P&F scans

Optuma Scripting
1

Hi guys,

Re: P&F scans

I could really do with some help here. I thought I understood about what I am going to ask but it is now clear that I do not.

I have been trying to get my head around the P&F scanning tool (I have entered this under “scripting” in the absence of a better place).

What I want is a P&F scan that will return those instruments whose P&F charts have changed polarity within the specified period (e.g. the last day/week, depending on whether I am trading end-of-day or end-of-week).

My sense is that the P&F chart is very good at revealing when price is, or is about to, change direction (but for an indeterminate period of time). I note that P&F charts can cease to add further circles or crosses for some time before they change polarity. That is fine and not a problem.

I think I understand the “P&F style” criteria supplied under PFSCAN() and the differences between the various modes supplied.

But I cannot understand the “scan pattern” modalities at all. I get the sense that none of them will return what I want, which is quite simple (at least it seems to me).

I have repeatedly read all the information provided in the Knowledge Base, but I cannot understand what I need to know.

If there is another way to research this without bothering you I am happy to be guided and directed.

One ancillary question: does the scanning tool automatically set a box size appropriate to the price of every separate instrument?

I am always exceedingly grateful for the wonderful assistance you have provided in the past.

Best wishes,

Bill Miles (Bill.Miles)

Scan patterns
P&F forum query 240907.docx (30.2 KB)

2

Hi Bill,

I’ve spent a bit of time looking at the PFSCAN() function and unfortunately it can’t do what you require. As you mention, the box size in the scan function is not determined by the price of each instrument being scanned, so you get the required results.

The only way to use the function would be in a Show Bar on an individual chart where a specific box size can be set.

Because of other priorities (primarily the web-based version of Optuma), I can’t see the development team having the resources to look at this function in the foreseeable future, so the only way to find changes in direction would be to manually scroll through saved P&F charts.

As an alternative, have you looked at swing charts? We have Gann Swings (based on higher / lower bars) and also Percent and Volatility Swings (based on Average True Range moves). See here for more info: