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Intraday parabolic moves

MasterJEK

New member
Hello everyone. I have been successfully trading an intraday setup and want to build a scanner to get alerts for the setup. Whenever stocks get really stretched short term, they can have powerful snapbacks. Basically, I look for parabolic moves on the 5min or 15min chart. I find it to work better with at least 5 candles in a row going up/down with big amplitude and thus aggressively. The chart almost describes a straight line(close to 90 degrees). Sometimes, the further the price is from the 20EMA on the 5min timeframe, the stronger the snapback. I then wait for the first opposite-direction candle to print. My entry is the high/low of the candle. I also have a few other criteria as far as how to trade this setup.
I tried building a scanner using ATR but I couldn't have two different aggregation periods.
Here are some pictures of the setup.

Legend
doted blue line is my entry.
long dashed red line is my stop.
yellow, green, purple are 1x, 2x and 3x risk

Edq2uUR.jpg


73lCevp.jpg


guWc0Y5.jpg


WajA3xO.jpg
 
Last edited by a moderator:
Solution
Hello, I still haven't been able to program a good scanner to find the setup. I will definitely share it when I do.
I would try something like this
http://tos.mx/g6pkwzV
you can adjust the price percentage change and the time frame from 5 min to 15 min to scan for the time period you are looking for.
Also I would save and name the scan as 5 min then detach a watchlist and then let it run continuously. Then you can do the same for the 15 min. to have both running at the same time. Also you can adjust from 2% change to something that works best for your goals.
Hello everyone. I have been successfully trading an intraday setup and want to build a scanner to get alerts for the setup. Whenever stocks get really stretched short term, they can have powerful snapbacks. Basically, I look for parabolic moves on the 5min or 15min chart. I find it to work better with at least 5 candles in a row going up/down with big amplitude and thus aggressively. The chart almost describes a straight line(close to 90 degrees). Sometimes, the further the price is from the 20EMA on the 5min timeframe, the stronger the snapback. I then wait for the first opposite-direction candle to print. My entry is the high/low of the candle. I also have a few other criteria as far as how to trade this setup.
As you have discovered, the Scan Hacker cannot filter for conditions that involve multiple timeframes :(
 
Last edited:
Yeah, unfortunately... I'm looking for another way to approach it now and scan for aggressive moves like that. Any hints?
There are probably multiple ways of doing this, but one way is to use 2 period RSI and scan for extreme values, like 5 and 95 or even more extreme if you like.
 
There are probably multiple ways of doing this, but one way is to use 2 period RSI and scan for extreme values, like 5 and 95 or even more extreme if you like.
That's exactly what I did first but it didn't give me stocks that were moving straight up/down. I get extremely overbought/oversold but not necessarily with momentum. Thanks for the tips tho... any other recommendations?
 
Hello everyone. I have been successfully trading an intraday setup and want to build a scanner to get alerts for the setup. Whenever stocks get really stretched short term, they can have powerful snapbacks. Basically, I look for parabolic moves on the 5min or 15min chart. I find it to work better with at least 5 candles in a row going up/down with big amplitude and thus aggressively. The chart almost describes a straight line(close to 90 degrees). Sometimes, the further the price is from the 20EMA on the 5min timeframe, the stronger the snapback. I then wait for the first opposite-direction candle to print. My entry is the high/low of the candle. I also have a few other criteria as far as how to trade this setup.
I tried building a scanner using ATR but I couldn't have two different aggregation periods.
Here are some pictures of the setup.

Legend
doted blue line is my entry.
long dashed red line is my stop.
yellow, green, purple are 1x, 2x and 3x risk

Edq2uUR.jpg


73lCevp.jpg


guWc0Y5.jpg


WajA3xO.jpg
Hello is it possible to share this script would love to try it. Thank you
 
Hello, I still haven't been able to program a good scanner to find the setup. I will definitely share it when I do.
I would try something like this
http://tos.mx/g6pkwzV
you can adjust the price percentage change and the time frame from 5 min to 15 min to scan for the time period you are looking for.
Also I would save and name the scan as 5 min then detach a watchlist and then let it run continuously. Then you can do the same for the 15 min. to have both running at the same time. Also you can adjust from 2% change to something that works best for your goals.
 
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