Despite the best candlestick setup with a win rate of 84% from the top ten by Thomas Bulkowski, 4 years after this post ( https://www.prorealcode.com/topic/three-line-strike/) there is still no 3 line strike screener in the screener library. Perhaps a nice idea to further develop the attached opening code together?
//Three Line Strike screener
//Marcel van Vliet
//27/02/2023
//MinPrice = 25
//MaxPrice = 1000
C1 = high>low
C2= high[1]<high and low[1]>low and open[1]>close[1] and open[1]<open[2]
C3 = high[2]<high and low[2]>low and open[2]>close[2] and open[2]<open[3]
C4 =high[3]<high and low[3]>low and open[3]>close[3] and open[3]<open[4]
C5 = close>MinPrice and close<MaxPrice
SCREENER[C1 and C2 and C3 and C4 and C5]
Hi,
Why not create a strat about this idea?
Best,
Chris
Marcel a écrit
c1 = High > Low
for me High is ever highest than Low??? i don’t understand.
This will do it. Only a minor change to your code.
I back tested the ASX for one year and only got 22 results so it is a setup that does not occur often.
Only 3 of those 22 failed, confirming a better than 85% success rate, but incurs a waiting time of up to 40 trading days to get the rise.
i=0
C1= high[i+3] > high[i+2] AND high[i+2] > high[i+1] AND high[i] > high[i+3]
C2= low[i+3] > low[i+2] AND low[i+2] > low[i+1] AND low[i+1] > low[i]
C3 = close[i] > open[i]
C4 = low[i] = open[i]
SCREENER[C1 AND C2 AND C3 AND C4]
Why qigley doesn’t it always pull the right results? Cemtrex was correct this week and Pyxis Oncology was not. Does it always have to be three down days?
Why qigley doesn’t it always pull the right results? Cemtrex was correct this week and Pyxis Oncology was not. Does it always have to be three down days?
If patterns repeated themselves endlessly, then there would be no stock market because everything would be predictable.
Once you identify the pattern, you still have to exercise risk management if you trade it.
For the two stocks you mentioned,(NYSE:PYXS ,ASX:CXM?) I didnt identify the pattern recently, but in both cases the daily 20MA has a negative slope, so momentum may not be strong enough to uplift the price.
ASX:SYR came up on the scan today. In this case, I suspect a high probablity the price will gain momentum, becuase China has implemented restriction on their graphite exports to come into force on 1st December, and there will be a short sueeze on this highly shorted equity..
So it is not just the pattern itself, you have to read it in comjunction with other indicators.
I am also trialling the algorithm in reverse, ie 3 days up, one day down, to see if it helps shorting.
The answer on this is to expand the number of markets. For instance all of the American stocks.
