StockCharts Support Forum

[Quasi]

Re; Peter_Pan, B/O scanning...

The problem with ATR is its an absolute number and not a percentage of the price, thus a low ATR say 1 is a small range for a $100 stock but its huge for a $5 stock.

I prefer using the PPO indicator as its percentage based, basically MACD in percent. You can then modify the short and long term averages to look at shorter time frames.

As you indicate Max can also be used. I prefer to use both Max and Min along with a percentage clause. I put together a quick example, see the coding below.

[type = stock]
and [SMA(50,close) * SMA(50,volume) > 500000]
and [Close > 5] and [Close < 30]
and [1 day ago Max(10,High) < 1 day ago Min(10, low)*1.05]
and [High > 1 day ago Max(10, High)*1.02]

First couple of lines just set the criteria to "a stock", min average liquidity to > $500,000. I also set a price bracket just to limit the output, makes it easier to check the scan if you only get about 10 hits.

Next we look for the last 10 days for the Max high to be within 5% of the Min low. This gives us a narrow High/Low range for 10 days.

Next we want the current High to be more than 2% above the Max high for the last 10 days. A percentage over helps here as we don't want to trip the scan with a current high only 100's of a cent above our previous high, note you could make it whatever, 1% or 0.5%.

Note when running the scan just specify intraday at the top of the scan, rather than the default of last close.

This should give you some ideas.

As allows not a recommendation, do your own DD..

Quasi