What is Narrow Range?
What is meaning of NR7?
What is IB ?
What is NR7 + IB ?
These are few questions which needs to be answered first.
Narrow Range - When a stock price does not move much and remains in a small range (High to low) thru a day, the stock is called to be in a narrow range. We can compare the range of the current day with range of previous days to come to a conclusion if it was a narrow range or not.
Traditionally we compare the data of last 4 days or 7 days with current day to check this.
When today's range is smallest of last 7 days ; we call it a NR7 day i.e Narrowest range in last 7 days
IB - Inside Bar
When today's trade is inside of yesterday's range, we call it an inside bar. For example in the below image, the latest candle is inside the range of second last candle. Hence the latest candle is called an inside bar.
How to Scan for Narrow Range stocks ?
You can use bellow scans on Chartink.com to scan
NR7 IB Scan ( Inside Bar ) - https://chartink.com/screener/nr7-ib-531
A discussion on how i trade NR7 stocks with Vivek Bajaj, co-founder, StockEdge, Elearnmarkets
Incase you have any questions you can write and email - firstname.lastname@example.org