Finding narrow trading ranges with ChartMill Channels
A Chartmill Channel is a horizontal channel wherein prices move sideways
In this video, I demonstrate the use of ChartMill Channels, a specific feature that allows you to screen for tight price ranges when selecting stocks for swing trading.
Did you know that the stock screener ChartMill is capable of automatically recognizing support and resistance levels? Even more so! You can use specific support and resistance filters to screen stocks based on their proximity to their next support or resistance zone and thus discover great swing trading setups!
Price is currently less than 3% from the Upper Chartmill Channel
The Upper Chartmill Channel has a minimum length of 20 days
The Lower Chartmill Channel has been tested at least 3 times
Price is currently maximum 3% above the Lower Chartmill Channel
The minimum average volume is above 500K
The Upper Chartmill Channel has at least been tested 3 times
This filters out dead stocks. We require a minimum average movement in the stock
A minimum technical Rating of 7 ensures we have technically solid stocks
Price is at least 5
The Loweer Chartmill Channel has a minimum length of 20
The Chartmill channel has a maximum width of 5%
Chartmill Channels are on the charts
Run this screen in your favorite region. You can always further fine tune the screen by changing the general settings after it opened in the screener.