How to build a Scalper's Dream Dashboard Using Unusual Whales

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Hey all,

Nicholas from the Unusual Whales team, here! We’re going to spend one issue every week walking you through some trades of the week for free to help your trading!

In this issue, we’re going to go over some of the possibilities of the Unusual Whales Super Flow Dashboard! It’s one of the most popular tools on the site, and there are myriad ways to set up this modular dashboard. There’s no “right” way to set it up; it all depends on your trading style, strategies, risk tolerance, etc., so we’ll go over just one example, today, with a heavy focus on Periscope/Market Maker Exposures.

One Scalper’s Super Flow Dashboard: An Example

Before we dive into this Scalper-Dashboard example, I need to preface this with a few things. First, there is no “one-size-fits-all” to trading. Everyones’ tolerances are different, and everyones’ brains work differently, so don’t feel like this example is THE example you should use.

Second, there is no such thing as a 100% success rate in trading. The tools in this example are just that: tools. They’re not a surefire way to profitability, and any trader, YouTuber, Twitter FURU, etc. that says they have an always win strategy is lying to you. How they’re utilized comes down to the user, and yes, losses will occur (we’ll have a video coming out soon utilizing Periscope for intraday trading, and yes, there will be losses in it). So, with that all in mind, let’s take a peek at our example, today; a dashboard for scalping used by Unusual Whales team member: yours truly, NicholasFNS.

My main Scalping Super Flow Dashboard consists of: Periscope, Market Tide, and the Community chat (I always like to see what the homies are talking about).

With Market Tide, I gauge overall options market sentiment. Are we moving down in price, but call premiums are rising? Are we moving up, but put premiums are rising? Are premiums baseline while we chop? This is one of my main “Context” clues when setting up for a trade.

Periscope I use for $SPX gamma exposure levels (which I consider points of resistance, support, and “acceleration” in certain situations). This is the main tool we’re covering today. Using Tide as a sentiment guide (Puts premiums were rising) and Periscope as my “rangefinder”, I took a series of SHORTS in the Micro NASDAQ, /MNQ (shorts are dangerous in options, and dangerous in futures; but for the context of options, pretend my “short” was actually a “long put”; sentiment is the same, structure and risk can be very, very different).

So, let’s break down the winning trades from today; then I gotta slip in some accountability and show the losers, too.

Like I mentioned; I combine Unusual Whales Options data with price action to trade Futures contracts. It’s a whole different animal, but I just want you to see the context here, since I haven’t dusted off the ‘ole $SPX/$SPY options port recently.

So, above like we explained is how $SPX and Periscope looked for this trade. For now, you can disregard the range boxes and EMAs; that will be something for another time :). BUT, here is how it looked on my MNQ chart. Remember, we missed the first part of that big drop; this was an attempt at catching continuation to the downside, using GEX levels as support and resistance.

The RED arrow above coincides with the $SPX GEX rejection at $5720; that is where I entered the short. The GREEN arrow coincides with the $SPX GEX level from before at $5690. I didn’t close the trade right AT $5690 because, remember, the assumption behind negative GEX is that market makers tend to sell into negative gamma exposure to the downside, “Sell the Dip”. So I wanted to give a little breathing room there in the event of acceleration.

As we can see, right AFTER that big red candle, the underlying price bounced fairly hard. As a scalper, I took that to mean:

“This GEX level here is currently acting as support, and the retracement to the upside, to the next negative GEX level, is basically right back to my point of entry. I’m out.”

So, I closed that trade at around roughly $5695 on $SPX. Below is the trade log of this trade, which I took on /MNQ (NASDAQ Micro Futures):

Then, in the second little bounce range above on the $SPX image, I did it again around 12:30pm Central Time. This also happened to coincide with a range I have drawn, but again, that’s a topic for another time. This time, YELLOW is entry short, and GREEN is exit short.

Before I demonstrate how nothing is guaranteed to win, Unusual Whales has partnered with tastytrade to provide the best experience for you as a trader! Until March 31st, get the best platform for trading options and US equities, and get a huge exclusive signup bonus when you use our link.

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Like I said, there is no such thing as a 100% hit rate strategy. The examples above look great, right? “WOW HE MADE OVER A THOUSAND BUCKS IN A FEW MINUTES!!!”

Nope; no I did not. This isn’t a swing-for-the-fences homerun, take home the bacon and the cake, winner winner chicken dinner every time you throw on a position. This absolutely does not win every time.

I failed SEVERAL TRADES IN A ROW before this one hit, using the same strategy in the same context during the morning’s uptrend.

Here they are in my trade log:

While we’re at it, here’s a painful set from the day prior (don’t worry, I ended that day green but it had me sweatin’):

Losing is a part of trading. While I am fairly confident in this strategy at this point, even I struggle to accept losses sometimes. In the Periscope image above, you can see what I did wrong. I kept trying to short every single level in a ripper of an uptrend. That wasn’t smart, and I did it 3 times before I learned my lesson to wait. I, like many of you likely do, sometimes struggle with patience. So be patient with your strategies and, perhaps more importantly, be patient with yourself. But, I accepted my losses, took a break, came back with the same strategy, and got back to work.

Win or Lose, find a strategy that works for you, and work on it! You can see tons of Unusual Whales community members doing exactly this. Over on the Community page are several community-made watchlists and flow screeners, so be sure to check that out!

Thank you as always for reading! REMEMBER!! You can find articles like this and MANY others about Options and the Unusual Whales Platform on the new Information Hub!!

And remember, Unusual Whales has partnered with tastytrade to offer on-site trading directly from your Flow Feed! Earn $50 when you open and fund an account with at least $2,000. You can also get 25% off your first 4 months of Unusual Whales!

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