Overview: Metastock Explorer Spreadsheet.
The attached Excel spreadsheet (Excel 2007) is the second stage in a Stock selection system designed to determine stocks that have reached their Buy Price. The spreadsheet is made up from results of an Exploration using Metastock (an equities charting package) from EOD (End of Day) data downloaded during March. These results are then copied and pasted from Metastock into this spreadsheet. The process is occurs daily after trading is closed. No knowledge of Metastock is required; its’ part in the process is finished at this point.
(For this reason the spreadsheet format must remain as it is with the same column headings and in the same sequence as shown. Any change to the format would require reformatting of the original Metastock results before pasting to the spreadsheet.)
The system relies on any stock breaching the preset Buy Price; ie at some time during the trading day the stock has fallen below the Buy Price. In order to know this the Low for the current day must be downloaded from Yahoo Finance and compared to the Buy Price for that particular stock. The stock suffix for the Australian Stock Exchange by Yahoo is .AX, so BHP must be rendered as [url removed, login to view] in order that it is managed correctly by the Yahoo Finance download. Only ASX stocks are ever used; there is no necessity to cater for other exchanges.
In the event that the Low has been breached conditional formatting is required to indicate that the breach has occurred. The stock in question will then be deleted from the system. Only about 1 in 7 stocks actually do fall to reach their Buy Price. In the current worksheet two have been highlighted to clarify the requirements but these figures are false and placed there by way of illustration. When you run a test you will see that they have been fudged.
The benefit rendered by spreadsheet is that the system is automatic. The alternative is to download each ‘Low’ at EOD separately or to examine each of 30 something charts and both are tedious. Once a week the spreadsheet is tidied up and those stocks that no longer meet the criteria are removed.
1. Insert the suffix .AX to each stock symbol when downloading data from Yahoo.
2. Write an Excel Look-up macro suitable for use with Yahoo Finance EOD data and include a download button on the spreadsheet.
3. Download the day’s Low for each stock and Update the Low Value.
4. Where the Low for the day has fallen below the BuyPrice highlight the cell.
I shall be happy to answer any queries.
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