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MACD-H ?

Hi All - I'm working on a scan that identifies a new low in the MACD-Histogram (over about the past 3 months). I would also like to add a condition that the current histogram reading be for example, twice the depth of the lowest point over that time frame. Any thoughts would be appreciated on how to best add this.

[type = stock]
and [[exchange is NYSE]
or [exchange is NASD]
or [exchange is AMEX]]
and [MACD Hist(12,26,9) < 0.0]
and [todays MACD Hist (12,26,9) < yesterdays min(63, MACD Hist (12,26,9))]
and [ATR(63) / close > 0.03]
and [SMA(63,volume) > 500,000]
and [close > 20]

Comments

  • markdmarkd mod
    edited March 23
    I think this situation (today's Hist 2x the previous 63 day min Hist) would be a very rare occurrence, because Hist usually moves in very small increments, meaning yesterday's min 63 bar is likely to be yesterday's bar. And if yesterday's bar was min 63 Hist, today's Hist would have to be twice that - an unusually large move.

    If you want to compare the current series of Hist bars below zero to a prior series of Hist bars below zero, and you want this series is twice as deep, you would have to decide on a look back period for the prior series, e.g. 21 days ago min 63 Hist.

    Then it might be something like

    and [21 days ago min(63, MACD Hist(12,26,9))< 0]
    and [min(63, MACD Hist(12,26,9))< 0]

    and [MACD Hist(12,26,9) = min(63, MACD Hist(12,26,9))]

    and [MACD Hist(12,26,9) < 21 days ago min(63, MACD Hist(12,26,9)) *2]

    I haven't tested this. Logically, it should be correct. But, you may have to play with the parameters (21 days ago, min63) to get hits you like. Also, while testing, comment out the other conditions so you know the Hist conditions are working (or not).
  • Much appreciated Mark. Thanks for the input. I'll have a look into these settings.
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