In this article, let us discuss the process of setting a Automatic Scanner to screen for the following conditions using Foxtrader.
Super Trend 3 band with RSI Screening ( a popular trading strategy among Retail Traders at the moment )
Super-Trend First Band : 11,2 period,multiplier.
Super-Trend Second Band : 10,3 period,multiplier.
Super-Trend Third Band : 7,3 period,multiplier.
RSI : 14 period , 60 for long and 40 for short.
Stock Range : Nifty 50.
Screening Time frame : 5 minute candles.
Screenshot of FoxTrader Scanner and Chart Setup for the above Strategy :
FoxTrader Scanner Setup procedure for above Screening :
- SCANNER > Group Scan Menu.
- On new Scan Window > SETTINGS TAB.
- Set Group > Select NIFTY 50
- Set Period I for intraday
- Set candle time frame to 300 seconds for 5 minutes.
- Click Studies.
- On Study Manager Window > Add
- Search for supertrend
- Select Conditions TAB and double click “Condition Supertrend”.
- Set band conditions ATR Length 11 and ATR Multiple 2 for First BAND
- DO NOT forget to set HL bars to 1
- click button D to set display name as default and click APPLY.
- Repeat steps 10, 11, 12 for the second and third bands.
- On Study Manager click Add
- Search for rsi
- On the CONDITIONS TAB click the second “Condition RSI Overbought Sold”
- Set BUY level to 60 and Sell Level to 40
- Click button ‘D’
- Click Apply and close Study Manager
- On SETTINGS TAB tick Filter
- On the drop down list Select ALL and click OK
- Click SAVE and SCAN
- The RUN TAB now automatically opens up and Starts Scanning.
- Set Scan Mode to “OnBar Completion” and you are done.
- The Foxtrader Scanner will now automatically scan every 5 mins screening for stocks matching the above conditions.
Identify the above steps using the Red Markers on the Screenshots below.