ThinkOrSwim doesn’t come with a low float stock scan built in. It doesn’t even have float shares as a quote column for traders to reference. Why that is the case is a bit of a mystery, because a lot of TOS traders want to be able to trade the low floats. Spike traders, spike faders, early morning gap traders, and many others, need the ability to find stocks with low floats that are setting up for good trades. And it has always been next to impossible to quickly find these trade setups from within ThinkOrSwim.
That is, until now.
I’ve developed a workaround that allows traders to run any kind of scan they want against a custom universe that ONLY includes low float stocks. So all the scan results will be low float stocks that can run, run, RUN!
The scan includes 5 separate universes (personal watchlists) that include only stocks with less than either 50, 40, 30, 20, or 10 million shares float. You get to choose which one you want to watch and run your scans against. The list of low floats you choose can be further narrowed down as needed:
- Set min/max price (filter out penny stocks or non-penny stocks, etc.)
- Min/max average daily volume (choose liquidity environments that you’re comfortable trading in)
- Choose min/max total shares outstanding
- Any other filter criteria you want to add within TOS StockHacker
So whereas it was previously impossible to run a low float stock scan in Think Or Swim, these 5 custom stock watchlists now make scanning for low float runners a piece of cake.