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Hello, I am new here and trying to figure out a double bottom scan. I want to create one where the low of today is within 10% of the 52 week low. Any suggestions?
and [low < Lower Price Chan(251) * 1.1]
Ten per cent is fairly wide. You could also try 1.05 or less for the multiplier.
The results won't all be double bottoms because price channels move over time. If more than 251 days have passed since the prior low, the channel will move up to successive higher low bars in the up leg that followed that bottom.
You might also get stocks that are just beginning to move away from the Lower Price Channel, instead of coming back to it.
So the scan will get what it asks for, but the results are not always exactly what you want.
You can also change the length of the price channel - maybe to quarterly (63 instead of 251) or monthly (21).
Also, a hit does not guarantee that price will bounce from the channel. It may fall through, so you have to learn to tell the difference. Or use a stop.
and scroll down about 2/3 the way until you get to the paragraph "So you are looking for a close in the lowest 10 per cent of the 52 week range..." What follows may be useful. Mark was able to help me tremendously.