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I am trying yo build a weekly RSI divergence scanner. This is what i have so far. It didn't produce any search results so far. Also would like to know how to implement this on the daily monthly hourly and 30minute time lines if possible.
Thanks for your help.
[weekly RSI(14) > last week's weekly RSI(14)]
and [weekly close < last week's weekly close]
To test whether your weekly scan above is producing accurate results, run just the first line and see if there are any that closed down. Use a weekly chart style on the results to verify.
You can test prior weeks by setting the calendar back to prior Fridays.
Nothing wrong with the scan though. It looks like it's just a rare event. Most of the time, the RSI(14) dips with the price.
You could try re-writing to skip a few weeks and see what happens - like this week's close < 3 weeks ago and RSI > 3 weeks ago.
and [Weekly PctChange(2,weekly RSI(14)) > 0]
and [Weekly PctChange(2,weekly close) < 0]
I was thinking of using Slope too.
[group is sp500]
and [weekly RSI(14) >3 weeks ago weekly RSI(14)]
and [weekly close < 3 weeks ago weekly close]