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An NR4 scanner is a tool used by traders to identify stocks that are in a narrow range breakout pattern. The NR4 pattern is a candlestick pattern that is composed of four candles. The current day candle should have a lower price range than the last three candles, then it is considered as NR4.
Traders believe that stocks that break out of NR4 patterns are more likely to make significant moves in the coming days. NR4 scanners can be used to find stocks that are setting up for potential breakouts, so that traders can enter into positions before the breakout occurs.
Here are some of the things to keep in mind when using an NR4 scanner:
NR4 is not a foolproof indicator. Just because a stock breaks out of an NR4 pattern does not mean that it will go on to make a big move. There are many other factors that can affect a stock's price, so it is important to do your own research before making any trading decisions.
NR4 scanners can be used to find stocks that are setting up for breakouts in either direction. So, it is important to be aware of the overall market sentiment before making any trades.
NR4 scanners can be a valuable tool for traders, but they should not be used as the sole basis for making trading decisions.
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