Channeling Stock Scans Using Telechart / Worden Software
Stock scans is fairly easy to write and essential in order to scan stocks effectively for recognised channeling stocks, covered call options, and other trends /patterns. Here is how to scan stocks to trade using Worden /Telechart TC2000/TC2007
You need to install your own criteria to the Personal Criteria Formulae (PCF) section of TC2000/2007 and select the appropriate PCFs for the Easy Scan.
PCF Stock Scans Procedure For Channeling Stocks And Covered Call Options
- Open TC2000/2007
- Click on the fx icon next to update
- Click on folder icon to create a new PCF
- Enter the name of your filter, e.g 1 month rangebound stockUnder formula type in ((MAX(RSI14.3,21))<60 AND ((MIN(RSI14.3,21))>40)
- Click on save
Repeat above for 2 months range bound stocks scan
- under formula type in ((MAX(RSI14.3,42)) <70) AND ((MIN(RSI14.342)) >30
- Click on save afterward.
Repeat above for other name, e.g only to search for average daily volume for the last month >500,000
- under Formula type in AVGV22>5000
- Click on save as Volume (ADV )
- You have to click on Update now for TC2000/2007 to run through all your formulae with the lastes data.
Now you need to perform an Easy Scan to ask TC2000/2007 software to scan stocks to trade using the range bound criterias set up above for your channeling stocks and covered call options.
For 1 month Covered Call Options Stock Scans watch list
- open TC2000/2007
- click on the lightening-bolt-icon next to the "fx" icon
- click on the folded paper icon in the top right of the sub window to create a new Easy Scan
- click on Add New Condition
- from the drop down list, select Volume (ADV), optionable ( this is already pre-prepared by TC2000/20077), rangebound 1 moth
- save as 1 month Covered Call Options watch list.
For monthly Channeling stocks scan watch list
- click on Add New condition
- from drop down list, select PCF ADV, 1 month rangebound stocks
- click on save as 1 Month Channeling Stock.
If you want 2 months scan stocks list, then just repeat the above by adding 2 months PFC into the Easy Scan. Once you clicked on Update and when your database is updated with the latest data, you should be able to find those stocks under your Easy Scan folder.
These were my settings before I use dynamic trader to trade via market matrix/ elliot waves. There are other oscillators like stochastics which I have not tried yet, but the above worked ok.
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