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Open High/Low Predictors
These scanners monitor large-cap stocks at the market open, noting their opening price. After the first 5-minute candle has formed, if the stockâs opening price was at the high for the first 5-minute candle, it is predicted to be a downtrend. If the opening price was at the low for the opening 5-minute candle, it is predicted to be in an uptrend.
Figure 1: The Open High/Low Prediction channels in Discord
Famous trader and eccentric billionaire, Martin Zweig, has a well-known quote: "The trend is your friend." We wanted to build a way for traders to have an idea of which way the intraday trend would be headed within the first 5 minutes of market open.
We scan across all large-cap stocks every morning.
Downtrend Prediction if: Opening price = high of 1st 5-minute candle
Uptrend Prediction if: Opening price = low of 1st 5-minute candle
Yes! Below is a ScaleTrade alert for McDonaldâs stock (Ticker: MCD) with an opening price equal to the high of the first 5-minute candle, and it downtrended smoothly throughout the rest of the day.
Figure 2: MCD Downtrend Prediction
- This is another way we provide an edge to traders
- This can help swing traders as well when monitoring setups
- This can help day traders when evaluating overall trend against any trades they're currently in
Last modified 7mo ago