This scanner finds consolidation setups that use a daily timeframe and analyze the past 7 trading days.
Imagine you never had to scan for stocks again. Instead, new trade setups were sent to you every day on a silver platter. You would feel just a bit more potential in each new day knowing you have a multitude of trade setups to watch and maybe even act on.
I imagined that for myself, and I thought it would be pretty f*ckin awesome. So, some friends and I built a Discord bot that does exactly that.
If you could build something like this, what setup would you scan for?
We decided on the NR7 strategy, aka a Narrow Range scanner.
This setup is a consolidation strategy that uses a daily timeframe and analyzes the past 7 trading days, each one represented by its own candle. A Narrow Range is in play if the 7th, most recent candle has a smaller change in price than the past 6 candles.
Day 1: +2.1%
Day 2: -1.54%
Day 3: -0.92%
Day 4: +1.42%
Day 5: -0.83%
Day 6: +1.22%
Day 7: +0.51%
The Narrow Range setup is now in play.
If there is a breakout at the high of the 7th candle, this indicates a bullish move that will likely last at least a couple of days. Whereas if there is a breakout at below the 7th candle, this indicates a bearish move.
It works! To our joy and excitement, the scanner is finding NR7 setups and sending them to us via Discord. So, not only is it scanning, but it’s also an actively pushed alert vs a passive scan.
If you want to try it yourself, you can join our free Discord here. We’re calling it Project ScaleTrade, and we have a bunch of other scanners too! You can check those out here.
Again, you can try this out for free by joining our Project ScaleTrade Discord. Thanks so much for reading