Registered User
Joined: 6/10/2005
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I would like some help on setting up a new easy scan formula. What I'm looking for is a very tight long base. I then want it to alert me when there is an significant increase in volome. If it's not clear what I'm looking for. Can you please call me @ (removed by Moderator). I would greatly appreciate that.
Thank you very much,
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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How long is long? How tight is tight? How significant is the required volume surge and compared to what period of average volume?
Give me some more detail and we can come up with something.
- Craig
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
I don't know if you received my last meesage, but I wanted you to look at to charts, to better explain what I mean The ticker Symbols are ITRI, NTRI...
Thank you
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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I understand what you mean and I looked at the charts.
I still need you to answer my questions above.
In order to scan for chart patterns we need to define them. You need to decide the restrictions we will use for our scanning. We cannot just have TeleChart find stocks that "look like" other stocks. We must define what we are looking for.
Here are my questions again:
1. How long must this consolidation be happening?
2. How tight (high vs. low) should this consolidation be?
3. What qualifies today's volume as "significant" for you?
- Craig
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
I hope that I can answer your questions. The consolidation should be at least 8 weeks long it could be longer. The spread between the high & low should be a least one dollar, and the volume should be at least 25%-50% incease frome the pervious day.
Again Craig thank you for your time.
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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We have the volume one answered.
We have the consolidation length answered.
You say the consolidation should be at least 1.00 between the lowest low and highest high. What is more important is the maximum distance. I would not express this in dollars.
Think of it this way...
If we were to compare the average daily trading range of the stock, how would it compare to the maximum range of the stock for the last 8-weeks?
Should it be 200% of the average daily range? 300%?
Create this PCF for me:
8-wk range as % of avg daily range
(MAXH40-MINL40)/(AVGH40-AVGL40)*100
This will return the maximum range for the stock over the last 8 weeks as a percent of the daily trading range. Sort ALL ITEMS IN THE SYSTEM by this PCF (once you create it) then jump to some of your example stocks. See what values they have for this condion. Once you get a feel for how their max ranges compare to their daily ranges, give me a maximum value you will allow for the condition.
Once I get this info, we should be ready to build our EasyScan.
Here is a video on how to create a PCF if you are not familiar with the procedure:
How to create a Personal Criteria Forumula (PCF)
- Craig
Here to Help!
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
I'm sorry but I made a mistake on one the questions. the high and the lows should be a maxim spread of about a dollor.
Thanks
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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OK.
So the total range of the stock from the highest high to the lowest low for the entire 8-weeks is only $1.00?
My only concern with this is that the price per share of the stock will be the biggest factor. Your scan, based on this limit, will find a TON of low priced stocks that are not in any consolidation.
My method above solves this problem. Could you creat the PCF I mention above and go through the procedure for me? It will be the best way for us to find the stocks you want.
Post back when you have a limit based on that PCF.
- Craig
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
Of course I can the only problem I am not that computer savy. can you please help through it, if you have the time.
Thanks,
Sal
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
I was just thinking how about if we limit our stocks, lets say to a minium price of lets say 10-15 dollars. what do you think of that.
Thanks
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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We could...
Would you consider doing me a BIG favor and going through what I suggested above?
I pinky-promise, it is a great way to find stocks in a TRUE consolidation.
Your method of doing based on price per share dollars will still give us stocks that just have low trading ranges or typically low volatility.
I think you want stocks (based on the examples you gave) that are actually consolidating for this time period (not just low volatile stocks with little trading ranges).
I need you to trust me on this.
Can you create that PCF for me, look at your example stocks as I suggested? Look at the values they are getting for the PCF and then decide what the maximum value you will allow for the PCF to be (based on the numbers you saw for your example tickers).
I promise it will be worth the effort and you will find stocks closer to the ones you offered as examples VS setting dollar limits. Promise.
- Craig
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
No problem I trust you a 100% Just tell me where to begin. I think that your are right.
Thank you very much
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Go to my post above dated Friday, August 19, 2005 10:30:14 AM
Watch the video then create the PCF and follow the steps outlined in that post.
- Craig
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig
Will do.
Sal
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
I think I did what you instructed me to.
I just don't know how to put with my other personal criteria. Do I have to always go to the FX button. Also do you think that maybe I should limit my searches to a minium of 100,000 shares a day.
Thank you again,
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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OK.
You created the PCF.
