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When looking for the low values 4 periods ago you need to use LOW() and not LOW(Day(PERIODAMOUNT=4)) – this converts the data from a one day to 4 day bar.
However, we can use the TimeSinceSignal function to count the days since the previous 20 day low signal instead of a line for each day:
//Get 20 Day Lows;
L1 = LOW()<LOWESTLOW(BARS=20);
//Time since previous low >=4 days;
//Close to 20 day low;
R1 = CLOSE()<=(LOWESTLOW(BARS=20) * 1.01);
L1 and TS1 and R1
When added to a watchlist of the S&P500 stocks there were 3 results as of Friday’s data:
Let me know what you think!