I'm a new trader just now dipping my toes into intraday scans and learning scripts and I've noticed that I'm getting a lot of false results in my current scan and also manually finding stocks outside of my scan that should have qualified. My issues are with the slope of Force Index and price crossing above the lower Keltner Channel, specifically.
I've used the basics of stock hacker and have done some very basic scripting for use in longer timeframes that have worked fine, but I've gotten myself a bit overwhelmed when trying to wrap my head around intraday, specifically hourly charts in this case. I realize it's probably a very basic issue, but I just can't figure it out out my own. Sorry if this is a noob issue that has been answered before or if my understanding is incorrect.
So here's my process. I'm using the hourly chart and basing my scans and analysis on the most recently completed hourly bar. No extended hours, with seven scans per day. I run my scans near the end of each hour. For example, The market opens at 8:30, with the first bar completed at 9:30. So I run my scans at 9:29 for candidates, let the bar complete, run my analysis manually on the completed candle, and act during the following bar.
This is what I'm going for in my two custom filters:
1. Hourly Force Index is rising during the current bar.
2. Hourly price has crossed above and stayed above the lower Keltner Channel during the current bar.
I would like a way to scan for these two conditions as they occur before the hourly candle ends.
I catch a few, but I'm getting lots of results with Force Index still falling and/or price having never moved below and back above the lower Keltner Channel. Some results aren't even near the lower channel.
I think my issue is either with my understanding of the timing of the scan and/or the two custom filters that I've tried to set up. Any insight or help would be greatly appreciated.
I've used the basics of stock hacker and have done some very basic scripting for use in longer timeframes that have worked fine, but I've gotten myself a bit overwhelmed when trying to wrap my head around intraday, specifically hourly charts in this case. I realize it's probably a very basic issue, but I just can't figure it out out my own. Sorry if this is a noob issue that has been answered before or if my understanding is incorrect.
So here's my process. I'm using the hourly chart and basing my scans and analysis on the most recently completed hourly bar. No extended hours, with seven scans per day. I run my scans near the end of each hour. For example, The market opens at 8:30, with the first bar completed at 9:30. So I run my scans at 9:29 for candidates, let the bar complete, run my analysis manually on the completed candle, and act during the following bar.
This is what I'm going for in my two custom filters:
1. Hourly Force Index is rising during the current bar.
2. Hourly price has crossed above and stayed above the lower Keltner Channel during the current bar.
I would like a way to scan for these two conditions as they occur before the hourly candle ends.
I catch a few, but I'm getting lots of results with Force Index still falling and/or price having never moved below and back above the lower Keltner Channel. Some results aren't even near the lower channel.
I think my issue is either with my understanding of the timing of the scan and/or the two custom filters that I've tried to set up. Any insight or help would be greatly appreciated.
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