How to Create a Condition for an Indicator Being Below a Certain Value
Plotted indicators can be used to create a variety of conditions (behaviors). In this example a Stochastics value of less than 20 (considered oversold) is used. This same concept can be applied to any technical or fundamental indicator. Here are the steps.
1. Plot the indicator you would like use in the condition
2. Click on the label for the indicator
Click Create Condition in the drop down menu
3. Click on the Condition drop down menu
4. In the Select Condition window click Less Than
5. Set the Less Than Value in the Value box
6. Select the point at which the condition should occur
The true field will let you set parameters for when or how often the condition returned true.
- Now = Condition is true for current bar
- x bars ago = Condition was true specified number of bars ago
- within last x bars = Condition was true at least once within the specified period of bars
- x bars in a row = Condition has been true for the last specified number of bars
7. Choose the Time Frame to be used.
8. Apply the condition
- Add To button to choose how to immediately apply the condition.
- The Scan button to run an easy scan on the default watchlist in a new EasyScan window
- Save to save the condition to the Library
- Cancel to escape without completing the condition
For instructions to Save Conditions to the library click here.