I am a bit familiar with the formulas but I am having a hard time creating the scan below. Can you help out. I want to scan for a potential breakout when a stock is consolidating and holding support near its high of day and about to make a new high of da:?

Here is what I want to check for and what I think the formula is:

scan on OTC and pink sheets: List to Scan: "NASDAQ Pink Sheets"

stock opens and stays higher than the high of yesterday: "(L>H1)"

volume on open is greater than 100k: "V>100000"

20 day simple moving avereage is greater than 40000: "AvgV20>40000"

stock consolidates near the high on open and maintains support near that high: [don't know how to do this]

the stock is uptrending a little bit around 3 pm of today and about to test the high of the day/morning: [don't know how to do this]

the stock is not overextended: [don't know how to do this]

lastly: if I wanted to add another a condition that the new high of day has just occured and I want to specify that the breakout volume of the 5 minute candle that broke the day's high should be 2x greater than each volume of the the last ten 5 minute candles, how would I do that?

Assume the blue circle in the picture represents one day and that the price consolidates closer to the morning high. Thanks!

Traditionally you would check for price not be overextended by checking for stochastics less than 80, Wilder's RSI less than 70 or price above the upper Bollinger Bands. I don't know what might work best for you. You might want to try something different.

There is actually a bigger complication with doing what you want. There isn't a way to reference the daily high in an intraday formula in order to check for consolidating near the high on open, see if the new high of the day just occurred, or see if that uptrend is testing the high of the day.

The other problem is that there isn't a way to know the time of day in an intraday formula when checking for that uptrend being around 3 pm.

If you were always looking at the same time of day, you could get around these issues to some extent by assuming some arbitrary number of bars have happened since the open. But you would need a different formula for each bar of the trading day if you wanted to include the entire trading day exactly.

For example, let's say you were looking at the chart at 3:04 pm using 5 minute bars. You would be 67 bars into a 78 bar day with 11 bars to go.

If you wanted price to have been in the top half of the trading day for at least the most recent 40 of those 67 bars, you could write this as:

MAXH67 - MINL40 < (MAXH67 - MINL67) / 2

If you wanted to just check for the high being above the most recent 20 bars for a slight uptrend at this point, you would use the following.

H > MAXH20.1

If you wanted the current bar to be a new high of the day with the volume of the current bar being at least 2x the volume of each of the last 10 candles:

H > MAXH66.1 AND V >= 2 * MAXV10.1

All of your formulas would be set to daily. All the formulas given here would use a 5-minute time frame, but you can add them all to the same EasyScan in TC2000 v12/v17.

The problem is that you would need to change two of the formulas if it were 3:06 pm instead of 3:04 pm because you were now 68 bars into the day instead of 67 bars into the day. The first formula would become:

MAXH68 - MINL40 < (MAXH68 - MINL68) / 2

And the third formula would become:

H > MAXH67.1 AND V >= 2 * MAXV10.1

Thank you. I will experiment with this!

You're welcome.