Trade Ideas Challenge - Submit your TI Scanner for the Chance to Win an iPad!

[BBT Member 001 27]

As a momentum trader, I don't care about strategies that much. I just want the stock to have direction, volume and order flow. 

I am more of a believer that for momentum trading, the value of trades ideas comes from it  being able to tell you which stocks are moving more than usual and meets criteria that makes the stock tradeable.

Why do i look at it that way instead of per strategy? Stocks that are in play will have multiple setups and strategies to trade off. Identify those stocks at premarket and during day and trade the strategy as it comes.

Some stocks do an OR Breakdown and then reverse, reject vwap and then continue down. You have three plays there in the same stock.
 

Another benefit that this scanner gives me is that it is just one scanner providing me the output. I don't like to have 5 different scanners for 5 different strategies, it just overwhelms me. I want to know what the rest of the traders are trading that day. Normally this scanner will not give you more than 10 stocks in day. Today it was 4-5.

Trading only these types of stocks has helped me reduce my losses and avoid stocks with no volume or nor real direction. I want a stock that has a fast moving tape, this makes it harder for big fish to manipulate the price as the price is determined by more market participants.

Scanner Strategy and Criteria:
Anything that has a relative volume of 3 or more within the first hour of trading is normally a stock that has some catalyst.

Strong Volume, High Relative Volume (RVOL) and Unusual Number of Prints.

Unusual number of prints doesn't normally show up as much but it is a good indicator. I only trade stocks with a fast tape. if the tape is slow, I don't touch. 

Filters:
1. At least 1% change
2. Price more than 10. There are a lot of penny stocks in play every day and I don't trade these, that is why I use $10.
3. Float - 30M. Important to have a float minimum. There might be low floaters moving all day that are just pump and dump schemes where risk is hard to manage.
4. Volume Today, If it is in play, it will normally have at least 1m shares traded in the first five minutes. 
5. Average Daily Volume (0.5m shares). This isn't much but it helps filter out stocks that never have liquidity but have a lot today only. I want stocks that have at least an average liquidity every day.
6. Spread - no more than 10 cents. Anything more than that is too much risk for me. 
7. Time of Day - first 60 minutes. the stocks that move in the morning are normally the ones with high volume that will provide opportunities all day, even for trend traders in the afternoon session.
8. RVOL - 3x. I find that 2 times is too little, specially when there is a macro even that happens, a 2x can easily be triggered. I don't want to trade Beta, I want to trade Alpha stocks.

 

Edited December 12, 2019 by marcelperez

[JohnG 0]

The following scanner is designed to search for stocks that YESTERDAY had a high trading range.  This helps in preparing for todays trading since stocks that were high range traders yesterday may today also be big movers.  Some symbols in teh results will of course be familiar but some unusual symbols will show up that you may not have been aware of at all yesterday, especially late day movers that had some catalyst in the afternoon. The current scan screens out prices below $25 and range is set to a min of $6 but of course that can be changed in the config to the users needs.  It will sort a 'Top List' based on yesterdays range and highlight in yellow higher volume traders and high 'relative volume'.  Relative volume is key to finding stocks that were for some reason 'in play' to some degree, for what ever reason.  Below is an example window captured on Feb 5th so it is showing results based on trading for Feb 4th.  There are two custom formula that need to be setup in your online Trade-Ideas account for this scan, see the screen caps below.

 

http://www.trade-ideas.com/Cloud.html?code=9368b2360b30789cb6c8a73fa87c4a35

 

 

Edited February 5, 2020 by JohnG

[JohnG 0]

The following scan is for stocks that have a high trading range in the last 2 minutes.  This is finding stocks that for some reason have just had a significant move and happen to not be something you may be following so you would have missed out on a short term momentum move or for that matter the beginning of a larger move.  The scan results will often lead an announcement by the Benzinga Squawk box on stocks with significant mid day news. The current settings are screening stock prices to $30 > $3000 and a 2 minute range of $2 but these levels can of course be adjusted, using settings like $5 > $50 and a $1 move will give good results for lower priced stocks.  Since this will list stocks that pass the 2 minute filter you will see stocks pop up and then be dropped off throughout the day. You can always make a custom list of stocks you don't want to popup in the results and have this scan not have them show up.

http://www.trade-ideas.com/Cloud.html?code=f996554aabc85de600bee7c175adc929

 

[JohnG 0]

This screen is for stocks that today have a High Relative Volume.  The scan filters stocks that above normal volume (Relative Volume of  > 1.0) but it sorts the entire list from the top down so only the top rows of the results need to be followed. The first image below shows an example the full scan result but that window is large and only a smaller window like the second image below is needed for display.  High relative volume stocks are 'in play' today for some reason but this same list is a good place to start a prep for the next morning since the reason they are in play today may still have some significance tomorrow.

