Gann Swing Retracement Scan

Optuma Forums Optuma Scripting Gann Swing Retracement Scan

This topic contains 4 replies, has 4 voices, and was last updated by  Ciro 1 month, 3 weeks ago.

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  • #47551
    Darren
    Darren
    • Topics: 28
    • Replies: 131
    • Posts: 159

    The following formula will calculate when the current Gann Swing is at 50% of the previous swing (with a 2.5% tolerance either side). Because it will depend if the current swing is pointing up or down we will need a script for both conditions.

    50% retracement up from previous swing low:

    50% retracement down from a previous swing high:

    When executed as a scan (both criteria can be added in the scan setup using ‘Or’) the results can be exported as a watchlist, and custom columns added. In this example only two stocks in my universe have retraced down from a high (DIN & SHAK) whilst the others are 50% above the low:

    Capture

    To change the retracement levels adjust the values in R1 and R2 variables, so for 38.2% retracements you would change the tolerance to something like 0.588 and 0.648 (this is calculated by 1 – 0.382, + and – 3%).

    #47735

    Jaime
    • Topics: 0
    • Replies: 1
    • Posts: 1

    Great Tool

    Awesome Job i was thinking how this could be done a few weeks ago and wow you have come up with this really cool…

    #47739

    Michael
    • Topics: 0
    • Replies: 2
    • Posts: 2

    Problem with down retracement

    Thanks for that code, however I have been unable to get the retracement down code to show any result.

    The retracement up works exactly s expected.

    Can you think of any reason for that result?

    Image attached.

     

    cheers

    Michael

     

    Attachments:
    #47747

    Michael
    • Topics: 0
    • Replies: 2
    • Posts: 2

    Solution

    The code for the down swing should be:  

    // Define the Gann Swing criteria GS1 = GANNSWING(SWINGCOUNT=3,METHOD=USE NEXT BAR);

    // Get Previous Up Swing Length and 2.5% tolerance levels

    R1 = SWINGEND(GS1,OFFSET=1) – ((SWINGend(GS1,OFFSET=1) – SWINGstart(GS1,OFFSET=1)) * 0.475);

    R2 = SWINGEND(GS1,OFFSET=1) – ((SWINGend(GS1,OFFSET=1) – SWINGstart(GS1,OFFSET=1)) * 0.525);

    //Is the current swing between the tolerance levels? SWINGEND(GS1) < R1 AND SWINGEND(GS1) > R2  

     

    That then gives the result attached.

    cheers Michael

    • This reply was modified 1 month, 3 weeks ago by  Michael.
    Attachments:
    #47763

    Ciro
    • Topics: 1
    • Replies: 1
    • Posts: 2

    2-3 days max retracement

    Hi All, 

    I’m completely new to Optuma and honestly probably I know just the 3% of the software capability.  By the way this topic is awesome and it will be one the next thing I will try to apply. 

    In the meantime I want to ask if do you have already developed a script that help user to find stock that are in a trend (up or down not matter) and they are having a rest of few days, Gann usualy refer to a 2-3 days rest at maximum. 

     

    Thank you helping me to be a better Optuma user. 

     

    Ciro 

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