The ThinkOrSwim Relative Volume Scanner comes with three separate scripts. Each script is for a different scanner mode.
1. Main Mode for desktop ToS
2. Mobile Mode for mobile ToS
3. Options Mode for desktop ToS
The sections below describe each mode and how to set them up.
NOTE: For the initial import of the script check out my original YouTube video at the 11:50 mark.
Modes
Main Mode for desktop ToS
What They Are
The Main Mode is the basic mode for the scanner. It's what you see on the daily livestreams and in the instructional YouTube video.
How To Setup Main Mode
The text file for this script in the download package is titled "ScriptedTrading - RelVol 1.4.txt"
Set the timeframe to 3m and uncheck the box for extended hours
Mobile Mode
What It Is
Mobile mode is the same as intraday mode but with different visual settings to be compatible with the ToS mobile app. The mobile app doesn't allow colored backgrounds or text. It only allows white numbers.
The signals on this mode have been changed so that "6.00" is the highest intensity signal and "1.00" is the lowest intensity signal.
How To Setup
The text file for this script in the download package is titled "ScriptedTrading - RelVol 1.4 Mobile Mode.txt"
ToS doesn't allow script editing on mobile so the setup has to be done on desktop prior to using on the mobile app.
Set the timeframe to 3m and uncheck the box for extended hours
Options Mode
What It Is
Options mode is a little different than the rest of the modes in that it is not intended to be used on a watchlist. It's used directly on the options chain.
Also, it does not use text descriptions (i.e "05 Extreme") for the volume spike intensity levels. It only uses the colored backgrounds and shows the number of contracts traded on the 1 minute timeframe.
Gray colored cells are there for informational purposes only. They signal that there is no volume spike, but allow the volume from the 1min timeframe to still be visible.
Tip set the color tag in the options chain window to the same tag as your watchlist and charts.
This allows you to see a volume spike signal on your watchlist, click the ticker, and instantly the chart and options chain will switch to that ticker.
How To Setup
The text file for this script in the download package is titled "ScriptedTrading - RelVol 1.4 Options Mode.txt"
Set the timeframe to 1m and uncheck the box for extended hours
To add the script on your options chain, click one of the column headers, choose "Custom Quotes" in the menu, then choose "Customize" in the sub-menu.
Then in the following dialog box find the RelVol script on the left half of the window, move it to the right half, and click OK.
Filters
Filters are a way to remove low quality volume spikes from the list of signals. There are a lot of signals throughout the course of a trading day and filters are used to prioritize quality over quantity. Only one filter is currently available in the script, but a few others are being tested. If the tests show that they increase the quality to quantity ratio then they will be added in future updates.
Minimum Volume Filter
What It Is
The Minimum Volume Filter is in the script to allow lower volume spikes to be removed from the list of signals. Even though these low volume signals are large relative to the average trading volume I have found them to be very low probability trade setups.
All filters are optional and can be set to your preference. Default values are set as I use them.
How To Setup
The "minVolFilterOn" variable on line 25 is set to "yes" by default. Change to "no" if you do not want this filter on.
The "minVolFilter" variable on line 27 is set to "10000" by default. Adjust this up or down however you prefer.
IMPORTANT NOTE: If you are using the scanner in Options Mode you must either turn this filter off or adjust the "minVolFilter" variable to a much more reasonable level than "10000"
Extra Tip
If you plan to use more than one of these modes and don't want to repeatedly have to edit the script variables to switch modes then import the script multiple times and give each imported script a different name.