Hi,

Was wondering if it is possible to create a scan that checks for price being at new lows versus the previous hourly candle. i.e. at 1000 it serches for stocks making new lows versus the 1st hourly candle low (9.30 to 10), at 11 new low versus the previous hourly candle low (10 to 11).

Thanks

would the PCF be C<H1 and timeframe set to hourly?

I suspect you would want one of the following instead.

C < L1

Or:

L < L1

Your formula checks for the current price to be below the previous high. The first of the formulas provided in this post checks for the current price being below the previous low. The second formula provided in this post checks for the low of the current bar being below the low of the previous bar.

Is any case, you would want the time frame set to hourrly if you interested in hourly bars.