How to Scan for Specific Stocks Using ThinkorSwim Stock Hacker

Introduction

One of the best features in ThinkorSwim is the ability to create incredibly advanced scans to find stocks that you're actually interested in trading. The Stock Hacker tool within ThinkorSwim is incredibly advanced, but it can be a bit confusing if you're brand new to it. In this article, we will cover the basics of how the scanner works and provide a step-by-step guide on creating a custom scan.

Step 1: Opening the Scan Tool

To begin, open the Scan tab in ThinkorSwim. This can be found at the top of the platform. The stock hacker is the tool we will be focusing on. While there are other options for scanning, such as options contracts or spreads, we will stick with the basics for now.

Step 2: Setting Basic Filters

By default, the scan tool is set to scan through all publicly traded stocks. However, you can narrow down the list by selecting specific filters. For example, if you only want to scan through companies in the S&P 500, click on "All Stocks" and select "S&P 500" from the options. Similarly, if you are only interested in companies in a specific sector, you can filter by industry.

Step 3: Adding Additional Filters

You can further narrow down the scanning results by adding additional filters. ThinkorSwim provides pre-selected filters for net change, volume, and percent change. These filters can be incredibly useful in refining your scan results. For example, you can set a specific price range, minimum volume, or search for companies paying a dividend with a specific yield.

Step 4: Adding Study Filters

To make the scan tool more powerful, you can add study filters. Study filters allow you to look for specific conditions that meet your buy or sell signals. For example, you can set up a scan to look for a crossover on the MACD indicator. To add a study filter, click on the "Add Filter" button in the upper right-hand corner and select "Studies." From there, you can choose from pre-made study filters or create your own custom filter.

Step 5: Creating a Custom Study Filter

If you want to create a custom study filter, click on the "Custom" option in the study filter menu. This will open a pop-up window where you can add your own conditions. For example, if you want to scan for stocks with a MACD crossover, you can specify that the MACD line crosses above the signal line within a certain timeframe. Once your custom filter is created, click "Save" to lock it in.

Step 6: Running the Scan

Once you have set up all the filters, click on the "Scan" button to see the results of your scan. If you have done everything correctly, you should see a list of stocks that meet your criteria. Make sure to double-check the results by looking at a few stocks and verifying that they match the conditions you set.

Step 7: Saving and Accessing Scans

If you want to save a scan for future use, click on the menu icon in the upper right-hand corner and select "Save Scan Query." Give your scan a name and save it. You can access your saved scans by clicking on the menu icon, selecting "Load Scan Query," and finding your saved scans under "Personal Sets."

Summary

In summary, the ThinkorSwim Stock Hacker tool allows you to scan for and identify specific stocks that meet your criteria. By setting filters and study conditions, you can narrow down the list of stocks to focus on those that align with your trading strategy. However, it may take some practice and experimentation to fully master the scanner.

Keywords: ThinkorSwim, Stock Hacker, scan tool, filters, study filters, MACD crossover, custom filter

FAQ

Q: Can I scan for options contracts or spreads using ThinkorSwim Stock Hacker? A: While the Stock Hacker tool within ThinkorSwim is primarily focused on scanning for stocks, you can also use it to find specific options contracts or spreads that meet your criteria.

Q: Is it possible to scan for specific technical indicators or patterns using ThinkorSwim Stock Hacker? A: Yes, you can create custom study filters in ThinkorSwim Stock Hacker to scan for specific technical indicators or patterns. This allows you to find stocks that have specific conditions or patterns that you are looking for.

Q: How often should I run scans using ThinkorSwim Stock Hacker? A: The frequency of running scans using ThinkorSwim Stock Hacker depends on your trading strategy and timeframe. Some traders may run scans daily, while others may run them weekly or even less frequently. It is important to find a balance between staying updated on market conditions and avoiding excessive scanning that can lead to analysis paralysis.