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Scan ADX setup

Hi Mark and everyone

How do I set up a scan that looks for stocks and ETFs where ADX is below BOTH +DI AND -DI lines for longer than, say, 4 weeks ? or basically for an extensive time period ? I am not sure how if this can be done. But any help is really appreciated. Thanks much.

Best Answer

  • markdmarkd mod
    Accepted Answer
    I think you would want to test for the max value of ADX less than the min value of Plus and Minus for the length of time you choose.

    So, maybe

    and [max(20, ADX Line(14) < min(20, Plus DI(14)]
    and [max(20, ADX Line(14) < min(20, Minus DI(14)]

    I didn't run this. Just off the top of my head. So you may need to correct the syntax, and/or adjust the parameters to see what works.

    You can select your universe from the drop downs - maybe from Indexes and ETFs and/or Price, Volume and SCTRs.

Answers

  • Hi Mark

    Basically I am using ADX below both plus and minus to look for stocks in trading range.

    Is there a better scan to use to find such stocks in trading range ?

    Thanks again.
  • I don't look for trading ranges, so I don't have one at hand. If you want to experiment, you might try something with price channels. Maybe something in a time frame longer than the range you are looking for. So, if you want a 3 month range, look for 6 month price channels getting narrower - you would test for the difference between upper and lower channel today less than the difference some time in the past.
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