I find overnight highs and lows interesting levels to watch while trading ES. Now i am also planning on watching SPY pre market highs and lows since they could be different but also seem to be levels that the day session could be interested in to trade around. What hours are considered the pre market in trading SPY and stocks? It seems like in SPY most volume comes in at 8 am, but when looking at individual stocks pre market volume seems so begin at 7 am. IB shows overnight starting at 4 am, Tradingview shows overnight starting at 7 am. Also looking into trading stocks based on their pre market highs and lows but i am still looking for a good way to select X amount of different stocks to watch during the regular trading session, based on their pre market performance or volume or whatever since there are way to many stocks to follow without filtering down to lets say 50 or so maximum? Any input on my idea on trading around overnight highs/lows is appreciated as well, for both stocks and futures (and also for including the SPY pre market high/low for trading ES).
Premarket starts at 4am. However many brokers allow their customers only to trade after 7,8 or 9am. I think tdameritrade and others start at 7, robinhood at 8 or 9. At 7am some moves in individual stocks occur. I dont think SPY PM high low is that interesting. Futures HL might be better to look at.
Yes, i have been watching futures overnight highs and lows for some time now and it looks like those levels might have some potential to trade around. While looking at the SPY i noticed SPY also seems to be trading around its overnight highs and lows and they often are different from ES overnight highs and lows (logically of course since ES overnight starts at 18 pm). However that got me thinking i could also use these levels to trade ES, since SPY and ES moves the same.
The index values are calculated from 09:30/16:00, yes? I consider everything outside of that as extended trading hours (ETH).
Dev, Have you considered automating your premarket review for candidates? If your review criteria could be parameterized and automated, you could cover a lot more stocks easily ... then maybe have it finish some sort criteria to bubble up the 4-5 top prospects for your high level review. I did that w AMIbroker using their Explore function. I found there can be a ton of variability over time. It went along kicking out 8-10 daily, then would blow to 100-150 when things get cooking. I learned I needed to invest more time sharpening the criteria to bring out real opportunities and filter them down. The process of setting that up wasn’t too bad, but I found I had a lot of room for improvement trying to pick criteria that actually pointed to above average stock opportunities vs just some company I was already trading on and off. Good idea though ... need to build on it.
I am currently working on a decent scanner, main subjective for me is premarket volume. Looking to select 12 stocks max to day trade each day. I am currently using IB since i have some experience with the platform and i like their execution algo's, however the charting isn't great. Does anyone know an easy way to mark the premarket high/low with a horizontal line in TWS? If i have to do it manually for each stock it will take to much time. If anyone knows any other platforms that has this feature please let me know so i can check them out and try their demo.
Don’t have chops w TWS Charts, but if you have access to TradeStation, the fellow at Markplex is pretty good at code examples that work nicely. I wanted to develop a linear regression channel Indicator that automatically kicks in at the beginning of the day session, anchors there and chases the current bar to the close. I was only into ELanguage by two weeks and ran into some quirks on trying to interpret some sorta sparse help docs that went nowhere for me. I found Marplex had a moving regression channel in one of their tutorials so I bought it for thirty something and learned by example how he built the syntax. Emailed the tutor out in WY and he was quite helpful with suggestions. Well worth me avoiding another two hours trying to get around some of TS’s legacy drawing quirks. (All in all I love TS and EasyLanguage). That got me over the hump and my channel chaser works slick. Here is his tut on drawing horiz lines something similar to what you describe. Check the vid. https://markplex.com/free-tutorials/tutorial-72-drawing-moving-horizontal-lines/
The list of available securities now includes FXI, SPY, EEM, GLD, SLV, DIA, UNG, TLT, IWM, QQQ, USO, SH, RWM, PSQ, AGG, DOG, EWA, EFA, EWJ, IJH, VTI, XLF, XLE, and XLK. Trade 24/5 thru TD and a couple of other participants