What am I doing wrong???

ebrady07
ebrady07 ✭
in Scanning
I am a beginner and am trying to slowly build up my scan database. All I want is to put in a cross-under scan that has a oversold RSI at 30.
[type = stock]
and [30 x RSI(14)]

When I run this it still shows stocks with the RSI way above 30. Any help is very appreciated

Answers

  • markd
    markd mod
    edited October 2016
    I ran it this way, just to limit hits, and it works fine (all hits have RSI(14) crossing below 30 on today's bar):

    [group is sp500]

    and [type = stock]
    and [30 x RSI(14)]

    Check that your default chart style includes RSI(14) (and not RSI with some other parameter) and also that your default style is a daily chart (and not weekly or monthly).

    If that's not it, in your reply include a few symbols that are in the results but have RSI(14) above 30.
  • gord
    gord admin
    Not sure why you are getting results with RSI(14) above 30, do you have anything else in your scan?

    When I run the following I get 119 hits as of tonight (after the close), and none have an RSI(14) above 30.

    [type = stock]
    and [30 x RSI(14)]
    rank by RSI(14)

    Try it and let us know if you are getting different results.

    Note if you ran this scan during the day, without any price or volume restrictions, I could easily see getting many hits on sub penny stocks with extreme volatility & thin to non-existent trading, which could easily lead to wild swings in the indicators. This is one reason technical analysis is not really valid for these types of stocks.

    Gord

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