Can someone help me write a script in TOS for scanning stocks whose yesterday's range was greater than the range of last 5 days?
Thank you

Alcamo 

Can someone help me write a script in TOS for scanning stocks whose yesterday's range was greater than the range of last 5 days? Thank you

Save this as a study, reference that study in the scanner

 

Code

declare lower; input length = 5; plot Scan = TrueRange(high, close, low) > Highest(TrueRange(high, close, low)[1], length - 1);

When I read the offered script:

declare lower;
input length = 5;
plot Scan = TrueRange(high, close, low) > Highest(TrueRange(high, close, low)[1], length - 1);

in English it reads,
create a plot (your choice of TOS types in a lower chart) displaying either '0' or '1' (false or true) if today's TrueRange is greater than any 'TR" of the 4 days before today. OR is today's 'TR" bigger than any of the 4 days before today.

Also remember today's range varies depending upon today's movement, highs may get higher and lows lower.

TOS defines "TR" is the greatest of the following:
the difference between the current high and the current low
the difference between the current high and the previous close
the difference between the previous close and the current low

To me, that is not what you said but it may be what you want.

If it is not what you want, then the script needs correction. 'TrueRange' is not range (difference between today’s high and low) but an often-used calculated value.

What I read from "stocks whose yesterday's range was greater than the range of last 5 days" is this:

Show me today if yesterday's range (the difference between high and low) is greater than the any of the 5 days before yesterday. That may also imply yesterday's range is greater than today's.

Additionally, TOS lets you display the results in ways that may be easier to read. For instance, because the offered script returns a boolean value, TOS could display an arrow, wedge, or point above or below your candlesticks, assuming you use candlesticks on the same chart.

Before any changes please be explicit in what you need so you get what you want.

You may already have it but please be sure as there may be money riding on it.

Hope this helps

Hi @Alcamo

I curious, how are you trading off this scan?

Thanks
K

Regarding the percentage scan, it is not really a scan, but just an indicator shown below qqq ( what i follow and trade).
It tells me the percentage increase from yesterday's close. In my case I start trading at 6:30 Am. The % increase tells me how aggressive i should be entering QQQ. Should I invest my normal amount (lets say $20000) or maybe 50% of it. Normally, if the difference is an increase of 1.5% or more from yesterdays close i am not going to trade the all $20000. unless some really really favorable news is in. even the, i reduce my stop.

The other scan that i asked for help on the highest five day range is not working yet. I am not a thinkorswim script writer. I have very little knowledge o the script language, so i dont know if i am not able to utilize or maybe there is a glich in the script.
I hope this helps. Thank you for contacting me
Tony

I tried the offered script in TOS, it works. The question I posted is 'what do you need". The programming is relatively simple for me but what your requirements must be accurate for the script to show what you want.

Please review the descriptions I've already posted about the various differences. Then if you want/need I can correct the script to meet your requirements.