In my Multi-Divergence indicator, there is logic used that breaks the study filter when you try to use it in a scan. So I made a new indicator specifically for scanning by limiting it to only use MACD, RSI or CCI. Now it can be used in a watchlist scan, and it’s called “Pro_Divergence_Scan”. It is still a donor-only script, so use your blog donor info to access it in the Released Thinkscript Studies section of the Google site. If you’re not a donor, you can chip in by clicking the Donate button:
Instructions: Import Pro_Divergence_Scan like any other study, then follow these directions to set up a scan with it.
Go to the scan tab in Think Desktop, and choose “Stock Hacker”. Then you click “Add Study Filter” (First in screenshot below) then click the pencil to edit the default filter that is added (Second in screenshot):
Delete the default ADXCrossover() if there is one (Third in screenshot) and then click “Thinkscript Editor” (Fourth):
Choose your Aggregation period at the top (D for Daily in this example). In the editor, type in “Pro_Divergence_Scan()” and then choose “Inspector” from the side panel. You’ll see the Pro_Divergence_Scan study inputs and the four plots that you can scan for:
- BullDivs for Bullish Divergence on short timeframe
- BearDivs for Bearish Divergence on short timeframe
- BullDivl for Bullish Divergence on long timeframe
- BearDivl for Bearish Divergence on long timeframe
(As an aside, you can also type the name of any other study you have in your library at this thinkscript editor to get access to it for any filter.)
For the scan to trigger, you want to check for when your chosen plot value is equal to 1, because that’s what I coded the indicator to do. To do this, add the string “==1” after the plot name, as shown here:
After this, click “Ok” and run your scan. You may get a pop-up that warns that future changes to the study will not be reflected in this filter. That just means that if you change the code in the Pro_Divergence_Scan, it won’t be reflected here. The filter takes a snapshot of the code when you make the filter. If you update the indicator, just delete the old filter and set it up again as above.