ADR Scan

Tom409

There is no ADR (Average Daily Range) indicator in Stockcharts. I wrote this primitive scan to help find possible day trading stocks. It looks for stocks with an ADR between 3 and 7. That are also between $30 and $200.
I am sure this could be tightened up. But it does seem to work. As I have gotten a lot of stuff here, I am posting to save other people the time and bother.

[type is stock] and [sma(20,volume) > 5000000]
and [[ Exchange is NYSE] or [Exchange is NASD]]
and [Close > 30] and [Close < 200]
and [Group is not ETF]

and [[Today's High - Today's Low ]
+ [Yesterday's High - Yesterday's Low ]
+ [2 Days ago High - 2 Days ago Low ]
+ [3 Day's ago High - 3 Day's ago Low ]
+ [4 Day's ago High - 4 Day's ago Low ]
+ [5 Day's ago High - 5 Days ago Low ]
+ [6 Day's ago High - 6 Day's ago Low ]
+ [ 7 Day's ago High - 7 day's ago Low ]
+[8 day's ago High - 8 Day's ago Low ]
+[9 Day's ago High - 9 Day's ago Low ]
+[10 Day's ago High - 10 Day's ago Low ]
+[11 Day's ago High - 11 Day's ago Low ]
+ [ 12 Day's ago High - 12 Day's ago Low ]
+[13 Day's ago High - 13 Day's ago Low ]
+[ 14 Day's ago High - 14 Days ago Low ]
/14 > 3 ]

and [[Today's High - Today's Low ]
+ [Yesterday's High - Yesterday's Low ]
+ [2 Days ago High - 2 Days ago Low ]
+ [3 Day's ago High - 3 Day's ago Low ]
+ [4 Day's ago High - 4 Day's ago Low ]
+ [5 Day's ago High - 5 Days ago Low ]
+ [6 Day's ago High - 6 Day's ago Low ]
+ [ 7 Day's ago High - 7 day's ago Low ]
+[8 day's ago High - 8 Day's ago Low ]
+[9 Day's ago High - 9 Day's ago Low ]
+[10 Day's ago High - 10 Day's ago Low ]
+[11 Day's ago High - 11 Day's ago Low ]
+ [ 12 Day's ago High - 12 Day's ago Low ]
+[13 Day's ago High - 13 Day's ago Low ]
+[ 14 Day's ago High - 14 Days ago Low ]
/14 < 7 ]

lmkwin

There is a Range function in the Price, Volume, SCTRs dropdowns. The range is a summary value of the High - Low.

Another way to express the top part of the code:

and [[range
+ 1 days ago range
+ 2 days ago range
+ 3 days ago range
+ 4 days ago range
+ 5 days ago range
+ 6 days ago range
+ 7 days ago range
+ 8 days ago range
+ 9 days ago range
+ 10 days ago range
+ 11 days ago range
+ 12 days ago range
+ 13 days ago range
+ 14 days ago range]
/14>3]

Range has some advantages and some drawbacks. Nothing wrong with "long hand" version you shared. That doesn't have some of the drawbacks that range can present. Thanks for posting it.

markd

@Tom409 I wonder if there doesn't need to be one more set of brackets [ ] around all the [high-low] s.

I'm wondering if the "/14" isn't just dividing the last [high- low] instead of the sum of all the [high - lows]?

Also, would ATR (average TRUE range) give useful (though not identical) results, in most cases?

Tom409

It seems to work without needing an additional bracket. Also the /14 is outside the inner bracket. So I think it should be dividing the sum of the total.

ATR includes gaps. ADR does not. That is the difference between them. Often stocks gap, but do not go anywhere

I think ADR is mostly used to find good day trading stocks. That is often what I use it for. Some traders, Kristjan Kullamgi for example, use ADR as a percentage rather than an absolute number.

I am mostly looking for strongstocks that are active and move enough to grab a good move. LIke MU AMD or AAPL for example
I sometimes also add scanning for an inside day to this scan

and [Today's High < Yesterday's High]
and [Today's Low > Yesterday's Low ]