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Put/Call Ratio?


Discussion in ThinkOrSwim

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Put/Call Ratio?

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  #1 (permalink)
jayoxd
New York, NY
 
Posts: 3 since Aug 2012
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What do you guys think about the Put to Call Ratio as a bull / bear indicator?

Is there a way to display it in ToS with the chart or anywhere for that matter besides the Scan tool?

Thank you.

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  #2 (permalink)
 
RedK's Avatar
 RedK 
Dubai, UAE
 
Experience: Intermediate
Platform: TOS, TradeStation
Broker: OX, TradeStation
Trading: Stocks & Basic Options
Posts: 171 since May 2012
Thanks Given: 44
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there's no easy way to add Put/Call ratio to charts.. it's not directly exposed in available ToS script functions..

you can however display it in the WatchList
(right-mouse click on the small blue circle top left of the watchlist, choose Customize, and add it from the list of available columns)

on using it, i look at it on the Trade tab but not consistently. i believe bullishness is expressed better by the price on a chart, and indicators that measure the current price position compared to prior periods - we have a thread on the topic here on the forum that you can refer to. i also tried using a formula to calc and display in the watch list how far (percent)the stock is from 52 week high & low as a quick measure, but later let go of the idea, and went back to look at my chart and indicators.. then built my own weird calculation that expresses "bullishness" in my own definition, and used it as custom column in the watchlist as a relative measure between all the stocks i have in there.

hope this helps,
RedK

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  #3 (permalink)
jayoxd
New York, NY
 
Posts: 3 since Aug 2012
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RedK View Post
there's no easy way to add Put/Call ratio to charts.. it's not directly exposed in available ToS script functions..

you can however display it in the WatchList
(right-mouse click on the small blue circle top left of the watchlist, choose Customize, and add it from the list of available columns)

on using it, i look at it on the Trade tab but not consistently. i believe bullishness is expressed better by the price on a chart, and indicators that measure the current price position compared to prior periods - we have a thread on the topic here on the forum that you can refer to. i also tried using a formula to calc and display in the watch list how far (percent)the stock is from 52 week high & low as a quick measure, but later let go of the idea, and went back to look at my chart and indicators.. then built my own weird calculation that expresses "bullishness" in my own definition, and used it as custom column in the watchlist as a relative measure between all the stocks i have in there.

hope this helps,
RedK

That does help very much, thank you. Where can you "build" calculations within ToS?

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  #4 (permalink)
 
RedK's Avatar
 RedK 
Dubai, UAE
 
Experience: Intermediate
Platform: TOS, TradeStation
Broker: OX, TradeStation
Trading: Stocks & Basic Options
Posts: 171 since May 2012
Thanks Given: 44
Thanks Received: 143

Hi, check out the link below from thinkScripter (i googled ) .. nice that it shows screencaps and step-by-step.
Custom Columns – Bollinger Band Excursion % | ThinkScripter

i did play around with custom watchlist columns in TOS and creating my own "measures" so if you need help with any idea feel free to reach out,
all the best,
RedK

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  #5 (permalink)
jayoxd
New York, NY
 
Posts: 3 since Aug 2012
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Wow I had no idea this capability was possible. Thank you so much!

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  #6 (permalink)
 
TonyB's Avatar
 TonyB 
Bay Area, CA - US
 
Experience: Beginner
Platform: TOS, TS & MC
Broker: TDA & TS
Trading: Stock, Options and now Futures (ES)
Posts: 516 since Dec 2010
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RedK View Post
there's no easy way to add Put/Call ratio to charts.. it's not directly exposed in available ToS script functions..

you can however display it in the WatchList
(right-mouse click on the small blue circle top left of the watchlist, choose Customize, and add it from the list of available columns)

on using it, i look at it on the Trade tab but not consistently. i believe bullishness is expressed better by the price on a chart, and indicators that measure the current price position compared to prior periods - we have a thread on the topic here on the forum that you can refer to. i also tried using a formula to calc and display in the watch list how far (percent)the stock is from 52 week high & low as a quick measure, but later let go of the idea, and went back to look at my chart and indicators.. then built my own weird calculation that expresses "bullishness" in my own definition, and used it as custom column in the watchlist as a relative measure between all the stocks i have in there.

hope this helps,
RedK


RedK, thank you for this information. I've been wanting the put / call ratio in a lower study forever, for the instrument being charted above, and also for the broader mkt. Sounds like it is not possible. Drat.

You mentioned 52 week highs and lows... I also want for a lower study a visual of the number of 52 week highs and / or lows for the NYSE or NASDAQ. Do you see this being possible?

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  #7 (permalink)
 
RedK's Avatar
 RedK 
Dubai, UAE
 
Experience: Intermediate
Platform: TOS, TradeStation
Broker: OX, TradeStation
Trading: Stocks & Basic Options
Posts: 171 since May 2012
Thanks Given: 44
Thanks Received: 143


TonyB View Post
RedK, thank you for this information. I've been wanting the put / call ratio in a lower study forever, for the instrument being charted above, and also for the broader mkt. Sounds like it is not possible. Drat.

You mentioned 52 week highs and lows... I also want for a lower study a visual of the number of 52 week highs and / or lows for the NYSE or NASDAQ. Do you see this being possible?

