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.
Note: you can set the value using the slider to get a comparison for the value against the market.
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
Select from the Copy to... menu the way you want to apply the condition set
- Window in Current Layout (opens target mode with option to choose any window)
- New Filtered WatchList (Opens new window with default WatchList and sorts by condition set)
- New Market Gauge (summary of scan results over time)
- New Market Indicator (historical scan plot)
- New True/False Column in WatchList (sortable T/F column in current active WatchList)
- New Data Grid (creates new Data Grid with the condition set as an entry)
- Color this Plot (colors the plot at the point where the condition has occurred historically)
- Color Price Plot (colors the price plot at the point where the indicator condition has occurred historically)
- Clipboard (copy conditions to computer clipboard for reuse)
For instructions to Save Conditions to the library click here.