If you’re a typical breakout-trader you will definitely like the next ChartMill screener configuration. We will show you how to find those stocks where price is stuck in a very strict trading range. The first step is to open our stockscreener page. First, you open the tab ‘stockscreener’ on the ChartMill homepage. Make sure you are logged in. If you don’t have an account yet, click here for a free basic account (no strings attached…).
Once you’re in the stockscreener you select ‘Support/Resistance/Channels.
In the next screen there are a whole lot of filters. Because our goal is to identify stocks in small trading ranges we are combining 7 different filters. That’s a pretty strict selection as you can see in the following screen.
These are the filters we applied:
Combining these different UCC and LCC possibilities leads to a stock price which is at its most 3% away from the next identified support and resistance zone. The overal maximum width of the channel is limited to 5%.
Running this screens results in about 400 results. There are a couple of filters that we can add to narrow this down:
You are of course free to experiment with all of these settings and adjust them to your personal trading preferences. Use this link to dive in to the fully configured screen.
Some examples straight out of the stockscreener with the filters mentioned above…
Running this screen today, on the 23rd of April 2017 includes these results:
Trading idea : long above 50 with a stoploss below 48…
Trading idea : long above 107.60 with a stoploss below 102.5
When you click the charts it will take you to a full analysis in our analyzer. It should be no surprise that also the analyzer recognizes these as good setups. You can also find a concrete trade suggestion on the analyzer pages.
Finally, note that the results of this screen will change on a daily basis …. as stocks tend to move
TIP : Use our proprietary Position Sizing Tool to calculate how many shares you should buy!