Help: Intraday Trading Range Scanning

Discussion in 'Trading' started by Hitman, Jul 16, 2001.

  1. Hitman


    I trade a large variety of stocks and every once in a while I need to rebuild my watch list. My criteria is NYSE, at least 200K average daily volume, and at least 1.5 point average daily range, sorted by industry name.

    I used to have Big Easy Investor to do this until they started charging $40 a month and their average daily range indicator is not very precise, I got some really crappy stocks that don't move at all with that scanner.

    I have looked everywhere on the web and I can't seem to find an equivalent. My formula is very simple:

    average(high - low) of last 20 trading days > 1.5

    I used to have a program called Quote Plus 2 which allows you to write scripting language to scan for stocks, but it is $25 a month and while I guess I can just bite the bullet for it, I find it kind of wasteful to spend $25 a month for something that I only need a few minutes a month to update a watch list.

    If someone can come up with an Excel macro or can point me to something that does what I described above for free, I would be very grateful, otherwise I probably will just subscribe QP2, I don't have anything at home to read charts with so I guess it may be worth it.
  2. dozu888


    Instead of (Hi-Lo), I used to scan for P/e > 50.. the inflated ones tends to be more volatile.

    Hope that helps.
  3. gh2


    Whoa! let me get this straight Hitman

    A high roller like you -- pulling in multiple k a month, trading thousands of shares a day, with top of the line computing power, multiple monitors, panning the use of QuoteTracker, perks from your trading firm, years of experience trading, etc and you can't afford BEI for 40 a month?

    What am i missing? Just curious

  4. dozu888


    a penny saved is a penny earned
  5. gh2


    penny wise pound foolish
  6. Hitman



    While everything you said is true except the many years of trading experience (9 month here), it is rather the principle. You see I borrow a friend's login at work, because I am not going to spend that $10 a month if I don't have to. Spending money for something you can get for free is blue collar, pure and simple.

    I posted this question just to see if there are any solutions out there. I never liked BEI except that one screening parameter, and I feel it is kind of wasteful to pay $40 a month to use one parameter 5 minutes every month to . . . update my watch list. Everything else BEI can do I have far superior tools for the job, except the damn intraday trading range. I can live with my current watch list for a long time, but I always want to see what stocks are moving so I can find new stocks to trade.

    I have a few friend who subscribe to BEI, but unlike Briefing which I can just use their login as if it is mine, BEI they have to run the screen and send result to me via e-mail, it is a little bit of a hassle and I am just wondering if there are any other solutions, that's all . . . Not to mention I have a fundamental problem about buying a piece of inferior software just for one perk, one gimmick feature.


    Thanks, I tried that before, but I was wondering if there is something that can calculate it precisely.


    Thanks, but I already have a real time scanner at work and I don't really use it (already have too many trading ideas, don't need more, just need to do a better job with the ones I have). I will probably subscribe to QP2 . . .
  7. Wet



    Well, I'm no master trader like you are. As well, I sure don't pull in the big bucks like you do either. Perhaps one day I'll be a trader of greater stature and height, but not yet. But even at my lowly current trading size and account size, I don't mind paying for a service if I more than make up for it in earnings from trading (hard for me to do with the piddly amount I make). Since you are many notches above me, I don't see the problem. Stop complaining and pony up and pay for the service already.


    P.S. The blue collar world awaits you when/if you fail at your current endeavors.
  8. Magna

    Magna Administrator


    > I borrow a friend's login at work, because I
    > am not going to spend that $10 a month if I don't have to.

    Too bad you feel that way, particularly since you obviously don't need to cheat those folks out of their $10. I subscribe to and they provide an excellent service, surely worth a paltry $10 per month.

    Of course, aside from the $10 there's the issue of integrity but we won't get into that...
  9. Hitman



    My point is $40 a month is enough money to pay for a Metastock EOD data feed (I know the program is expensive, but it is not too hard to get a copy if you know a few pirates), which is light years ahead of BEI.

    Also, if it really is something that helps me in trading then I wouldn't mind paying $400 a month for it. It is a watch list generator! I need it less than 5 minutes a month to see if there are any stocks on the move.

    In term of the overall food chain I am still a blue collar, but I am trying to turn white, that means I got get rid of the bad blue collar habits.

    No where in my journal nor any posts I mentioned I am a master trader, if being a profitable trader is like playing in the NBA, I am no more than one of the scrubs who only play in practice and garbage time.

    I don't understand why posting a simple question would generate so much unrelated messages . . .
    #10     Jul 16, 2001