Thinkorswim Options Scanner: A Comprehensive Guide

Thinkorswim Options Scanner is an incredibly powerful tool that helps traders and investors identify potential trading opportunities in the options market. It's user-friendly interface and robust features make it a favorite among traders.

The scanner allows you to set up custom scans based on various criteria, such as option Greeks, volatility, and time decay. This enables traders to quickly and easily find options that meet their specific trading strategies.

With the options scanner, you can scan thousands of options contracts in a matter of seconds, saving you a significant amount of time and effort. This is especially useful for traders who need to make quick decisions based on market conditions.

Thinkorswim Options Scanner is also highly customizable, allowing you to tailor your scans to your specific trading needs and preferences.

A scanner is a built-in tool in the Thinkorswim trading platform that allows traders to filter and scan the market for stocks and other financial instruments based on specific criteria.

It works by applying predefined or custom-built scans to the available universe of stocks and presenting the results in real-time.

Thinkorswim Scanner becomes an active assistant for the trader in selecting the necessary positions for trading operations.

It eliminates the routine review of stock prices, filtering them by set parameters.

The Thinkorswim scanner script impartially tracks everything that interests a trader and leaves out a lot of unnecessary information.

To set up the scanner, start by selecting the "Option Hacker" tab. From there, choose "Scan in All Optionable" and select "none" for the "Intersect with" option. Now, add a filter for the stock by setting the minimum close price to "10.00" and the maximum to "200.00".

You can also add a filter for the option by selecting "Option open interest" and setting the minimum to "1,000" and the maximum to "658,116".

To save your new settings, click on the icon in the upper right corner and select "Save Scan Query". You can then load any saved scan, including this one, by clicking on the same menu icon and selecting "Load Scan Query".

One important thing to note is that study filters don't work with options, they only work with stocks.

The Thinkorswim Scanner is a powerful tool for finding trading opportunities, and it's surprisingly easy to use. To access the scanner, go to the "Scan" tab in TOS and select "Stock Hacker" or "Option Hacker" depending on your needs.

You can filter stocks and options using various criteria, including price, volume, open interest, delta, and more. To add a filter, simply click on the "Add filter" button and select the attribute you want to filter by.

The Option Hacker tab is useful for separating stock and option scans, and it allows you to use the same settings for both. You can also use research filters to narrow down your stock list.

To save your scan settings, click on the three horizontal dashes in the upper right corner and select "Save Scan Query." This will save your settings and allow you to load them later.

Here are some key steps to keep in mind when using the scanner:

The Thinkorswim platform has a robust option scanner that allows you to scan the options market based on criteria such as implied volatility and option Greeks.

Thinkorswim's Option Hacker tab is where you'll find the settings for scanning options, located to the right of the Stock Hacker tab.

To scan options, start by filtering the stock list using usual filters like price, volume, average volume, and price performance.

You can also add your own research filters for basic stocks, but keep in mind that research filters only work for stocks.

After narrowing down the stock list, it's time to filter out the stock options, where you can add available option attributes such as open interest, delta, and price.

Thinkorswim's option scanner is a powerful tool that can help you find the best options for your trading strategy.

The Stock Hacker is a powerful tool in Thinkorswim that allows you to scan stocks for potential trades with the click of your mouse. Thinkorswim performs the scan requested within seconds, giving you a vast array of data to work with.

To find a bull put spread in Thinkorswim, choose a public list (e.g. S&P500) and set the Stock Hacker as follows: First Criteria - Volume, type in the min field 1,000,000. You are interested in trading stocks with high volume in order to have liquidity to support your strategy.

The Stock Hacker allows you to scan over 25,000 underlying stocks. You can use it to scan for stocks with high volume, high open interest, and other criteria that are important to your trading strategy.

Here are some key criteria to consider when setting up the Stock Hacker:

By using the Stock Hacker, you can quickly and easily identify potential trading opportunities and make informed decisions about your trades.

To optimize your thinkorswim options scanner for the best results, start by defining your trading strategy and the specific criteria you're looking for in potential trades. This will help you tailor your scanner setup to your unique needs.

Customize your scanning criteria to match your trading strategy and preferences. Thinkorswim Scanner offers a range of parameters and filters that can be adjusted to identify specific trading opportunities.

You can also utilize custom scans using thinkScript, a proprietary scripting language that will give you more control over your scanner setup.

The Thinkorswim options scanner is a powerful tool for traders, and one of its key features is real-time scanning. This allows you to stay updated with the latest market conditions and identify trading opportunities as they emerge.

With a wide range of scanning criteria, including price patterns and fundamental metrics, you can customize your scans to focus on the criteria that are most important to you.

You can also use the Stock Hacker tool to scan stocks for potential trades, covering over 25,000 underlying stocks with just a click of your mouse.

The Stock Hacker allows you to set specific criteria, such as high volume and implied volatility, to find the best trading opportunities. For example, to find a bull put spread, you can set the first criteria to volume with a minimum of 1,000,000 and the second criteria to "Front Vol" with a minimum of 30%.

