Watchlist script for 3 point swing reversal

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  • This topic has 2 replies, 2 voices, and was last updated 3 weeks ago by Tony.
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  • #65745
    Tony
    • Topics: 2
    • Replies: 1
    • Posts: 3

    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

    #65749
    Darren
    • Topics: 66
    • Replies: 666
    • Posts: 732

    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.

    #65751
    Tony
    • Topics: 2
    • Replies: 1
    • Posts: 3

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

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