StockFetcher Forums · General Discussion · Looking for help on RSI filter<< >>Post Follow-up
Kaylexa
11 posts
msg #99174
Ignore Kaylexa
2/17/2011 12:39:11 AM

Hello,

I use daily charts.

I want to find stocks where the RSI(5) is making a new 8 day low, but the RSI(2) is NOT making a new 8 day low... the RSI(2) has already bounced up off the recent lows. (And I want price to be trading above the EMA(55)) Please see below for the filter language I have so far. When I run this filter, I get 1-2 good candidates each day but MANY useless non-candidates. And when I manually look through my stock list one by one, I see that my filter language below missed many other candidates. I am wondering if anyone knows of some good filter language that might help me get better results around the RSI parameters I mentioned above.

Show stocks where price is between 3 and 75
and Average Volume(90) is above 100000
and RSI(5) is between 0 and 50
and RSI(5) reached a new 8 day low
and RSI(2) is below 25
and RSI(2) is above the 8 day low
and price is above EMA(55)

Thank you,

Tom

bkhurana43
103 posts
msg #99185
Ignore bkhurana43
modified
2/17/2011 1:56:02 PM

Hi Tom
Here is the working filter from your own script. Please run it with end of the day (EOD) data and list your picks that are both good and bad based on your selection criteria. I will help you in fine tuning your filter after that.


Fetcher[
Show stocks where price is between 3 and 75
and Average Volume(90) is above 100000
and RSI(5) is between 0 and 50
and RSI(5) reached a new 8 day low
and RSI(2) is below 25
and RSI(2) is above the 8 day low
and price is above EMA(55)
]




Kaylexa
11 posts
msg #99196
Ignore Kaylexa
2/18/2011 12:00:04 AM

Thanks bkhurana43! I really appreciate your help.

I ran the working filter (using end of day data from today, Feb 17). Here are the "good picks:"

HE
IVN
LXK
SRE
JPS
ACHN

Here are the bad picks:

AYE
CY
RT
ZION
ASAZY
GFIG
AAUKY

I should also add, for my RSI calculation, I am not just using the "close" to calculate the RSI reading. I am using: (close + close + close + High + Low)/5

Thank you,

Kaylexa

bkhurana43
103 posts
msg #99199
Ignore bkhurana43
2/18/2011 7:39:30 AM

Tom
Pl. describe me two cases where your criteria of selection did not pass and thus those picks should have been ignored by the filter.
Bob

Kaylexa
11 posts
msg #99232
Ignore Kaylexa
2/18/2011 3:15:32 PM

Bob,

I thought of something that may make this easier. Is it possible to create this idea in filter code:

RSI(5) reached a new 8 day low
and RSI(2) is NOT making a new 8 day low

In other words, I'm looking for RSI(5) to be going down, but I want RSI(2) to be going down... but going down less and not breaking down to a new 5 or 8 day low.

I'm just finding that my current code/script is missing out on so many candidates. Like I said, I will run my current code/filter and get 30 results. But then if I manually look at my stock list one by one (1,500 stocks), I find so many good candidates that my filter missed.

Thanks again for all your help.

Kaylexa





compound_gains
152 posts
msg #99248
Ignore compound_gains
2/19/2011 1:07:38 PM

What about this...
Fetcher[
price between 3 and 75
avg vol(90) > 100000
RSI(5) between 0 and 50
RSI(5) reached 8-day low
RSI(2) < 25
price > EMA(55)
set{rsi2-8dl, rsi(2) 8-day low}
add column rsi(2) {rsi2}
add column rsi2-8dl
rsi(2) > rsi2-8dl
draw rsi(5)
draw rsi(5) 8-day low on plot rsi(5)
draw rsi(2)
draw rsi(2) 8-day low on plot rsi(2)
do not draw rsi2-8dl
]



Kaylexa
11 posts
msg #99342
Ignore Kaylexa
2/22/2011 4:40:12 PM

compound_gains,

Thank you very much! I'll check it out this week and see how it goes. I will also modify it for shorts too.

Thanks,

Kaylexa

StockFetcher Forums · General Discussion · Looking for help on RSI filter<< >>Post Follow-up

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