taylorsk
106 posts
msg #86786
- Ignore taylorsk |
1/22/2010 10:04:08 AM
Hi There,
These are a bit hard to do as gaps can vary quite a bit, however Chetron was kind enough to provide some guidance to me previously in a thred called "Gap Filled Question"
http://forums.stockfetcher.com/sfforums/?q=view&fid=1002&tid=83814&qrid=&isiframe=
check out the link.
I have been working on this for a while now and I now run 2 filters to cut down on my work.
I run a filter that identifies gaps of 8 - 30%. When stocks meet the criteria I then add it to a watchlist. I then run another filter that only looks at the watchlist for conditions where the 5 ema has turned. It is not perfect, but it gives me the best gap setups.
I run global filter on all these.
first the globals( you could adjust these to your price point etc.
volume above 500000
and Average Volume(30)is above 200000
close today above 5
close today below 40
LONG
SET{A1, HIGH 1 DAY AGO}
SET{A2, OPEN}
SET{A3, OPEN / A1}
SET{A, COUNT(A3 ABOVE 1.08,1)}
SET{B, COUNT(A3 BELOW 1.3,1)}
SET{X, A + B}
SET{ALERT, A1*1.01}
SHOW STOCKS WHERE X EQUALS 2
SHOW STOCKS WHERE ALERT IS GREATER THAN 5
add column A1
add column ALERT
sort by column 3 descending
So thid identifies stocks that have a "high to open" gap of 8 - 30%
I also set an alert column. I want to be notified when price comes to within 1% of the high(very close to filling the gap, but gaps don't always fill perfectly, so I want to be notified as the approach)
When stocks meet these criteria I then add then to a watchlist.
I then have a filter that tells me when the stocks that have gapped have a 5 ema that has turned up. i still have to weed through some stocks that have not filled the gap, but at least I can keep an eye on them.
EMA(5) IS GREATER THAN EMA(5) 1 DAY AGO
EMA(5) 1 DAY AGO IS LESS THAN EMA(5) 2 DAYS AGO
APPLY TO WATCHLIST (GPUP)
close is more than 1% above close 1 day ago
close is less than 7% above the close 1 day ago
I run the opposite of this filter for stocks that gap down as well
SET{A1, LOW 1 DAY AGO}
SET{A2, OPEN}
SET{A3, OPEN / A1}
SET{A, COUNT(A3 ABOVE .70,1)}
SET{B, COUNT(A3 BELOW .92,1)}
SET{X, A + B}
SET{ALERT, A1*.99}
SHOW STOCKS WHERE X EQUALS 2
SHOW STOCKS WHERE ALERT IS GREATER THAN 5
add column A1
add column ALERT
sort by column 3 descending
add to watchlist then run this filter
EMA(5) IS LESS THAN EMA(5) 1 DAY AGO
EMA(5) 1 DAY AGO IS MORE THAN EMA(5) 2 DAYS AGO
APPLY TO WATCHLIST (GPDOWN)
close ismore than 1% below close 1 day ago
close is less than 7% below the close 1 day ago
Hope that helps! If anyone has a more efficient way to do this I would be interested to hear.
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taylorsk
106 posts
msg #86787
- Ignore taylorsk |
1/22/2010 10:07:19 AM
Forgot to mention, I also genreally will only look 9 weeks back. most gaps occur around earnings, so with a 13 week earnings cycle, I tend to want to leave myself a few weeks to get in and out before the next earnings come. I also tend to be a bit conservative and look to only capture 80% of the gap.
Sometimes I will sell 70% of my position at this point and then sell the remaining 30% when the 5 ema turns down.
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