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Stock Trader's Tool Kit

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A Group Of Studies Specifically Tuned To End-Of-Day Analysis Of Individual Stocks

ChartScanner Custom Stock Scans

Our first set of tools for the stock trader comprise a series of stock scans based on unique characteristics of growth stocks and stocks poised for a potential breakout. (Controllable input values shown in caps). The first four studies are PaintBar studies and all have alerts which can be turned on and off by using the "Enable Alert" setting in "Format, Properties".

Gemmel Growth Stocks Scan (For Either Daily or Weekly Charts)
Scans for stocks priced above 50 (MINPRICE) which have gained at least 5 points (MINGAIN) in a week, are making new 52-week highs, have doubled in the past few months, and whose closing price is less than 10% (PCTRANGE) of the daily range from the high.

4 month Up/Down - M/A Scan (This scan runs on Monthly Charts Only)
Scans for stocks above their 2-month moving average which have closed 3 out of 4 months in the upper half of their monthly trading range and which have monthly closes greater than the previous month's close in 3 out of 4 months.

Miller Gaps Scan
Scans for stocks which show a gap between a bar's low and the previous bar's high of at least 1/2 point (GAPPTS) which has not been closed for at least 3 bars (PREVBARS). The low of the bar prior to the gap must be the highest low of the previous 20 bars (PREVLOWS), and not more than 2 previous lows can be lower than the low of the bar 20 bars (GAPBARS) back.

Up & Down Laps
Scans for stocks with a price >20 (MINPRICE) whose low is at least 1 1/2 points (GAPPTS) higher than the previous bar's close and which has not been closed for at least GAPBARS bars.

The following two studies are Indicators, are not PaintBars:

Kirkpatrick Relative Price Scan
This Stock ranking method compares the relationship between the price and its 26-week moving average of price. An alert is triggered when the ratio of the price to its moving average crosses above 1 + THRSHOLD percent.

KST Relative Strength Scan
Identifies potentially attractive stock groups and helps to determine the prevailing stage of the market cycle based on which groups are strong.

Volume-Price Analysis Tools

This next set of tools for the stock trader is a series of indicators which combine the analyze the relationships between volume and price to ascertain price direction and alert the trader to possible price breakouts.

Average of Volume Indicator
This simple tool, which is not available in the Omega library, calculates and plots the moving average of volume on the volume chart to smooth out random fluctuations.

Radar 1 Fear/Greed Indicator
A histogram which compares the relationship between price changes and volume changes to identify whether the bulls or the bears are in control. An excellent oscillator for divergence analysis and for identifying trend persistence

Cm Vol/Share Float
This indicator Identifies stocks ready to make a major move based on the principle that many stocks go through one complete turnover of their floating supply of shares just before breaking out of a congestion zone. It has been programmed for use on daily, weekly, or monthly bars.

Lazy "S" Up/Down Volume-Price Retracement Pattern Indicator
Looks for an upmove on strong volume, a pullback on weaker volume, another upmove exceeding the previous price peak on strong volume, and another pullback to the first price peak on weaker volume, all occurring within one turnover of the floating shares.

Total Market Sentiment Indicators

TROS Thrust Oscillator
This is a smoothed Thrust Oscillator combined with its exponential moving average and is used for the timing of position trades.
LENGTH1 controls the smoothing factor of the Thrust Oscillator;
LENGTH2 controls the exponential moving average length of the Slow Thrust Osc.

Thrust On-Balance Indicator (On-Balance Market Thrust)
This is a cumulative Market Thrust Line, which is a volumetric advance-decline line. There are no controllable inputs to this indicator.

TROS Short-Term Market Thrust System
This system uses the relationship of a smoothed moving average of LENGTH1 (5 bars) of the Thrust Oscillator with its 5-bar exponential moving average of LENGTH2(5 bars). A buy signal occurs when the 5-bar SMA first turns up after a downswing, or if it crosses above its own 5-bar EMA. A sell signal occurs when the SMA first turns down after an upswing or if it crosses under its own 5-bar EMA. These are short-term buy and sell signals because they last only a few bars at a time.

Sustained Market Thrust System
This trading system is based on taking long positions when Thrust Oscillator of LENGTH1(21 bars) goes below -CUTOFF(0.3) and then crosses above its own exponential moving average of value LENGTH2(13 bars) or taking short positions when the Thrust Oscillator goes above CUTOFF and then crosses below its own exponential moving average.

Price Pattern Recognition Paint Bars

The following price patterns have been programmed as PaintBars as well as User Functions, so you can incorporate them into any other system or indicator you may wish to develop yourself:

Bear Hook
Defined as a bar in which the open is below the previous bar's low and the close is above the previous bar's close with a narrow range relative to the previous bar. As implied by the name, there is a tendency for the price action following a Bear Hook to move to the downside.

Bull Hook
Defined as a bar in which the open is above the previous bar's high and the close is below the previous bar's close with a narrowing range. The Bull Hook, as suggested by its name, is said to be a bullish indication and in most cases will be followed by a move to the upside the bar or bars following the Hook, although some traders caution that this is not always the case

Narrow Range Bar
A bar with the narrowest true range relative to the previous three bars' true ranges compared individually.

Wide Range Bar
A bar with a daily range that is larger than any of the previous three bars' daily ranges compared individually.

Two Bar Narrowest Range
The narrowest range from high to low of any two-bar period relative to any two-bar period within the previous 20 market bars. Once the market has moved away from the open in one direction after a 2-bar NR it should not return to the opening price. Trending action is the ideal and is expected after the pattern.

Three Bar Narrowest Range
The narrowest 3-bar range from high to low of any relative to any other 3-bar range within the previous 20 market bars. There is a marked tendency for the market to trend intrabar during the bar after the pattern has formed.

Low Volatility Ration Bar
One which occurs when the ratio of the SHORTVOL(6) bar volatility to the LONGVOL(100) bar volatility drops below the CUTOFF(0.5). Low-volatility ratio bars often occur just before major breakout moves.

Two Bar Double Tops and Bottom
Occur when the high or low of the current bar is equal to the high or low of the previous bar. Such patterns often suggest swing high/low pivots.

Three-Bar Head & Shoulders Tops
Occur when the high of the previous bar is higher than both the high of the current bar and the high of two bars ago. In addition, the current high must not be higher than the high of two bars ago and it must not be less than SENS points lower than the high of two bars ago.

Three-Bar Head & Shoulders Bottoms
Occur in the opposite manner as the Three-Bar Head & Shoulders Tops.

Customized Group Index Creators

5,10,15,30 Weighted Stock Index
Creates a weighted stock index based on the prices of a group of 15 stocks loaded as Data1..Data15.

3-Stock Compare
Indexes up to three securities or funds at a value of 100 at the beginning of the chart, so that relative performance can be evaluated as a function of time.

Adaptive Trailing Stop

Pro Stop
A highly effective volatility-based trailing stop. Captures the majority of the position profit while minimizing whipsaws.

Pro Stop and Reverse Adaptive Trailing Stop System
This always-in Stop-and-Reverse system simply uses the stop as a trigger point to reverse your position when the stop is triggered. The single input, STOPSENS, works the same as described above.

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Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Full Risk Disclosure

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