StockFetcher Forums · Filter Exchange · Covered Calls<< >>Post Follow-up
56 posts
msg #64757
Ignore Systrader
7/6/2008 8:08:30 PM

I am interested to find stocks that have reached an upper resistance level and just started to bounce off that resistance , on its way down.

I want to use this to sell covered calls at resistance i.e against held stock and sell the equivalent contracts for the next strike up from the resistance level. The calls can then brought back in 1-5 days when the stock has fallen as far as it will go.

The volatility should be high to achieve the quick drop and high stock price to see a higher dollar change - need help here.

My initial filter looks like this :

show stocks where close 1 day ago crossed above resistance(60,21,2)
and close is below resistance(60,21,2)
and resistance slope(60,21,2) is below 0
and average volume(30) > 500000
and optionable
and close > 50

Any help to improve on this ?

Ideally I would like to support and resistance lines to seee the target drop.

A later modification is to observe Fibonacci point that could be potential targte zones.

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