 

http://www.trade-ideas.com/Cloud.html?code=815926311751a5ecf89d66880e1174c8

Edited February 5, 2020 by JohnG

[JohnG 0]

This is a scan for stocks with a a very large change from yesterdays close. Greater than +12%  or a drop more than -7%.  These numbers can of course be changed in the settings.  

It is a simple way to see what is very strong or weak in the market today, sometimes just a nice to know but may also lead to a continued strong move up ... or down the next market open and day.

http://www.trade-ideas.com/Cloud.html?code=87c2c8a8d2f11f7691be9b87f882b729

 

 

[JohnG 0]

This is an Opening Range breakout scan for 5, 10 and 15 minutes.  Like all scans this is setup with it's own filters that can be changed as needed. It will continue to show alerts throughout the day but of course it's in the early morning when these alerts are more important.  This scan is looking at the majority of the market Vs a narrow list of stocks but this scan and all Trade Ideas scans can be narrowed to a custom list of symbols of your own so you get a more focused set of results.

http://www.trade-ideas.com/Cloud.html?code=42586e87d9ce9503713d84d043b0ca9c

 

[JohnG 0]

This is a scan for stocks that have passed the 'Gap' filter first  and then have moved a minimum amount from the open.  In this example the open of the stock has to have gapped at least 2% up or down. Then it has to have moved 2% (up or down from the opening price).    The image below shows it being sorted on the Change from the Open. The colors are set to show strong gaps down as darker red and strong up gaps as dark green. Notice that you can then easily pick out some stocks that have a strong down gap (dark red) but are now showing a large positive Change from the open (dark green). ..... and visa-versa.  

These screen images below happened to have been captured during more volatile conditions (Feb 5th) with larger than normal moves in many stocks. The scan window is showing a very large number of results but on days like this the filters can easily be adjusted to constrain the output, for example 4% gap and 4% changes from the open.

http://www.trade-ideas.com/Cloud.html?code=898db080b13d87670af431e841e5c821

Edited February 5, 2020 by JohnG

[Justin 264]

@Abiel What happened with the challenge?

I know @Aiman Almansoori has actually been using my scanner live and talking about it in the chat 😋

Yesterday was 3 out of 3 correct, and today was 2 out of 3.

For yesterday it scanned:
$LYFT  /  $CYBR  /  $TBPH

I'll be honest.. with $LYFT I got in way too early, but I guess it paid off.

 

I was more patient on $CYBR, although I missed the bottom it was a great trade.

I didn't take $TBPH, but just showing that it was also a good trade.

[[email protected] 3]

 

 

For the Scan contest, I'd like to propose a scan that would find the stocks that are FARTHEST ABOVE & BELOW THE VWAP.

 

I'm usually a "bottom feeder" looking for stocks to reverse from its bottom. Brian is similar in which he looks for "double bottoms"

 

My way of thinking is if a stock spends most of its time well below its VWAP, eventually it would have to move towards its VWAP or the VWAP line would have to move towards the present price. 

 

The converse is also true. If the stock spends most of its time way above the VWAP, eventually it would have to fall towards the VWAP. Isn't that what an "average" is?

 

Most stocks at the open that has trended to an extreme usually after 10:30  tend to move back towards the VWAP. Some of these stocks tend to give back its gains or losses by moving towards the VWAP in what some traders call the "reversal time".

 

Although the scan for the stocks crossing the VWAP may have some merits, it may be already be too late. Some may never cross the VWAP, since there are those that only "bounce" off the VWAP. I would like to catch the stocks FARTHEST ABOVE THE VWAP to short sell & find the FARTHEST BELOW THE VWAP to buy & go long.

 

Can the winner of this contest be given an APPLE gift card so they can spend it on any apple product such as a Macbook Pro or Iphone or Ipad?

 

Thank you for your time.

 

 

---

[Saj2012 0]

Hi All,

I would love to try out all the ideas that have been submitted thus far. However I do not have a trade ideas account, as I note the memberships fees are expensive for me as I have only recently started to new to trade via the Das Sim, is there anyway that I can try these scanners without enrolling on a expensive membership to TI? 

Thanks,

Saj

[Abiel 475]

19 hours ago, Saj2012 said:

Hi All,

I would love to try out all the ideas that have been submitted thus far. However I do not have a trade ideas account, as I note the memberships fees are expensive for me as I have only recently started to new to trade via the Das Sim, is there anyway that I can try these scanners without enrolling on a expensive membership to TI? 

