Building Custom Scans for Advanced Indicator Strategies in ThinkorSwim

Introduction

In this article, we will walk through the process of building custom scans in ThinkorSwim. Some traders may struggle with creating scans or understanding how to use them effectively. We will start from scratch and guide you through the process step by step.

Step 1: Creating a Scan Query

1. Click on the "Scan" tab in ThinkorSwim.
2. Click on the middle of the three bars labeled "Load Scan Query" and select "Create a Scan Query".
3. Name your scan query (e.g. "test scan") and click "Save".

Step 2: Adding Filters and Conditions to the Scan Query

1. In the scan query window, click on "Add Filter" to specify the criteria for your scan.
2. Select the "Stock" filter and then choose the price range you want to trade.
3. Add a minimum volume filter by selecting the "Ask" and then "Volume" options. Set your desired minimum volume.
4. To find stocks with a consecutive upward trend, select the "Filter" option and then choose "Study".
5. In the study options, select "Custom" and delete any default conditions.
6. Add the condition for each candle's close price to be higher than the previous candle's close price. This can be done by selecting "Price" and choosing "Close". Set the condition to "is greater than" the close price from one bar ago.
7. Repeat step 6 to add the condition for the close price from one bar ago to be higher than the close price from two bars ago.
8. Customize the time frame for your scan (e.g., one minute) and click "OK" to save the scan query.

Step 3: Running the Scan and Analyzing the Results

1. Save the scan query by clicking on the hamburger bar and selecting "Save Scan Query".
2. Open the "Market Watch" tab and choose your saved scan query. This will display a list of stocks that meet your specified criteria.
3. Click on a stock to analyze its chart and see if it meets your desired indicator strategies.
4. Manipulate the numbers or conditions based on your preferred indicators and trading strategies.

By following these steps, you can create custom scans in ThinkorSwim to find stocks that match your indicator strategies. This allows you to efficiently identify potential trading opportunities and make informed decisions.

Keywords

• ThinkorSwim
• Custom scans
• Indicator strategies
• Technical analysis
• Candlestick patterns
• Moving averages
• Relative strength index (RSI)
• Stochastics
• Overbought
• Oversold

FAQ

Q: Can I use any indicator in ThinkorSwim to create custom scans?
A: Yes, you can use any indicator available in ThinkorSwim to create custom scans. Simply select the indicator you want to use and specify the criteria or conditions you are looking for.

Q: How can I modify the parameters of an indicator in a custom scan?
A: To modify the parameters of an indicator in a custom scan, go to the "Studies" menu, choose "Edit Studies", select the indicator you want to modify, adjust the parameters, and click "OK". Then, go back to your scan query and update the conditions based on the modified indicator.

Q: Can I create scans based on multiple indicators?
A: Yes, you can create scans based on multiple indicators by adding multiple conditions to your scan query. Each condition should reflect the criteria you want to filter for with a specific indicator.

Q: Are these custom scans effective for finding trading opportunities?
A: Custom scans can be highly effective in finding potential trading opportunities. By specifying your desired indicator strategies and filter criteria, you can narrow down the list of stocks that meet your requirements, saving you time and effort in your trading analysis. However, it is important to conduct further analysis on the identified stocks using additional tools and techniques before making trading decisions.