New Service Innovation Announcement
Today we added 4 new filters suggested by several user groups. They come in 2 pairs. These new filters are called (sounds of trumpets):
Min and Max Consolidation Filter
Min and Max Position in Consolidation Filter
Quite simply these filters look for a consolidation pattern on a daily stock chart that you design. The first pair of filters asks you to consider the length of the consolidation and the second pair asks you to consider where in its height you want to be.
Min and Max Consolidation filters look at daily candles for the previous 40 trading days and allow you to select minimum and/or maximum sizes of a stock's consolidation pattern (expressed in number of days). Note these filters do not look at today's data.
For example, set the minimum consolidation to 7 and see only strong consolidation patterns of 7 days. Conversely set the maximum consolidation to 3 and see only stocks with little or any 'significant' consolidation. The longest consolidation reportable is 40 days. However these very high numbers mostly report strange and unusual cases. If you are looking at consolidations, consider a maximum of 25 days or lower to see more ordinary patterns.
Min and Max Position in Consolidation filters examine where in the height of the consolidation you want to look for opportunities. They compare the current price to a recent consolidation pattern or one that you have defined in the filters above. Set the Min Position in Consolidation to 70 and see only opportunities that are in the 70th percentile of this consolidation pattern or higher (i.e., the top 30% of the range).
To find consolidations on an intra-day basis, look at the Consolidation, Channel breakout, and Channel breakdown alerts.
Here is the official Help description of the new filters: http://www.trade-ideas.com/Help.html#wsf_MinConDays
Relevant scans: 4 Day Consolidation, 5 Day Consolidation, 6 Day Consolidation, 7 Day Consolidation, Longer Consolidation.
We look forward to your comments!