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Am I doing something wrong, or does this just not work

in Scanning
Below is my scan, still in development
In it I get numerous stocks with weekly RSI(30) >70. How come?
[type = stock] AND [country is US]
and [SMA(50,close)*SMA(50,volume)>2300000]
and [ Close > 10 ]
and [ group is NOT ETF]
and [ weekly RSI(30) < 70 ]
and [ weekly RSI(30) > 30 ]
and [ 0 week ago RSI(30) > 1 week ago Max(2,RSI(30)) ]
and [ 0 week ago MACD Hist(12,26,9) > 1 week ago Max(2, MACD Hist(12,26,9))]
In it I get numerous stocks with weekly RSI(30) >70. How come?
[type = stock] AND [country is US]
and [SMA(50,close)*SMA(50,volume)>2300000]
and [ Close > 10 ]
and [ group is NOT ETF]
and [ weekly RSI(30) < 70 ]
and [ weekly RSI(30) > 30 ]
and [ 0 week ago RSI(30) > 1 week ago Max(2,RSI(30)) ]
and [ 0 week ago MACD Hist(12,26,9) > 1 week ago Max(2, MACD Hist(12,26,9))]
0
Comments
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It's probably best to keep all conditions in the same time frame. So, unless all your conditions are in the daily time frame, you need to use a time frame modifier (in this case weekly) in front of every term that can have a time frame. If there is no modifier, the scan engine assumes you mean daily, even if any other term has a weekly time frame modifier. Even if you write "one week ago" in front of a term, you still need the weekly modifier.
The scan engine will not reject scans that include different time frames, but you have to be very careful when you write them to modify the terms correctly. Also, when you verify the results, you have to look at charts in each time frame, since you can't mix and match time frames on a chart.
So your scan, all in one time frame, would look like this:
[type = stock] AND [country is US]
and [ group is NOT ETF]
and [weekly SMA(50,weekly close)*weekly SMA(50, weekly volume)>2300000]
and [ weekly Close > 10 ]
and [ weekly RSI(30) < 70 ]
and [ weekly RSI(30) > 30 ]
and [ weekly RSI(30) > 1 week ago weekly Max(2,weekly RSI(30)) ]
and [ weekly MACD Hist(12,26,9) > 1 week ago weekly Max(2, weekly MACD Hist(12,26,9))]
Note that you may want to edit some parameters to account for the weekly time frame - for instance, the weekly moving average corresponding the to the daily "sma(50, close)" would be "weekly sma(10, weekly close)". These are not EXACTLY the same because the calculations are different (the daily uses 50 data points, the weekly uses 10) so the results are different, but usually similar enough.
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Please remove this - I'm careless and stupid at times - like this time. Sorry0
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Note there is an issue with accuracy of weekly scans at the moment:
http://scan.stockcharts.com/discussion/comment/3621#Comment_36210
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