January 26, 2005
NR7 Alert and Min Spread Filter
I like Trade-Ideas because they provide the best real time scanner in the market and they try to keep their software the best one by adding constantly new features.
Trade-Ideas update can be improvement in the software itself or addition of alerts and filters.
This week, we got a new alert and a new filter update, they are not related but I think they are great addition.
First, the alert consist of a NR7 pattern; it's is a chart pattern based on traditional candlesticks, the NR7 look at 15 minute stock chart and report stock where the last candlestick has the narrowest price range of the last 7 candlesticks. For a complete definition click here.
The NR7 will be added to my simulating software soon; but the use of this alert is not like other ones.
Generally an alert provide a buy or a sell signal; the NR7 don't do that, it only provide users with stocks that are going to move quickly in either direction.
To simulate the NR7 pattern performance, I need to use it with another alert.
Example: Buy stock when NR7 alert is reported and Stock Running Up alert reported too within 2 minutes.
I will inform you, when I am going to start using the NR7 alert.
The second Trade-Ideas addition is the minimum spread filter; the maximum spread filter already exists.
The key benefit of this filter is to spot arbitrage opportunities; also it can be used to pick stocks with large spread that are certainly more volatile but also more risky.
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NR7 Alert and Min Spread Filter @ Day-trading.in