Scan for Squeezes in ThinkOrSwim

A couple of weeks ago I posted an article about how to add columns to display the current squeeze status for a quote window. This time we are going to use the TTM_SqueezeCol  study that we created to generate a custom scan that will allow you to scan for daily squeeze.
This is NOT for the faint of heart, so follow carefully and let me know if I made any mistakes.

  1. Select Studies->Edit Studies. This opens up the Edit Studies and Strategies window. Under the Studies tab select and right click the TTM_SqueezeCol study that you created from my previous article. Select copy. If you don't see TTM_SqueezeCol, then you don't have the study. You will have to get it to proceed. Follow these instructions. Seriously. I mean it.
  2. A new thinkscript window will open. Rename the study to TTM_SqueezeScan.
  3. Change the line that begins with  plot BolKelDelta ... to def BolKelDelta ... 
  4. Add the following line to the end of the study:  
  5. plot signal1 = if( bolKelDelta < 0) then yes else no;
  6. Make sure that the editor is not reporting any errors and press OK.
  7. Now open up the Stock Hacker window under the scan tab.

  8. Click the red X on the Net Change and % change row. If your screen looks different, add or delete rows until you just have a volume row.
  9. Now click the Add Study Filter. You should have a window that looks similar to this:
  10. On the row that says ADX crossover, left click the small triangle on the right side of the box and select Custom.
  11. Replace the line that says ADXCrossover() with
    plot foo = TTM_SqueezeScan();

  12. Click Okay.
  13. By default a scan will scan everything, this can take a while, so go ahead and set it up to scan a single index. In my example I use the S&P 100.
  14. Tighten things up even more by only scanning equities that are trading over a million shares.
  15. Now go ahead and hit the Scan button.
  16. If everything worked out okay, press Save Scan Query. You can now use this scan in any quote list.

There you go, we now know that we have a couple of daily squeezes setting up on about 15% of the S&P 500. Are you interested in scanning the Futures market? Just select Scan In: Futures and decrease the volume to zero. Today, it looks like Oats and Cocoa are in a squeeze. Hmm, it looks like breakfast could get interesting.

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