In a recent interview with Richard Molgen Pradeep Bonde talked about how he likes to scan for three consecutive consolidation days. I was wondering if anyone has build a custom scan to be able to do this?
I was thinking one way to do this might be to ask TOS to look for three consecutive days with the high/low range was a percentage of the stocks Average Daily Range (ADR).
For example: scan for stocks with three consecutive days where the range was less then 70% of the ADR on all three days. I have some script for how to calculate the ADR which is below but I am not sure how to write the rest of the script.
I would appreciate any assistance
I was thinking one way to do this might be to ask TOS to look for three consecutive days with the high/low range was a percentage of the stocks Average Daily Range (ADR).
For example: scan for stocks with three consecutive days where the range was less then 70% of the ADR on all three days. I have some script for how to calculate the ADR which is below but I am not sure how to write the rest of the script.
I would appreciate any assistance
Code:
#Calculate ADR Perc for last 20 days
input len = 20;
def ADR_perc = 100 * (Average(high, len) / Average(low, len) -1);