Vertical Spread - Over extended stocks

[Gametheory]

Hi All, I hope you are doing well. I stumble upon these trade criteria where it finds stocks that are over-extended to either the up or downside and that behavior is not in-line with its personality. The trade criteria are:

1. Bollinger bands are outside the Keltner channels
2. The price just bounced after touching the lower Bollinger band
3, Opposite candle during the trend
4. ADX trending up - no clear indication
4. RSI is sloping (momentum has lost its steam)
5. No earning or significant events

I'm wondering if anyone has a watchlist for this or has encountered a similar trade style, I would like to know how to set up this trade.

Thanks in advance!

 

[rad14733]

@Gametheory I am not aware of any such custom watchlist column or scan but you're welcome to try... However, I'm relatively sure that you'd end up getting a "TooComplexException" error due to the number of Studies and Conditions...

 

[BenTen]

Too many subjective and/or general criterias. I would narrow down to the specific.

Some threads to help get you started:

• https://usethinkscript.com/threads/gap-between-keltner-channels-bollinger-bands-in-scanner.4807/
• https://usethinkscript.com/threads/adx-trend-label-for-thinkorswim.403/
• https://usethinkscript.com/threads/rsi-scanner-for-thinkorswim-oversold-overbought-scan.3444/

 

[Gametheory]

Understood, I guess what I'm trying to find is the price that retracting. I'm looking for a small movement in the right direction to make a profitable vertical spread even if it's only 5 dollar move.

Thank you Rad and Ben!