StockFetcher Forums · Filter Exchange · Monthly Pivot Support S1 filter for daytrading<< >>Post Follow-up
mahkoh
894 posts
msg #122236
Ignore mahkoh
12/13/2014 5:29:05 PM

Pivot point calculation is a widely used method to determine support and resistance lines on a chart.
For those unfamiliar with the matter: http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:pivot_points

It is said that where retail traders tend to use daily pivot points institutional traders are more geared towards monthly values, with the latter of course being the ones that move the market.
True or not, I quite often notice that a security which has dropped in price bounces, or at least stalls, at the monthly S1 line.
The filter below lists stocks that are making a new 10 day low and are within reaching distance of monthly S1 support.
Candidates are sorted so that the biggest decliners are on top; the harder they fall, the harder they may bounce.
There is a requirement for stocks to be above ma(200). It is my experience that support holds more often if the stock is in an uptrend, and if it does slice through it has a better chance to recover.

As SF has a 20 minute delay on data the best way to use this filter is to run it between 10:00 and 11:00, download the CSV and copy it into a Google Finance sheet where one can monitor the distance from the trigger point near realtime.

Play the first bounce or the second if it is within 10 - 15 minutes from the first. The more times it touches support the bigger the risk that it breaks. Take (partial) profits within 20 -40 minutes.

One last thing, but crucial: This filter is set for December 2014 as November had 19 trading days. On January 1st, count the number of trading days in December and adjust the number in the first two set statements accordingly.

Fetcher[
set{mh,date(monthend,high 19 day high)}
set{ml,date(monthend,low 19 day low)}
set{cl,date(monthend,close)}

set{mp1,cl + mh}
set{mp,mp1 + ml}
set{mpp,mp/3}

set{mr1x,mpp*2}
set{mr1,mr1x - ml}
set{ms1,mr1x - mh}

set{mrange,mh - ml}
set{mr2,mpp + mrange}
set{ms2,mpp - mrange}

set{m2r,mrange*2}
set{mr3,mpp + m2r}
set{ms3,mpp - m2r}

average volume(30) above 250000
price above 5
low reached a new 10 day low do not draw low 10 day low
sort column 3

set{aa,price / ms1}
set{aa1,count(aa between 1 and 1.03,1)}

set{c1,low / ms1}
set{cc1,count(c1 above 0.995,1)}
set{x1,aa1 + cc1}
x1 above 1.5

and draw price line at mr1
and draw price line at mr3
and draw price line at mr2
and draw price line at ms3
and draw price line at ms2
and draw price line at mpp
and draw price line at ms1

price above ma(200)

and add column ms1
add column close 1 day ago
add column industry

set{atr1,weighted atr(10)/close}
set{atr%,atr1*100}
atr% above 1.5 do not draw atr%
]





mahkoh
894 posts
msg #122249
Ignore mahkoh
12/15/2014 12:21:01 PM

An example trade for this filter from today:

Buy APD at 12:00 for 135.50, sell 10 minutes later when it hit resistance at daily S1 at 136.50

fotchstecker
158 posts
msg #122257
Ignore fotchstecker
12/15/2014 6:57:48 PM

Thank you for posting a filter with a rational background, clear parameters on when to run it, and concise suggestions concerning entries.

mahkoh
894 posts
msg #122262
Ignore mahkoh
12/16/2014 6:35:19 AM

Glad you like it.

I have made a few adjustments: The filter returned to many stocks so I've moved the minimal price up as we're primarily looking for institutional investors to step in. This group tends to trade higher priced stocks.

There is a column for the 50 ma. Refer to that value in the csv download to check whether the price is also near that moving average and possibly provides extra support.

Fetcher[
average volume(30) above 250000
price above 35
low reached a new 10 day low do not draw low 10 day low
sort column 3


set{mh,date(monthend,high 19 day high)}
set{ml,date(monthend,low 19 day low)}
set{cl,date(monthend,close)}


set{mp1,cl + mh}
set{mp,mp1 + ml}
set{mpp,mp/3}

set{mr1x,mpp*2}
set{mr1,mr1x - ml}
set{ms1,mr1x - mh}

set{mrange,mh - ml}
set{mr2,mpp + mrange}
set{ms2,mpp - mrange}

set{m2r,mrange*2}
set{mr3,mpp + m2r}
set{ms3,mpp - m2r}

set{aa,price / ms1}
set{aa1,count(aa between 1 and 1.03,1)}

set{c1,low / ms1}
set{cc1,count(c1 above 0.995,1)}
set{x1,aa1 + cc1}
x1 above 1.5





and draw price line at mr1
and draw price line at mr3
and draw price line at mr2
and draw price line at ms3
and draw price line at ms2
and draw price line at mpp
and draw price line at ms1

price above ma(200)



and add column ms1
add column close 1 day ago
add column ma(50)
add column industry

set{atr1,weighted atr(10)/close}
set{atr%,atr1*100}
atr% above 1.5 do not draw atr%
]



fotchstecker
158 posts
msg #122265
Ignore fotchstecker
12/16/2014 9:32:02 AM

Very useful. Thanks, mahkoh.

StockFetcher Forums · Filter Exchange · Monthly Pivot Support S1 filter for daytrading<< >>Post Follow-up

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