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Volatility Contraction Breakout Scan Code
I'm currently trying to implement a custom volatility contraction breakout scan which should figure out potential US stocks, closed to a breakout, after a volatility contraction period. The code sample below divides the difference between the upper/lower BB by the closing price and lt 4% BandWidth left.
What I'm trying to archive is the precise breakout direction using CMF in an accumulation mode and OBV, pushing against the price in an upside trend:
[type = stock] and
[Close > 9.99] AND
[[group is NSE] OR [group is NASDAQ100] OR [group is SP500] OR [group is SP400] OR [group is SP600]] AND
[daily sma(20,daily volume) > 100000] and
[daily sma(60,daily close) > 20] and
[[[Upper BB (20,2) - Lower BB (20,2)] / Close ] < .04]
and [CMF(20) > 0.0] AND
[OBV > yesterday's OBV]
Are there any other more relevant indicators (like the ADL or MFI) which are showing buying/selling pressure within the contraction?
Does anyone have a more precise code sample so that I can determine that we're potentially very closed to an upside breakout?
PS: Attached is a VC breakout sample with CBPO. The VC started in the begin of Nov 2014 and the breakout came through in Feb 2015.
Krgds from Switzerland
Unfortunately, you would have to get the ROC(5) for the group first, then edit the scan - so let's say ROC(5) for $DJUSBT is .05 - you would update your scan to
and [ROC(5) > .05]
Just a thought - haven't tested it, don't know if it will be useful.