New Members: Be sure to confirm your email address by clicking on the link that was sent to your email inbox. You will not be able to post messages until you click that link.

What am I doing wrong???

ebrady07
ebrady07 ✭
in Scanning
I am a beginner and am trying to slowly build up my scan database. All I want is to put in a cross-under scan that has a oversold RSI at 30.
[type = stock]
and [30 x RSI(14)]

When I run this it still shows stocks with the RSI way above 30. Any help is very appreciated

Answers

  • markd
    markd mod
    edited October 2016
    I ran it this way, just to limit hits, and it works fine (all hits have RSI(14) crossing below 30 on today's bar):

    [group is sp500]

    and [type = stock]
    and [30 x RSI(14)]

    Check that your default chart style includes RSI(14) (and not RSI with some other parameter) and also that your default style is a daily chart (and not weekly or monthly).

    If that's not it, in your reply include a few symbols that are in the results but have RSI(14) above 30.
  • gord
    gord admin
    Not sure why you are getting results with RSI(14) above 30, do you have anything else in your scan?

    When I run the following I get 119 hits as of tonight (after the close), and none have an RSI(14) above 30.

    [type = stock]
    and [30 x RSI(14)]
    rank by RSI(14)

    Try it and let us know if you are getting different results.

    Note if you ran this scan during the day, without any price or volume restrictions, I could easily see getting many hits on sub penny stocks with extreme volatility & thin to non-existent trading, which could easily lead to wild swings in the indicators. This is one reason technical analysis is not really valid for these types of stocks.

    Gord

Categories