I’ve been playing around with some of the new features in thinkScript over the past few weeks and several new studies have resulted. This one will display intraday option volume for a set of five option strikes (You have the option to display only three or one strike if you wish). The calls are stacked above the horizontal line with puts below. The format is a stacked bar type to accommodate showing all the strikes at once. The color code is referenced in the upper left. Additionally, the indicator has three other modes (single strike only) that will display total strike volume for the day, open interest, and volume as a percentage of open interest (see the second image below). The total volume and open interest modes are designed for use on daily charts but will function on the intraday charts as shown below. To initialize the study, you need to enter your desired center strike, expiration date, and the strike spacing for the underlying.

My intention was to release this to the Pro Subscribers only but it seems to me that I have been neglecting the general public as of late. As such, this one will be for mass consumption. The script is too long to post here so you will have to swing by the forum “Released ThinkScripter Studies” section (free registration required) to grab yourself a copy. Best of luck in your trading. -Eric

Option Volume

Alternate Modes