NR7 (2 Minute)

Table of Contents

Understanding the NR7 2 Minute Alert

NR7 is a chart pattern based on traditional candlesticks. NR7 means that the last candlestick has the narrowest price range of the last 7 candlesticks.

The NR7 pattern shows when a stock’s price shows a short-term pattern of decreasing volatility. In this way NR7 is like a triangle chart pattern, but with more emphasis on the volatility, and less emphasis on the specific shape or direction. In either case the common assumption is that volatility is like a spring. When you push in on it, it has to pop back out. The longer and harder you push, the more explosive the final reaction will be.

The NR7 pattern does not, by itself, predict which direction a stock will move. People use it to predict which stocks are likely to make a large price move.

Default Settings

By default, the NR7 (2 Minute) alert appears when the last candlestick has the narrowest price range of the last 7 candlesticks on a 2 minute chart.

Stock with NR7 2 Minute Alert

Scan with NR7 2 Minute Alert

Custom Settings

For 'NR7 (2 Minute)' alerts, you have the option to use an alert specific filter. This filter is located immediately to the right of the corresponding alert and is always optional. You can decide to leave it blank if you want to receive more alerts, or you can fill it in to restrict the number of alerts you receive. This filter allows you to specify the quality of the alert. When you set a higher number for this filter, you are telling the alerts server to display only alerts that meet a higher quality standard, resulting in fewer alerts being shown.

When setting an alert for 'NR7 (2 Minute)', the user can filter this by the number of consecutive NR7 patterns on the stock chart. This will always be at least one, or there wouldn't have been an alert to start with. Set this filter to 2 to see only NR7-2 stock patterns.

NR7 2 Minute Alert Custom Settings

Description Column

The description column will give you more details on this alert. A description of “NR7-2” means that the stock chart shows an NR7 pattern for the last candlestick, and for the previous candlestick. “NR7-3”, “NR7-4”, etc., are all defined in the same way.

NR7 2 Minute Alert Description

Quality Column

The quality value on a scan using the 'NR7 (2 Minute)' alert represents the number of consecutive NR7 patters on the stock chart.

NR7 2 Minute Alert Quality

Alert Info for NR7 (2 Minute) [NR7_2]