Bearish engulfing
October 20, 2015, 4:18 PM
Screeners
2 Comments
Author: OKAS
Let’s see what a bearish engulfing is:
1. The previous candlestick must be a white one
2. The current candlestick must open upper the body of the previous candlestick
3. The current candlestick must close below the body of the previous candlestick
REM Compute the power of the bullish trend
// Find the lowest quote on the last 8 bars
LowPoint = LOWEST[8](LOW)
// Compute the variation of price from this point to now
Advance = CLOSE- LowPoint
// Compute the usual volatility of the stock (median of True Range)
Norm = SUMMATION[3](TR) - HIGHEST[3](TR) - LOWEST[3](TR)
REM Stock picking : only the bearish engulfing
Filter = CLOSE[1] > OPEN[1] AND OPEN > CLOSE[1] AND CLOSE < OPEN[1]
REM We keep the most serious advances
SCREENER [ Filter ] (Advance / Norm AS"Trend Power")
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Bearish-engulfing-.itf
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