Hi folks, I hope everyone is well.
I am trying to construct a basic late day breakout scanner on tos. I don't think it requires scripting, as much as knowing which settings to apply on the tos scanner. I was hoping someone could help me with it, it would be greatly appreciated. It is best approached on a 5min time frame.
Setup conditions BULL:
-Stock is trading above prior DAY close
-stock is trading above current day's opening price
-the stock is trading sideways/chopping AT OR NEAR hod for at least 1.5 hours (more accurately, eighteen 5min candles)
-Entry trigger, upside break of the chop zone high bar (preferably slightly lower than the hod)
-Stop loss set to below the low of the chop zone
Setup conditions BEAR:
-Stock is trading below prior DAY close
-stock is trading below current day's opening price
-the stock is trading sideways/chopping AT OR NEAR lod for at least 1.5 hours (more accurately, eighteen 5min candles)
Bear trigger is downside break of chop zone low, stop loss, upside break of chop zone high.
So depending on the stock, its a pretty nice tight stopped setup that can catch late day surges. I'm not sure how to incorporate the prior day close conditions to a 5min candle scan.
Any help is appreciated.
Note: The setup is great, and can fail miserably like any other setup. The entry trigger is not set in stone, but I personally prefer to wait for momentum before jumping in. Also, those who are familiar with the "Opening range break" indicator we have on the forums, I can see ways to incorporate the opening range lines with late day breaks.
Any help with the scanner is greatly apprecaited. Thanks folks.
I am trying to construct a basic late day breakout scanner on tos. I don't think it requires scripting, as much as knowing which settings to apply on the tos scanner. I was hoping someone could help me with it, it would be greatly appreciated. It is best approached on a 5min time frame.
Setup conditions BULL:
-Stock is trading above prior DAY close
-stock is trading above current day's opening price
-the stock is trading sideways/chopping AT OR NEAR hod for at least 1.5 hours (more accurately, eighteen 5min candles)
-Entry trigger, upside break of the chop zone high bar (preferably slightly lower than the hod)
-Stop loss set to below the low of the chop zone
Setup conditions BEAR:
-Stock is trading below prior DAY close
-stock is trading below current day's opening price
-the stock is trading sideways/chopping AT OR NEAR lod for at least 1.5 hours (more accurately, eighteen 5min candles)
Bear trigger is downside break of chop zone low, stop loss, upside break of chop zone high.
So depending on the stock, its a pretty nice tight stopped setup that can catch late day surges. I'm not sure how to incorporate the prior day close conditions to a 5min candle scan.
Any help is appreciated.
Note: The setup is great, and can fail miserably like any other setup. The entry trigger is not set in stone, but I personally prefer to wait for momentum before jumping in. Also, those who are familiar with the "Opening range break" indicator we have on the forums, I can see ways to incorporate the opening range lines with late day breaks.
Any help with the scanner is greatly apprecaited. Thanks folks.