Breakout Screens - Finding Narrow Trading Ranges using ChartMill Channels
Find strong stocks in the market that are in a narrow trading range. We use Chartmill Channels to determine the trading range. By using the Chartmill Technical Quality Score we make sure to select stocks that are in an uptrend and technically solid.
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Popular Screens: Finding narrow trading ranges using Chartmill Channels
Finding narrow trading ranges with ChartMill Channels
Chartmill Channels
A Chartmill Channel is a horizontal channel wherein prices move sideways
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Average Volume: 50 SMA > 500K
The minimum average volume is above 500K
UCC Length: UCC Length > 20
The Upper Chartmill Channel has a minimum length of 20 days
Chartmill TA Rating: Rating >= 7
A minimum technical Rating of 7 ensures we have technically solid stocks
CC Width: max 5%
The Chartmill channel has a maximum width of 5%
UCC Strength: UCC Strength > 3
The Upper Chartmill Channel has at least been tested 3 times
LCC Length: LCC Length > 20
The Loweer Chartmill Channel has a minimum length of 20
LCC: close 3% from LCC
Price is currently maximum 3% above the Lower Chartmill Channel
UCC: close 3% from UCC
Price is currently less than 3% from the Upper Chartmill Channel
LCC Strength: LCC Strength > 3
The Lower Chartmill Channel has been tested at least 3 times
ATR in %: ATR > 1
This filters out dead stocks. We require a minimum average movement in the stock
Price: Above 5
Price is at least 5
Chartmill Channels are on the charts
Regional Run
Run this screen in your favorite region. You can always further fine tune the screen by changing the general settings after it opened in the screener.