Weekly Buying Climax Scan

dgammons

Hi, is there a way to scan for a weekly (not daily) buying climax? This is when a stock or ETF hits a new high during the week, but then closes the week near or below the prior week low. Thanks !!
Doug

markd

There are a few decisions you have to make before you can write this scan.

The new high is a new high in what time frame - over how many weeks?

and [weekly high = max(?, weekly high)]

Closing below the prior week's low is not a problem:

and [weekly close < 1 week ago weekly low]

"Near" also has to be defined. Does near mean 5 cents above the prior low? Does it mean within some per cent of the prior low? You can't write it in scan language until you have decided what you want and have expressed it in ordinary english.

dgammons

Hi, Thanks! I am working on the answers. Will get back to you very soon. I really appreciate the quick response.
Doug

dgammons

Hi,
1) the new high should be a 52-week high
2) the close should be below the prior week low

dgammons

Using your notes, I think I have it.

[group is SP500]
and
[weekly high = max(52, weekly high)]
and
[weekly close < 1 week ago weekly low]

markd

@dgammons It needs a little correction - which is my fault. "max" also needs the modifier "weekly".

[group is SP500]
and
[weekly high = weekly max(52, weekly high)]
and
[weekly close < 1 week ago weekly low]

Sorry for the goof.