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Mate forgot to thank you for this, got so carried away when you...

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Johnnyzadeh

1,836 Posts.

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24/03/18

14:15

Post #: 31998955
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Originally posted by Ravgnome ↑

Hi Johnnyzadeh,

Incredible Charts, and Prorealtime are both decent software for what you are trying to achieve.
There are numerous ways to find stocks using scanning criteria, but it's the usually the interpretation of the results that tell the true story.

Naturally, there are the more complicated ways to find these type of stocks, which include Bollinger Bandwidth, Rate of Change, and Linear Regression Channels for example, but it's always best to keep it simple....

The ADX (average directional index) is usually used to identify strongly trending stocks, readings above 40 indicate a strong trend, and conversely readings below 20 indicate a weak trend. Note that the ADX indicator does not grade the trend as bullish or bearish, but merely assesses the strength of the current trend.

Since you already have Incredible Charts...you could try using the ADX to find weak trending stocks, by using...

14 Day ADX ---- Minimum of 2 ---- Maximum of 10

Add in a filter if you like, say a Minimum Volume, or a Value Traded per day, or stocks in a certain Price range.

Use the RSI below 30 to narrow the selection down further if you like.

Experiment with different settings too, like a 10 period or a 21 period ADX, and both Daily and Weekly scans.

Cheers.

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Mate forgot to thank you for this, got so carried away when you gave it to me i forgot my manners. Exactly what i needed, your a legend, cheers.
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