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Help Requested - RSI Breakout Scan

Community,

Requesting help creating a scan for the following conditions. Any help would be greatly appreciated.

1. Price > 3.00
2. Average daily volume > 300k
3. no ETF/index funds or OTC/Pink sheets

Any of the below conditions met:
3. Monthly RSI(14) is making new 3-Yr high.
4. Monthly RSI(14) is making new all-time high.
5. Weekly RSI(14) is making new 2-Yr high.
6. Weekly RSI(14) is making new all-time high.
7. Daily RSI(14) is making new all-time high.

Best,

Proton

Answers

  • First some notes:

    3. no ETF/index funds or OTC/Pink sheets

    It would be better to specify what you do want instead of what you don't want - choose an exchange(s), specify a market cap, maybe sector, etc.

    If you are looking at US stocks (this should be the first line of your scan):

    [ [exchange is NYSE] or [exchange is NASD] or [exchange is AMEX] ]
    and [group is not ETF]
    and [close > 3]
    and [sma(??, volume) > 300000] // you need to choose a number of days for computing the average

    4,6, 7 - RSI is a bounded oscillator - the top possible value is 100, so could try testing for that; if you get a result it will be the best possible high, although it may not be the first time it was hit; as far as I know, you cannot test for all-time highs for indicators, only price. So, it the stock has never hit 100, you won't know the all time high (except by looking at the chart).

    3, 5

    You want to use the max( ) function

    and [monthly RSI(14) = monthly max(36, monthly RSI(14))] // 36 is three years of months

    and [weekly RSI(14) = weekly max(104, weekly RSI(14))] // 104 is two years of weeks
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