Market Scanner and Tracking System Development
Budget: ₹12,500 – ₹37,500 INR
Below is a consolidated, end‐to‐end summary of my complete system, incorporating:
- The Scanning (Qualification) Criteria
- The Modified Pivot Calculations & Tracking/Elimination Rules (with separate rules for bullish and bearish scripts)
- The Universe Selection Update for NSE underlyings and active MCX commodity scripts.
1. Scanning (Qualification) Criteria
A. Bullish Scan
A script qualifies as bullish if all of these conditions are met:
- Higher High Condition:
• The previous day’s high (H) is at least 1% higher than the previous‑1 day’s high (H₁)
(i.e. H ≥ 1.01 × H₁).
- No Retouch After the New High:
• Once the previous day’s high is reached, the price does not pull back to or below H₁—whether within the same day or on subsequent days.
- Closing Strength:
• The previous day’s close (C) is above H₁.
- Candle Structure Check:
• In the previous‑1 day’s candle, the high must occur after its low (confirming a genuine upward move)
B. Bearish Scan
A script qualifies as bearish if all of these conditions are met:
- Lower Low Condition:
• The previous day’s low (L) is at least 1% lower than the previous‑1 day’s low (L₁)
(i.e. L ≤ 0.99 × L₁).
- No Retrace Above the New Low:
• After the previous day’s low is hit, the price does not retrace up to (or above) L₁—in both intraday and interday moves.
- Closing Weakness:
• The previous day’s close is below L₁.
- Candle Structure Check:
• In the previous‑1 day’s candle, the low must occur after its high (confirming a genuine downward move)
2. Modified Pivot Calculations & Tracking/Elimination Rules
Once a script qualifies on the scan, you compute its pivot levels (using “modified” inputs) and start real‑time tracking. The calculations and subsequent tracking rules differ for bullish versus bearish setups.
A. Bullish Scripts
Modified Pivot Inputs
- High: Previous Day’s High (H)
- Low: Previous‑1 Day’s High (H₁) (used in place of the low)
- Close: Previous Day’s Close (C)
Pivot & Basic Levels
- Pivot Point (PP):
PP = (H + H₁ + C) / 3
- R1 (Resistance 1):
R1 = (2 × PP) – H₁
(This level will be above PP.)
- S1 (Support 1):
S1 = (2 × PP) – H
(This level will lie below PP.)
- Range:
Range = H – H₁
- Secondary Levels:
R2 = PP + Range
S2 = PP − Range
Extended Levels (Chained Increments)
- Resistances:
• R3 = R1 + Range
• R4 = R2 + Range
• R5 = R3 + Range
• R6 = R4 + Range
… and so on.
- Supports:
• S3 = S1 − Range
• S4 = S2 − Range
• S5 = S3 − Range
• S6 = S4 − Range
… and so on.
Tracking & Elimination (Bullish)
- Entry into Tracking:
• The scanner runs daily, and any qualifying bullish script enters continuous real‑time tracking (across days/weeks).
• Critical Rule: The price must initially move upward and reach R1.
- Immediate Elimination:
• If, before R1 is reached, the price action violates the previous day’s defined boundaries, the stock is eliminated from tracking.
• Also, if after R1 is touched the price moves directly to R2 without reversing, the script is kicked out.
- The “Hunt” – Reversal Alerts & Target Updates:
- Scenario 1 (SL No. 1):
• After R1 is reached, if the price reverses downward and touches S1 (before hitting R2), trigger an alert “SL No. 1” and update the target to S2.
• If S2 is subsequently reached, issue an alert “Call completed @ S2” and remove the stock from tracking.
- Scenario 2 (SL No. 2):
• Alternatively, if after R1 the price reverses downward to touch S1 but fails to hit S2, and then reverses upward to re-touch R1, trigger “SL No. 2” and update the target to R4 (which is R2 plus one Range).
• If R4 is reached, alert “Call completed @ R4” and then remove the stock.
