Bull Elephant

I think I understand about the two bars - you want a long red bar, followed by a long white bar that closes above the open of the long red bar.

This code does that:

[type = stock]
and [close >10]

// yesterday is a long bar

and [1 day ago range > 1 day ago ATR(14)*1.5]

// today is a longer bar

and [range > 1 day ago range]

// yesterday was a long down bar
// yesterday's open is near the high

and [1 day ago open > 1 day ago low + [range *.8]]

// yesterday's close near the low

and [1 day ago close < 1 day ago low + [range *.1]]

// today is a long up bar
// close near high
and [ close > low + [range *.8]]

// open near low
and [ open < low + [range *.1]]

// today's close is above yesterday's open

and [close > 1 day ago open]

If you run this for Nov 24, it get PRI for a hit. I think this is a fairly rare combination, so you probably won't get many hits.

This scan does not have your "30% down condition". I think you have to clarify that. Most stocks take weeks or months to move 30%. Do you mean 30% of the prior leg up?

I'm thinking you might want to use an indicator like Slow Stochastic %K and test for whether it is below, say, 50, after having been above 80,

so:

and [Slow Stoch %K(15,3) < 50]
and [max(15, Slow Stoch %K(15,3)) > 80]

Hope it helps!