Hello rvlv,
Thanks for the nice welcome.
Here are the basic details for what the stock screener is designed to do:
Potential breakouts:
This is designed to find stocks that meet the following technical criteria:
- Stock is showing a high relative strength (RS) ranking (our propriety indicator that compares individual stock performance versus the broad market over the past 6 to 12 months)
- Stock is trading not more than 20% below its 52-week high
- Stock is trading above its 50-day moving average
- The 50-day moving average is above the 200-day moving average
In general, this will find stocks that are poised to break out to a new high, from within a valid base of consolidation.
Pullbacks:
This scan will find shares that have been in a steady uptrend for at least the past several months, but are on SHORT-TERM pullbacks off their highs. Typically, this will only be a 3 to 7 day pullback from the high, which usually means the stock has retraced to support of its 20-day moving average, and must still be trading above its 50-day moving average.
With this type of scan, the basic idea is to buy above the high of the previous day, after the first time the stock pulls back and forms a bullish reversal candle (such as a "hammer" candlestick pattern).
Short selling setups:
First, this is only designed to be use when the overall major indexes (Sensex, Nifty, etc.) are
in a downtrend. The first rule of our trading strategy is to always trade in the SAME direction as the dominant trend, so it's important to know we would NOT look for short setups unless the overall market is in a downtrend (which it is not right now).
Anyway, this will find stocks that have been in a steady downtrend, but are currently in a short-term bounce off the lows, such as bumping into resistance of the 20-day moving average. Put simply, this is the opposite of the "Pullbacks" stock screen.
To help you understand further, here are the links to a few videos that explain the different types of stock scans in more detail:
How To Find Breakouts with the MTG Stock Screener
How To Quickly Find Stocks That Move 20% In 2 Weeks
How To Find Pullbacks with the MTG Stock Screener
How To Find Stocks For Selling Short with the MTG Stock Screener (ONLY FOR DOWNTRENDING MARKETS)
Getting started with the MTG Stock Screener (basic overview)
I hope the information and videos above will help you get a better understanding of how the screener works. You can also read more details about
how our technical trading strategy works.
Finally, keep in mind that most of the videos use the USA stock markets as examples because we have a lot of clients who trade the American stock markets. However, technical analysis and the strategy works exactly the same way for the Indian and any other markets in the world, so don't worry about that part.
If you have any other questions, just let me know. We can use this thread on the board as a general Questions and Answers support section for the stock scanner.
Otherwise, enjoy using the
best Indian Stock Screener.
Cheers,
Deron
Hi Deron nice to see your reply.
Welcome to traderji.com
Thanks for your post.
I would request you to kindly tell us about how and on what basis your system picks up breakouts,pullbacks,bouncers in dntrend.We find the RS is somewhat unique.I am just curious.I dont want the intricate details just concept is ok.
my friends use your site and found things work well on eod -end of day basis.
I just began and still figuring out how to go about it.To start with i note down somestocks etc of my choice with date time then observe like.
if possible kindly point us links for guidance.
regards
rvlv
