Thinkorswim Scanner Scripts for Technical Analysis and Trading Insights

Thinkorswim Scanner Scripts are a powerful tool for technical analysis and trading insights. They allow users to scan the market for specific conditions and filter out irrelevant data.

With over 200 pre-built scanner scripts available, traders can quickly identify potential trading opportunities. These scripts can be customized to fit individual trading strategies.

Scanner scripts can be used to identify trends, breakouts, and reversals, giving traders a clear view of market conditions. This information can be used to inform buy and sell decisions.

Thinkorswim Scanner Scripts can also be used to monitor market sentiment, gauge volatility, and track key technical indicators.

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A good trend indicator is the S-DMI_Oscillator scan, which scans for stocks trending up. This scan looks for stocks with a DMI_Oscillator value greater than 10 and rising for the last 5 agg-bars.

You can adjust the length or value of 'X > 10' to make the trend more powerful. This means you can scan for stocks with a DMI_Oscillator value greater than a different number, or look at a longer period of time to confirm the trend.

Changing the aggregation to "day" can also help refine the scan, giving you a clearer picture of which stocks are trending up.

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S-Price Direction is a simple yet effective way to scan for price movements. The S-PRICE DIRECTION SCAN is a great example of this.

The set aggregation defines the length of a bar, which is likely 'day' but can be adjusted to suit your needs.

This scan is a clear example of how the 'switch' function operates, allowing you to easily switch between different scan criteria.

The SDMI Oscillator is a powerful tool for identifying trending stocks. It scans for stocks with a DMI_Oscillator value greater than 10 and rising for the last 5 agg-bars.

This scan is a good starting point for finding trending-up stocks, as it filters out stocks with a DMI_Oscillator value that's not rising. You can adjust the value of 'X > 10' for a more powerful trend.

By changing the aggregation from "day" to a longer period, you can get a broader view of the trend. This can help you identify stocks that are trending up over a longer period of time.

The SDMI Oscillator scan is a useful addition to your trading arsenal, especially when used in conjunction with other trend indicators.

Using thinkorswim scanner scripts can be a powerful tool for traders, allowing them to quickly scan a large number of stocks and identify potential trading opportunities.

One key feature of thinkorswim scanner scripts is the ability to set custom filters, which can be used to narrow down the list of stocks to only those that meet specific criteria, such as price movement or trading volume.

thinkorswim offers a wide range of built-in indicators that can be used in scanner scripts, including momentum indicators like RSI and Stochastic Oscillator, as well as trend indicators like Moving Averages and Bollinger Bands.

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S-Linear Regression-VAR is a scan that works well in a dynamic watch list with your favorite companies to trade.

It's particularly effective as a signal when a company is moving up through resistance in a trough or lower area for a long trade. This can be a great opportunity to buy in and ride the trend.

To use this scan, vary the "width of channel" to suit your own preferences. A "width of channel" of 69 is a good starting point.

The "full range" setting can be turned off, and the "length" can be set to 252 for optimal results.

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S MACD Avg and Divergence is a powerful tool in Technical Analysis.

The S-SCAN FOR MACD AVG AND MACD DIVERGENCE plot scan is used to identify when the MACD line crosses below the signal line, indicating a potential trend reversal.

This scan uses the MACD(12, 26, 9, "SMA") function to calculate the moving average convergence divergence.

The plot scan is defined as Crosses(MACD(12, 26, 9, "SMA").Avg, 0, CrossingDirection.Below).

A below-zero crossing indicates a bearish divergence, while a above-zero crossing indicates a bullish divergence.

The MACD line crossing below the signal line can be a strong signal for a potential trend reversal.

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The Cross of Moving Averages is a powerful technical analysis tool that helps identify trends and potential buy or sell signals. It's created by plotting two moving averages on a chart, one above the other.

To set up the Cross of Moving Averages, you can use a 10-bar MA above a 20-bar EMA, or try different combinations to see what works best for you.

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In some cases, you might want to look at the cross that occurred three days ago, which can give you a better understanding of the current market trend.

You can also customize the display by setting the aggregation to daily, which will give you a clearer view of the trend.

Plotting a dot below the bar that crosses the moving averages can help you visualize the signal more clearly.

The 200-day moving average (MA) is a crucial indicator in technical analysis. It's calculated by averaging the closing prices of a stock over the past 200 days.

You can use a scan to find stocks that are touching this average line, which is a good starting point for further analysis. To do this, set the aggregation method to "day" and plot the scan for stocks where the high is above and the low is below the 200-day MA.

Another way to look for stocks that are interacting with the 200-day MA is to scan for price crossings. This can be done by plotting the scan for stocks where the close is above or below the 200-day MA.

For a more nuanced approach, you can use a scan that looks for stocks where the 200-day MA is bracketed by the close price. This can be a good indicator of a potential trend reversal.

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Price Correlation with S&P 500 is a powerful tool for technical analysis. A correlation scan compared to the SPX can help identify stocks that move in tandem with the market.

Using a 'day' aggregation, you can see how stocks correlate with the S&P 500 over a short period of time. This can be useful for spotting potential trading opportunities.

A correlation of 0.95 to 1.0 for the last 50 bars indicates a very strong correlation between the stock and the SPX. This means that the stock tends to move in the same direction as the market.

The StockHacker composition shows a clear picture of this correlation. By using this tool, you can gain valuable insights into the behavior of individual stocks within the broader market.

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Thinkorswim scanner scripts can help you identify stocks with high volatility, which can be a sign of momentum. This is because high volatility often leads to large price movements.

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Using a volatility-based scanner script, you can set parameters to filter for stocks with a high average true range (ATR), such as 50 or 100. This can help you find stocks that are experiencing significant price swings.

