I'm new to Interactive Brokers (and day trading), I am trying to setup my different charts etc.
How can I have alerts/monitor for any stock that is trading at above average volume - compared to X?
Where X can be last 30 days or yesterday or other benchmark.
I am following an introduction to day trading, and they explain the below:
There are a few techniques for making sure we are trading the right stocks. The most obvious technique is to simply look at the daily volume. If a stock trades an average of 500k shares per day and has already traded 2 million shares, there is above average interest. The other option is to use stock scanning software to scan for stocks with high relative volume. The relative volume for the day is translated into a number, a ratio. ‘1’ is average and ‘2’ being 2x average. Stocks can trade on any multiple of relative volume, so anything above a ‘2’ is interesting.
Is there any way to do this with the IB Trader Workstation?
I had a look at the Mosaic Market Scanner but I'm not sure what the change % is and if it relates to the above? (is this in the right direction, or something completely different..) See here:
Finally I found here https://www.interactivebrokers.co.uk/en/software/tws/usersguidebook/thetradingwindow/high_low_volume.htm that it explains Relative Volume, but I'm not sure how to use this in TWS (or if there is a better/free option).
Requires a subscription to eSignal market data. Compares today’s volume with volume from the previous trading day. Indicator grows toward the right as today’s volume increases.