O Above n Percent of prev col

This pattern condition can help you define the retracement of column ‘O’ to its previous column ‘X’.

In column of ‘O’, N is a retracement percentage above n percent retracement of the previous column pattern. You cand define the retracement percentage. As an example, if you select 50% retracement and run the scanner on this stock, it will display candidates that have retraced more than 50% to its previous swing in the current column. It helps you to identify deep retracement candidates.

By using a system builder, you can also design various patterns and strategies.

This pattern can be plotted on the chart by adding it from the study menu in TradePoint & RZone. The pattern is also available in the system builder section. By combining this pattern with other patterns and indicators, you can create your own trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.