The custom TC2000 scanner below works great for finding stocks that are over extended and about ready to come down some in price. This scan looks for stocks on a several day run, candlestick close to the upper Bollinger Band and Stochastic level above 85.
TC2000 Over Extended Scan
New > Condition (PCF) Formula
Name: Over Extended
C > C1 AND C1 > C2 AND C2 > C3 ABS(XAVGC9 / XAVGC20 – 1) <= .01 (XAVGC9 > XAVGC9.1 OR XAVGC20 > XAVGC20.1) AND XAVGC9.1 < XAVGC9.2 AND XAVGC20.1 < XAVGC20.2 H – L < AVGH21.1 – AVGL21.1 AND V > AVGV21.1 C < C1 AND C1 < C2 AND C2 < C3 C > C1 AND C1 > C2 AND C2 > C3
Next create a new EasyScan and add the Over Extended condition.
New > EasyScan.
The final step is to add the Stochastic requirement which searches for stocks that have a Stochastic rating of 85 or higher.
Right click anywhere on the chart and select Add Plot. Search for and add the Stochastics indicator. As soon as the Stochastics oscillator has been added below the chart click on where it says Stochastics 12 %K 3 and select Create Scan Condition.
On the next window change Greater than to 85 and name the scan condition Stochastics. Click on Add to an existing Watchlist or Scan.
Add it to your Over Extended scanner by clicking on Add to Conditions.
In the end your scan criteria show look like this.
Use your preferred Price History. I like to sort this scanner by % Change to see which stocks have moved the most during the last trading session.
As you can see in the chart above, this scan works great for finding stocks that have been running for a few days and may need to start coming down.