How to scan for high volume with a narrow daily price range

ipsofacto

Good day all! Can someone please help me build a scan which will show a >2x average daily volume, but the stock price holds with in a somewhat narrow trading range. How narrow i'm still deciding, so I dont have that specifically. and, to get fancy, can we have the scan just not built for today or yesterday but perhaps to look back over the course of say 10 trading days? thanks gang!

gord

So what part of the scan are you having problems with??

Perhaps we can help if we know what the problem area is.

ipsofacto

Good Morning Gord - it's more of a how to question. for example take a look at the chart of RDC. back on August 18th it had massive volume and not all that large of a trading range. this is the how to i'm looking for, what expressions/mechanics of the formula to scan. thanks.

gord

To help get you started I would scan for todays volume greater than say 2 or 3 times the average daily volume, say the 20 day average.

[type = Stock]
and [ volume > SMA (20, volume) * 3 ]

As for the range I suggest starting with the ATR (average true range) over a few days and require todays range to be less than that average. See the following for more details on ATR and how to write scan coding.

http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:average_true_range_atr

http://stockcharts.com/school/doku.php?id=chart_school:scanning:tutorial

Kevo

Here is a scan clause you might like:

and [[yesterday's max(10, high) < yesterday's min(10, low) * 1.03] or [yesterday's max(5, high) < yesterday's min(5, low) * 1.03]]

Add this to gord's scan above, and this will show both 5 or 10 days sideways movement.

Youda04

I am curious on figuring out the best way to scan for consolidated trading ranges as well (if I'm understanding your objective correctly) in looking for potental breakout opportunities. I noticed Finviz let's you scan for "Horizontal S/R" patterns. Would this address this objective as well? If not, please let me know so that I don't go down the wrong path myself. Thanks.