- Further Reversal Phases:
• The system continues in an alternating pattern (e.g., SL No. 3 → target becomes S6; SL No. 4 → target becomes R8; SL No. 5 → target becomes S10, etc.) until one target is met.
- Multiple Instances:
• Each daily scan is an independent instance. Even if the same stock qualifies on successive days, each instance is tracked separately.
B. Bearish Scripts
Modified Pivot Inputs
For a bearish setup you “flip” the standard inputs so that the levels are calculated on a proper downward scale:
- Effective High: Use the Previous‑1 Day’s Low (L₁)
- Effective Low: Use the Previous Day’s Low (L)
- Close: Previous Day’s Close (C)
(This ordering ensures that Effective High > PP > Effective Low.)
Pivot & Basic Levels
- Pivot Point (PP):
PP = (Effective High + Effective Low + C) / 3
where Effective High = L₁ and Effective Low = L.
- S1 (Support 1):
S1 = (2 × PP) − Effective High
(S1 is the primary support level and is the entry point, because you expect a downward move.)
- R1 (Resistance 1):
R1 = (2 × PP) − Effective Low
- Range:
Range = Effective High − Effective Low
(Since L₁ is higher than L, Range is positive.)
- Secondary Levels:
S2 = PP − Range
R2 = PP + Range
Extended Levels (Chained Increments)
- Supports:
• S3 = S1 − Range
• S4 = S2 − Range
• S5 = S3 − Range
• S6 = S4 − Range
… and so on.
- Resistances:
• R3 = R1 + Range
• R4 = R2 + Range
• R5 = R3 + Range
• R6 = R4 + Range
… and so on.
Tracking & Elimination (Bearish)
- Entry into Tracking:
• For bearish scripts, you expect a downward move.
• The stock is tracked only when the price first moves in the expected direction and touches S1.
- Immediate Elimination:
• If, after S1 is reached, the price continues downward directly to S2 without any significant upward reversal (i.e. “kissing” R1), then the stock is eliminated from tracking.
- The “Hunt” – Reversal Alerts & Target Updates:
- Scenario 1 (SL No. 1):
• After S1 is touched, if the price reverses upward and touches R1 (before reaching S2), trigger an alert “SL No. 1” and update the target to R2.
• If R2 is hit, alert “Call completed @ R2” and remove the stock from tracking.
- Scenario 2 (SL No. 2):
• If, after S1, the price reverses upward to “kiss” R1 but still fails to reach R2, and then reverses downward back to S1, trigger “SL No. 2” and update the target to S4 (which is S2 minus one Range).
• If S4 is reached, alert “Call completed @ S4” and remove the stock from tracking.
- Further Reversals:
• Additional reversals continue in an alternating sequence (for example, an upward reversal may yield a new target R6, then a downward reversal may set the target at S8, etc.) until one of the targets is met.
- Multiple Instances:
• As in the bullish case, each day’s scan works independently. If the same stock qualifies on consecutive days, each instance is tracked separately.
3. Universe Selection Update
- For NSE F&O Underlyings:
• Instead of scanning the futures contracts directly, the scanner now filters from the underlying equity assets that are the basis for NSE F&O instruments.
• Example: Scan Eicher Motors (the underlying equity), not the Eicher Motors futures contract; scan Dabur instead of Dabur futures, and so on.
- For MCX Commodities:
• The scanner will include all the actively traded MCX commodity scripts.
• Examples: Gold futures, Copper, Lead, Aluminium, Zinc, Silver, Crude Oil, and Natural Gas.
This end-to-end summary encapsulates:
- Scanning: My precise relative‑performance and candle‑structure rules (for both bullish and bearish scenarios).
- Pivot & Tracking: How I compute modified pivot levels using “twisted” inputs and then track real‑time price reversals to trigger alerts and target updates (with distinct rules for bullish and bearish movements).
