Thread by @DodgysDD

🚨THREAD ON HOW TO FIND OPTION PLAYS🚨

This is mainly for SHORT term option plays, not 1 month+ option swings, as I don’t play those. DM me if you have any questions, and enjoy as always:)

I’m going to start off saying two things, one, I do NOT and never have used scanners for options, because I mainly play the same 20ish tickers for options, BUT I’m going to teach you how to using finviz.com

So, if you are using finviz.com, you WANT to play options on mid/large cap companies with a lot of volume everyday, because if there’s no volume on these tickers you are playing options on, the spreads are going to be wonky and may not even move, that’s why I play

the same 20 popular tickers. Anyways, here’s one setup you can use to find option plays using finviz. This is a very general setup and there’s 9 pages of stocks on here, and you can adjust the price and float (lower float = moves faster), but this is generally what you’re

looking for. Let me give you an even more specific/helpful tip for finding option plays though: See how it says “sector?” Well, one tip is to go to this site “barchart.com/stock/sectors/…” and you can look at the sectors that are the most green to the most red on the day.

If you are looking to play options, you could change the “sector” section to the most green or most red, and play calls/puts on them because often those plays are the strongest for the day. Another good tip is LOOK for stock in that sector that have barely moved or are

even red while everything else in its sector is green. This means it is “lagging” and has a high probability of going towards the way that the sector as a whole is going. Make sure you are charting the levels though to see if it’s bouncing off support/checking news.

On the desktop version, another good tip is adjusting the “candlestick” option, as you can only find stocks that have created hammers. And then from there try looking for one with a hammer on a bounce or a hammer at a bottom of the trend you could play.

Usually, you will see a lot of the same stocks if you use that same scanner everyday, so if you want to narrow it down further, try adjusting the float based on if you like fast movers or slow movers. But remember you can find different candle setups using desktop finviz.

Now I’m going to explain how I find MY option plays. For me it’s quite simple, being active and following option traders on twitter is SO important because I started to realize how good traders mainly trade the same tickers for options.

Everyday, I would always see what options people were alerting and I noticed some of the main ones were $AMD, $SPY, $QQQ, $NVDA, $AAPL, $DIS, $SNAP, $PLTR, and more. Once I noticed the same tickers multiple times, I started to put them on my watchlist, and now I always have

the same 20ish tickers on my watchlist that I always see other people play on twitter/discord, (you will find these tickers from screen time, so it might take you a few weeks). Having screen time is sooo important because if I see a ticker mentioned on twitter, I

immediately can connect the ticker with something that has happened in the past, such as $clov, thinking to myself “clov was a former stock then ran $20 on a short squeeze.” ONCE YOU GUYS GET MORE SCREEN TIME YOU WILL START TO PICK UP AND REMEMBER TICKERS. DOES NOT COME IN 1 DAY!

Also, if you are a new options traders, just like shares, make sure you are joining some discords I mentioned (dm me for discords) and WATCH their alerts (@GuruGrusTrading is a free discord who post their option entries AND exits) (@ShinobiSignals discord does the same thing in

#tradingfloor), both of those discords I HIGHLY recommend joining, and again, you WILL see alerts from the same tickers MANY days in a row, and those are the tickers I ALWAYS have on my watchlist. During the day once you have them on your watchlist, make sure you are scanning

through UNTIL you find one of them that has a really good setup (either a hammer candle, bounce off VWAP, etc.). It might take you a bit and the setup won’t happen right away, and that’s where you want to start thinking about having multiple stocks up at the same time on your

computer. Again, taking alerts from the discord as a START isn’t bad but I barely have to take alerts anymore because I know all the popular option tickers with really tight spreads (tight spreads = the bid and ask are VERY close to eachother) so usually I just keep scanning

through setups OR if I am using “the strat” talked about in my other thread, I pre plan the night ahead and set alerts for about 4 tickers and watch them all day until one of the stocks HITS my trigger. I think that will be the most efficient because although other option plays

could be running all day, focusing on 5 or less all day is stress free, you don’t have to watch 10 million tickers, AND you can make the most out of the play when your trigger hits. That’s also why it is important to go over stocks the night before.

Anyways, that’s about it for how to find option plays, and REMEMBER, you NEED to be active on twitter in discord and you will start to see the same tickers alerted over and over again. There’s some popular ones I don’t like AT ALL and have bad experiences with so I

automatically put them on my “do not trade” list. DM me if you want my watchlist with the 20 popular option tickers and I’ll send it to you, but I want you guys to notice these tickets for yourself, because you WILL notice them with screen time.

Also I just want to address something, you CAN play options on popular penny stocks/premarket runners that HAVE them, but penny stock options can be really messed up sometimes and really risky because the IV and the greeks are super wonky since it’s a penny stock.

I would explain more but running out of room, so just beware if you are playing options on penny stocks, usually not as many options. Also one more thing, I ALWAYS usually play 1 box out of the money because to me it offers the most reward for the amount of risk, and usually

ITM contracts are pretty expensive. Furthermore, I like playing contracts that are around the price of .15ish - 1.00ish. Under .15 can be risky and deplete fast, but that is ALLLL up to you guys, and overtime you will realize what you like. DM me if you have any questions

on HOW to know what strike place to play, but the main thing you want to know if direction, so daytrading options I don’t care about the greeks. Another rule I have is I RARELY hold options overnight, but that’s just me and will change as my account size increases. Good luck!

Here's the site and screenshot, for some reason says unavailable. barchart.com/stocks/sectors…