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

How to add an indicator to a chart template

2. Click on the label for the indicator

2.  Click on the label for the indicator.

Click Create Condition in the drop down menu

Click Create Scan Condition.

3. Click on the Condition drop down menu

3.  In the Create Scan Condition Window click on the Condition drop down menu.

4. In the Select Condition window click Less Than

4.  In the Select Condition window click Less Than.

5. Set the Less Than Value in the Value box

5.  Enter the Less Than Value in the Value box.

Note: you can set the value using the slider to get a comparison for the value against the market.

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. Apply the condition

Select from the Copy to... menu the way you want to apply the condition set

  1. Window in Current Layout (opens target mode with option to choose any window)
  2. New Filtered WatchList (Opens new window with default WatchList and sorts by condition set)
  3. New Market Gauge (summary of scan results over time)
  4. New Market Indicator (historical scan plot)
  5. New True/False Column in WatchList (sortable T/F column in current active WatchList)
  6. New Data Grid (creates new Data Grid with the condition set as an entry)
  7. Color this Plot (colors the plot at the point where the condition has occurred historically)
  8. Color Price Plot (colors the price plot at the point where the indicator condition has occurred historically)
  9. Clipboard (copy conditions to computer clipboard for reuse)

For instructions to Save Conditions to the library click here.