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Simple Support and Resistance in a screener??

Discussion in 'Ask any question!' started by Steven_Burt, Aug 26, 2016.

  1. Steven_Burt

    Steven_Burt Well-Known Member

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    Hey guys/gals,
    I have tried every paid and free screener and I could not find looking for what seems to me to be very simple. I want to screen stock were on the daily chart a simple 3 or more tap resistance becomes broken and the next level of 3 point resistance is more than two times the distance from the broken resistance (now support) and the new resistance.
    Doesn't seem like it would be that hard to code but even the high dollar screeners support said it wasn't possible? It just doesn't seem like it would be that hard to code.

    You guys have any ideas??
     
  2. Steven_Burt

    Steven_Burt Well-Known Member

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    Oh yeah, I should add that I want that on pre market data.
     
  3. JerryM

    JerryM Well-Known Member

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    I don't understand the concept of what you are trying to screen for since I have no clue what a "tap resistance" is but if you can transfer what you are referring to into a number you should be able to script it. Your best bet at a platform to do that is the Think or Swim platform using thinkscript. The platform has a screener that will allow you to enter a technical study (some pre-built but can script your own) and screen on it. Here is a link you can look through... https://tlc.thinkorswim.com/center/charting/thinkscript.html Look under Reference/Functions/Technical Analysis for a list of things you can script. This platform is also connected to premarket data as long as you run the screen during premarket hours.
     
  4. Steven_Burt

    Steven_Burt Well-Known Member

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    OK sure, thanks for the response @JerryM so let me try to be clearer.

    1) I am looking for multiple tests (more than two) on a resistance or support level. (example: http://screencast.com/t/tExbbPPZ ) I am not a coder but I use TOS and fumble my way through coding with it. I have been able to come up with some sense of support and resistance so far with it (http://tos.mx/mDqKP1) and I suppose I could "tab" through the output for charts that resemble more of what I am looking for, but I believe there is a way to code a requirement of at least three tests to determine that it is in fact a support or resistance level based on my criteria and automate this step.

    2) next challenge will be to identify whenh an intraday chart breaks the support or resistance (seems simple enough)

    3) Then calculate the distance to the next support or resistance (based on my criteria)

    4) Then determine that the difference between current price of the stock and the "break out" (the old resistance, and my stop) is at least two times the distance from the next support or resistance identified in step 3.

    I am not looking for anyone to do my homework for me but this is pretty much basic risk/reward stuff and I thought that it would exist somewhere as a "standard scan" that I could apply my other criteria I use for trades. Unfortunately as far as I can see it doesn't even with the more pricey screeners I have tried like trade-ideas.
     
  5. Steven_Burt

    Steven_Burt Well-Known Member

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