Thin out scan list where a stocks Technical Indicator does not score >=4

Optuma Scripting
1

// ----------Creating a Technical Ranking System Scan - not using Watch Lists------------

// Inspired by Darren Hawkins Blogs

// Scanning for a number of patterns and assigning points for each pattern
// This is a stripped down version of patterns and points - will add more can thin out the scan list based on the Technical Rank Value

//------------Scanning for a MA12 touch------------

// Set RG1 to 30% of the last day range
RG1 = ATR(Day(PERIODAMOUNT=1), BARS=1) * 30/100;
// Set MA1 and MA2 ranges to plus/minus RG1
MA1 = MA(BARS=12, STYLE=Exponential, CALC=HL Average) + RG1 ;
MA2 = MA(BARS=12, STYLE=Exponential, CALC=HL Average) - RG1;
// Check if the High or Low falls within these ranges
H1 = (HIGH() <= MA1 and HIGH() >= MA2);
L1 = (LOW() <= MA1 and LOW() >= MA2);
// Check if any of these conditions are true
Z1 = H1 or L1;
// Set this Technical Indicator to 2 points
V1 = 2;

//------------Scan for a Gartley------------

G1 = GPS(SCANTYPE=Both) Matches;
Z2 = G1;
// Set this Technical Indicator to 2 points
V2 = 2;

//------------Scanning for Oliver's Wedge------------

W1 = SWINGSTART( OLIVERWEDGESCAN(INSIDESWING=Three) ) Matches;
Z3 = W1;
// Set this Technical Indicator to 2 points
V3 = 2;

//------------Scanning for 3 Higher Lows------------

// Check for 3 Higher Lows and the third one is noy yet confirmed -set of stairs possibility
GS1 = GANNSWING(METHOD=USE NEXT BAR);
3HL = SWINGDOWN(GS1) AND ((SWINGEND(GS1) > SWINGEND(GS1,OFFSET=2))
AND
((SWINGEND(GS1,OFFSET=2) > SWINGEND(GS1,OFFSET=4))
AND
(SWINGEND(GS1,OFFSET=1) > SWINGEND(GS1,OFFSET=3))))
AND
LOW() > (SWINGEND(GS1,OFFSET=2));
//Check both conditions are true
Z4 = 3HL;
// Set this Technical Indicator to 2 points
V4 = 2;

//------------Scan for 3 Lower Tops------------

// Check for 3 Lower Tops and the third one is not yet confirmed - set of stairs possibility
GS2 = GANNSWING(METHOD=USE NEXT BAR);
3LT = SWINGUP(GS2) AND ((SWINGEND(GS2) < SWINGEND(GS2,OFFSET=2))
AND
((SWINGEND(GS2,OFFSET=2) < SWINGEND(GS2,OFFSET=4))
AND
(SWINGEND(GS2,OFFSET=1) < SWINGEND(GS2,OFFSET=3))))
AND
SWINGEND(GS2,OFFSET=2) > HIGH();
//Check that both conditions are true
Z5 = 3LT;
// Set this Technical Indicator to 2 points
V5 = 2;

// Check that the stock has and ADX greater or equal to 20
DX = ADX(#ADX Bars:BARS=12) >= #Value:20;

//------------Only choose stocks that fit the scan criteria------------

(Z1 or Z2 or Z3 or Z4 or Z5) and DX;

//----------Add up the Technical Indicators

TECH = V1+V2+V3+V4+V5;

//------------Only select Stocks with a score of 4 or higher (This does not work)

TECH >= #Value:4;

2

Hi Mark,

In your script the individual items are using a static value whether they are passing or not. To setup a rank system you need to only have the values when the criteria passes using an IF() function.

Here is an example with your first criteria…

// Set RG1 to 30% of the last day range
RG1 = ATR(Day(PERIODAMOUNT=1), BARS=1) * 30/100;
// Set MA1 and MA2 ranges to plus/minus RG1
MA1 = MA(BARS=12, STYLE=Exponential, CALC=HL Average) + RG1 ;
MA2 = MA(BARS=12, STYLE=Exponential, CALC=HL Average) - RG1;
// Check if the High or Low falls within these ranges
H1 = (HIGH() <= MA1 and HIGH() >= MA2);
L1 = (LOW() <= MA1 and LOW() >= MA2); 
// Check if any of these conditions are true
Z1 = H1 or L1; 
// Set this Technical Indicator to 2 points
V1 = IF(Z1 == 1,2,0) ;
V1

With this adjustment, the criteria will have a value of 2 when it passes and a value of 0 when it does not.

