Watchlist script for 3 point swing reversal

Optuma Scripting
1

I am currently constructing a workbook of the stocks in S&P/ASX 200. The workbook includes a watch list of each of these stocks. I wanted to create a column which shows a potential trade from a reversal in the 3 point swing chart.

A good example of this would be BHP recently. I have included a chart of BHP with a 3 point swing chart overlay on top of the price data.

On Friday 20 August 2021 the low was 43.88. The idea is to buy on a 3 point reversal. BHP has not traded above 46.88 yet and using this method, that is where a buy order would be placed. Is there any way of including this in a column in a watch list?

Thanks,

Tony

BHP-3point-swing-chart.png
BHP-3point-swing-chart.png1324×589 50.9 KB

2

Hi Tony,

You can use the following POINTSWING() function set to $3, but note that a $3 move in BHP at $44 is a much bigger move than the equivalent in CSL at $300, which is why a PERCENTSWING() might be a better option in a watchlist.

S1 = POINTSWING(PRICEMOVEMENT=3.0);
S1 TurnsUp
3

Thanks Darren for your reply and for your tip as well. Both are appreciated.