- Universe: The scanner will focus on underlying NSE equities (and active MCX commodity scripts) rather than the derivative contracts themselves.
- The Scanning (Qualification) Criteria
- The Modified Pivot Calculations & Tracking/Elimination Rules (with separate rules for bullish and bearish scripts)
- The Universe Selection Update for NSE underlyings and active MCX commodity scripts.
1. Scanning (Qualification) Criteria
A. Bullish Scan
A script qualifies as bullish if all of these conditions are met:
- Higher High Condition:
• The previous day’s high (H) is at least 1% higher than the previous‑1 day’s high (H₁)
(i.e. H ≥ 1.01 × H₁).
- No Retouch After the New High:
• Once the previous day’s high is reached, the price does not pull back to or below H₁—whether within the same day or on subsequent days.
- Closing Strength:
• The previous day’s close (C) is above H₁.
- Candle Structure Check:
• In the previous‑1 day’s candle, the high must occur after its low (confirming a genuine upward move)
B. Bearish Scan
A script qualifies as bearish if all of these conditions are met:
- Lower Low Condition:
• The previous day’s low (L) is at least 1% lower than the previous‑1 day’s low (L₁)
(i.e. L ≤ 0.99 × L₁).
- No Retrace Above the New Low:
• After the previous day’s low is hit, the price does not retrace up to (or above) L₁—in both intraday and interday moves.
- Closing Weakness:
• The previous day’s close is below L₁.
- Candle Structure Check:
• In the previous‑1 day’s candle, the low must occur after its high (confirming a genuine downward move)
2. Modified Pivot Calculations & Tracking/Elimination Rules
Once a script qualifies on the scan, you compute its pivot levels (using “modified” inputs) and start real‑time tracking. The calculations and subsequent tracking rules differ for bullish versus bearish setups.
A. Bullish Scripts
Modified Pivot Inputs
- High: Previous Day’s High (H)
- Low: Previous‑1 Day’s High (H₁) (used in place of the low)
- Close: Previous Day’s Close (C)
Pivot & Basic Levels
- Pivot Point (PP):
PP = (H + H₁ + C) / 3
- R1 (Resistance 1):
R1 = (2 × PP) – H₁
(This level will be above PP.)
- S1 (Support 1):
S1 = (2 × PP) – H
(This level will lie below PP.)
- Range:
Range = H – H₁
- Secondary Levels:
R2 = PP + Range
S2 = PP − Range
Extended Levels (Chained Increments)
- Resistances:
• R3 = R1 + Range
• R4 = R2 + Range
• R5 = R3 + Range
• R6 = R4 + Range
… and so on.
- Supports:
• S3 = S1 − Range
• S4 = S2 − Range
• S5 = S3 − Range
• S6 = S4 − Range
… and so on.
Tracking & Elimination (Bullish)
- Entry into Tracking:
• The scanner runs daily, and any qualifying bullish script enters continuous real‑time tracking (across days/weeks).
• Critical Rule: The price must initially move upward and reach R1.
- Immediate Elimination:
• If, before R1 is reached, the price action violates the previous day’s defined boundaries, the stock is eliminated from tracking.
• Also, if after R1 is touched the price moves directly to R2 without reversing, the script is kicked out.
- The “Hunt” – Reversal Alerts & Target Updates:
- Scenario 1 (SL No. 1):
• After R1 is reached, if the price reverses downward and touches S1 (before hitting R2), trigger an alert “SL No. 1” and update the target to S2.
• If S2 is subsequently reached, issue an alert “Call completed @ S2” and remove the stock from tracking.
- Scenario 2 (SL No. 2):
• Alternatively, if after R1 the price reverses downward to touch S1 but fails to hit S2, and then reverses upward to re-touch R1, trigger “SL No. 2” and update the target to R4 (which is R2 plus one Range).
• If R4 is reached, alert “Call completed @ R4” and then remove the stock.
