Here’s an example of a scan to show which stocks are above – but within 3% – of their 50-period moving average, but there has been a recent pullback towards it. In this example the pullback is defined by the direction of the 5 day moving average, i.e. it’s sloping down:
// create variables for the MA values MA1 = MA(BARS=5, CALC=Close); MA2 = MA(BARS=50, CALC=Close); // Create logic formula MA1 IsDown and CLOSE() > MA2 and CLOSE() < (MA2 * 1.03)
Remember you can open the scan results as a Watchlist and open charts, add additional columns, etc. Then when that workbook is saved and is re-opened the scan will run automatically and the list will be updated. Here’s the current list of the ASX 200 companies that meet the above scan:
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