Thanks,

Saj

Hi Saj, Trade Ideas is a paid software and yes, it is not cheap. That's why we recommend to get it only if you are trading live with a decent rate of success / edge, in this case TI is part of your trading business costs. 

[Justin 264]

1 hour ago, Abiel said:

Hi Saj, Trade Ideas is a paid software and yes, it is not cheap. That's why we recommend to get it only if you are trading live with a decent rate of success / edge, in this case TI is part of your trading business costs. 

100% @Abiel And the profit I make from the scanners I use far outweigh the monthly costs!

@Andrew Aziz Did you ever review any of these scanners?

[onlyjava 12]

On 12/12/2019 at 4:23 PM, BBT Member 001 said:

As a momentum trader, I don't care about strategies that much. I just want the stock to have direction, volume and order flow. 

I am more of a believer that for momentum trading, the value of trades ideas comes from it  being able to tell you which stocks are moving more than usual and meets criteria that makes the stock tradeable.

Why do i look at it that way instead of per strategy? Stocks that are in play will have multiple setups and strategies to trade off. Identify those stocks at premarket and during day and trade the strategy as it comes.

Some stocks do an OR Breakdown and then reverse, reject vwap and then continue down. You have three plays there in the same stock.
 

Another benefit that this scanner gives me is that it is just one scanner providing me the output. I don't like to have 5 different scanners for 5 different strategies, it just overwhelms me. I want to know what the rest of the traders are trading that day. Normally this scanner will not give you more than 10 stocks in day. Today it was 4-5.

Trading only these types of stocks has helped me reduce my losses and avoid stocks with no volume or nor real direction. I want a stock that has a fast moving tape, this makes it harder for big fish to manipulate the price as the price is determined by more market participants.

Scanner Strategy and Criteria:
Anything that has a relative volume of 3 or more within the first hour of trading is normally a stock that has some catalyst.

Strong Volume, High Relative Volume (RVOL) and Unusual Number of Prints.

Unusual number of prints doesn't normally show up as much but it is a good indicator. I only trade stocks with a fast tape. if the tape is slow, I don't touch. 

Filters:
1. At least 1% change
2. Price more than 10. There are a lot of penny stocks in play every day and I don't trade these, that is why I use $10.
3. Float - 30M. Important to have a float minimum. There might be low floaters moving all day that are just pump and dump schemes where risk is hard to manage.
4. Volume Today, If it is in play, it will normally have at least 1m shares traded in the first five minutes. 
5. Average Daily Volume (0.5m shares). This isn't much but it helps filter out stocks that never have liquidity but have a lot today only. I want stocks that have at least an average liquidity every day.
6. Spread - no more than 10 cents. Anything more than that is too much risk for me. 
7. Time of Day - first 60 minutes. the stocks that move in the morning are normally the ones with high volume that will provide opportunities all day, even for trend traders in the afternoon session.
8. RVOL - 3x. I find that 2 times is too little, specially when there is a macro even that happens, a 2x can easily be triggered. I don't want to trade Beta, I want to trade Alpha stocks.

 

Thank you @BBT Member 001 for this awesome post.  Looking forward to hearing the latest from you if and when you refine this scanner.

I don't have a subscription to TI - so it is great that you posted screenshots.  I hope to implement this scanner idea in the thinkorswim scanner (I have a free subscription to thinkorswim from TDAmeritrade).

If anybody has found an easy way to port TI scanners to thinkorswim, please reply.

[onlyjava 12]

On 2/13/2020 at 12:44 PM, Justin said:

@Abiel What happened with the challenge?

I know @Aiman Almansoori has actually been using my scanner live and talking about it in the chat 😋

Yesterday was 3 out of 3 correct, and today was 2 out of 3.

For yesterday it scanned:
$LYFT  /  $CYBR  /  $TBPH

I'll be honest.. with $LYFT I got in way too early, but I guess it paid off.

 

I was more patient on $CYBR, although I missed the bottom it was a great trade.

I didn't take $TBPH, but just showing that it was also a good trade.

@Justin - your results are very impressive! Thank you for sharing. 

If I may make a request: Please post screenshots of your scanner configuration screens.  

Thank you in advance.

[KyleK29 260]

Curious (as others have said) what happened with this?

Also, with respect to the BBT Scanners screen. We could fit more scanners on there if we script it to change automatically.  Not all scanners are good for all day, so if we made layouts for Premarket, Open, Lunch, Close .. we'd be able to incorporate more.

Example, the Gappers list takes up a large portion of the screen these days but it's not useful unless frozen at 9:30, and even then it's only useful for those that missed the premarket. That screen real-estate could be better utilized with some of the creations in this thread.