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Easy Scan for Inside Days Rate this Topic:
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Posted : Sunday, July 08, 2018 10:02:41 PM
Registered User
Joined: 5/4/2007
Posts: 17


I'm trying to create a scan to identify Inside Days, but haven't been able to.  Here's just some information about Inside Days to help understand what I'm trying to accomplish:

What Inside Days Are
Definition: Inside days have a 'lower high' and a 'higher low' than the previous day.
These are also generally narrow range bars. In other words, the range of the bar from
the high to the low of the bar is relatively narrower (approximately 50% of the range
of at least the immediately preceding bar is recommended) than the most recent bar.
For the purposes of this strategy we are only using daily charts. For easy
identification and abbreviation we identify 'inside days' the same as “Narrow Inside
Bar” or NIB's.
Objectives, Winning Percentages and Maximum Loss
The objective of this strategy is to accumulate short-term profits on a consistent basis
using objective entry and exit criteria. It can be used on any liquid stock on a daily
time frame.
The strategy has a 84% chance of hitting profit Target #1, a 16% chance of hitting
profit Target #2 and a 9% change of hitting profit Target #3.
How do I create this scan and what PCFs do I need to create to accomplish this?
Thank You,
Posted : Monday, July 09, 2018 10:23:51 AM

Worden Trainer

Joined: 10/7/2004
Posts: 65,138

It reads like a narrow inside bar would be something like the following.

L1 < L AND H < H1 AND H - L <= (H1 - L1) / 2

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