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Does anyone have a scan for stocks that bounce off of the 50 day moving average? Thank You
Unfortunately, the scan engine requires very specific conditions to recognize a pattern.
First, you probably want the average to be rising, or not?
Then, there are lots of ways to bounce off the average:
Just the low goes under it, not the close, then closes up next day
It closes below for one day, then closes above it next day
It closes under it for several days, then closes above it, then closes below it again, then above it again,
or, you could do something like, ten days ago it was above it, 5 days ago it was below it, and today it's above it again
So you just have to be as specific as possible about everything that makes a difference to the result you want. If you are really specific, you might find that you can write at least some of it. If so, post it and we'll tweak it.
@markd the scan below covers the first 2 cases you mention. The third case is too much.
Here is my initial scan:
and [today's Daily Close > today's Daily SMA(50, Daily Close)] and [yesterday's Daily Close > yesterday's Daily SMA(50, Daily Close)]
and [[[2 days ago Daily Low <= 2 days ago Daily SMA(50, Daily Close)] and [2 days ago Daily Close > 2 days ago Daily SMA(50, Daily Close)]] or [2 days ago Daily Close < 2 days ago Daily SMA(50, Daily Close)]]
and [3 days ago Daily Min(5, Daily Low) > 3 days ago Daily Max(5, Daily SMA(50, Daily Close))]
But if the pattern matters, you wouldn't use that approach.
You could also check for the "bounce" by looking for range greater than the atr(?), and volume above maybe the 21 day average and a close near the top. That would show some strength.
On the other hand, the strength might have occurred under the 50ma, or it is yet to occur after crossing the 50 ma, so by adding that condition you might lose some good set ups. Always a trade off.
and [sma(50, close) x low]
The scanning tutorials and videos are really helpful, although it takes some time.
[type = stock] and [Country = US] and [Daily SMA(20,Daily Volume) > 60000] and [Daily SMA(20, Daily Close) > 15] and [Daily Close < 140.00]
Try paper trading this scan and see how it goes.
@markd did not think of checking for range greater than ATR. I thought this only meant volatility.