Properties

The above settings would scan for Converging 5, 10 and 15 bar moving averages, calculated using the Simple style and Closing price, with a convergence Tolerance of 0.5%. The Moving Averages scan would be applied to a Daily chart.

Scan For

• Group Convergence
  Select this option to scan for when multiple user-defined Moving Averages are converging.

• Close Crosses Below
  Select this option to scan for when multiple user-defined Moving Averages are diverging.

MA 1, MA 2 & MA3

These are the settings for the number of bars used to calculate the Moving Averages. Setting this to 30 would scan using a 30 bar Moving Average.

Calc Style

A Moving Average can be calculated using several different methods. Calc Style allows you to select which method is used to calculate the Moving Average, you can select from the following options.

• Simple
• Weighted
• Smooth
• Exponential
• Modified

Calc Using

Select this option to set what the Moving Average is calculated off, you can select from the following options.

• Open
• Close
• High
• Low
• HL (High, Low)
• HLC (High, Low, Close)
• OHLC (Open, High, Low, Close)
• OC (Open, Close)

Tolerance

This setting sets the percentage tolerance to use when the Moving averages are diverging or converging. A setting of 0.5% would mean MA1, MA2 and MA3 would have to be within a maximum of 0.5% of each others price before it would be considered a divergence or convergence.

Period Type

This setting sets the period type to use when calculating the Moving Average. For example, by selecting Daily the moving average will be calculated off a day bar period (a daily chart), if it was set to Weekly, it would be calculated off a Weekly bar period (a weekly chart). You can select from the following options.

• Daily
• Weekly
• Monthly
• Yearly