Special Edition: Weekly Option Relative Strength Movers
I thought I would share with you a scan I am personally working with for my clients shorter term opportunities. This scan consists of 2 individual universes. One made up all the stocks (333 securities) that trade weekly options the other with all the ETFs (61 securities) that have weekly options. I then apply my relative strength calculation to rank each universe; and finally I scan for those which have moved more than 20 relative strength points from 5 periods ago. As a reminder, my Relative Strength Calculation is a 3 month front weighted view that helps me spot changes in character of securities within the universe. Whether or not there is a trade comes later in the process, but I have found this a great way to ferret out names with good potential for acceleration. So I thought I would share it this week for all those who trade weekly options. It has been a nice tell so far in my studying it.
WO Equity RS Gainers Equity Gainers FINVIZ
WO Equity RS Losers Equity Losers FINVIZ
WO ETF RS Gainers ETF Gainers FINVIZ
WO ETF RS Losers ETF Losers FINVIZ
To this point I have only shared this scan with a very select few professionals, but I feel for a certain type of trader this scan can be invaluable on a daily and or weekly basis. I do some of this work for my clients as mentioned, but really don’t feel I am utilizing it to anywhere near it’s fullest potential, therefore I am seriously thinking about offering this scan on a daily basis as a monthly subscription. If you think you might be interested in getting this every evening (potentially along with a few of my favorite looking charts) email me: email@example.com and let me know your thoughts.
Good Luck and I hope this helps!