A momentum-based scanner script, on the other hand, can help you identify stocks that are trending upwards quickly. This can be achieved by setting parameters for a high rate of change (ROC) or a high moving average convergence divergence (MACD).

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The Standard Deviation Channel is a powerful tool for measuring volatility in the markets. It's a graphical representation of the price action's volatility.

The SDC is calculated by taking the average true range of a given period, multiplied by a factor that represents the number of standard deviations from the mean price. This gives us a clear visual representation of the price action's volatility.

The SDC is used to identify periods of high and low volatility, which can be crucial in making trading decisions.

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The Standard Deviation Channel can be used in conjunction with other indicators, such as the Moving Average, to create a more comprehensive trading strategy.

A common way to use the SDC is to scan for price crossing the upper or lower line, such as the S-SCAN CROSS OF STANDARD DEVIATION CHANNEL. This can be a signal to buy or sell, depending on the direction of the cross.

The sdcL (lower line) is calculated in the same way as the upper line, but it's not as commonly used in trading strategies.

The ADX indicator is a powerful tool for measuring volatility, and a bullish ADX signal can be a strong indicator of a potential trend reversal.

ADX readings above 40 indicate a high level of market volatility.

ADX readings above 40 can be a signal that a strong trend is forming, and the ADX is a great tool for confirming this.

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The ADX is calculated by subtracting the negative DI from the positive DI.

A bullish ADX signal can be confirmed when the DI+ is greater than the DI-, indicating a strong uptrend.

DI+ > DI- is a simple way to confirm a bullish trend.

In a bullish ADX scenario, the ADX is above 40, and the DI+ is greater than the DI-, indicating a strong and sustained uptrend.

This can be a great time to look for long opportunities in the market.

Tos' Strength Meter is a useful tool for identifying stocks that have shown significant gains in a short period of time. It's activated when a stock rises 10% in the last three weeks, triggering a green sloped bar in the watchlist column.

This feature allows you to quickly spot stocks that are experiencing a surge in momentum. You can even customize the code to show the strength meter based on a different time frame, such as two weeks instead of three.

The reverse is also true, where a down-sloped red bar indicates a stock that has fallen 10% in the last three weeks. This can be a helpful warning sign to avoid losing money on a stock that's experiencing a downturn.

In trading, identifying stocks that have made a significant move after the open can be a great way to spot potential opportunities. A 0.9% move after the open is a good indicator that a major player is involved, which may lead to profitable trades.

The Change From Open scanner script in Thinkorswim is a useful tool for finding these stocks. It looks for stocks that have made a 0.9% move after the open, which is a threshold set by the trader who created the script.

Running this scanner 20 minutes after the market opens can give you a list of stocks that are worth considering for a trade.

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Stock Selection is a crucial part of using thinkorswim scanner scripts.

Thinkorswim scanner scripts can be used to scan for stocks that meet specific criteria, such as a minimum trading volume of 50,000 shares per day.

This allows traders to quickly identify stocks that are likely to be liquid and less prone to large price swings.

A script can be set up to scan for stocks with a Relative Strength Index (RSI) below 30, indicating that the stock is oversold and due for a bounce.

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Correlated Stocks are a great way to identify potential investments. A correlation scan with the SPX, for instance, showed a correlation of 0.95 to 1.0 for the last 50 bars.

Using a 'day' aggregation can help you visualize the data. The StockHacker composition for this scan is a great example of how to set up a correlation scan.

A correlation of 0.95 to 1.0 is quite strong, indicating that the stock's price movement is highly related to the SPX. This can be useful for traders who want to ride the momentum of a particular market trend.

The scan was run using a 'day' aggregation, which means the data was grouped by day rather than by minute or hour. This can help to smooth out some of the noise in the data and give you a clearer picture of the overall trend.

Increasing Earnings can be identified using a scan that looks for stocks with rising earnings over two consecutive quarters. This scan is particularly useful for finding stocks with strong growth potential.

The scan works by comparing the earnings of a stock over two quarters, which can be achieved by making the scan a lower study. ThinkScript coders have developed this scan to help traders identify stocks that are likely to continue growing.

Doing a scan like this can be very time-consuming, but it's worth the effort if you want to find high-performing stocks.

Customize your Thinkorswim watchlist column to show the current spread in stocks, which is a crucial indicator of market volatility.

The spread is calculated by subtracting the bid price from the ask price and multiplying by 100, as shown in the script. A spread of more than 6 cents is highlighted in red, indicating a high risk.

Select only 10 stocks per session to avoid missing entry points, as having too many stocks can lead to missed opportunities.

Increased Volume Stocks can be a great way to spot potential trading opportunities. This type of stock has increased volume in the TOS trading platform, making it a good candidate for further investigation.

To identify these stocks, you can use a scanner that looks for big players by volume, not by price movement. This scanner is better run in conjunction with other scanners or separately.

Running this scanner after 20-30 minutes of trading can provide valuable insights. If a stock has made 120% of its average daily volume in the first 20 minutes of trading, it's likely not a coincidence.

The scanner uses a filter called #Filter:VolPlay to identify these stocks, with a VolPlay value of 1.2, which is equivalent to a 20% increase. This filter plots a signal when the volume exceeds the average volume multiplied by the VolPlay value.

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The TOS Spread column is a valuable tool for traders, and it's surprisingly easy to set up. It shows the current spread in stocks.

To customize it, you can use the ThinkScript column: Spread for TOS account. This script highlights stocks with a spread over 6 cents in red, indicating high risks.

Selecting 10 stocks per session is key, as having too many can lead to missing entry points.