Fallen Angel Screener AFL Exploration Code

Fallen Angel Screener is a method to find highly oversold stocks on daily or weekly charts. The stocks filtered through this scanner offers a great buying opportunity.

The oversold stocks are scanned by comparing the current close price with the highest and lowest price over the past 200 days. Also, volume is factored as an extra filter to avoid false signals. See the AFL formula for complete calculation details.

This scanner is originally formulated by Dr. Alexander Elder and introduced in one of his books.

Preferred Timeframe

You can use this scanner on the Daily or Weekly timeframe.

Also Read: Trend Intensity Index (TII) AFL Code

Screenshot

Below is the screenshot of the fallen angel screener exploration result from Amibroker. The result lists down all the stocks that meet the criteria of this screener:

Fallen Angel Scanner AFL Exploration Screenshot

Fallen Angel Screener AFL Download

Download the AFL code of fallen angel screener from the below link:

Fallen Angel Screener AFL Download

AFL Explanation

As you can see in the AFL code, the stocks qualify the fallen angel criteria if all the below parameters are true:

Parameter 1: The ratio of CloseDev and HighLowRange200Periods (in % terms) is less than 10

where

CloseDev = Current Close – Lowest low value of past 200 periods

HighLowRange200Periods = The difference between the highest high value and lowest low value for past 200 periods

Parameter 2: The simple moving average of volume multiplied by close for the past 52 periods is greater than 3 million

Parameter 3: The current product of volume and close is greater than the simple moving average of volume multiplied by close for the past 52 periods

Parameter 4: Current high is greater than the highest high value of the past 10 periods

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