Weekly Price Channel Scan

Answers

• lmkwin ✭✭

  May 2020

  The "breakout" is going to be a crossover.
  
  Try replacing the > with an X on the second line.
  
  https://support.stockcharts.com/doku.php?id=scans:advanced_scan_syntax:crossover_scans

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• markd mod

  May 2020 edited May 2020

  lmkwin's answer is basically correct - it's much easier to do the scan with the x (crossover ) operator.
  
  The Price Channel indicator is a little different than others, in that it is lagged by one bar. The explanation is here:
  
  https://school.stockcharts.com/doku.php?id=technical_indicators:price_channels
  
  The x operator seems to be coded to take that difference into account. So, you could just say:
  
  and [weekly close x weekly Upper Price Chan(20)]
  
  However, this statement will often be true AFTER a breakout as well, as a trending stock often closes the week above the prior week's high. So your scan will pick up stocks in mid-trend. To get just breakouts, you want to insure that the Upper Price Channel has been flat for some number of weeks. So your first line might be
  
  and [1 week ago weekly Upper Price Chan(20) = 10 weeks ago weekly Upper Price Chan(20)]
  
  or something similar. The number of weeks you choose should be the minimum you would consider necessary for a meaningful breakout ( but less than the length of the channel (20), since the channel will change its value when the channel length expires).

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