Open High Low Scanner for Intraday Stocks
Intraday screener has an advanced Open High low scanner which is free to use and gives you open high open low stocks. One click buy sell with selected broker linked to intradayscreener with OHL strategy
Open high low trading strategy is used for intraday stocks strategy and it lists out stocks with open high open low. When open = high for day , usually it means that stocks is bearish has selling pressure from the moment it opened in the morning. Similarly when Open=low, it means stock is bullish buyers have been dominant from the moment stock began trading and is bullish for day. You can use above scanner for finding out open high low stocks and trade in intraday
How to Use Open High Low stocks Intraday Strategy.
Open high low scanner strategy is one of the most dependable and simplest strategies for all beginners. This strategy works on the stocks of Nifty Futures and options perfectly well.
If done regularly with proper risk management and money management, Open high low scanner strategy will help to solve your question of how to select stocks for intraday.
Open high low scanner is a method used to filter out Open = High or Open = Low scripts for Intraday trading. BUY signal is generated when OPEN = LOW & SELL signal is generated when OPEN = HIGH
How to use Open High Low Scanner
Let us take a comprehensive look at how to select stocks for intraday using Open High Low Scanner
Use the Weekly Chart:
Use the weekly chart graph to analyze the longer-term trend. It’s very important to analyze the “Long term trend”. Trading in the direction of the trend will increase your profit drastically.
Example, If a particular stock opens “Open = Low” and the weekly chart is also in upper trend, then it indicates that you can go Long. In a similar way if “Open = High” and the weekly chart is in downtrend you can go short.
Filter the Volume:
For Intraday trading, choosing high liquid stocks for trading can help you to Enter and Exit a trade very easily.
Example, The column turns green when the volume is above 5,00,000, Which means there is good liquidity and this will help you to enter and exit trades easily.
To become successful in Intraday trading experimenting and testing different strategy is very important. Selecting stocks plays a vital role in intraday trading, there are various strategies to select stocks for day trading. The Open high low scanner strategy is one of the important strategies which has high accuracy.
Why Open High Low scanner Strategy is easy?
- You can understand Open high open low scanner strategy very quickly and execute it in the next trading session.
- You don’t need for pre-day analysis, like before.
- The process of selecting stocks becomes so easy, and you just have to know the trend/direction the market is headed.
How does Open high low scanner strategy work?
In Open high low scanner, If today’s open is equal to today’s low which is ”OPEN=LOW”, then buy signal is generated. As you can see the graph in the image below when the market is opened ITC stock is opened at low and keep on moving up though out the market hour. So, it is advisable to buy when open=low.
In Open high low scanner, If today’s open is equal to today’s high which is ”OPEN=HIGH’, then a sell signal is generated. As you can see the graph in the image below when the market is opened BHARTI AIRTEL LTD stock is opened at High and keep on moving down though out the market hour. So, it is advisable to sell when open=low.
Entering into Trade
Before entering into trading, you must add to watchlist the stocks with Open=Low and Open = High when the market open from the scanner
If the Nifty50 index is above 0.25%, then you can go on the buy-side and if below 0.25%, then you can go on the sell-side.
When the Stock market opens, if the low/high is not broken, then you should Buy/Sell stock according to the strategy
Money management is very important. Keep Risk reward ratio 1:2
Placing Stop Loss
It is preferred to keep Stop-Loss at the open/close of the previous candle,
But the stop loss should never be more than 1% of the stock price(the risk-reward ratio). If its more than 1% then it is not advisable to take the trade.
How to Use Open High Low stocks Intraday Strategy.
Let’s take a detailed look at how to select stocks for intraday using this strategy
At 9.30 AM , open this strategy and see which stocks are Open=High and Open = low .
Once you have list of stocks , check What is Nifty direction today. If markets are bullish, means if nifty is in green(minimum .5% up) , we will trade open=low stocks. If Nifty is in red (minimum .5% down) , we will go for open = high stocks.
Decise your daily risk and take minimum two trades on such stocks . If you have 50,000 Rs , daily risk will be 1% which is 500rs. Now 500rs is for 2 trades so risk per trade is 250rs
Assuming stop loss is 5rs for both stocks , buy 250/5= 50 quantity of each stock and wait for targets.
Book profits when target is met , or keep revising stop loss if stock goes in your direction
You can use NSEINDIA website for seeing Nifty situation.