The Zerodha pi scanner is a free and effective realtime Scanner for daytrading in India. By default the Pi Scanner lets you scan across only single time frames. Using an alternate Pi Scanner setup you can use The Zerodha Pi scanner as a multi time frame screener.
Daytraders screens for the RSI values on multiple time frames for intraday trading opportunities. So lets see how this can be done on your Zerodha Pi Scanner.
In this example, we need to find all NIFTY IT stocks less than RSI 30 on 15 , 5 and 1 min time frames. For this we need to use the tradescript condition RSI(CLOSE, 14) < 30
First, We create 3 different scanners on each time frame. Next we load the screeners. We then customize it by choosing the columns we actually need for identifying the stocks. We can then align the 3 scanners side by side.
Now we need to watch out for Trade Alerts created on the same stocks across 3 different time frames. When the Yellow Trade Alert Highlighter appears on the same stock on all three scanners , a multi time frame condition has been identified.
Watch this video to see, how this is done:
Now using the above simple Pi Scanner Setup, you have created a multi time frame scanner using your Zerodha Pi Scanner.