McGinley Dynamic Indicator Stock Screener

The McGinley Indicator aids traders by providing adaptive smoothing of price data, reducing lag during trends, and minimizing false signals during sideways markets; it assists in confirming trends and identifying potential entry and exit points, thereby enhancing the accuracy of trading decisions

3 minutes

This post focuses on customizable McGinley Dynamic Indicator factory scans, which can be edited, modified, or rewritten and then scanned using ChartAlert’s native stock screener or technical analysis scanner, namely the Basic Scanner and Advanced Scanner.

Display McGinley Dynamic Indicator Values

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List symbols

Add Column McGinley(10) as McGinley chart

Apply to NSE

This scan is designed to compute and show the 10-period McGinley value for all NSE symbols. By default, the McGinley calculation is based on the “Close” price.

OPTION 1

The McGinley indicator is initially calculated using the “Close” data. To compute the McGinley indicator using a different data array, such as the Typical Price, modify the script in the following manner:

List symbols

Add Column McGinley(10) as McGinley chart
Add Column McGinley(10,TP) as McGinley_of_TP chart(c=blue)

Apply to NSE

McGinley Bullish Crossover

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List symbols where McGinley(10) has crossed above McGinley(20) after remaining below for 3 bars

Add Column McGinley(10) as McGinley10 chart(c=red, lw=2)
Add Column McGinley(20) as McGinley20 chart(c=blue, lw=2)

Apply to NSE

This scan is designed to identify instances where the 10-period McGinley (fast) moving average has recently crossed above the 20-period McGinley (slow) moving average after having remained below it for a span of 3 consecutive bars. The results of this analysis also includes the values of both the 10-period and 20-period McGinley moving averages.

McGinley Bearish Crossover

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List symbols where McGinley(10) has crossed below McGinley(20) after remaining above for 3 bars

Add Column McGinley(10) as McGinley10
Add Column McGinley(20) as McGinley20
Add Column McGinley(10) a bar ago as McGinley10_1 chart(c=red, lw=2)
Add Column McGinley(20) a bar ago as McGinley20_1 chart(c=blue, lw=2)

Apply to NSE

This scan is designed to identify specific situations in which the 10-period McGinley (fast) moving average has recently crossed below the 20-period McGinley (slow) moving average after having remained below it for 3 consecutive bars. Additionally, the scan results also include values of the 10-period and 20-period McGinley moving averages for both the current and the previous bar.

Price-McGinley Bullish Crossover

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List symbols where Close crossed above McGinley(10) after remaining below for 3 bars

Add Column McGinley(10) as McGinley10 chart

Apply to NSE

This scan identifies NSE symbols where the closing price has crossed above the 10-period McGinley Moving Average after having remained below it for 3 consecutive periods.

OPTION 1

Modify the above scan to search for a bullish crossover above its 10-period McGinley moving average, in conjunction with trading volumes that are higher than the usual average.

Note that the “CHG%(McGinley(10),Close)” function calculates the percentage difference between the 10-period McGinley moving average and the closing price in this scan.

List symbols where Close crossed above McGinley(10) after remaining below for 3 bars
AND Volume > Average Volume(10)

Add Column McGinley(10) as McGinley10 chart
Add Column CHG%(McGinley(10),Close) as McGinley10%

Apply to NSE

Price-McGinley Bearish Crossover

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List symbols where Close crossed below McGinley(10)
after remaining above for 3 bars

Add Column McGinley(10) as McGinley10 chart

Apply to NSE

This scan is designed to identify NSE symbols when their “Close” price crosses below the 10-period McGinley moving average after having remained above it for 3 consecutive bars.

OPTION 1

Modify the scan to identify a bearish crossover below its 10-period McGinley moving average, accompanied by trading volumes that are higher than the usual average.

Please note that the “CHG%(McGinley(10),Close)” function helps calculate the percentage difference between the McGinley moving average and the closing price.

List symbols where Close crossed below McGinley(10) after remaining above for 3 bars
AND Volume > Average Volume(10)

Add Column McGinley(10) as McGinley10 chart
Add Column CHG%(McGinley(10),Close) as McGinley10%

Apply to NSE

For comprehensive insights into the McGinley Dynamic Indicator, including its calculation methodology, effective utilization in trading, applicability to both trading and investing purposes, as well as an exploration of its advantages and limitations as an indicator, click here.

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