intraday scanning

tgun22

Hello

I was told that creating intraday scans is possible in stockcharts but I can't seem to get it to work. Here is what I have done wrong to date. I want to create a scan that tells me on a 1 hour chart when price has closed above both the daily and 10 day average for the first time. I would like to run this scan at the top of every hour and see what it shows me.

To create a 1 day average I use a 7 sma on a 1 hour chart. The market trades for 6 and a half hours a day but produce 7 candles on a one hour chart in a day. I then use a 70 sma to create the 10 day average. This is so much simpler to produce in the forex market where you use a 24 sma on a 1 hour chart and I firmly believe this is what financial institutions use for their short term trading. Look at chart after chart and you will see what I mean.

Anyways, I tried using a 7 and 70 sma and scanned at the top of every hour. It did not work and there would often be several candles that closed above both averages before it was picked up in the scan. I then tried using a 1 and a 10 sma and it would not populate any data for me using those parameters.

Can anyone tell me what I am doing wrong?

thank you

markd

When you write a scan, the most commonly referenced time frames are daily, weekly or monthly. You cannot write a scan that references intraday time frames such as hourly, or two hourly or five minute or fifteen minute, etc.

However, you can run daily, weekly or monthly time frame scans during market hours (i.e., intraday). As I understand it, the scan engine treats the most recent intraday update as the close for the time frame your scan is using. For instance, you might run a scan for stocks "closing" intraday above the previous day's high, or for stocks closing intraday below the prior week's low, etc. Note that since the data is changing throughout the day, the results may change, too.

tgun22

Thank you for your reply.

It doesn't look like many others out there do intraday scanning either. Too bad....it's a nice low risk, high reward entry.

markd

You *can* create intraday charts with a variety of time frames. My guess is, if the system works, it works best on high volume, institutional stocks or high volume etfs. Those are much more likely to trade in a regular fashion than typical stocks. You might want to try it with a limited number of index-related etfs, so it wouldn't require a scan to keep track of them - say SPY, QQQ and some of the industry related etfs.

Helpless

This discussion was concerning "active" intraday. I would like to create a scan on an "end-of-day" list of symbols, IF the proper nomenclature exists for intraday 2 hour style scan. Like tgun22 commented..."it's a nice low risk, high reward entry". Some bottom reversal candles have lower wicks that contain many 2 hour candles, especially the pin bars. Someone please tell me YES.
My handle: Helpless

markd

There are no intraday time frame modifiers in the scan language, e.g. hourly MACD Line(12,26,9), five minute Fast Stochastic %K(21,3), etc. Only daily, weekly, monthly.