Support and Resistance scanner

Optuma Forums Feature Requests Support and Resistance scanner

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  • #52775
    AvatarCiro
    • Topics: 8
    • Replies: 16
    • Posts: 24

    Some software, like Pro Real Time, allow user to scanner the market to find stocks that are at support level or resistance level. 

    is there something like this in Optuma ? 

     

     

    #52779
    DarrenDarren
    • Topics: 43
    • Replies: 304
    • Posts: 347

    Hi Ciro,

    Here’s a blog post I did showing how to do this using the Pivot Labels tool:

    An easy way to find breakouts

    #52831
    AvatarJonathan
    • Topics: 31
    • Replies: 49
    • Posts: 80

    Can these be built in to Optuma?

    #52841
    AvatarCiro
    • Topics: 8
    • Replies: 16
    • Posts: 24

    near support or near resistence

    Hi Darren, 

    I took a look at your post, but if I’m correct it allows me to find breakout. I’m looking instead how to find stocks that are near resistance or support and have not already passed the level. 

    i hope that this is a bit clear

     

    Ciro

    #52843
    DarrenDarren
    • Topics: 43
    • Replies: 304
    • Posts: 347

    Hi Ciro,

    There’s a section in there for when the current high is within +/- 1% of the previous pivot level:

    Note: To use the latest closing price instead of high change H1 = HIGH(); to H1 = CLOSE();

    This example will only show those whose current closing price is within 2% of the previous pivot high but hasn’t crossed. Note that the WITHIN() function will calculate 2% above or below, so we have to use a different formula from above:

    Note that a pivot level isn’t necessarily a significant support or resistance level – I would still look at the charts to visually confirm. For example, PEP is within 2% of the pivot level which was set by last week’s all-time high (confirmed because this week has a lower high) whereas CELG is at significant historical support and resistance level, found in the above scan on weekly data:

    Capture

     

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