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Option Volume
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Created: by Biniam Attachments:1

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Option Volume

  #1 (permalink)
Trading Apprentice
Seattle WA
 
Futures Experience: None
Platform: TOS
Favorite Futures: Options
 
Posts: 2 since Dec 2015
Thanks: 1 given, 0 received

Option Volume

Hello, I am interested to create a scan based on option volume. I want to check for volume greater than open interest. I can't seem to figure out how to do this. Is there a document better than the TOS guide that I can read?

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  #2 (permalink)
Trading Apprentice
albuquerque nm/usa
 
Futures Experience: Intermediate
Platform: thinkorswim
Favorite Futures: forex
 
Posts: 29 since Aug 2015
Thanks: 3 given, 8 received


Biniam View Post
Hello, I am interested to create a scan based on option volume. I want to check for volume greater than open interest. I can't seem to figure out how to do this. Is there a document better than the TOS guide that I can read?

Biniam, it's been years since I traded options and I can't get the scanner to work for me on that but I can get you closer to an answer... "#plot myparam" is NOT active here- just remove the "#" to make it active and put a "#" to left of "AssignPriceColor" to make that inactive for scanner purposes. In the scanner, set "myparam" to "IS TRUE". The code below, as is, will at least give you a green bar on your options chart when Volume is greater than Open_Interest. I know you prefer to scan for a list but this is a start.
 
Code
def myOI = open_interest();
def myVolume = volume;
#plot myparam = myVolume>myOI;
AssignPriceColor(if myVolume>myOI then color.green else Color.CURRENT);

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  #3 (permalink)
Trading Apprentice
albuquerque nm/usa
 
Futures Experience: Intermediate
Platform: thinkorswim
Favorite Futures: forex
 
Posts: 29 since Aug 2015
Thanks: 3 given, 8 received


Biniam, this may be easier than I thought. TOS can do it for you- no coding required. Open the scanner, set for options, narrow the price range to what you want, then edit the default (usually ADX) and cancel it, then load Volume GREATER THAN Open Interest and then scan. Worked for me. I gotta go but maybe tonite or Sunday I'll give more detailed info on the panels and settings to use.

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  #4 (permalink)
Trading Apprentice
Seattle WA
 
Futures Experience: None
Platform: TOS
Favorite Futures: Options
 
Posts: 2 since Dec 2015
Thanks: 1 given, 0 received

Is this what you mean?

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When I try this scan, I only get Futures in the results. What am I missing?

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  #5 (permalink)
Trading Apprentice
albuquerque nm/usa
 
Futures Experience: Intermediate
Platform: thinkorswim
Favorite Futures: forex
 
Posts: 29 since Aug 2015
Thanks: 3 given, 8 received


Biniam View Post
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When I try this scan, I only get Futures in the results. What am I missing?

You're in Stock Hacker, you should be in Option Hacker

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  #6 (permalink)
Elite Member
San Francisco, CA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: stocks
 
hhphoto2006's Avatar
 
Posts: 1 since Nov 2013
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Hello Tangerine,
I am trying to duplicate your scan with no luck. Are you using ThinkScript? and if you are would you mind posting the code?

Thank you
Regards

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  #7 (permalink)
Elite Member
New York, NY, United States
 
Futures Experience: Advanced
Platform: ThinkOrSwim
Favorite Futures: Options
 
Posts: 2 since Jun 2014
Thanks: 2 given, 1 received

I am late to the party on this one. I use a very simple scan, and play with the values during the day.

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that 0 OI and 200 Vol is the scan i run first thing in the morning. I'm a trade-alert member, so I follow the options orders there for the most part, but this scan has scored me some awesome trades. Some of the stuff youll find in such a simple scan, don't even make their way to the trade-alert feed

As the day goes on, I slowly start raising the numbers; playing with them really..always with volume at least 200 greater than O.i.

Hope that helps anyone on the thread earlier or anyone just reading the section who stumbles across it.

- dros

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  #8 (permalink)
Trading Apprentice
breman Germany
 
Futures Experience: Beginner
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Posts: 7 since Nov 2017
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also late to the party on this...but I will try and construct as well

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  #9 (permalink)
Elite Member
freasno, ca usa
 
Futures Experience: Advanced
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@andros what service is your trade-alert subscription to, and can you share your thoughts on it?

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