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Help With Weekly MA Scan

WallSTHustle
WallSTHustle ✭
in Scanning
Hello, I am trying to build a scan that will return stocks that are above and within 1% of their 50 day SMA on the weekly chart but it doesn't seem to be working as expected. These are the parameters I am using. Any help would be greatly appreciated.

and [WEEKLY Close > WEEKLY SMA(50)]
and [WEEKLY DistFromSMA(50) <1]

Comments

  • markd
    markd mod
    edited July 2023
    You are right to suspect the parameters.

    On the weekly chart, the sma parameter would be 10, not 50.

    10 weeks x 5 days in a week = 50 days.

    50 weeks would be 50 weeks times 5 days = 250 days.

    The weekly vs daily sma values will be close but not exactly the same, so the sma lines on the charts may not intersect price at exactly the same time or same level.

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