Did you sort ALL ITEMS IN THE SYSTEM by the PCF?
Did you get a sense of what the values look like on the tickers you liked as consolidating?
Now I want you to create a new EasyScan with the following conditions:
Price Per Share (VALUE 10 to MAX)
Volume 90-day (VALUE 1000 to MAX)
Volume Surge Today (VALUE 150 to MAX)
Save and name your scan.
It will generate a WatchList. Now take the PCF I gave you and sort this list in ASCENDING ORDER. Press the HOME key to go to the top of the list. The entire WatchList is now sorted by how tight the the last 8-weeks have been. The ones at the top of your list have consolidated the most.
Here is a video on EasyScan if you need some help:
Using EasyScan to find stocks that meet your own criteria
Let me know what you think!
- Craig
Here to Help!
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
I thinking that this is the next step. I will follow you instructions on the post you just sent me.
As soon as I complete I will be back to you
Thank you
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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This should be the final step.
Keep in mind the EasyScan is only finding stocks over $10 with 100,000 average volume that have a 150% or more surge in their volume today.
Your sort will bring those that are also consolidating to the top of your list. You can press your spacebar and look at the charts. You can stop once the stocks stop looking like they are in a consolidation.
- Craig
Here to Help!
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
I set up the easy scan and I set the values you instructed me to, but I don't think that it's meeting the examples of ITRI, NTRI. I'm getting stocks coming up with less volume today than yesterday. Also the consolidation is wide and loose. I'm thinking I might of done something wrong, you think you might be able to help meand fine tune this. Again thank you for all your help.
Sal
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
Can you please do me a favor, when you get a chance please take a look at GPS Chart. GPS is coming in the easy scan that you created for me. Do you think that that chart should come up in that scan? Also when I go to JUMP and put the symbols ITRI, and NTRI they don't appear in the scan. I don't know why. I hope you can help.
Thank you for all your help so far Craig.
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Are you sorting in Ascending order by the PCF you created?
8-wk range as % of avg daily range
(MAXH40-MINL40)/(AVGH40-AVGL40)*100
I misunderstood the volume requirement. The VOLUME SURGE condition in the EasyScan makes sure today's volume is at least 150% higher than the stocks average volume.
Create this PCF:
Volume Percent Change
(V-V1)/V1*100
Add it to the EasyScan and limit it to VALUES of 150 to MAX.
Still sort the results in ASCENDING order by the PCF
Keep in mind that not ALL of the stocks that show up in the resulting WatchList will be consolidating... The list WILL BE sorted by the ones consolidating THE MOST at the top (if you are in ASCENDING order in your sort (it shows an up arrow next to the SORT BY name)
- Craig
Here to Help!
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
I think we are getting very close, but is there any way we can limit the search stocks that are at least $5.00 in value and up. Please let me know.
Thank you very much
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Edit your EasyScan
You SHOULD have PRICE PER SHARE in there already and your WatchList should not contain ANY stocks under $10 if you set the limits as I instructed above.
The CONDITION TYPE should be set to VALUE
It SHOULD already be set to VALUES of 10 to MAX (using the scale on the LEFT side of the range selector).
You can change this to 5 to MAX if you wish.
Have you watched this video yet (to be sure you understand my instructions for limiting the conditions in the EasyScan?)
Using EasyScan to find stocks that meet your own criteria
- Craig
Here to Help!
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
Yes I did watch the video. I guess I better watch again. I updated the easy scan 10 to max and I did a fresh update and I'm still getting stocks under a dollar. I know I must be doing some thing wrong and I also know how difficult it must be for you to figure out something that you can't see. Just to let you know I created another easy scan volume percent change. I also set the parameters of 10-max, but it will let only get to 9.32 to max the next value is 11 also rank is set at 74-99 count 1899. is this right?
If I dont hear from you have a great week-end.
Thanks again
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 4,308
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Are you sure that for Price per Share, you are setting the Condition Type to VALUE? Are you looking at the values on the LEFT side of the range selector, as opposed to the ranks on the right side of the range selector?
- Doug
Teaching Online!
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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You should have only created ONE EasyScan and it should have these conditions:
Price Per Share (VALUE 5 to MAX )(or 10 to MAX, you pick)
Volume 90-day (VALUE 1000 to MAX)
Volume Surge Today (VALUE 150 to MAX)
(your PCF) Volume % Change (VALUE 150 to MAX)
You will then sort by the 8-wk PCF.