TonyB, you can refer to a different symbol from a ToS study .. so the indexes reflecting what you're looking for in NYSE or NASDAQ (the Q's or an equivalent) .. not sure what you mean by the numbers of 52 week highs and lows though .. it's usually a single value... if we get a new 52-week high, that's the new one. short answer is it should be doable but some concept refinement maybe?

cheers, RedK

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  #8 (permalink)
 
TonyB's Avatar
 TonyB 
Bay Area, CA - US
 
Experience: Beginner
Platform: TOS, TS & MC
Broker: TDA & TS
Trading: Stock, Options and now Futures (ES)
Posts: 516 since Dec 2010
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RedK View Post
TonyB, you can refer to a different symbol from a ToS study .. so the indexes reflecting what you're looking for in NYSE or NASDAQ (the Q's or an equivalent) .. not sure what you mean by the numbers of 52 week highs and lows though .. it's usually a single value... if we get a new 52-week high, that's the new one. short answer is it should be doable but some concept refinement maybe?

cheers, RedK

RedK, thanks for the prompt reply.

You got it, a single value (52 week highs / lows). As an example, a couple weeks back Big Mike noted in another thread that only 5% of the S&P 500 (so, 25 of its components) was at 52 week highs - while the index was at multi-year highs. Not sure what is typical or the norm, so maybe that was within the normal range of things. Such a visual depiction, either as a whole number or % would be neat to see over the years, for an index or larger exchange.

Similar, at least in my eyes, is the advancers and decliners, which TOS does offer as a lower study, in several flavors. I like the McClellan Oscillator, for the both NYSE and NASDAQ.

I had just today posted this question in the ThinkScripter forum, and received the following reply, from ThinkScripter himself:

"They are not available and have been requested for three years running now. They must be implemented natively by TOS."

They being the put / call ratio and the highs / lows...

Looks like I / we will need to continue waiting.

I place an emphasis on macro analysis, and actually have 3 TOS Workspaces dedicated to this end (daily, weekly and monthly, with each covering 4 monitors).

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  #9 (permalink)
 
RedK's Avatar
 RedK 
Dubai, UAE
 
Experience: Intermediate
Platform: TOS, TradeStation
Broker: OX, TradeStation
Trading: Stocks & Basic Options
Posts: 171 since May 2012
Thanks Given: 44
Thanks Received: 143


TonyB View Post
RedK, thanks for the prompt reply.

You got it, a single value (52 week highs / lows). As an example, a couple weeks back Big Mike noted in another thread that only 5% of the S&P 500 (so, 25 of its components) was at 52 week highs - while the index was at multi-year highs. Not sure what is typical or the norm, so maybe that was within the normal range of things. Such a visual depiction, either as a whole number or % would be neat to see over the years, for an index or larger exchange.

Similar, at least in my eyes, is the advancers and decliners, which TOS does offer as a lower study, in several flavors. I like the McClellan Oscillator, for the both NYSE and NASDAQ.

Hi TonyB, i totally misunderstood you when i posted my first response, now i understand what you're looking for.

you may want to look at these in a table format (watchlist) and not a chart .. i have a similar setup. in a watchlist, you can build formulas to show how close a stock/index is from it's 52wk hi/lo and add some conditional coloring. that's how i have it.. the advantage with this technique is that in one look, you get to see how many reds vs greens.. the disadvantage that only a chart provides is that you don't see trend - although more code in the custom columns maybe written to try and tell if this is low in continuation or low of reversal .. and it gets visually harder to analyze.




here's a screenshot of my market watchlist .. i'm only a casual trader so i only need to peek at it every hout or so.. you see a column called "DeltaMid60" and that's a formula that shows me where is the current item compared to it's 60-day hi/lo (on a scale of +100/-100), and provides color clue. same concept will apply for a 52-week hi/low .. once you build that watchlist, you will manually "flip" thru the indexes if you like, as ToS has all of them as built-in watchlists.. maybe freeze the ones you like. i have another watchlists for stocks i follow and it will have a different set of customized columns and so on.

hope this helps,
RedK

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 TonyB 
Bay Area, CA - US
 
Experience: Beginner
Platform: TOS, TS & MC
Broker: TDA & TS
Trading: Stock, Options and now Futures (ES)
Posts: 516 since Dec 2010
Thanks Given: 227
Thanks Received: 140


RedK, thank you again. I appreciate you sharing that Watchlist. The disadvantage you explain is exactly what I seek - the historical context of it all.

If for example when a stock was at or near a top or bottom over the past several weeks, months or years, the put / call ratio reached X or Y extremes - that would serve as notice in the future when those levels are seen again. With such a range understood, one can then use that information for alert purposes, as with other indicators, to make what might be prudent decisions. With such information, such a Watchlist (as you provided) would, for me at least, be very valuable. I'd imagine that these historical put / call extremes can be added to the Watchlist as a range, for monitoring purposes when the chart is not up at the moment.

I just need to know the historical context and more importantly if there is indeed any relevance, or forecasting value with this data. Maybe for some stocks or ETF's it proves to not be so helpful, and for others, it's pretty solid, consistent over time. I monitor / trade 20 stocks and ETF's, and I would certainly edit that list based upon the dependability of the data I use to make decisions...

With respect to the number of stocks making 52 week highs or lows, this is for purely macro-analysis. I'd imagine that when we see the number of highs lessening, while the mkt pushes upward, a correction of some sort is upon us. We often see such divergence with the A/D line. With the visual over time, months and years, we are apt to see that the correction is not immediate, but typically happens within so many weeks of an established trend. In conjunction with other important stuff like the vols (volume and volatility), the aforementioned A/D line (I use the McClellan Osc, essentially the same), historical support and resistance, and other stuff. But, these all have historical context in that I can see their relevance visually on a chart over time, unlike the put / call ratios (instrument and overall mkt) and 52 week market highs / lows...

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Last Updated on September 23, 2012


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