Making a 13 over 30 Crossover Scan

[leonrossi]

Hi All,
I'm new to thinkscript. I would like to create a scan to detect EMA 13 over 30 crossover on the hourly time frame in TOS. I would also like to incorporate the parameter of a stock in an uptrend or downtrend for about 2 weeks before they cross over. I have tried to do this in TOS but i do not get good results. The part that I struggle with is how to capture the stock either in an uptrend or downtrend for about 2 weeks. The idea behind this scan is to spot a momentum stock when it's reversing. Does anyone know how to do this? any help would be greatly appreciated.

 

[BenTen]

You can use the ToS scanner and build one. Here is an example:

 

[leonrossi]

hi Ben,
That's what I did but I'm not getting good results. The part that I need help with is how do I program to identify stocks that made a strong uptrend or downtrend for about 2 weeks and that's when the momentum is shifting. I wish I could send you an example but I can't upload the image.

 

[BenTen]

@leonrossi What is your definition for "strong uptrend or downtrend for about 2 weeks" ? Identify that first. Post a screenshot of your scanner setting. Click here to see instructions for that.

 

[leonrossi]

For uptrend - price trading above 30 EMA but doesn't close below it.

For downtrend - price trading below 30 EMA but doesn't close above it.

 

[leonrossi]

these are strong momentum stocks and the plan is to decipher when that momentum is changing and then short it (Put options for a few days) on the pull back and then do the opposite when the cross over happens again.

 

[BenTen]

But I thought you wanted to find crossovers?

 

[leonrossi]

yes, it is to find crossovers but only after the stock has been trending for a while (~about 2 weeks). For example with MTCH above and SPY below, the stock has been on a uptrend for about 2 wks before the cross over happens.

Thanks for fast response. I really appreciate your feedback.

Leon

 

[leonrossi]

also, what i find interesting is that momentum stocks tends to find support at the 200 hr moving average (SMA). they tend to bounce off of it and then continue higher.

 

[WOLVES]

Hey guys,
I'm looking for the same thing to. Thinkorswim scanner is a bit difficult. I use Finviz to scan.
Here is a chart that would help with creating the scan:

https://c.stockcharts.com/c-sc/sc?s=NFLX&id=p57965037275&a=695825738&r=681

The stock crosses over after July than trend for 2 week and crosses of pass the 13th of July.

Thanks

 

[Pensar]

@WOLVES Looks like you've been wanting something like this for a bit. Try this scan code; it should find 13/30 crossovers after two weeks of trend, please read the notes in the code.

# Hourly Scan for 13/30 Crossover After 2 Weeks
# Scans for crossovers in both directions
# Choose hourly aggregation - Do NOT include extended hours

# 70 is the number of hourly bars that total two weeks - adjust as desired
input bars_since_cross = 70;

# allows a bit of room to scan for the cross - 7 is within the current day
input max_bars_since_cross = 7;

def ma1 = average(close,13);
def ma2 = average(close,30);

def cross_up = ma1 crosses above ma2;
def cross_dn = ma1 crosses below ma2;

def count_after_cross_up = if cross_up and !cross_up[1] then 1
                           else count_after_cross_up[1]+1;
def count_after_cross_dn = if cross_dn and !cross_dn[1] then 1
                           else count_after_cross_dn[1]+1;

def long_entry = count_after_cross_up > bars_since_cross
                 and cross_dn within max_bars_since_cross bars;
def short_entry = count_after_cross_dn > bars_since_cross
                  and cross_up within max_bars_since_cross bars;

plot scan = long_entry or short_entry;

# end scan code

 

[WOLVES]

@Pensar Thanks for responding. The scanner gives an error:
def long_entry = count_after_cross_up > bars_since_cross
and cross_dn within max_bars_since_cross bars;
def short_entry = count_after_cross_dn > bars_since_cross
and cross_up within max_bars_since_cross bars;

the complier says: no such variable bars_since_cross at 17:42

thanks

 

[WOLVES]

@Pensar I got it to work I didn't copy all the code

 

[Rayanmjr]

I would love to see that on a scanner realtime and working any way we can build one? Did you also happen to try building that in stockcharts?

 

[omar__naeem]

@Pensar - this is helpful thanks! I was looking for something similar but for Simple Moving Average. I can update the code to reflect this.
The part I am not clear about is the following:

How are you defining 70 as a two week period? Are weekends and pre/post market included in the 70 hour count? Or will this only include the last 10 TRADING DAYS over a 2 week period (excluding pre/post market).

***********************************
"# 70 is the number of hourly bars that total two weeks - adjust as desired
input bars_since_cross = 70;"

 

[Pensar]

@omar__naeem The 13/30 crossover scan code already uses the Simple Moving Average (written as "average"), no need to change it.

How are you defining 70 as a two week period? Are weekends and pre/post market included in the 70 hour count?

There are 7 hourly bars each day (when not including extended hours), so I multiplied that number by 10 (the number of trading days in two weeks) to get 70. You can always adjust the code to scan for a different number of bars. No weekends (the stock market is closed). To only scan regular trading hours, you must make certain to de-select the "EXT" box when creating your scan. Hope that helps!

 

[Pensar]

@Rayanmjr Try creating a scan with this code in ThinkorSwim, then populate the results to a watchlist column. It should update every 3-5 mimutes. I have no idea if custom scan/indicator codes can even be used in StockCharts.

 

[omar__naeem]

Thanks @Pensar. Confirming if it is working correctly - I set the value of input bars_since_cross = 49. However, as you can see in the image below, the cross over is still happening prior to 49 bars...in this case it is 47 and 46 bars and I am seeing quite a few cases that are showing this. Do you know why this would be the case?

 

[Pensar]

@omar__naeem The code finds crossovers within a certain amount of bars. So where it says . . .

# allows a bit of room to scan for the cross - 7 is within the current day
input max_bars_since_cross = 7;

. . . try changing it to 1 instead of 7, let me know if that fixes it.

 

[omar__naeem]

Isn't max_bars_since_cross only for the right side of the cross-over? I.e. Bars since the 2 MAs crossed <= 7? I love that the code accommodates for this. Reducing it below 7 will impact the results but more to do with the right side of the cross-over vs the left which is what I am unable to solve for. Not sure if that makes sense?