Need a solid TOS developer to help me

December 24th, 2019, 07:06 AM

Could I make a script that alerts me when the Probability of Being Out of the Money (POTM) goes below a certain percent (say, 80%)?

kjhosken

the greeks are a newer built-in indicator in TOS. Search for options rho, options gamma, etc. Without being more specific, try this on for size:

Code

declare lower;
def gamma = gamma();

input longLength = 252;
input shortLength = 10;

#Plot Implied Volatility
def ImpVol = IMP_VOLATILITY();
#Plot 10 day IV
plot HV = stdev(gamma, shortLength) * Sqrt(shortLength * longLength / (shortLength - 1));
HV.SetDefaultColor(GetColor(0));

December 25th, 2019, 09:45 AM

That would have to depend on the strike. You can already scan for probability OTM using option hacker and can set alerts on options when the delta (a decent proxy for prob OTM) reaches certain values. If you wanted it as a chart alert that would take a little bit of playing around

Imaginativeone

Could I make a script that alerts me when the Probability of Being Out of the Money (POTM) goes below a certain percent (say, 80%)?

December 25th, 2019, 09:54 AM

This alert is part of a System Trade that was offered from a class I took. Ideally, I could automatically get out of the trade using code. How much would it cost me to (commission you to) explore this?

December 25th, 2019, 10:12 AM

I could definitely explore this more, education is my only cost.

Imaginativeone

This alert is part of a System Trade that was offered from a class I took. Ideally, I could automatically get out of the trade using code. How much would it cost me to (commission you to) explore this?

December 25th, 2019, 12:51 PM

kjhosken

I could definitely explore this more, education is my only cost.

Shall I send you a word document, with complete details?

December 26th, 2019, 09:58 AM

That works for me

Imaginativeone

Shall I send you a word document, with complete details?

May 18th, 2020, 08:54 AM

kjhosken

That would have to depend on the strike. You can already scan for probability OTM using option hacker and can set alerts on options when the delta (a decent proxy for prob OTM) reaches certain values. If you wanted it as a chart alert that would take a little bit of playing around

What's "Option Hacker"?

May 18th, 2020, 04:48 PM

Imaginativeone

What's "Option Hacker"?

It's in the scan tab

Need a solid TOS developer to help me

Discussion in ThinkOrSwim

Need a solid TOS developer to help me