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Worden Discussion Forum » General Discussions » Stock and Market Talk » Best EasyScan for Option Trading?

Best EasyScan for Option Trading? Rate this Topic:
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tailgun
Posted : Thursday, September 18, 2014 3:41:33 PM
Registered User
Joined: 8/3/2014
Posts: 4

Hello,

I am trying to build a set of scan conditions that will be used as a base for options trading and for creating other, more focused scans.

From what I gather there are no Implied Volatility and Open Interest stats in TC2000 so I am trying other ways to create the sort of environment I'm looking for.

Here are some conditions I had in mind:

High/Deep Liquidity - If options were listed in TC2000 I'd be looking for tight spreads between Bid/Ask. Is there any other way to approximate this?
 
Relatively High Volume - This one is more straighforward. I'm probably looking at stocks where the 20 Day average volume is greater than 1 million shares. I pulled a formula from a previous thread here where the following was provided: 
 
AVGV30 * AVGC30
 
I installed that formula but when I plugged it in as a scan condtion it doesn't work correctly.
 
I have also used the prebuilt HIgh Volatility Optionable scan and it seems okay. Do those conditions reresent the best I get within the paramters of TC2000? Any suggestions are much appreciated.
 
Thanks!
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Bruce_L
Posted : Thursday, September 18, 2014 4:15:31 PM


Worden Trainer

Joined: 10/7/2004
Posts: 65,138

There really isn't a lot I can comment about related to the question. I'll start with AVGV30 * AVGC30. This is designed as a quick and dirty way to calculate dollar volume over 30 bars. You would just use the first part if you are interested in volume alone. So to check for the 20-period average of volume being greater than 1 million shares:

AVGV20 > 1000000

I can't actually suggest what you might want to use as scan conditions (including what might be better than the High Volatility Optionable EasyScan ), but if the volume is high enough, there should be decent liquidy (and probably a fairly narrow bid ask spread).

I'll move this topic to the Stock and Market Talk forum where other traders are more likely to see it and comment.


-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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tailgun
Posted : Friday, September 19, 2014 1:33:50 PM
Registered User
Joined: 8/3/2014
Posts: 4

Thanks, Bruce!  I think you are right, those should be about the best I can get.
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ervin00
Posted : Wednesday, September 24, 2014 6:38:27 AM
Registered User
Joined: 9/24/2014
Posts: 1

Go here nebadawn.com
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