To scan for unusual option activity, you can use the Options Hacker scanner, but unfortunately, this is not currently possible within the platform's current constraints.

Here are some key scanner features and tools:

The Stock Hacker and Spread Hacker in ThinkorSwim are powerful tools that can scan thousands of stocks or options spreads in just a few seconds. They're a game-changer for traders who want to quickly find potential trades.

The Stock Hacker is a versatile tool that can be used to scan stocks, but it works best for horizontal spreads where traders manage option positions with the same strikes, but different expiration dates. This is because it's designed to quickly identify potential trades.

The Spread Hacker, on the other hand, is specifically designed to look for option spreads by selecting the correct search criteria. To find a bull put spread in ThinkorSwim, you can use the Spread Hacker and set the first criteria to Days to expiration with a minimum of 15 and a maximum of 35 days.

You can also set the front vol to a minimum of 30% to sell options with implied volatility higher than the options purchased. This is a crucial step in finding profitable trades.

Optional criteria can be added to refine your search, such as setting a minimum and maximum underlying price. For example, you can set the min field to 40 and the max field to 100 to only see stocks with high price levels.

The Spread Hacker also allows you to set a maximum margin for a trade, which is especially useful for traders who need to manage their risk. For instance, you can set the max field to 2000 to only see trades with a margin of $2000 or less.

The ThinkorSwim (TOS) screener is a game-changer for traders. It allows you to stay updated with the latest market conditions and identify trading opportunities as they emerge.

You can focus on real-time scanning, which is essential for making timely decisions. The screener has a wide range of scanning criteria, including price patterns and fundamental metrics.

One of the most powerful features of the TOS screener is its flexibility to customize and create your own scans. This means you can focus on the criteria that are most important to you.

To get started, you can use public lists such as the DJX (Dow Jones Index) and the SPX (S&P 500). Look for underlying securities with high liquidity, preferably over 1,000,000 Average Daily Volume (ADV).

The Stock Hacker is a tool that allows you to scan stocks for potential trades. It can scan over 25,000 underlying stocks within seconds.

Here are some key criteria to consider when using the Stock Hacker:

By regularly reviewing scan results, you can identify potential trading opportunities and refine your scan to meet your specific requirements.

You can save your custom option scan by clicking on the lower menu icon on the top right corner and selecting “Save Scan Query”. This will save your scan and it will appear in your list of custom scans under the “Personal” section.

To load any scan, including the one you just saved, simply click the same menu icon and select “Load Scan Query”. Then hover over the Personal section and you will see a menu with the names in alphabetical order.

The menu icon is located in the upper right corner and looks like 3 horizontal dashes. You can also use it to save new settings for scanning.

If you want to save a scan with a specific name, you can do so by giving it a name when you save it. This will make it easier to load later.

You can find your saved scans in the Personal section of the menu, which is in alphabetical order.

Thinkorswim scanners are primarily designed for Trading Live trading operations, making them a valuable tool for active traders.

The main functions of Thinkorswim scanners include setting the value of the asset of interest to the trader.

To set up a scanner on Thinkorswim, using video tutorials is the best way to learn how to set up and work with the robot scanners.

The robot scanners allow you to set the value of the asset of interest to the trader, which is a crucial step in using the scanners effectively.

Here are the main functions of Thinkorswim scanners:

A call option is a type of options contract that gives the buyer the right, but not the obligation, to buy an underlying asset at a predetermined price.

The buyer of a call option pays a premium to the seller, also known as the writer, for this right.

Call options can be used to speculate on a price increase, hedge against a potential loss, or generate income through selling options contracts.

To exercise a call option, the buyer must notify the seller before the expiration date, and the seller is obligated to sell the underlying asset at the strike price.

The strike price is the predetermined price at which the buyer can buy the underlying asset, and it's usually set by the seller when creating the options contract.

A call option's premium is determined by several factors, including the underlying asset's price, volatility, time to expiration, and interest rates.

The buyer can choose to let the call option expire worthless if the underlying asset's price falls below the strike price.

In the context of scanner functions, understanding call options is crucial for traders who want to monitor and analyze market trends, identify potential trading opportunities, and make informed decisions.

To set up a scanner on Thinkorswim, you'll want to use video tutorials to learn the ropes. The Thinkorswim robot scanners are primarily designed for live trading operations.

The functionality of these scanners allows you to set the value of the asset of interest to you as a trader. This is a crucial step in getting the most out of your scanner.

You can also use Thinkorswim's stock scanners on a single platform, which is a game-changer for advanced traders. This feature enables you to use a range of scanners that can even interact with each other.

The Thinkorswim TOS option scanner is one of the best platforms around, allowing you to scan the options market based on criteria like implied volatility and option greeks.

Here are the main functions of Thinkorswim scanners:

These features make Thinkorswim scanners a powerful tool for traders of all levels.