the graph at what underlying the sell order may trigger.

I hope this makes sense and that I followed proper etiquette for this forum.

Thanks!
 

Mmisc

New member
I'm trying to have a column in the option chain show what delta / option price * stock price =, but I have no programming experience and i can't for the life of me figure out how to do this. Can someone please help?
 

Sascha_R

New member
My bread and butter trading system is selling strangles for option premium. I would like to have a custom field for my watchlist that shows me the ROC (Return on Capital) for a strangle on the underlying with a +/-20 Delta. If there is no exact strike price available on the put or call side with 20 delta, the algorithm should pick the next lower available. For example, if +/-20 Delta is not available, the algorithm may pick -18 put delta/19 call delta. The Duration to Expiration (DTE) should be next monthly expiration date.

For example, if I do not want to sell into 18. Dec 2020 anymore, but into 15. Jan. 2021, it should allow me to switch it statically in the source code by changing manually the number of dates to the next monthly expiration. Then, it adds the premium for both options and divides it by the required buying power, displaying the calculated ROC. It would allow me to sort the watchlist in a descending order by ROC. If the ROC is higher than 50%, the field should be displayed in Green color, if it is between 30-50%, color should be yellow, below 30, it should be red.

If anyone out there is able to help me to come out with such an algorithm, please let me know. That would be awesome!
 
Last edited:

rad14733

Well-known member
VIP
@Sascha_R I hate having to post this, again, but we're getting an awful lot of requests for things that are beyond the scope of the current TOS platform... Our ability to scan and display Option data is very limited... Not to mention that, unless it has been fixed in the last week, many of the Option related functions are broken... In addition, what you have described would be better suited for a Scan rather than a Watchlist column - IF it was possible...
 

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