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Some of the main benefits of using the momentum factor are: You can learn more about Wilder's Momentum Concept, in J. Weller's book: New Concept in Technical Trading Systems (1978). TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. Higher swing pivot with a lower price momentum will generate a negative divergence. Try adding this script as a. and adding a line to plot the slope that you want to scan. When an impulse appears, the investor opens an order in his direction. I came across this video on YouTube yesterday and I tested the scanner this morning while day trading. The next step is build a scan, to find long or short setups where the momentum factor is triggering an entry. Momentum Scanner. Slope equals rise over run. An additional feature for advanced and experienced traders. Finally, lets make the chart pretty. Clicking this link takes you outside the TDAmeritrade website to Free custom study included in the link below. Line 2. From Open looks for stocks that have made at least 0.9% in movement. Journal of Applied Finance , Vol. Remember, stock scanning is only one component of being a successful stock trader. 3 Pea_Tear_Griffin11 2 yr. ago Powerful web-based platform to help you trade stocks like a pro Supports 8,200+ stocks and ETFs, with daily Volatility Box price levels Real-time live scanner for all liquid stocks to find active Volatility Box setups, so you can pick, and choose, and simply add them to your Dashboard for price levels Will give it a try. How to Create a Low Float Momentum Scanner in ThinkorSwim Scanner for #ThinkOrSwim Looks for stocks with an average volume above the limit. This scanner is built with the same principles that undergird the strategy taught in the Warrior Pro courses. TD Ameritrade, Inc., memberFINRA/SIPC, a subsidiary of The Charles Schwab Corporation. For the next scan, we need stocks that move or have a certain range. Get coding help from our community of over 3000+ members. Youll see a predefined script in line 1. Futures and forex accounts are not protected by the Securities Investor Protection Corporation (SIPC). By default, the momentum is calculated as the difference between the latest close price and the close price 12 bars prior to it. A Simple and Free Momentum Stock Screener | The Lincoln List def bullishA = (CLOSE > CLOSE[1] AND CLOSE [1] > CLOSE [2] AND VOLUMEAVG(LENGTH = 20) > VOLUMEAVG(LENGTH = 20)[1] AND VOLUMEAVG(LENGTH = 20)[1] > VOLUMEAVG(LENGTH = 20)[2]); plot bullA = bullishA; bullA.AssignValueColor(Color.WHITE); bullA.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP); def bullishB = (CLOSE < CLOSE[1] AND CLOSE [1] < CLOSE [2] AND VOLUMEAVG(LENGTH = 20) > VOLUMEAVG(LENGTH = 20)[1] AND VOLUMEAVG(LENGTH = 20)[1] > VOLUMEAVG(LENGTH = 20)[2]); plot bullB = bullishB; bullB.AssignValueColor(Color.CYAN); bullB.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP); def bearishC = (CLOSE < CLOSE[1] AND CLOSE [1] < CLOSE [2] AND VOLUMEAVG(LENGTH = 20) > VOLUMEAVG(LENGTH = 20)[1] AND VOLUMEAVG(LENGTH = 20)[1] > VOLUMEAVG(LENGTH = 20)[2]); plot bearC = bearishC; bearC.AssignValueColor(Color.YELLOW); bearC.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN).