Platinum Customer
Joined: 10/13/2009 Posts: 4
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How can I set up a scan for gaps up and down that happened 1 to 2 weeks ago?
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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One option would be to manually create a Custom PCF % True Indicator with the following settings:
- Period: 10
- Average Type: Simple
- Formula:
The Formula would depend on your particular definition of gaps and if you want the gap ups and gap downs in the same Condition or in different Conditions.
PCF Formula Descriptions
Handy PCF example formulas to help you learn the syntax of PCFs!
If a gap up is the low being above the previous high then you could use the following Formula to test for gap ups:
L5 > H6
The following Formula to test for gap downs:
H5 < L6
Or the following Formula to test for both gap ups and gap downs:
L5 > H6 OR H5 < L6
If a gap up is the open being above the previous high then you could use the following Formula to test for gap ups:
O5 > H6
The following Formula to test for gap downs:
O5 < L6
Or the following Formula to test for both gap ups and gap downs:
O5 > H6 OR O5 < L6
If a gap up is the open being above the previous close then you could use the following Formula to test for gap ups:
O5 > C6
The following Formula to test for gap downs:
O5 < C6
Or the following Formula to test for both gap ups and gap downs:
O5 <> C6
We would need to know your particular definition if it is something other than the above to help you determine the Formula to use in the Custom PCF % True Indicator.
The next step would be to click on the Custom PCF % True Indicator and select Create Scan Condition. You will want to create a Condition for the Custom PCF % True Indicator to be greater than zero.
Creating Scan and Sort Conditions
-Bruce Personal Criteria Formulas TC2000 Support Articles
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Platinum Customer
Joined: 10/13/2009 Posts: 4
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Look at the gap on Fran created on 9/4. That is what I am looking for. I would like to be able to scan for these types of gaps (or windows) from two weeks ago that could show a potential resitance point or support
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Worden Trainer
Joined: 10/7/2004 Posts: 65,138
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If you merely mean for your example to prompt me to suggest which of my three alternative sets of formulas would work best, it has probably accomplished its goal. If you meant for the example to prompt another option besides what was given, then I'm going to still need some additional clarification from you.
The first step in identifying something using a computer is to come up with an unambiguous objective definition of whatever it is you are trying to identify. It can't be a subjective, "I know when I see it", type definition because computers don't understand such definitions or know it when they see it. There need to be specific characteristics for which the computer can test.
The high of 09/05/2012 was below the low of 09/04/2012 for FRAN on a Daily Chart. That would meet all three of the gap down definitions given in my response. The gap is also quite large which would seem to indicate you might be interested in the most restrictive of these definitions. This means the formulas you probably want to use would be the first ones given where the low of the current bar is above the high of the previous bar or the high of the current bar is below the low of the previous bar.
You may even mean something more extreme. You might want the gap to be a certain percent of price or a certain percent of the average range. You might want the gap to not only be below the low of the previous bar but below the minimum low over a range of prior bars. That said, I do not know what these additional requirements might be without you defining those requirements.
-Bruce Personal Criteria Formulas TC2000 Support Articles
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