StockFetcher Forums · Filter Exchange · mika's Dragon-Tail filter<< 1 2 3 4 >>Post Follow-up
131 posts
msg #28787
Ignore mika
9/21/2003 11:26:23 PM

Show stocks where close minus low is more than 300 above open minus close and volume is above volume 1 day ago and Williams %R(10) is below Williams %R(10) 5 days ago and MA(4) is above lower keltner band(14) and close 1 day ago is below MA(4) and MA(4) is below MA(6) and open is below close and lrs(45) is above 0 and average volume(30) is above 90000 and low is between 0.7 and 4.7 and Exchange is Nasdaq

Anyone care to do some statistical analysis on this one? ;)

29 posts
msg #28788
Ignore makeroftrades
9/21/2003 11:28:02 PM


165 posts
msg #28831
Ignore JoeGrossinger
9/23/2003 1:50:36 PM

Mika, this is a great filter. I'm considering adding it to my trading systems on and await your approval.
What stop loss level do you recommend for this?

131 posts
msg #28835
Ignore mika
9/23/2003 3:01:31 PM

Hi Joe,

Heheheh,.. No copyright issues to worry about here. ;)
You might want to tweak this one a little further. The thing to watch for is a long tail (Hammer formation) and a nice volume increase as support. I have the filter posted here as up days for the previous day, but you can use it for a down day for the previous day as well.

up day = and open is below close
down day = and open is above close

61 posts
msg #28836
Ignore jim_c_hill
9/23/2003 5:52:13 PM

I think I am a little slow today in my analysis skills. In the filter there is the phrase

Show stocks where close minus low is more than 300 above open minus close

and when I look at plots of close minus low vs open minus close in stockfetcher
I do not see how this condition can ever be true. The plots typically show delta values of 0.15, 0.2 etc. What am I missing?


165 posts
msg #28837
Ignore JoeGrossinger
9/23/2003 8:21:50 PM

I have found the death star in candlesticks to be a good sell signal. I try to get out before I buy when I see that puppy. ;

131 posts
msg #28838
Ignore mika
9/23/2003 9:38:04 PM

Death Star?! You mean Evening Star?

131 posts
msg #28839
Ignore mika
9/23/2003 9:45:43 PM

You're right. I'm not sure why that is. I'm interested in finding a good syntax for a hammer formation. The close doesn't need to match the open or even be very close to it. I'm more interested in the long tail formation.

2,025 posts
msg #28840
Ignore alf44
9/24/2003 1:13:47 AM

The way the scan is written it will return both Hammers AND Inverted Hammers ! As you click through some of the results this becomes apparent.

The scan criteria just dictates that the RANGE of the CLOSE to the LOW (lower shadow) is greater than the RANGE of the OPEN to the CLOSE (body) ! It does nothing to address whether or not the Lower Shadow is geater than the Upper Shadow or vise versa...only that the "Lower Shadow" is greater than the "Body" !

Thus, on a candle with a Lower Shadow that's greater than the Body...but with an Upper Shadow that's MUCH greater than the Lower Shadow...the result will resemble an Inverted Hammer !

Both are considered bullish when they appear after a downtrend so I guess that's cool. Just thought I'd mention it.

Now if mika could just reverse the arrangement to the upside you might just have the makings of a nice Bearish scan for finding TOPS. That is...Hammers = Hanging Man candles...Inverted Hammers = Shooting Star candles ! Both tell-tell TOP patterns.

Could be a nice addition.


6 posts
msg #28845
Ignore eshiflett
9/24/2003 10:19:20 AM


Nice filter. I will be paper trading & then hope to be using it. I agree with Alf44 if you can reverse this it would be great to use on the down days.

StockFetcher Forums · Filter Exchange · mika's Dragon-Tail filter<< 1 2 3 4 >>Post Follow-up

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