Consolidation Scan


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Thanks for all of your valuable information. I tried modiifying a scan you did to scan for a breakout of a 6 day range, where the range is 1.5 times ATR(14). I’ve tried using the highest high within 6 days minus the lowest low within 6 days using the 1.5ATR(14) box as upper and lower bounds, but I can’t get a breakout using today’s price. I think today’s price is used in the 6 day range, so today’s price will automatically raise or lower the box instead of breaking out of it. How can I do a 6 day range starting with yesterday’s price? Or perhaps there is a much better way to do it. Basically, this is a pop-out-of-the-box can. My attempt is below. Thanks much.

input numberOfDays = 6;

def upperBand = Highest(high, numberOfDays);

def lowerBand = Lowest(low, numberOfDays);

def priceContraction = (upperBand – lowerBand) <= atr(14)*1.5;

plot scan = pricecontraction and high[0]> upperband and close[0] > open[0];

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Posted by (Questions: 5, Answers: 1)
Asked on May 21, 2021 12:07 pm
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You mentioned that you tried to modify some other solution I provided but you did not provide a link to that solution. So I have no way to use that is a foundation for any part of your current request. Rather than try to fix what you have attempted to build I will provide a link to the best solution I have already posted on this topic:

https://www.hahn-tech.com/ans/flat-base-breakout-scans/

Be sure to read the entire post and especially read the comments and instructions I provided along with the solution. Otherwise you will not understand how to adjust it to fit your own specific preferences.

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Posted by (Questions: 37, Answers: 4118)
Answered on May 21, 2021 12:41 pm