Option price move alert

This will only work for options that trade in extremely high volume. So unless your target for the underlying is QQQ, SPY or one of the FANG stocks there is no way to make this work. Trust me. Even then you have very little trade data to work with. Take the example in the screenshot below. Notice how little trade data is available for most of the previous 6 days. And this was an ATM call option on QQQ that expires next Friday. You will be hard pressed to find stocks options that trade more actively than this.

In order to set this up, you will need to set the alert for a specific contract. So you need to first determine the strike price and expiration you want to track. Then select call or put. Once you determine this you would need to copy the OPRA code from the option chain. Then move over to the MarketWatch tab and select Study Alert. From there you set the Study Alert to the 5 min time frame and enter the following code:

plot signal = close > close[1] * 1.20;

Be sure the setting for "Trigger If:" is set to "True".

Screenshot below shows how this looks just before you click the "Create Alert" button. The spikes on the bottom subgraph display when this particular alert would be triggered.

I do not recommend that anyone wastes their time trying to use this on a regular basis.