ThinkOrSwim Scan Setup with High IV and Average Daily Volume

http://ThetaForums.com http://SellTheta.com This video explains how you can set up a scan with High IV rank and a set average daily volume. The standard options on Think or Swim (TOS) lets you set up volume, but not Average Daily Volume, unless you follow the steps in this video. What's the difference? If you choose just volume from the drop-down list, that is a measure of the volume the day you run the scan. Therefore, there may be a stock that is an otherwise great buying (or Selling) opportunity, however, it won't show up until that stock gets to your number (in the video, I use 1.3 Million Shares). Whereas, on an average daily volume setup, it will include a stock that has an average daily volume of 1.3 million, even though the stock hasn't reached that threshold on the day of the scan. This scan is my 'go-to'. Although I have other scans I use, this one I go through every trading day. I make about 1 trade each day behind this scan. It is very rare that the list will be empty. I do review these trades for other considerations. Even though a trade may be of high IV rank, does not necessarily mean it's a good trade. This scan does get you on the right track and more often than not, at least one or two of the stock listed is lucrative enough to trade. If you have any questions, please post them at our new forum webpage, http://www.ThetaForums.com

Comments

1. How could you scan for total option volume as opposed to the stock volume
2. In the latest TOS, what you need to look for in the scan parameters is "Add Study Filter", then "Volume" -> "AverageVolume". It's not in "custom" any more.
   
   
   You can now also select what kind of MA (simple, exponential, weighted, etc.), and how many periods.