what is Open High Low Scanner?
An Open High Low (OHL) scanner is a tool used by traders and investors to quickly identify stocks that have opened at their low or high prices for the day. The scanner looks for stocks that have had a significant price movement, which can indicate potential trading opportunities.
The OHL scanner is typically set up to scan a large universe of stocks and filter out those that meet specific criteria. For example, a trader may set the scanner to look for stocks that have opened at their daily high price and have a minimum trading volume of 1 million shares.
The scanner can be customized to include other criteria, such as market capitalization, price-to-earnings ratio, or other technical indicators. This allows traders to narrow down their search and focus on stocks that meet their specific trading strategy.
The OHL scanner can be used in various trading styles, including day trading and swing trading. Day traders use the scanner to identify stocks that have had a significant price movement in the morning, which can provide opportunities for quick profits. Swing traders, on the other hand, use the scanner to identify stocks that have a strong momentum trend, which can be traded over a longer period.
Overall, the OHL scanner is a useful tool for traders and investors who want to quickly identify potential trading opportunities in the stock market. It allows them to filter out stocks that don't meet their criteria and focus on those that do, saving time and increasing the chances of making profitable trades.
In addition to identifying stocks that have opened at their daily highs or lows, OHL scanners can also be customized to look for other specific price action patterns such as gap up or gap down. A gap up occurs when the opening price of a stock is higher than the previous day's closing price, while a gap down occurs when the opening price is lower than the previous day's closing price.
Traders can use these gap patterns to identify potential trading opportunities. For example, a gap up in a stock that has strong fundamentals and technical indicators can indicate a potential bullish trend. Similarly, a gap down in a stock can indicate a potential bearish trend.
Some trading platforms and charting software also include OHL scanners that can be customized to include technical indicators such as moving averages, relative strength index (RSI), or Bollinger Bands. These indicators can be used to filter out stocks that don't meet specific technical criteria.
However, traders should keep in mind that OHL scanners are not foolproof and should not be relied upon solely for making trading decisions. It's important to conduct additional research and analysis before making any trades.
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