in search for narrow build up

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    gnellas77
    Participant
    Average

    hi gentlemen,

    i m looking for a narrow build up of a stock (tight consolidation) so i tried the “flat base” screener which does not give the results i want. often it fails.

    i also tried to make a screener on my own with bollinger bandwidth indicator. the results are pretty much the same.

    Does anyone have an idea what to use for a screener in order to find a tight consolidation like the case of e.g. an ascending triangle or a build up at a support/resistance level?

    thanx in advance.

    #188241 quote
    robertogozzi
    Moderator
    Master

    There can be many ways to spot a ranging market. Here are a couple of them (#2 is one of favourite):

    #1 (price is sitting within a specified range, within the most recent periods):

    HH = highest[40](high]
    LL = lowest[40](low)
    IsRange = (HH - LL) <= 20 * PipSize

    #2 (Bollinger Bands are both inside a Donchian Channel):

    //------------------------------------------------------------------------------------
    //                            BB - Bollinger Bands
    BBval        = 20                                       //6     periodi BB
    BBdev        = 2.00                                     //2.00  deviazione BB
    BBAvgType    = 0                                        //0  =  sma
    BBavg        = average[BBval,BBAvgType](close)          //BB    mean (middle line)
    BollUP       = BBavg + ((std[BBval](close)) * BBdev)    //BB    Upper Band
    BollDN       = BBavg - ((std[BBval](close)) * BBdev)    //BB    Lower Band
    //------------------------------------------------------------------------------------
    //                            Donchian Channel
    //
    DonchianP    = BBval
    DonchianUP   = HIGHEST[DonchianP](HIGH[1])
    DonchianDN   = LOWEST[DonchianP](LOW[1])
    //------------------------------------------------------------------------------------
    IsRange      = (BollUP <= DonchianUP) AND (BollDN >= DonchianDN)

    Use the variable IsRange to take any action.

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in search for narrow build up


ProScreener: Market Scanners & Detection

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This topic contains 1 reply,
has 2 voices, and was last updated by robertogozzi
4 years, 1 month ago.

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Forum: ProScreener: Market Scanners & Detection
Language: English
Started: 02/13/2022
Status: Active
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