How to create an unusual volume stock scan? What are the parameters that go into creating an unusual volume scan for stocks? I noticed thinkorswim has something called the sizzle index based on options volume. I'm trying to create a custom scan to do daily in the morning based on premarket data, but I do not have a good understanding on how high unusual volume scans work.
Broker/Data: TDA/Interactive Brokers/ Data Feed TDA and Kinetick
Favorite Futures: Stocks NASDAQ
Posts: 813 since May 2011
Thanks: 1,520 given,
TOS... Great program...
Click the HELP TAB or just use http://tlc.thinkorswim.com/center/tutorial.html
There are some great videos to watch that explain things much better than I can.
Click on the Topic Tab SCAN
The Scan TAB tool video should help with getting you set up.
Hope this helps...
There is also a TOS Manual that covers a lot of ins and outs of TOS:
You can get there via TOS or Learning Center ? Publications/Manual
Click the thinkManual click the download button to get thinkManual.PDF
Also if you click the Seminars TAB from opening up a CHAT window there should be some Webinars available on the topic that go in even more detail.
Have not watched them the there are two one hour presentations you can get using the search "scan tab" in the seminars tab on CHAT.
Hope this helps...
p.s. Attaching picture of a SCAN to give you an idea of one way to set up for your scanning. The "Sizzle Index" is something TOS and TDA will not give you the exact method of calculation as it is proprietary, but the let us use it
Here and I thought I nailed the question...
But no yet for status or banner showing it was answered so back to the drawing board.
Quickest, Easiest, and most dependable way to set up a scan in TOS is to:
1. Click on SCAN TAB
2. Load preset Scan Query for Top10Active NASDAQ Stocks, that will be the HIGHEST VOLUME of all
3. Click Add Fundamental Filter (it is over to the right a bit)
4. Add Price filters for your MIN and MAX stock price you want to trade (Highly recommend a filter, but if not important to you skip this step.)
5. You can also add Other filters as you see fit.
6. When you want to generate your list click Scan Button
7. After Scanning your list click the Save As Watchlist and give it a name for the day. You can overwrite prior lists if you want.
8. You can then repeat the process for the NYSE as well.
9. The addition of using a Sizzle Index may help your results more as that would as you say take into account options volume. There is actually a choice of three options for the Sizzle index Filter:
a. Call Sizzle Index
b. Put Sizzle Index
c. Sizzle Index