Table of Contents
Day Trading Key Levels Script
What it is
Percent change within market hours accounting for implied volatility and option premiums. Theoretically, a +10 move on AAPL should result in the same option return as a +10 move on a more volatile stock such as ROKU.
Green background = positive move, Red background = negative move
How To Use
Sort your watchlist using this indicator to identify strongest and weakest stocks during a trading day. It works rather well to identify which tickers will have the best relative strength or weakness within the opening 5-15 minutes.
I use it at the open to identify possible red or green trend days. If I see more green tickers, there’s a good chance it’s a bullish day. In that case I will trade the strongest ticker at the top of my watchlist.
It doesn’t matter how good a setup you may identify on a 1D or 1H chart, you don’t know which stock will move the most until the market opens. In fact, some of the biggest green moves may come on an ugly bearish chart as part of a bear rally, short squeeze, oversold chart.
Use this script to identify the strongest or weakest price action each day.
def yclose = close(period=AggregationPeriod.day);
def price = close(period = AggregationPeriod.Day);
def open = open(period = AggregationPeriod.DAY);
plot value = ((price – open)/open)*100/imp_volatility();
AssignBackgroundColor(if value > 0 then CreateColor(0,197,49) else if value < 0 then CreateColor(255,95,95) else Color.Yellow);