@MIGS @Javier Colon @Triple J @Another Peter @trader77 I know this is an old thread, I just thought I would throw out a post to see where everyone is at with their Cam scanners. Due to the issue @MIGS pointed out with the arbitrary labeling of formulas, I scrapped the idea of using the collaboration link, and started doing my own scanners from scratch, which is what I believe I should be doing anyway.
I ended up with a scanner that works well for me, in fact it is what I use every day at the open. I look at an alert, and if it meets my criteria, I watch it for a pullback. I normally use VWAP for shorts, or a moving average for longs. My stop is always the open price, and I have found that if a short breaks above the open price and holds, then it usually turns into a good long. I believe the historical volume threshold is the predominant indicator in these scanners. I have noticed that the best performers are often ones that were on the gappers watchlist, or have a catalyst.
Of course, nothing is 100%, and I don't have version of TI that includes backtesting. But the scanner I ended up with got me a trade book that I am able to use for consistent profitability. I guess you could say that I used the school of hard knocks for backtesting.
I was never able to get any kind of satisfactory results from any of the "Open above" or "Open Below" scanners, and I stopped working on those. I would like to revisit those, and my current project is focusing on the R3 and S3 levels for breakouts or breakdowns. I'm thinking about a scanner that I can use with a symbol list, and just get alerted whenever any stock on that list hits R3, or S3. My plan would be to add that days watchlist, and then just leave them on a list of usual suspects. That way I would get an alert whenever any of those stocks hit those levels, without having to put in other factors such as volume, or float etc.
As has been mentioned, using the collaboration links is not really practical, due to the way TI labels formulas. I did reach out to them regarding this, but there was no interest in making any changes in that area. I'm getting ready to start bootcamp, and I have a day job, so my available time to devote to this will be limited in the next three months. But if there is enough interest, I would be willing to work with anyone who is looking to take Cam scanners to the next level. Perhaps a new thread is warranted.
Just an FYI, I put the New High or Low Bid or Ask scanner together that is used in chat. I submitted it for a BBT contest a couple of years back. I didn't win, but I am really happy that so many traders have been able to use it successfully.
Thanks!