Top % daily gainers/losers (free download)

Top % gainers and Top % losers (Daily) are two separate scans that I run in my ThinkOrSwim side bar along with several other scans. If the scan “triggers” for any stocks trading in the US stock market, the ticker symbol will be automatically added to the watch list for that scan. I have that watch list linked to one of the charts displaying in my ThinkOrSwim platform layout. I can then click on a stock in the watch list and it will show the chart for that stock in the chart window that it is linked to.

These two scan are very similar to the default scan that is built into the ThinkOrSwim platform for top percentage gainmers and top percentage losers for the day. The only difference to that it filters out low float/low volume stocks. This keeps the amount of “triggered” stocks down, and also eliminates stocks that are very hard to get in and out of due to lack of liquidity.

These two scans will give a lot more tickers “triggers” in a day than any of the other scans on this website. This gives you a good list of “in-play” stocks. Once a ticker is on one of these the watch list your job is to find out why it is moving on the daily chart. I usually click on the first ticker on the list and then just quickly scroll through them (using the down arrow on my keyboard). As I scroll through each one the chart (that is linked to the watch list) displays. I look at each chart for a few seconds to determine if it has interesting chart pattern.  If that looks like it is at a infliction/pivot point, I will look at twitter and various news websites to determine what the news is. If I believe there is a trade to be opened where I have an edge. I will determine if the risk/reward ratio is in my favor. I am looking for at least 1:2 risk vs reward. 1:3 or higher is even better. I will then figure the price I want to open the trade at, what my target price it close the trade is, and and what my stop to point will be.  You need to stick to your plan! But, that being said, what I’m about to say may sound contradictory, your plan can be fluid. If the price action, chart pattern and volume start to change drastically once you are already in an open trade, I am okay with revising the plan.  For example: I open a short trade looking for a $1/share gain. Within 30 minutes the stock suddenly drop to below my initial target with heavy sell volume, and the chart looks very weak. I will revised the price target for maybe a $2 gain, or close half the trade at $1 or 1.50 and let the rest ride until it looks like it may have reach support.  I will also constantly revise my stop-loss price.  If the stock falls and is close to my target close, I will obviously move my stop-out price down.  I am not going to let the stock bounce back all the way past where I opened the short.  If I close 1/2 of a position, I will often move my stop-loss point to where I closed the first 1/2 of the position. So, if the stock bounces, I end up closing the second 1/2 of the trade for the same price as the first.

As with all the ThinkOrSwim scans on this website, there is a lot of discretion involved on whether to take the trade, and in which direction. These are not auto-trading (green light – red light) scans, where the scan triggers and you automatically buy or sell.

After this scan triggers, I will look at a number of factors to determine if there is a trade to take where I believe I have an edge. If I don’t believe I have an edge I will not take the trade. Never take a trade out of boredom or just following someone else into a trade. These are the things I look at after the scan triggers to determine if (a) there is a trade there and (b) if its a LONG of a SHORT:

1. News/Why the stock up or down on the daily chart?  (look at: twitter, financial news websites)
2. Earnings. Often times a big move up, or down is due to earnings. look at the earning report. did they beat their EPS target? By how much? Did they beat their Revenue target? Same-store-sales (if applicable)? Guidance (very important. The market moves on what is going to happen, not on what has already happened)? (look at: earning report, twitter, financial news website)
3. Percentage of float short. This is important. It shows how many people don’t have faith in this company. Also, how many people need to cover (could create a squeeze). (look at: Yahoo finance, Google Finance, Finviz)
4. P/E ratio. Is the company under or over valued? (look at: Yahoo finance, Google Finance, Finviz)

DOWNLOAD TOP % GAINERS

Or just copy and paste this link into your ThinkOrSwim application:
http://tos.mx/CWqBsC

DOWNLOAD TOP % LOSERS

Or just copy and paste this link into your ThinkOrSwim application:
http://tos.mx/NGK5yh

Go to setup>open shared item>paste link into box. Detailed instructions