Contraction - Continuation pattern scanner

[cascadetrader88]

Hi All,

I recently came upon this forum and have found it immensely helpful to find new indicators to use. I found scan criteria I would like to use, but it's for a paid scanner that I don't have access to. I was hoping to build something comparable to this for ToS, but I've been having a hard time implementing the criteria using the customer scanner. I don't know anything about writing code and I was wondering if anyone here would be able to build a scan like this in Thinkscript. Thanks in advance to anyone who tries to build it!!

Price vs 52 wk-high is between 75-100%
Avg 3-month vol >500000
Last Close >.5
Price is at least 150% over 200D SMA
Price is at least 90% over 50D SMA
Price is at least 250% over 52-wk low
1-year return vs S&P 500 >40
1-year return vs sector >60
6-month return >50

edit: typo

 

[XeoNoX]

care to explain how price is going to be between 75%-102% of the 52 week high?

 

[cascadetrader88]

Sorry that should be 100% (typo on my part)

 

[tradecombine]

Hi All,

I recently came upon this forum and have found it immensely helpful to find new indicators to use. I found scan criteria I would like to use, but it's for a paid scanner that I don't have access to. I was hoping to build something comparable to this for ToS, but I've been having a hard time implementing the criteria using the customer scanner. I don't know anything about writing code and I was wondering if anyone here would be able to build a scan like this in Thinkscript. Thanks in advance to anyone who tries to build it!!

Price vs 52 wk-high is between 75-100%
Avg 3-month vol >500000
Last Close >.5
Price is at least 150% over 200D SMA
Price is at least 90% over 50D SMA
Price is at least 250% over 52-wk low
1-year return vs S&P 500 >40
1-year return vs sector >60
6-month return >50

edit: typo

This is an attempt. (I re-sorted to get all the Daily, Weekly, Monthly, Yearly scans together). You can do 4 queries, one per time frame.

Add 4 custom studies in Stock Hacker, and change the time frames to Daily, Weekly, Monthly, and Yearly.
after that, paste in the code sections below.

Caveat 1 of 3. I'm not aware of how to dynamically pull the sector that a stock is a member of, so I hard-coded the sector
See threads:
https://usethinkscript.com/threads/sector-lookup-label.7255/
https://usethinkscript.com/threads/...-a-ticker-with-its-corresponding-sector.7851/
https://usethinkscript.com/threads/how-to-display-the-equitys-sector.8415/

Caveat 2 of 3. Everywhere it says return, I'm assuming percentage gain in price only

Caveat 3 of 3. using SPY as proxy for S&P 500.

# scan 1 of 4. [DAILY TIME FRAME]

# Last Close >.5
# Price is at least 150% over 200D SMA
# Price is at least 90% over 50D SMA
input price = close;
input minClose = .50; # $.50
input minPctLongSMA = 1.5; #150%
input minPctShortSMA = .90; #90%
input longSMALength = 200;
input shortSMALength = 50;

def longSMA = Average(price, longSMALength);
def shortSMA = Average(price, shortSMALength);


def minLastClose = price > minClose;
def abovepctLongSMA = price >= minPctLongSMA * longSMA;
def abovepctShortSMA = price >= minPctShortSMA * shortSMA;

plot scan = minLastClose && abovepctLongSMA && abovePctShortSMA;

# scan 2 of 4. [WEEKLY TIME FRAME]

#Price vs 52 wk-high is between 75-100%
# Price is at least 250% over 52-wk low

input minpcthigh = .75; # 75%
input maxpcthigh = 1.0; #100%
input minpctlow = 2.5; #250%

def price = close; #price
def high52week = highest(high, 52); #52-week-high
def low52week = lowest(low, 52); # 52 week low

def betweenpcthigh = price >= minpcthigh *high52week && price <= maxpcthigh *high52week;
def abovepctlow = price >= minpctlow * low52week;

plot scan = betweenpcthigh && abovepctlow;

# Scan 3 of 4. [MONTHLY TIME FRAME]

# Avg 3-month vol >500000
# 6-month return >50
input minVolume = 500000;
input recentMonths = 3;
input  monthsago = 6;
input minReturn = 1.50; # 50% return would imply 150% higher than it was

def avgVolumeShort = Average(volume, recentMonths);
def closeMonthsAgo = close[monthsAgo];

def targetVolume = avgVolumeShort > minVolume;

def targetReturn = Close > minReturn * closeMonthsAgo;

plot scan = targetVolume && targetReturn;

# Scan 4 of 4. [YEARLY TIME FRAME]

# 1-year return vs S&P 500 >40
# 1-year return vs sector >60 (note: sector cannot be queried via thinkscript)
# so the sector is hard-coded via input.
# https://usethinkscript.com/threads/how-to-display-the-equitys-sector.8415/

input yearsAgo = 1;
input pctexceedSP = .40; #40%
input pctExceedSector = .60; # 60%
input CorrelationSP = "SPY";
input CorrelationSector = "XLK";

def symbolReturn = close/close[yearsAgo];
def SPReturn = close(correlationSP)/(close(correlationSP)[yearsAgo]);
def SectorReturn = close(CorrelationSector)/(close(correlationSector)[yearsAgo]);

def beatSP = symbolReturn - SPReturn > pctExceedSP;
def beatSector = symbolReturn - SectorReturn > pctExceedSector;

plot scan = beatSP && beatSector;

Running this after-market on 3/23/2022, I get 75 symbols when scanning "All Stocks" (see screenshot at the end showing the scan and the scan results).