[isatrader]

whats the details of your new scan within ProRealTime.. is it a custom scan?

Yep, it's a custom scan looking for stocks up to 5% below their 52 week high, with closing price below the 52 week high from 4 weeks ago, and up to a maximum of 2x the 52 week ATR above the 10 week MA.

So the idea is that it's looking for stocks in Stage 2 consolidating for at least 4 weeks near their 52 week highs, but not too extended from the 10 week MA. So in a tradable position in terms of risk if it breaks out.

Here's the code:

Code:

TIMEFRAME(Weekly)
hh = highest[52](high)
// 52 week ATR
A = AverageTrueRange[52](close)

// Close
B = Close

// 10 week MA
C = Average[10](close)

D = B - C

E = D / A

c1 = E < 2 AND E > 0 AND Average[10](close) > Average[10](close[1])

c2 = close/hh>=0.95
c3 = close/hh<=1
c4 = close<=hh[4]

screener[c1 and c2 and c3 and c4](E AS "ATR Distance")