Registered User
Joined: 1/7/2005
Posts: 2
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Is there a way to scan (PCF) charts with for MACD divergence ?
Also is there a PCF for scanning for double tops or double bottoms ?
Thanks
Amin
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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Welcome to the forums. A very good foundation for learning how to use TeleChart can be gained by reviewing the following:
If you are new to TeleChart READ THIS FIRST!
I can't say for sure if it is practical to scan for MACD divergence without knowing your particular unambiguous objective definition of MACD divergence. Based on several different definitions that have been provided previously, it is probably not practical however.
You may wish to review the following for information on pattern recognition in TeleChart (probably concentrating on the topics involving double top and double bottom patterns):
Falling wedge
Cup with a handle formation
PCF for cup with a handle
Scanning for Chart Patterns
Scanning for Stocks Printing a Double or Triple Bottom
PCFs for pennants and flags
PCF's for Triangles
Does TeleChart support Elliott Wave indicators?
Double top/bottom trend
Finding Double Tops and Double Bottoms
CUP AND HANDLE AGAIN
Finding Continuation Triangles And Wedges With Telechart
That said, I personally do not think there is a practical way to do this using EasyScans and TeleChart's Personal Criteria Formula Language. This is true of pattern recognition in general with the exception of fixed size candlestick patterns:
Boolean PCFs for Candlestick Patterns
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 1/28/2005
Posts: 6,049
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You may be interested in this from an old post of mine:
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"You may want to "fool around" with this.
Bullish MACD divergence PCF.
(MACD histogram 12,26.9 up from 10 bars ago and price down):
((XAVGC12-XAVGC26)-(XAVG(XAVGC9,12)-XAVG(XAVGC26,9))>(XAVGC12.10-XAVGC26.10)-(XAVG(XAVGC9.10,12.10)-XAVG(XAVGC26.10,9.10)))AND(C<C10)
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Bearish MACD divergence PCF.
(MACD histogram 12,26,9 down from 10 bars ago and price up):
((XAVGC12-XAVGC26)-(XAVG(XAVGC9,12)-XAVG(XAVGC26,9))<(XAVGC12.10-XAVGC26.10)-(XAVG(XAVGC9.10,12.10)-XAVG(XAVGC26.10,9.10)))AND(C>C10)
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Realize that this is not the "classic" definition of divergence but
is simply MACD vs. price.
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The bullish one seems to do good with strong stocks and the
bearish one with weak stocks.
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You can either scan with these or use them in a percent true
indicator."
Thanks
diceman
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