Understanding the 5 Minute Narrow Range Buy Bar Alert

A narrow range buy bar is defined as follows: Three green bars (close above open) or more followed by a bar that is smaller (from high to low) than 25% of the average range of the past 5 bars. Special thanks to Oliver Velez of Velez Capital Management for sharing this scan with us.

Default Settings

By default, the 5 minute narrow range buy bar alert appears when there is a narrow range buy bar pattern on a traditional 5 minute candlestick chart.

Custom Settings

For '5 Minute Narrow Range Buy Bar' alerts, you have the option to use an alert specific filter. This filter is located immediately to the right of the corresponding alert and is always optional. You can decide to leave it blank if you want to receive more alerts, or you can fill it in to restrict the number of alerts you receive. This filter allows you to specify the quality of the alert. When you set a higher number for this filter, you are telling the alerts server to display only alerts that meet a higher quality standard, resulting in fewer alerts being shown.

When setting an alert for '5 Minute Narrow Range Buy Bar', the user can filter these alerts by a grade of how on how closely the stock chart matches the ideal shape of the stock pattern. 0 would mean there was no match. 100 would mean it's an ideal match.

Description Column

The description of the alert will give a more comprehensive breakdown of the alert.

Quality Column

The quality value on a scan using the "5 Minute Narrow Range Buy Bar" represents the grade based on how closely the stock chart matches the ideal shape of the stock pattern. 0% would mean that there was no match at all. Of course, if a stock pattern is this poor a match, then we are unlikely to report an alert. 100% would be an ideal match. Again, this would be an ideal and extreme case. Few if any alerts come close to 100%.