Is it possible to scan for stocks by candle length?

Batman

Member
I noticed on Friday that the best performing stocks were all preceded by a long green candlestick at some point early in the morning. I looked around to see if this has been asked before, but is it possible to scan for stocks by candle length? This wouldn't even be a scan, really - it would be a custom watchlist item that filters stocks according to the length of the last candlestick. For instance, the scanner might simply bring up all penny stocks with a volume of over 500,000 people, and the watchlist would have the symbol, last price, % change, and Candle Length (which I imagine would be shown as a percentage number, indicating how long the percentage difference is between the last candle's open and close).
 
I don't think there's a comparison, because the watchlist column would just show what is the % amount of difference between the previous candle's close and open. If the previous candle closed 8% higher than it opened, then the column would just say 8%, for instance. Do you think that might be a good way to catch parabolic moves early on? They seem to always kick off with a long green candle, or at least a long green candle inevitably appears at some point early on in their parabolic move.
 
Last edited by a moderator:
@Batman This @mashume Tall Candle study compares the candle to the previous candles (change the "lookback" to define how many previous candles to compare). The size that it looks for is defined by the "threshold" (change the threshold to look for larger or smaller candles).
1eJIGwe.png

Shared Study Link: http://tos.mx/lpZvC0P
Click here for --> Easiest way to load shared links
Ruby:
# Tall Candle Definition
input ThresholdMult = 3;
input LookbackLength = 10;
def AverageOverRange = SimpleMovingAvg(price = (high[1] - low[1]), length = LookbackLength);
def CurrentRange = high - low;
plot tallCandle = if CurrentRange >= (AverageOverRange * ThresholdMult) then 1 else 0;
tallCandle.Hide();
AssignPriceColor(if tallcandle then color.blue else color.current);
 

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