Lab Experiments
Thinkorswim Continuation Scanner
One of the most powerful tools for day traders is a continuation scanner. Unlike a premarket scanner (which finds stocks that are moving up before the open), a continuation scanner looks for stocks already moving after the market opens that may continue their momentum into a second leg higher.
This is especially useful for momentum traders who follow the strategy taught by traders like Ross Cameron — spotting strong stocks with volume and looking for opportunities to jump on a continuation move.
What Is a Continuation Scanner?
A continuation scanner looks for stocks that meet three main conditions:
Strong intraday move already happening (stock was up on a previous day and is up today).
Holding above VWAP (Volume Weighted Average Price), which signals strength.
Near intraday highs, which increases the chance of a breakout.
When a stock checks all three boxes, it often means buyers are in control and a second momentum leg may be setting up.
How the Code Works (Thinkorswim ThinkScript)
Here’s a simplified breakdown of what the continuation scanner’s script does:
Price Strength: Compares the stock’s price to the high of the day. If it’s within a few percent of that high, the stock is considered “strong.”
VWAP Check: Makes sure the stock is trading above VWAP. VWAP acts like a strength indicator — if price is below VWAP, momentum is usually weak.
Volume Filter: Confirms that enough volume is trading so the move is real (not a thin, random spike).
Put together, this logic tells Thinkorswim:
👉 “Show me stocks trading with real volume, near highs of the day, and above VWAP.”
When to Use It
After 9:30 AM ET (market open): The scanner is most effective once regular trading hours begin and volume builds.
Throughout the morning: Continuation moves often happen within the first 2 hours of the trading day.
During mid-day: Occasionally you’ll see fresh setups in the afternoon, but volume tends to be lighter.
Why It’s Powerful
Finds the strongest stocks already in play.
Filters out noise like low-volume penny moves.
Helps beginners stick to high-probability setups.
Instead of scanning the whole market manually, this scanner does the heavy lifting — and points your attention to the stocks most likely to keep running.
👉 Next up, I’ll break down the exact ThinkScript code line-by-line so you can see how each part works and even customize it for your own trading style.
Step 1: How the Code Works (Line by Line)
Here’s a breakdown of the scanner logic in simple terms:
# Define VWAP
def vwapValue = VWAP();
👉 This line calculates VWAP (Volume Weighted Average Price). Stocks above VWAP are considered stronger because they’re trading above the average price most traders paid.
# High of the day so far
def todayHigh = Highest(high, 390);
👉 This tracks the highest price of the day up to the current bar. (390 minutes = a full trading day).
# Distance from high of day
def nearHigh = close >= todayHigh * 0.97;
👉 Checks if the stock’s current price is within 3% of its high of the day. Being close to the high means it’s still strong and may break out again.
# Relative volume filter
def relVol = volume / Average(volume, 50);
👉 This compares current volume vs. average volume (last 50 bars). If the ratio is high, it means the stock has unusual activity — always a good sign for momentum traders.
# Scan condition
plot scan = close > vwapValue and nearHigh and relVol > 2;
👉 This is the final filter. The stock must:
Be above VWAP
Be within 3% of its high of day
Have at least 2x relative volume
Only stocks that meet all three conditions show up in your continuation scanner.
Here’s the full continuation scanner script for Thinkorswim:
# -------------------------------
# Continuation Momentum Scanner
# Designed for intraday momentum
# -------------------------------
# VWAP
def vwapValue = VWAP();
# High of day (using full session)
def todayHigh = Highest(high, 390);
# Near highs (within 3%)
def nearHigh = close >= todayHigh * 0.97;
# Relative volume (vs last 50 bars)
def relVol = volume / Average(volume, 50);
# Final scan condition
plot scan = close > vwapValue and nearHigh and relVol > 2;
Step 3: How to Set It Up in Thinkorswim
Open Scan tab at the top of Thinkorswim.
Select Stock Hacker.
In the “Add Filter” section, choose Study → Edit (Pen Icon)
In the editor click on thinkScript Editor
- Delete anything already in the box
Paste the full code I have provided above.
Click OK → then Scan.
✅ Tips for Best Use
Set Aggregation Period to 1-minute or 5-minute for intraday scans.
Use this after 9:30 AM ET (regular market hours) since it relies on live intraday highs, VWAP, and relative volume.
Combine with the Pre-Market Scanner:
Pre-Market scanner → finds candidates before the open.
Continuation scanner → finds live movers after the open (09:30 NY Time)
Disclaimer: The scanners provided on this page are for educational and informational purposes only. They do not guarantee profit and should not be considered financial advice.