- Craig
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Worden Trainer
Joined: 10/1/2004
Posts: 4,308
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Remember that when Craig refers to VALUE, he means that you must select VALUE as the Condition Type. Then when you look at the range selector, you should be looking at the values on the left hand side of the range selector.
- Doug
Teaching Online!
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Registered User
Joined: 6/10/2005
Posts: 23
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Hi Craig,
Good morning, hope you had a great week end.
I'm Still having some problems with the criteria that you helped me set up on friday. When you get a chance can you please help me. Under the search I'm gettint the index's and also stocks that trade under $5.00. I would like the search to find stocks lets' say between 5.00 and up. Hope you can help me.
Thank you again
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Edit the EasyScan in question.
Change the WATCHLIST TO SCAN to ALL STOCKS
Be sure you have PRICE PER SHARE in the scan, it is using the VALUE method and the value ranges (based on the numbers on the left side of the range selector) are set to 5 to MAX.
- Craig
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Registered User
Joined: 6/10/2005
Posts: 23
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craig,
I believe that I have the vlaues set up correctly,but I'm still getting stocks that are under $5.00. Could I still be doing something wrong. I don't feel confident if I have done it correctly, any suggestions,
Thanks
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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See how the price is limited in this video to be sure you are doing it right:
Using EasyScan to find stocks that meet your own criteria
- Craig
Here to Help!
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig
OK
After the video i will be back to
Thanks
Sal
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Registered User
Joined: 6/10/2005
Posts: 23
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Hi Craig,
I viewed the the lesson it was very informative, thanks.
Do you remember the criteria that you set up for me.
(v-v1)/v1*100. I set the value @ 10.9589 Rank is 71-99 Count is 1492. Craig by the way I think that Thsi scan is called Volume percent Change. I'm Still getting stock under 5.00 BCON came up that stock is trading @ 3.92. I also getting MG 427 MG 327 is there anyway to delete them.
Thank you
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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Sal.
The only way you can be getting stocks under $5 in ANY EASYSCAN is if this is NOT done
Add Price Per Share to the EasyScan
Limit it using VALUE
5 to MAX
- Craig
Here to Help!
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
Guess what I think you solved the problem. You were right.
Thank you for all your help.
Thank you very much Craig
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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My pleasure!
- Craig
Here to Help!
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Registered User
Joined: 6/10/2005
Posts: 23
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Criag,
One last thing the count on the search is 1,525 is there a way to limit to a more confine search, say 300-400 stocks what do you think.
Thanks
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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You can add more conditions or limit the ones you already have more.
Look through these conditions and add any you think would improve the results of the scan.
Definitions of all built in scanning and sorting criteria
You can also work in that universe of 1,500 stocks and use the sort tool to rank them against each other:
Create your own stock rankings using WatchLists and Sort conditions
- Craig
Here to Help!
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Registered User
Joined: 6/10/2005
Posts: 23
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Craig,
In the price per share value I changed the value in order to get the count down the only way it seems to get the count down I have to change the value from 5-25 dollars to get the count down, it's about 1,600 now as before it was about 2,300. My question is can I get 5-max and keep the count under 500.
Thanks
Sal
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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My answer is the same.
EasyScan will only find stocks that meet your conditions.
You have three choices (I cannot make them for you)
1. Limitthe conditions more already in the scan.
2. Add more conditions (look at the definitions of conditions I linked for you above)
3. Keep everything the same and sort the list by some conditions to rank or prioritize the list. The conditions you can sort by, you can also scan by (refer to the same link above for defnitions.)
To be clear what is happening with EasyScan...
- You pick the WatchList to scan which contains a certain amount of stocks
- You add and limit criterion to the EasyScan. Only stocks that meet the limits will end up in the resulting WatchList; no more, no less.
There is nothing magical here. We can't snap our fingers and change the number of stocks. The only way you can reduce the list down is by adding more conditions and limiting them.
I am VERY confident if you go to the linked definitions from above and read through them you will find criteria you like that you can add and reduce the list down.
Don't be afraid of just sorting. Sorting can be one of the most powerful tools in the program. In seconds you rank hundreds of stocks by any condion you like.
Be sure to watch the sorting video and read the definitions link I gave above.
There is nothing I can do to make the number smaller. You have to decide how you will make the EasyScan more restrictive with either the current conditions or by adding new ones.
Does that all make sense?
- Craig
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