Scan not working right..help?

[Stock Tradin]

I've created a scanner that will pop tickers that a candlestick dropped 3.5% from previous price point...I've tried different "time/day" settings or within "bars ago" and it's not working as I thought it would. In reality, there are tons of those drops and I'm not getting alerted....what am I or did wrong??? I understand TOS does it's scanning like within 2-4 minutes but I'm not getting anything as I should or expect?

It's extremely simple scan:

Stock = last min $2.50 to $25
Volume = min 750K to max
price change ..open....is at least 3.5% less than 2 bars ago .....within "D"

I don't believe it requires a custom script for this? Any words of wisdom would be very appreciated.....

 

[Joshua]

Hard volume numbers are never a good idea if you're just trying to assess things from a liquidity standpoint. In this case, its actually best to use an average volume, and use the previous day's average value, to avoid the drag down of the current incomplete bar, at least in live markets. I also personally wouldn't use the opening prices in this way, but that seems to be what you're going for. Try something like this in the scan editor;

Close > 2.50 and
Close < 25 and
Average(Volume,50)[1] > 750000 and
Open < Open[1] - (Open[1] * 0.035)

 

[Stock Tradin]

Awesome!!! Can't wait till tomorrow and try this out!!! If this works, you'd be on top of the badass list!!! Confirming...Volume greater then 750,000 ??? right?

 

[Joshua]

Confirming...Volume greater then 750,000 ??? right?

You can change that line if you actually require that amount of volume on the day. As I mentioned, it depends on why you're including that particular filter. If its just to assess liquidity in a general sense, leave it as the average. However, if that raw amount of volume on the day is a hard criteria of your strategy, change it to volume > 750000.

 

[Stock Tradin]

Awesome brother...thank you so much for your time and explanation.....I really appreciate it sir....

 

[Stock Tradin]

Yeahhh....I am getting tons of hits but not what I was looking for while market is open....bummer.

Anyone else has any more ideas how I could get this working???? All I want is scanner popping up with only with hits that produce a candle that's 3.5% or more of the stock price....NOT of the last candle.....so there has to be a way to code price of the stock x 3.5% = new candle then hit!!! I'm sorry if I'm asking too much....this would complete my strategy that I am using.....Please help?

 

[Joshua]

Oh you would want to do something more like close < open and (high - low) > (close * 0.035) but this would anchor "price of the stock" to the current price, not necessarily where it dropped from. Depending on what you're doing, you may want to anchor that to something else, like the high of the day, or something similar. What time frame are you using?

 

[Stock Tradin]

I trade with 1m..... last candle price - 3.5% drop...scanner hit

 

[Joshua]

Close[1] - Close >= Close[1] * 0.035

The scanner only updates about every five to eight minutes though.

 

[Stock Tradin]

Close[1] - Close >= Close[1] * 0.035

The scanner only updates about every five to eight minutes though.

Yeah I understand......I dont mind the 5-8 min...I'm not a scalper.....(anymore that is hahahahah)

 

[Stock Tradin]

Close[1] - Close >= Close[1] * 0.035

The scanner only updates about every five to eight minutes though.

Hate to say it....I tried it and I understand from script perspective it should work, but I got 7 hits....1 had a large candle ie BFRI at 15:37 ...nothing on NRGD, VXX, ONE, NLST and DOGZ within that time frame......I dont know what I'm doing wrong????? I put the time period on 1m in the filter window. Just FYI.....

 

[Joshua]

Well here is BFRI just as you said:

Here is NRGD around that time, it should not meet the condition;

Did NRGD show up in the scan around that time? It shouldn't have. Copy and paste back the scan exactly as you have it in TOS.

 

[Stock Tradin]

All those stocks were in my stock window at the time I was typing them in......as you can see what I listed any of them should be there other then BFRI.....I added 2 studies 1. Price range being from $2.50 to $25 and volume to be 750,000 or more.....that's it.....and your script......

Copy paste scan as I have it? you mean the results in watchlist? it's all gone now.....next time I will screen shoot it......

 

[Joshua]

No, not the results, the script from the scan editor, exactly as it is in the scan editor.

 

[Stock Tradin]

No, not the results, the script from the scan editor, exactly as it is in the scan editor.

https://imgur.com/a/mpZ69mY

I hope it worked????

 

[Joshua]

Alright, ok, now we are getting somewhere... Question about the volume though; do you want there to be 750,000 volume just on the day so far, or do you want there to be 750,000 volume on the individual bar with the %3.5 plunge?

 

[Stock Tradin]

Alright, ok, now we are getting somewhere... Question about the volume though; do you want there to be 750,000 volume just on the day so far, or do you want there to be 750,000 volume on the individual bar with the %3.5 plunge?

It's only on the day......I don't care about individual candle......simple right??? hahahahahah

 

[Joshua]

Yes, it should be simple. The main issue would be the update frequency of the scanner. It's not really going to catch these on a one minute or two minute time frame. I would suggest adding within 8 bars on the one minute, and maybe within 4 on the two minute, at minimum. You could actually make those numbers much higher to prevent the results from being deleted from the list too quickly.

I modified the scan to search within every bar for the most recent day, and I coded a matching upper chart study to visually display when the scanner would generate a hit. Here is a stock from the scan results with the study applied to the chart as well.

It yields results which look promising on the surface - but, again, the delay of the scanner is a major hindrance with time frames as small as one minute or two minute, and there is really no getting around that. I don't really know much else about your strategy, or how much time you would have to react versus the delay. It works in theory, but perhaps not in application.

 

[Stock Tradin]

Yes, it should be simple. The main issue would be the update frequency of the scanner. It's not really going to catch these on a one minute or two minute time frame. I would suggest adding within 8 bars on the one minute, and maybe within 4 on the two minute, at minimum. You could actually make those numbers much higher to prevent the results from being deleted from the list too quickly.

I modified the scan to search within every bar for the most recent day, and I coded a matching upper chart study to visually display when the scanner would generate a hit. Here is a stock from the scan results with the study applied to the chart as well.

It yields results which look promising on the surface - but, again, the delay of the scanner is a major hindrance with time frames as small as one minute or two minute, and there is really no getting around that. I don't really know much else about your strategy, or how much time you would have to react versus the delay. It works in theory, but perhaps not in application.

That would definitely work.....I will give it a try for sure?!?!?!? What's the code??? ahahhahaha

 

[Stock Tradin]

My strategy is simple...most of the time does not require speedy alert....see the pink line...this is from today.....

https://imgur.com/Md9aGu4

https://imgur.com/JATzpm0