- Further Reversal Phases:
• The system continues in an alternating pattern (e.g., SL No. 3 → target becomes S6; SL No. 4 → target becomes R8; SL No. 5 → target becomes S10, etc.) until one target is met.
- Multiple Instances:
• Each daily scan is an independent instance. Even if the same stock qualifies on successive days, each instance is tracked separately.
B. Bearish Scripts
Modified Pivot Inputs
For a bearish setup you “flip” the standard inputs so that the levels are calculated on a proper downward scale:
- Effective High: Use the Previous‑1 Day’s Low (L₁)
- Effective Low: Use the Previous Day’s Low (L)
- Close: Previous Day’s Close (C)
(This ordering ensures that Effective High > PP > Effective Low.)
Pivot & Basic Levels
- Pivot Point (PP):
PP = (Effective High + Effective Low + C) / 3
where Effective High = L₁ and Effective Low = L.
- S1 (Support 1):
S1 = (2 × PP) − Effective High
(S1 is the primary support level and is the entry point, because you expect a downward move.)
- R1 (Resistance 1):
R1 = (2 × PP) − Effective Low
- Range:
Range = Effective High − Effective Low
(Since L₁ is higher than L, Range is positive.)
- Secondary Levels:
S2 = PP − Range
R2 = PP + Range
Extended Levels (Chained Increments)
- Supports:
• S3 = S1 − Range
• S4 = S2 − Range
• S5 = S3 − Range
• S6 = S4 − Range
… and so on.
- Resistances:
• R3 = R1 + Range
• R4 = R2 + Range
• R5 = R3 + Range
• R6 = R4 + Range
… and so on.
Tracking & Elimination (Bearish)
- Entry into Tracking:
• For bearish scripts, you expect a downward move.
• The stock is tracked only when the price first moves in the expected direction and touches S1.
- Immediate Elimination:
• If, after S1 is reached, the price continues downward directly to S2 without any significant upward reversal (i.e. “kissing” R1), then the stock is eliminated from tracking.
- The “Hunt” – Reversal Alerts & Target Updates:
- Scenario 1 (SL No. 1):
• After S1 is touched, if the price reverses upward and touches R1 (before reaching S2), trigger an alert “SL No. 1” and update the target to R2.
• If R2 is hit, alert “Call completed @ R2” and remove the stock from tracking.
- Scenario 2 (SL No. 2):
• If, after S1, the price reverses upward to “kiss” R1 but still fails to reach R2, and then reverses downward back to S1, trigger “SL No. 2” and update the target to S4 (which is S2 minus one Range).
• If S4 is reached, alert “Call completed @ S4” and remove the stock from tracking.
- Further Reversals:
• Additional reversals continue in an alternating sequence (for example, an upward reversal may yield a new target R6, then a downward reversal may set the target at S8, etc.) until one of the targets is met.
- Multiple Instances:
• As in the bullish case, each day’s scan works independently. If the same stock qualifies on consecutive days, each instance is tracked separately.
3. Universe Selection Update
- For NSE F&O Underlyings:
• Instead of scanning the futures contracts directly, the scanner now filters from the underlying equity assets that are the basis for NSE F&O instruments.
• Example: Scan Eicher Motors (the underlying equity), not the Eicher Motors futures contract; scan Dabur instead of Dabur futures, and so on.
- For MCX Commodities:
• The scanner will include all the actively traded MCX commodity scripts.
• Examples: Gold futures, Copper, Lead, Aluminium, Zinc, Silver, Crude Oil, and Natural Gas.
This end-to-end summary encapsulates:
- Scanning: My precise relative‑performance and candle‑structure rules (for both bullish and bearish scenarios).
- Pivot & Tracking: How I compute modified pivot levels using “twisted” inputs and then track real‑time price reversals to trigger alerts and target updates (with distinct rules for bullish and bearish movements).
- Universe: The scanner will focus on underlying NSE equities (and active MCX commodity scripts) rather than the derivative contracts themselves.