OPEN-SOURCE SCRIPT
Stockbee M20
The Stockbee M20 Scan is a momentum scan designed to identify stocks with established short-term momentum. It highlights stocks that have moved significantly over the past 30 days, with bullish momentum indicated by a 20%+ increase from the lowest price and bearish momentum by a 20%+ decrease from the highest price. This scan helps traders spot potential setups and build watchlists of stocks that may offer continued movement.
This M20 Indicator serves as a study tool to visualize when stocks historically met these M20 conditions. It marks on the chart where a stock would have triggered the M20 scan, allowing traders to review past momentum patterns and evaluate current movers. An optional Keltner Channel filter further refines signals by excluding stocks that are overextended from their mean price, focusing only on entries closer to the average price.
M20 Conditions and Filter:
This M20 Indicator serves as a study tool to visualize when stocks historically met these M20 conditions. It marks on the chart where a stock would have triggered the M20 scan, allowing traders to review past momentum patterns and evaluate current movers. An optional Keltner Channel filter further refines signals by excluding stocks that are overextended from their mean price, focusing only on entries closer to the average price.
M20 Conditions and Filter:
- M20 Bullish: Price is 20%+ above the lowest point in the past 30 days.
- M20 Bearish: Price is 20%+ below the highest point in the past 30 days.
- Keltner Channel Filter: Exclude stocks trading outside the 20-period EMA ± 2x 10-period ATR bands.
Script open-source
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