ThinkorSwim Stock Alert Scanner and Scripts Live Stream

Education

Introduction

Good morning, traders! God bless you all. I am Ricky Gaspart, your host for this pre-market session. Today, we're focusing on volume spike indicators. We want to see these percentages rise, ensuring that the current bar volume is sufficient enough for us to safely get in and out of trades. Once we notice a run-up in price, I'll mark a resistance level. As the price pulls back, I'll mark a support level. Always aim to enter on support but only hit the buy button if there are green Dominator bars.

Indicators and Tools to Watch:

  • Dominator Bars: Representing buyers and sellers, they signal market trends.
  • My Blessing Indicator: This tool is essential for understanding the overall trend of a stock. The white line indicates buyer and seller interest.
  • Setup for Extended Hours: Make sure to have extended hours selected in your active trader settings.

Trading Advice:

  • Never trade off a delayed screen.
  • Consult with a professional financial advisor before making trades based on recommendations or tools discussed here.

Market Recap: Yesterday was a rocky day for the entire market due to ThinkorSwim issues. However, MLGO performed well in after-hours, and I managed to make a few dollars off it. It should be on your watchlist for a possible continuation today. The expectation is that it could climb to $ 20, though this is speculative.

Technical Setup:

  • EXT Mode: Ensure your chart is set to EXT for extended hours trading.
  • Time and Force (TIF): Located under setup and settings, make sure to adjust order defaults.

Live Market Analysis:

  • Watch Volume Spikes: Focus on stocks like WEA, which showed early movement.
  • Technical Indicators: Plot resistance and support levels as needed. Check green Dominator bars for potential buy signals.
  • Active Stocks: We saw movement in RGS and GLVC. Though penny stocks, they showed potential caution for low volume.

Keep an Eye On:

  • RGS: It had a significant run-up, but keep monitoring as volume decreases can lead to pullbacks.
  • MLGO: Look for a bounce off the 34 EMA. If Dominator bars turn green, it might be a good entry point.

Final Thoughts:

  • Pattern Recognition: Observe the stocks for 5-7 red bars followed by run-ups for possible pattern trading.
  • Monitoring Volume: Essential for making informed entries and exits.

Remember, these are live observations and not financial advice. Always consult a professional.

Keywords

  • Volume Spikes
  • Dominator Bars
  • My Blessing Indicator
  • Support and Resistance Levels
  • Extended Hours (EXT)
  • Time and Force (TIF)
  • ThinkorSwim (TOS)
  • MLGO
  • RGS

FAQ

Q: What are Dominator Bars? A: Dominator bars represent the buyers and sellers in the market, indicating the trend's strength.

Q: What is the My Blessing Indicator? A: This indicator shows the trend of a stock. A white line turning green indicates a strong upward trend.

Q: How do I set up for extended hours in ThinkorSwim? A: Go to setup > application settings > order defaults > scroll to the bottom and select extended hours (EXT).

Q: Why is volume important? A: High volume ensures liquidity, making it easier to get in and out of trades safely without significant price changes.

Q: What does 'buy on support' mean? A: Entering a trade at a support level, where the price is expected to bounce up, increasing the chances of a profitable trade.

Q: How should I respond to the ThinkorSwim delays? A: Never trade off a delayed screen. Always ensure your platform is operating smoothly before making trades.