Reddit Wallstreetbets

Reddit Wallstreetbets

7 min read

Reddit Wallstreetbets is an extremely popular subreddit that has become a major influence in the world of retail trading. This gave way to Swaggystocks who has created a way to track the sentiment there and display it to its daily readers. Where did it all start? Well, when Robinhood and their group of stimmy traders became mainstream during the Pandemic, a 3rd party website called ‘RobinTrack‘ gained much popularity across the internet. 

RobinTrack connected to the Robinhood API and provided a visual of how many users were owning shares of each stock over time. It was an interesting way to see how share ownership changed among retail traders vs the changes in stock price. Robinhood, who are known for selling user data and trade information, unfortunately disabled access to their API and is now keeping this information secret…

However, another website, SwaggyStocks , has taken the reigns of displaying similar data. The only difference is instead of displaying Robinhood data, SwaggyStocks displays sentiment analysis on an infamous Reddit forum called WallStreetBets.

If you’re not familiar, WallStreetBets is a group of nearly 2 million traders that chat stocks and execute YOLO trades on the internet.

Many of the members take pride in their losses of over $100k and laugh it off by saying “I did it for the internet points”. We’ll take a look at SwaggyStocks and the sentiment analysis they track, as well as some of the other popular features on the site that include an Options Max Pain Calculator, Implied Volatility Options Ranker, and various trading AI that are set to “Buy The Dip” on a set of given WallStreetBets meme stocks, essentially creating the ‘WallStreetBets’ portfolio.

What Is SwaggyStocks and How Does It Work?

SwaggyStocks was created to monitor momentum trading and sentiment among users of Reddit’s r/WallStreetBets forum. Their “Daily Discussion” threads accumulate upwards of 40,000-50,000 comments per day.

 Obviously, one person  can’t read all these comments, all day, every day…I mean…That being said, all of these comments get processed and analyzed on the SwaggyStocks website and are actually displayed in real-time with just a few seconds delay.

They track the general market sentiment as well as daily data for the most mentioned stock tickers in Wallstreetbets and finds a way to make it displayed in a useful and aesthetic manner to the end-user. Cool!

Want to find the best momentum stocks to ride or which tickers are currently trending? Take a look at the WallStreetBets Ticker-Sentiment page and you’ll see an entire list of stocks to choose from. The day’s current trending tickers will be at the top of the page or scroll to the bottom and filter through an all-inclusive list of tickers mentioned for the last 24 hours. Selecting a ticker will allow you to see the historical sentiment and comment volume trends from past months.

The magical wallstreetbets ticker sentiment graph gives you a fast look at what the top stocks are on the subreddit.

The charts emphasize the comment volume among the sub-reddit to show how much that particular stock was mentioned versus all other tickers. You will notice that tickers such as TSLA (Tesla), AAPL (Apple), and GME (Gamestop), are consistently very highly ranked on this list and are some of the sub-reddit’s favorite tickers to chat about. Not only that, but Swaggy also implemented a “play button” at the top of each individual ticker page so you can catch up on and listen to the comments. Warning: some of these comments will give you a good laugh, but might also be NSFW (not safe for work).

Options Max Pain On Swaggystocks

For those of you that haven’t heard of “Options Max Pain”, also known as “Strike Pinning”, I won’t get into too much detail about it here. However, the theory behind strike pinning is that market-makers are able to manipulate share prices and pin them to the strike price that will cause the most financial pain to option buyers. Since market-makers predominately write options (sell to open), bringing the share price down to a price that would cause the most financial pain to retail traders and funds purchasing options as hedges, would make sense.

Max Pain For $AAPL Shown Above

Again, this is just a theory and would imply that markets can indeed be manipulated.SwaggyStxocks’ Max Pain Calculator does a formidable job displaying this data in charts that are easy to understand. The max pain chart shows the cumulative value of all call and put options for each strike at each expiration. The “Max Pain” strike will be the strike price at which the amount of value owed by option writers to option buyers is minimal, thus inflicting the most amount of pain to option buyers.

SwaggyStocks also has a feature that displays the max pain strike versus the stock price historically over time. Note that you can observe the trend is that share price generally follows closely with max pain.

An Options Implied Volatility Ranker Called “FD Rankr”

For those of you that sell options and collect premium, SwaggyStocks’ FDRankr is a hidden gem of a tool. The idea behind selling options is that it requires stocks which are higher in volatility. Simply put, stocks that have a higher volatility such as GME (Gamestop) teetering on bankruptcy will provide much greater premium compared to selling premium on a market ETF such as the SPY. As an example, selling options on GME could potentially yield 5% return per week, while selling options on the SPY market ETF will only yield a 0.5% weekly return.

An example of the IV chart of $FUBO 1-9-2021

This of course was a generalized example based off historical data for options on those tickers, but we can demonstrate how the higher-risk assets with higher Implied Volatility will always yield a better return. 

FDRankr lists off the more popular and more liquid stock tickers ranking them by Implied Volatility. You can sort by next earnings date, company market cap, or volatility. This tool is extremely helpful to find those higher IV stocks with juicy premiums and capitalize on IV crush.

Swaggy Trading Bots That Simulate “Buying The Dip”

Lastly and interestingly enough, SwaggyStocks has implemented two paper-trading AI that “Buy The Dip” on particular Reddit WallStreetBets “meme” stocks. One AI, labeled “BTFD Bot” purchases shares on these stocks when they are so-called “having a bad day”. The criteria for having a bad day is unique to each stock ticker and therefore the AI will act accordingly when it handles “buying the dip” a la Warren Buffet style. The second trading AI, ” Theta Gang “, utilizes data from FDRankr and sells put options on tickers with high IV. These bots are only paper-trading and are an educational display on the site, but last year the “BTFD Bot” and the “Theta Gang” AI produced returns of 20% and 35%, respectively.

Final Thoughts

The idea behind SwaggyStocks is quite unique to these times where retail traders have broad access to options trading. If you are looking for the next big momentum play, want to expand the range of tickers you follow, or learn more on options trading then SwaggyStocks is a great tool to add to your trading arsenal. Everything about the site, from the features available and the range of data to the charts, looks like high quality and very useful (and it’s free which is right up our alley). You will not be disappointed!

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