ActiveTrader 2013-03 | ConnorsRSI Pullback system by Eugene

Requires installed Community Indicators library to work!

System concept:
This pullback system is based on a new oscillator by Larry Connors: the ConnorsRSI. It combines three equally weighted components — price momentum, trend duration, and the relative magnitude of price change.

Strategy rules:

Buy tomorrow at the limit price of today’s close minus 4% if:

  1. Today’s close is above $5.
  2. The 21-day average volume is at least 250,000 shares per day.
  3. The 10-day Average Directional Index (ADX) is above 30.
  4. Today’s low is at least 4% below the previous day’s close
  5. Today’s close price is in the bottom 25% of the daily closing range.
  6. Today’s ConnorsRSI value of the stock is below 15 (oversold).

Exit at close when today’s ConnorsRSI value is above 50 (starts getting overbought).

Author: Eugene
Category: Dip Buyers
Creation Date: 12/31/2012
Licence: Freeware
Availability: Globally
Instructions for Script Download
  1. In Wealth-Lab client software, open the Strategy Explorer (Ctrl+O)
  2. Click the "Download..." button
  3. Click "Begin Download"