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Building a new scan

Hey guys,

I was referred here by Jack over at Stockcharts.com help.

I have a chart setup I've been using for about three years now. It has a nearly 85% success rate when used as a short setup, but I need a scan to save time, since I don't have the time to slog through 1,000 charts every day.

Anyway, let me tell you what I'm looking for.

First, three examples:

INO on July 23rd.
ABB on July 26th.
DECK on July 27th.

All of these were multi-baggers using puts.

I'm looking for a big black candle, higher than avg volume, and MFI above
80. As I said, I've been using this as a short signal for a few years, and it's right
almost 85% of the time.

I'd LOVE to see how this scan is built. I've never been able to get it to work, however.

Thoughts?

Oh, and feel free to use it!! :)


Best Answer

  • markdmarkd mod
    Accepted Answer
    I think your dates are off, but I see what you are driving at.

    So, if you break it down, it's not that hard to build. Just use the dropdowns on the advanced scan page and then edit.

    Here are some suggestions:

    1. test for close below open

    and [close < open]

    2. test for highest close in some number of days (you choose). These seem to be failed breakouts, so I think at least 20 days, maybe more - but you'll know better

    and [close = max(?, close)]

    3. I'm not sure you should test for range, but if you do, you could try some multiple of average true range (you choose both numbers)

    and [range > atr(?)*?]

    4. then volume some multiple above some average

    and [volume > sma(?, volume)*?]

    5. then MFI above 80 - assuming you use the default

    and [MFI(14)>80]

    Good luck. If you have trouble with the syntax, paste what you've got and someone will tweak it.



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