If you make this adjustment to all of your criteria, and adjust the final line to:

TECH >= 4

The scan should work.

3

/ ----------Creating a Technical Ranking System Scan - not using Watch Lists------------

 

// I have restricted this scan to 3 patterns - it works fine up to the code Z1 or Z2 or Z3 - looking for the patterns - these are correct for the ASX100

// As soon as add the score for each pattern to Variable TECH and then filter out the list end up with a much greater number of hits

// Scanning for a number of patterns and assigning points for each pattern
// This is a stripped down version of patterns and points - will add more when the scan works

//------------Scanning for a MA12 touch------------

// Set RG1 to 30% of the last day range
RG1 = ATR(Day(PERIODAMOUNT=1), BARS=1) * 30/100;
// Set MA1 and MA2 ranges to plus/minus RG1
MA1 = MA(BARS=12, STYLE=Exponential, CALC=HL Average) + RG1 ;
MA2 = MA(BARS=12, STYLE=Exponential, CALC=HL Average) - RG1;
// Check if the High or Low falls within these ranges
H1 = (HIGH() <= MA1 and HIGH() >= MA2);
L1 = (LOW() <= MA1 and LOW() >= MA2);
// Check that the stock has an ADX greater or equal to 20
DX1 = ADX(#ADX Bars:BARS=12) >= #Value:20;
// Check if any of these conditions are true
Z1 = ( H1 or L1 ) and DX1;
// Set this Technical Indicator to 2 points
V1 = IF(Z1 == 1,2,0) ;

//------------Scan for a Gartley------------

G1 = GPS(SCANTYPE=Both) Matches;
// Check that the stock has an ADX greater or equal to 20
DX2 = ADX(#ADX Bars:BARS=12) >= #Value:20;
// Check if any of these conditions are true
Z2 = G1 and DX2;
// Set this Technical Indicator to 2 points
V2 = IF(Z2 == 1,2,0) ;

//------------Scanning for Oliver's Wedge------------

W1 = SWINGSTART( OLIVERWEDGESCAN(INSIDESWING=Three) ) Matches;
// Check that the stock has an ADX greater or equal to 20
DX3 = ADX(#ADX Bars:BARS=12) >= #Value:20;
// Check if any of these conditions are true
Z3 = W1;
// Set this Technical Indicator to 2 points
V3 = IF(Z3 == 1,2,0) ;

//------------Only choose stocks that fit the scan criteria------------ For today get 25 results which is correct

Z1 or Z2 or Z3;

//----------Add up the Technical Indicators - when uncomment the code below get 97 results and
//---------- lots of stocks that no not fullfill the scan criteria

TECH = V1+V2+V3;

//------------Only select Stocks with a score of 2 or higher (This does not work)

TECH >= 2;

4

Hi Mark,

Try commenting out the “Z1 or Z2 or Z3;” line as they are being included in the results.

Also IF statements take more processing, so to speed things up try changing the V1 = IF(Z1 == 1,2,0) lines to V1 = Z1*2 which will give the same result but quicker.

5

Hi Darren

I tried your suggestion but the results are incorrect.

If I leave in the “Z1 or Z2 or Z3;” line and comment out TECH = V1+V2+V3; and TECH >= 2; - this is just so that I know how many stocks in the ASX100 are selected for the scan - run this morning I get 25 - which is correct.

I then commented out the “Z1 or Z2 or Z3;” line, changed the IF statements as suggested, included the 2 lines of code for TECH and ran the scan again - this time I get 94 results of which so many stocks do not have any of the patterns.

I am totally confused.

Cheers, Mark

 

6

Hi Mark,

I’ve attached a workbook which has a Watchlist containing 5 custom scripted columns.

  • The first 3 are your individual criteria
  • The 4th is the total rank score
  • The 5th is the script you'd use in scanning, where a rank score of 2 or more shows a True result.
Ex7
Ex7670×727 51 KB

I’ve tested this script with a scan of the Top 100 (same list as the Watchlist) and can confirm the two match.

 

 

TECH.owb (63.5 KB)

7

Hi Matthew

Many thanks for supplying the Workbook with the custom scripts.

I have done a cursory test and it is looking good. I will spend more time building up scripts for other patterns. The watch list with scripts for each pattern is a great way to test ones code.

Cheers,

Mark