How to Scan Up To 10,000 Options
You can not only view an Option Chain for any optionable stock symbol, but you can populate the chain with options from a list of stocks. Then you can Scan that option list using newly created or saved conditions. Steps to scanning a list of options are below.
1. Right click on the chart and choose Option Chain from the drop down menu
2. This will display the Option Chain for the current active symbol.
3. Click the ticker symbol drop down
4. Select WatchList with the radial button
Note: the steps below to Scan options can be used to scan the options of a single stock symbol. To do so, simply select the ticker symbol instead of a WatchList.
5. Click the WatchList drop down to select any WatchList on which to display an option chain
6. This will display the options for the entire WatchList (up to 10,000 options maximum)
The options will be displayed on the basis of the criteria you have chosen in the option chain: Expiration dates; number of strikes; Calls & Puts. The number of options displayed can be seen at the bottom of the Option Chain.
You can also scan both the stock list and options it produces. For steps to do this, click here.
7. Place a checkmark beside Scan in the WatchList
The checkmark activates the Scan menu from which conditions can be selected or created.
8. Click Select Conditions
To create a new Condition/Condition Set open the Condition editor.
Note: to use scan criteria already created and saved, click the Folder icon to choose from the library.
9. Create the first condition
Click Add condition to open the criteria library from which the condition will be created.
Click the criteria to be used for the condition.
Note: In this example we will build a Condition set looking for options with Open Interest of greater than 300, daily volume of greater than 50 and Options Delta of at least .30. However, many indicators, options criteria, formula, etc., in the condition criteria library can be used for constructing a condition/condition set.
The condition is set (greater than). Set the Value field to 300
Note: when creating individual conditions, click the Save button to name and add them in the condition library for re-use.
10. Add the next condition
Click + Add Condition (the example will be: Volume greater than 50 contracts)
Use the typing shortcut in the Search field to type part of the word Volume.
Select Volume from the list.
Set the Greater Than value to 50 and click OK.
11. Add final condition
Click + Add Condition (the example will be: Options Delta greater than .30)
Use the typing shortcut in the Search field to type part of the word Delta
Select Options Delta from the list.
Set the Condition (Greater Than) value to .30 and click OK.
When constructing Condition Sets, click the Save Condition Set button to name and add the set to the Condition Set library for re-use.
12. Review Results
With the condition set complete, click the Scan button.
The resulting list of option symbols will meet all of the Conditions that were set as part of the Condition Set. The number next to the blue Funnel icon tells how many conditions are in the Condition Set.
The total number of stocks found with the Scan conditions is always at the bottom of the WatchList window.
The options being viewed are those that meet the selected criteria at the top of the option chain window.
The time stamp next to Scanned shows when the Scan was last updated.
To refresh the Scan results click the icon which looks like two arrows going in a circle.
Refresh Rate: TC2000 Platinum users can select the interval at which the WatchList will be scanned for new results.
13. Edit Condition Set
To re-enter/Edit the Condition Set conditions, click on the blue Funnel icon
Click on any of the Conditions
Change criteria settings in the Editor. Click OK when completed.
14. Scan a different WatchList of stocks for the Condition/Condition Set on Options
Click the WatchList dropdown menu to select a different WatchList. Click on the name of the desired WatchList to make it the active list being filtered by the Scan condition(s).
15. Stop the Scan
Uncheck the Scan tick box to stop the conditions from filtering the WatchList
To apply the condition(s) to any time frame, click the TimeFrame dropdown to choose the desired bar interval.
Note: the conditions in this article are only examples. Any indicators, fundamentals, PCFs, etc., within TC2000 can be used in an EasyScan.
The conditions and results of the Scan examples should not be construed as a recommendation to buy or sell any security. They are presented solely for educational purposes.