ChartScript: Weekly CLOSE above EMA of Weekly LOW

A forum for all EdgeRater users

Moderator: Chris White

Post Reply
Import
Posts: 21
Joined: Wed Dec 29, 2010 5:28 pm

ChartScript: Weekly CLOSE above EMA of Weekly LOW

Post by Import »

Chris White wrote
Monday, May 31, 2010

This is a scan in development - add a reply to this thread if you have any input to make.

The idea here is to scan for stocks that have a weekly close above the 3 and 5 period EMA of the weekly LOW.
To use this scan, add it to the 'MyScripts' area. See the documentation for details on adding a new chart script:
http://www.edgerater.com/documentation/ ... kstart.htm

Scan

Code: Select all

WeeklyLow:=  FML('LOW#WEEK1');
EMALow3:= EMA(WeeklyLow, 3);
EMALow5:=  EMA(WeeklyLow, 5);
WeeklyClose:= FML('CLOSE#WEEK1');

Event: (WeeklyClose > EMALow3) & (WeeklyClose > EMALow5);
Indicator - add to main chart area

Code: Select all

WeeklyLow:  FML('LOW#WEEK1');
EMALow3: EMA(WeeklyLow, 3);
EMALow5:  EMA(WeeklyLow, 5);
WeeklyClose: FML('CLOSE#WEEK1');
Robert Minkowsky responded to "ChartScript: Weekly CLOSE above EMA of Weekly LOW"
Monday, May 31, 2010 4:16 PM

Chris; my idea using this scan was to use it on indices primarily to detect possible change in direction. Of course it can be used on ETFs and stocks as well.

The scan in its current form gives a signal for every date the close is above the 3&5 week EMA. The information may be more helpful if it only signals when price is coming from below the MA ie the preceding week was less than the 2 MA. That way we would have more discrete signals.

Thank you.

Robert

Chris White responded to "ChartScript: Weekly CLOSE above EMA of Weekly LOW"
Tuesday, June 01, 2010 7:18 AM

This new scanning script adds a 'Crossed' condition which should detect the weekly close crossing over the 3 period EMA of weekly low:

Code: Select all

WeeklyLow:=  FML('LOW#WEEK1');
EMALow3:= EMA(WeeklyLow, 3);
EMALow5:=  EMA(WeeklyLow, 5);
WeeklyClose:= FML('CLOSE#WEEK1');
Crossed:= CROSS(WeeklyClose, EMALow3);

Event: Crossed & (WeeklyClose > EMALow5);
Post Reply