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Weekly Price Channel Scan
I am trying to scan for 20 Week Price Channel B/O. Below is what I used and it isn't capturing B/O .
and[ 1 week ago close < 1 week ago Upper Price Chan(20)]
and [weekly close > weekly Upper Price Chan(20)]
Try replacing the > with an X on the second line.
The Price Channel indicator is a little different than others, in that it is lagged by one bar. The explanation is here:
The x operator seems to be coded to take that difference into account. So, you could just say:
and [weekly close x weekly Upper Price Chan(20)]
However, this statement will often be true AFTER a breakout as well, as a trending stock often closes the week above the prior week's high. So your scan will pick up stocks in mid-trend. To get just breakouts, you want to insure that the Upper Price Channel has been flat for some number of weeks. So your first line might be
and [1 week ago weekly Upper Price Chan(20) = 10 weeks ago weekly Upper Price Chan(20)]
or something similar. The number of weeks you choose should be the minimum you would consider necessary for a meaningful breakout ( but less than the length of the channel (20), since the channel will change its value when the channel length expires).