Bearish Breakout Screener

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  • 11/16/2019 at 10:36 PM #112947 quote
    noctrader
    Participant
    Junior

    Hi,

    Objective:

    Price is fast approaching support line of 52 week lows and looks to be breaking out to the downside anytime soon. I want to identify trades to short into bearish breakout just before price breaks the support line.

    Example:
    Overstock.com (OSTK) – 11 Nov 2019
    Cooper Standard Holding (CPS) – 15 Nov 2019

    (see attached pictures)

    Criteria: (All on Daily Timeframe)

    1. Price below SMA50
    2. Price is 0-3% above 52 Week Low
    3. Average Volume is over 50k
    4. Price is over $2
    5. *MACD line minus Signal line nearing to zero*

    Would you be able to turn this into code please?

    CPS-Daily.png CPS-Daily.png OSTK-Daily.png OSTK-Daily.png
    11/16/2019 at 11:47 PM #112954 quote
    robertogozzi
    Moderator
    Master

    There you go, you can change value to suit your needs best:

    Timeframe(Weekly)
LL = lowest[52](low)
//
Timeframe(Daily)
c1 = close < average[50,0](close)
p0 = close >= LL
p1 = close <= (LL * 1.03)
c2 = p0 And p1
c3 = average[50,0](volume) > 50000
c4 = close > 2
c5 = abs(Macd[12,26,9]) <= 2
//
Timeframe(default)
Result = c1 and c2 and c3 and c4 and c5
Screener[Result]
    11/17/2019 at 10:41 AM #112959 quote
    noctrader
    Participant
    Junior

    Thanks Robert,

    That would have taken me hours to work out.

    I made some amendments to the MACD part of the code.

    However the screener still seems to be pulling up stocks with the current closing price below the 52 week low. I cant seem to work out why.

    Bearish-Breakout.itf
    11/17/2019 at 11:06 AM #112962 quote
    robertogozzi
    Moderator
    Master

    I won’t be able to open and test your version till tomorrow.

    11/18/2019 at 12:03 PM #113013 quote
    robertogozzi
    Moderator
    Master

    You may have received an email about  a wrong post I deleted. Ognore it, please. 🙂

    Can you post some examples of instruments scanned but out of the rquired selection criteria?

    11/20/2019 at 11:18 AM #113211 quote
    noctrader
    Participant
    Junior

    Thanks Roberto 🙂

    11/20/2019 at 11:29 AM #113214 quote
    noctrader
    Participant
    Junior

    SLCA, EZPW are both being included in the screener but they are below the 52 week low.

    I think I have worked out what it is but I am not sure how to add it to the code.

    I believe it is considering the the 52 week low as the lowest price that he stock has hit before the close of the current period. I need to add that the 52 week low needs to be prior to the current period so that if the stock breaks to new lows it will not be included in the screener.

    Thanks

    EZPW-Daily.png EZPW-Daily.png SLCA-Daily.png SLCA-Daily.png
    11/20/2019 at 11:49 AM #113221 quote
    robertogozzi
    Moderator
    Master

    Replace line 2 with:

    LL = lowest[52](low[1])

    or

    LL = lowest[52](low)[1]

    they are equivalent.

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Bearish Breakout Screener


ProScreener: Market Scanners & Detection

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noctrader @noctrader Participant
Summary

This topic contains 7 replies,
has 2 voices, and was last updated by robertogozzi
6 years, 4 months ago.

Topic Details
Forum: ProScreener: Market Scanners & Detection
Language: English
Started: 11/16/2019
Status: Active
Attachments: 5 files
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