Scan for options with low price



I need help in writing a scan in ThinkOrSwim to select all options where the current price + ask price < strike price and the difference between current price and strike price is not greater than 2$

Can someone help me with this?

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Posted by (Questions: 1, Answers: 2)
Asked on April 12, 2020 6:00 pm
Private answer

The first requirement to complete this in Thinkorswim is the following:

plot scan = GetStrike() == 5.0;

You run this in the "Option Hacker" scan. At this time when you run that scan you get zero results. Until such a time that this scan produces results it will be impossible to accomplish what you have requested. However there may be other limitations besides this one. I just happen to grab this one as a test case to check the feasibility.

FYI, I recommend you not waste to much time trying to build scans for options. As we have already discovered from previous posts, the Option Hacker scan on Thinkorswim is nearly useless.

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Posted by (Questions: 37, Answers: 3291)
Answered on April 12, 2020 6:37 pm
Hi Pete, Thanks for your response. What would you recommend if not use Option hacker in TOS? Is there a way to accomplish what i am asking using a different tool? Please let me know.
( at April 13, 2020 11:54 am)
Nothing in Thinkorswim. If there was a way that could work around the limitation I would have included that in my response. I could check TradeStation to see if that platform can do it. Until Thinkorswim fixes the issue as I explained in my answer there is nothing to make that work.
( at April 13, 2020 12:24 pm)
Hi Pete, Thanks for the immediate reply. Can you please check with TradeStation on this? I would be much obliged. Appreciate the help.
( at April 15, 2020 5:35 pm)
I checked the standard fields available for TradeStation scans and there is nothing there for ask price or strike price. Might be something that can be built with a custom study but not something you can create using built-in tools. Anticipating the next question.... A custom solution to this would be well beyond the scope anything I can provide for no charge in the Q&A forum. AND I have no idea if it would even be possible.
( at April 15, 2020 5:58 pm)
Pete, Can you please let me know if you can build it for me? Also let me know what is the likely cost if you can do it? Thanks in advance and truly appreciate your timely response.
( at April 16, 2020 7:19 am)
The minimum charge for a custom project request is explained in the following webpage: Please make sure you read my final sentence in my previous comment. I have no idea if this is even possible on TradeStation. If you are a TradeStation use your should take some time to research this on your own. If you are not a TradeStation user than you must first consider if a solution to this request is really worth opening an account with TradeStation.
( at April 16, 2020 8:33 am)