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Range Breakout Indicator Scan

cdweaver333

New member
VIP
Hi everyone. I'm struggling to turn my strategy from a manual process into something more efficient.

I like to swing earnings gappers [UPST 8/11] and large resistance breaks with volume [ASIX 7/27]...I place those symbols into a watchlist and then use a series of price alerts to get the proper signal. Not's the best method but it works...

Let's use UPST on 8/11. That's what I consider my Day 1...a big break through a small range [10-22 days] with volume. I like to enter when the low of the day crosses below the Day 1 close and then crosses above. For UPST, this happened on Day 2. I will then use the low of the day as my stop.

I'm not skilled enough to turn this into a study/indicator + scan. Can anyone help?

Essentially, I need to frame the close from a certain time period (ie the highest close in a 10 day period) and then the indicator would show when the day's low is < close on Day 1 and also the high is > than the close from Day 1 (UPST Day 2- 8/12)...

Then, I would be able to scan these situations for my watchlist (with an alert to my phone)...

Is this possible? Thanks...
 

halcyonguy

Well-known member
VIP
Lifetime
hello and welcome.

possible, yes. but you need to make a clearer set of rules, that don't require a picture to understand them. they should be easily converted to math formulas.
you have several vague references that need clarifying.


...a big break through
need to define what a breakthrough is.
is it when the close is x% > the previous close?
see how that sentence is similar to a formula.

...a small range [10-22 days]
you want something to happen in 10-22 bars? or does it have to be days? meaning if you look at our an hour chart the data is calculated from daily data. ( 2nd aggregation)

...with volume.
no idea , volume increases by x% from previous bar?

...I like to enter when, the low of the day crosses below the Day 1 close and then crosses above.
can't detect 2 crossings on 1 bar.
so a true/false formula would be,
y = current day low < Day 1 close
and
current day close > Day 1 close

my stop = day low when trade entered
 

cdweaver333

New member
VIP
hello and welcome.

possible, yes. but you need to make a clearer set of rules, that don't require a picture to understand them. they should be easily converted to math formulas.
you have several vague references that need clarifying.


...a big break through
need to define what a breakthrough is.
is it when the close is x% > the previous close?
see how that sentence is similar to a formula.

...a small range [10-22 days]
you want something to happen in 10-22 bars? or does it have to be days? meaning if you look at our an hour chart the data is calculated from daily data. ( 2nd aggregation)

...with volume.
no idea , volume increases by x% from previous bar?

...I like to enter when, the low of the day crosses below the Day 1 close and then crosses above.
can't detect 2 crossings on 1 bar.
so a true/false formula would be,
y = current day low < Day 1 close
and
current day close > Day 1 close

my stop = day low when trade entered
Hey there. Thank you for the reply...Let me add some clarity - responses in [ ]

...a big break through
need to define what a breakthrough is. [I use separate scans to identify these...does not need to be a part of this]

...a small range [10-22 days]
you want something to happen in 10-22 bars? or does it have to be days? meaning if you look at our an hour chart the data is calculated from daily data. ( 2nd aggregation) [looking back 10-22 days][I would likely use 22 but this seems easy to adjust in the script]

...with volume.
no idea , volume increases by x% from previous bar? [I use this to identify breakouts and earnings gappers..does not need to be a part of this analysis]

...I like to enter when, the low of the day crosses below the Day 1 close and then crosses above.
can't detect 2 crossings on 1 bar.
so a true/false formula would be,
y = current day low < Day 1 close [perfect]
and
current day close > Day 1 close [perfect]

my stop = day low when trade entered [yes!]

[I manually update my watchlist based on separate earnings gappers and breakthrough scans....my big need is to scan on that watchlist when -
y = current day low < Day 1 close
and
current day close > Day 1 close
 

cdweaver333

New member
VIP
P4yiEdJ.png
 

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