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Hey Guys, I'm trying to find stocks that are + or - 5% from the "0" level on the MACD. Can Someone tell me, how to do that?
You might want to look at the PPO indicator, which is the MACD indicator using a per cent scale.
It would be relatively easy to construct a scan where PPO Line or PPO Signal is less that +5% or greater than -5 per cent.
However, even though PPO normalizes MACD (in PPO the scales are always the same values), the volatility of individual symbols still varies, so that the length and height of individual legs differ from one to another. So for some, a leg might be just beginning under +5%, for instance, but for another the legs might be approaching exhaustion.
You might want to choose the kinds of symbols you want to deal in (by sector, by market cap, etc.) and maybe set your higher and lower boundaries by what levels seem to fit best.
and [[PPO ???(x,x,x) >= -5] and [PPO ???(x,x,x) <= 5]]
You'd have to pick the values (x) you want as well as the picking whether you want the PPO Line, Hist, or Signal to be the value that is within +/-5 to zero.
The signal is the value of that 3rd parameter.
In the link that markd shared they give some example scans and use a 4th parameter in the example. I don't see any difference, on the chart, in the values using the fourth parameter. Maybe there is something in the scan engine that uses that value, but it doesn't show up on the chart.