Tuesday, April 26, 2011

Dragon Scan in Thinkorswim



This scan is to quickly find the stocks that have this Wedge pattern or Dragon pattern
Easy way to find this was pointed out today by our friend Laser today. He has this setup in TC2000 and Telechart.  Another friend Mautzman has used this very successfully. 


I am putting this in ThinkorSwim for the folks who cannot access TC2000 or Telechart. 


First Custom Scan: Price Linear Regression 44 days

#Big Bull and Big Bear LLC

def MiddleLR = InertiaAll(close, 44);
plot buy1 = middleLR > middleLR[10];


Second Custom Scan: Volume Linear Regression 10 days
#Big Bull and Big Bear LLC

def MiddleLRVol = InertiaAll(volume, 10);
plot volbuy =middleLRvol < middleLRvol[5];


Third Custom Scan: Top Band Linear Regression 10 days
#Big Bull and Big Bear LLC

def price = 1.01*High;
def TopbandLR = InertiaAll(price, 10);
plot toplr =topbandLR < topbandLR[5];


Fourth Custom Scan: Lower Band Linear Regression 10 days

#Big Bull and Big Bear LLC
def price2 = 0.99*Low;
def LowerbandLR = InertiaAll(price2, 10);
plot lowerlr =lowerbandLR > lowerbandLR[5];


I run this scan on the stocks that show on a very good tool called Bluefin developed by a friend Dan Cummiskey at Patient Fisherman.


As Dan has pointed out multiple times, one should to be in the best performing stocks in the market. In Bluefin, Dan has filtered out the strongest stocks by various methods. 


Now one need to go through this entire list and using elbow grease, need to identify trade able pattern and subscribe to alerts. 


Thinkorswim, Freestockcharts and TC2000 has good systems for setting up alerts. 




9 comments:

Jusuf Gunawan said...

It's very nice of you to share these scans, appreciated so much. But i am not so familiar with TOS scan, when I tried to put in the first custom scan, it says "no such variable : middleLR".

what is wrong? it is not as simple as copy and paste the above formula I guess. Thanks for your input

Big Bull and Big Bear said...

its just as simple as copy and paste.. It is working for me..

I am defining what is MiddleLR in the first line of code..

Send me an e-mail on marketing1977@gmail.com I will show you with pictures.

googlenonblogger said...

great one,
now, can you explain what action should be taken on a dragon pattern? sell/buy?

Big Bull and Big Bear said...

Buy on a breakout

Anonymous said...

why not be the one to revive.....
nice & thanks! finds many stocks uptrending
then resting - channeling or basing which establishes a new range.

buy the b/out of the newly established range.
which is also continuation of previous trend.
example from nightly scan 02/02/13:
PKD look to go long 5.70/.71

will credit u on stocktwits/twitter @Ben1150
thanks again.

BP McCloskey said...

hey there, i got yer link from stockbee forum, i do not see Dragon Scan as an option in TOS ?

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