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The NR7 screener is a technical analysis tool used by traders to identify stocks that have been trading within a narrow range for the past seven days. These stocks are potential breakout candidates, meaning they might be poised for a significant price move in either direction (up or down).
How does the NR7 screener work?
The NR7 screener displays a list of stocks along with their:
Symbol: The stock's ticker symbol.
LTP: Last Traded Price, which is the price at which the stock last traded.
OI: Open Interest, which is the number of outstanding options contracts for the stock.
NR9, NR7, and NR4 values: These represent the highest and lowest prices of the stock over the past 9, 7, and 4 days, respectively.
Traders can set filters based on these values to identify stocks that meet their specific criteria. For example, a trader might screen for stocks that:
Have been trading in a narrow range for the past seven days (as indicated by the NR7 value).
Have recently broken above their NR7 high (suggesting a potential breakout).
Have high open interest (indicating that there is a lot of options activity on the stock, which could lead to increased volatility).
Is the NR7 screener a reliable tool?
The NR7 screener can be a useful tool for identifying potential breakout stocks. However, it is important to remember that no technical indicator is foolproof. There is no guarantee that stocks that appear on the NR7 screener will actually break out.
Here are some additional things to keep in mind when using the NR7 screener:
It is just one of many technical indicators that can be used to identify potential breakout stocks.
Other factors, such as the stock's fundamentals, should also be considered before making any investment decisions.
Technical analysis is a complex subject. It is important to have a good understanding of technical analysis before using it to make investment decisions.
I hope this explanation is helpful. Please let me know if you have any other questions.
https://drive.google.com/drive/folders/1FoP0Md6H08bIL9gbYYKqPPjerUI12gSN
https://sites.google.com/view/nr7-screener/
https://merchandise01.blogspot.com/2024/01/nr7-screener.html
https://bit.ly/3TMkrTv
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