RSI(14) bounce around 50 scan

bmallik

Hello Guys,

Would any one help me write a RSI(14) scan to find stocks which are bounce around 50.
Appreciate your help.

Regards,
Arjun

markd

Would you be able to include a link to a chart that shows what you want?

markd

Not sure if this is what you mean, but maybe give it a try:

// begin scan - RSI around 50

[group is sp500] // you can change this to whatever stocks you like

// in the last ten days, RSI has not be above 55
and [max(10, RSI(14)) < 55]

// in the last ten days, RSI has not been below 45
and [min(10, RSI(14)) > 45]

// end scan

You can play with the 10 day max and min, and also the 55 and 45 upper and lower limits to see what works best.

Lines that begin with two slashes, //, are comments; the scan engine does not see anything after the // symbols.

bmallik

Thanks for your reply. I'll try this scan.
Pls. see the chart RSI(13) just bounce 50 line

markd

Hi @bmallik , this might work a little better - the sma of RSI is a little smoother, so you don't lose those hits that go one or two bars outside the high and low boundaries but still have the basic pattern I think you want.

[group is sp500]

and [sma(5, RSI(13)) > 5 days ago sma(5, RSI(13))]

and [max(5, sma(5, RSI(13))) < 60]
and [min(5, sma(5, RSI(13))) > 40]

Again, you can play with all the parameters.

bmallik

Thanks a lot for you help. I'll try your formula.