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QuickFingersLuc
Posted : Monday, November 05, 2018 8:43:52 AM
Registered User
Joined: 11/2/2018
Posts: 7

I hope Im posting this in the right forum. Here is the strategy: Im looking for extended moves toward support or Resistance areas. When this setup occurs (to the downside) you would want to see several red candles (if you were looking at 3min or 5min candles) and then an obvious area of previous support below.. The idea is that after there is some panic selling, when price reaches a level of support you usually will get a short term bounce. Sellers will be a little exhausted because of the extended quick move down, and when they hit support (a level of buyers) there may be a quick bounce before the selloff resumes... 

The opposite is true for a quick move up that runs into resistance.

Here is what the scanner will do:

The Scan that Im trying to write is now identifying the support and resistance levels, it only is trying to identify a quick drop in price (or rise in price) and an extended move where there is more selling than usual. To accomplish this rather than look at 5 min candles, I want to compair the current 10min candle to an average of the past 20, 10min candles..

Here is what you will manully do with results:

Then after your scanner finds you results of stocks making these quick extended moves you can have your layout set up with two charts, a small chart with 1hour chandles so you can quickly mark up your support and resistance lines and then a larger chart with 5 or 10min candles so you can plan your entry. TC2000 will transfer all your lines to both charts, so you should be able to plan your entry quite fast. 

Here are the Conditions/Filters for the scanner :

I want the scanner to search for a 10minute candle that is twice the length of the average 10min candle (looking back at the last 20 candles and finding an average range to compare to the current 10min candle)

I want the past 20 candles combined to have a minimum $ value of $100,000 or more.

I would like the the current 10 minute candle to be at the bottom or top of its range(for instance if a stock is having a quick move down in price I would like the scanner to find this move as its happening, but after it begins to bounce back up it would no longer show up on the scanner because it is not at the the bottom of the current candle) (the same would be true for a candle moving up 2 times its average 10min range, I would like the scanner to find the move as its making new highs and not after it pulls back) 

Thank You for your help writting the formula for this scanner,

Luc  

 

 
 
 
Bruce_L
Posted : Monday, November 05, 2018 9:56:33 AM


Worden Trainer

Joined: 10/7/2004
Posts: 64,321

Please try using the following condition formula set to a 10-minute time frame as an EasyScan Condition.

H > L AND (H = C OR C = L) AND H - L >= 2 * AVG(H1 - L1, 20) AND SUM(C1 * V1, 20) >= 100000



-Bruce
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