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To find out scrips which are to be watched for sustained swings, I have
developed a query in MetaStock. The idea used in developing this query
is to use the ADX indicator moving below both the plus-DI and minus-DI
for an extended period of time. Specifically, 14-unit ADX should be
below the lowest value of both 14-pdi and 14-mdi in the last 25 trading
days. The number of days can be changed for both the ADX indicator and
for the time period for which it should satisfy the condition.
I have been using this query for some time and have got good results. It
has been observed by a number of technical commentators that this
phenomenon ultimately leads to a major swing.
The MetaStock Filter to be used for this query:
(ADX(14) < LLV(PDI(14),25) ) AND (ADX(14) < LLV(MDI(14), 25))
Can any of you improve upon this?
Or, any other idea to find out scrips that are in for sustained swings?
To get a list of 52-week highs or lows I have developed the following
formulas. They are approximations because MeatStcok does not allow
specific date based queries. 52-week highs or Highest High of last
250-trading days.
The MetaStock Filter to be used for this query:((H = HHV(H, 250))
for Lowest Lows: ((L = LLV(L, 250))
The basic idea is not just to search for 52-week Highs or Lows but for
any number of weeks or months. Yearly highs or lows are published in
financial newspapers but not monthly or quarterly ones. For such
requirements, just change the number of days in either HHV or
LLVfunctions.
Doing it this way has obviously its own limitations: for not-so-actively
traded stocks this does not give a true picture for the period in mind.
However, in absence of the specific date based function, this was what I
could conceive of. If any of you have any better idea, please let me
know.
Thanks for your time,
Rajat K Bose
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