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.
A Chartmill Channel is a horizontal channel wherein prices move sideways
Finding narrow trading ranges with ChartMill Channels
In this video, I demonstrate the use of ChartMill Channels, a specific feature that allows you to screen for tight price ranges when selecting stocks for swing trading.
Did you know that the stock screener ChartMill is capable of automatically recognizing support and resistance levels? Even more so! You can use specific support and resistance filters to screen stocks based on their proximity to their next support or resistance zone and thus discover great swing trading setups!
In this video, you'll discover a more advanced method to identify breakout stocks using ChartMill Channels, a powerful and exclusive tool available only on ChartMill.
Price is currently maximum 3% above the Lower Chartmill Channel
The Chartmill channel has a maximum width of 5%
Price is currently less than 3% from the Upper Chartmill Channel
The Lower Chartmill Channel has been tested at least 3 times
A minimum technical Rating of 7 ensures we have technically solid stocks
The Loweer Chartmill Channel has a minimum length of 20
Price is at least 5
The minimum average volume is above 500K
The Upper Chartmill Channel has at least been tested 3 times
This filters out dead stocks. We require a minimum average movement in the stock
The Upper Chartmill Channel has a minimum length of 20 days
Chartmill Channels are on the charts
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.