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Simple Set of Rules for mean Reversion
Hi - Looking to run a scan for the following
Close price is greater than 100 ema
Price has closed below the 5 ema
We have had three lower lows since the first close below the 5ema
Member of Russell 1000
If you want the cross below to be four bars ago, and each bar since then has been a lower low, that can be done because it is specifies an exact pattern. The problem with specifying an exact pattern is (as you've probably noted), they rarely re-occur.
If you have found that there are a limited number of variations of cross below and three lower lows, you would write out each alternative and connect them with "or". This is a significant time investment, so you would have to work that out yourself.
Alternatively, you could write a scan for condition 1,2 and 4, put the results in a list and then watch the list for the remaining condition.