Prior Month Low Scanner

BrianPaul

New member
Hi,

Does anyone have or can make me a simple scanner that shows stocks that have just hit the prior month low? I would like to know when it happens as it seems to be a pretty solid reversal signal for small caps...

Thanks
 
Solution
On daily data:

Ruby:
input WithinDays = 5;
def Month = GetMonth();
def MonthlyLow; def PriorMonth;
if Month != Month[1] {
    MonthlyLow = low;
    PriorMonth = MonthlyLow[1];
} else {
    MonthlyLow =
        if low < MonthlyLow[1] then Low
        else MonthlyLow[1]
    ;
    PriorMonth = PriorMonth[1];
}
plot Scan =
    Sum(crosses(Low,PriorMonth,CrossingDirection.BELOW),WithinDays) > No
;

Add this to the bottom to see how it works more visually on a chart:

Code:
plot x = priormonth;
x.setPaintingStrategy(paintingStrategy.HORIZONTAL);
Scan.setpaintingStrategy(paintingStrategy.BOOLEAN_ARROW_UP);

Pre-market may be an issue. I am not sure how much intraday data is available to the scanner. The table in the documentation is no longer...
Yes, that is fairly easy, but it is complicated at the same time. It is extremely unlikely for the current price to at the exact same price as the prior monthly low when the scan is run. Therefore, you need to come up with additional rules regarding how you detect this. Crossing below the prior monthly low is one way. You could also create a +/- threshold in the area of the prior monthly low, and require current prices to be within that zone, and so on. Depending on the method, timing may come into play. Just for example, you might not want results which have been below the prior monthly low for like two weeks already, but rather, prefer only those which just crossed today.

I would need more detailed specifications on how you would like to handle such things, otherwise, the code is relatively easy.
 
Yes, that is fairly easy, but it is complicated at the same time. It is extremely unlikely for the current price to at the exact same price as the prior monthly low when the scan is run. Therefore, you need to come up with additional rules regarding how you detect this. Crossing below the prior monthly low is one way. You could also create a +/- threshold in the area of the prior monthly low, and require current prices to be within that zone, and so on. Depending on the method, timing may come into play. Just for example, you might not want results which have been below the prior monthly low for like two weeks already, but rather, prefer only those which just crossed today.

I would need more detailed specifications on how you would like to handle such things, otherwise, the code is relatively easy.
I think anything that has crossed below in the last 5 days. wouldn’t that be enough extra criteria to get a basic scan? I would just rerun the scan every morning. Ideally it considers premarket transactions below the monthly low as well. Please let me know what else if anything you would need. I can add other filters like price, market cap, etc later myself.
 
On daily data:

Ruby:
input WithinDays = 5;
def Month = GetMonth();
def MonthlyLow; def PriorMonth;
if Month != Month[1] {
    MonthlyLow = low;
    PriorMonth = MonthlyLow[1];
} else {
    MonthlyLow =
        if low < MonthlyLow[1] then Low
        else MonthlyLow[1]
    ;
    PriorMonth = PriorMonth[1];
}
plot Scan =
    Sum(crosses(Low,PriorMonth,CrossingDirection.BELOW),WithinDays) > No
;

Add this to the bottom to see how it works more visually on a chart:

Code:
plot x = priormonth;
x.setPaintingStrategy(paintingStrategy.HORIZONTAL);
Scan.setpaintingStrategy(paintingStrategy.BOOLEAN_ARROW_UP);

Pre-market may be an issue. I am not sure how much intraday data is available to the scanner. The table in the documentation is no longer accurate. I would have to run a few tests.
 
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