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.....

 

[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.

Any news?? Hopefully?

 

[Joshua]

For an actual large bar, from the prior bar, it would be:
(open - close >= close[1] * 0.035) within 100 bars

For just a large bar by itself, it would be:
(open - close >= open * 0.035) within 100 bars

For a large drop of any kind, which may include gaps, etc., it would be:
(close[1] - close >= close[1] * 0.035) within 100 bars

You can change the 100 bars to what ever you want, just don't go lower than about 10 minutes worth of bars; so within 5 bars minimum on a 2 minute chart, 10 bars on a one minute chart, and so on - or else scanner's update frequency might skip over it. As for volume and min/max price you can set that up yourself using normal scan filters. Turn off extended hours probably.