Using Zerodha Pi Scanner Code for Intraday Alert

Zerodha provides trading software named Zerodha Pi to clients who wish to trade through it. Though Zerodha has another web trading platform, Kite, Pi is preferred by many because of the unique advantages which are inbuilt into the software. The most attractive feature Pi comes with is the scanner. The scanner runs on simple programming code popularly known as Zerodha Pi scanner code or the TradeScript code. There is a big array of codes in the archive for simple or complex strategies to be employed for the scanner or auto trade.

A few months back Zerodha introduced Zerodha Pi scanner in their Pi terminal. The scanner is especially helpful in getting trading alerts in live markets. Let’s discuss how we can successfully use the Zerodha Pi scanner in generating real-time trade alerts and make out trading semi-automated.

What is the Usage of a Stock Scanner?

A stock scanner OR screener can save a lot of time for a trader. Suppose you have a list of 50 stocks and you want to know in which scrips the 20 moving average crosses over the 50 moving average. You have 2 choices:

1. Inspect each chart every now and then OR
2. Create a scanner that will send you trading alerts when the moving average crossover happens in any scrip.

Few Zerodha Pi Scanner Code

Zerodha Pi scanner is a powerful tool for intraday traders as well. Today we are going to discuss a few codes written in TradeScript (the programming language employed by Zerodha for scanner and auto-trade). These Zerodha Pi scanner codes or TradeScript codes will come of immense help to the traders. Using these codes one can instantly know which stock is performing the way one would like it to or which stock is preparing for the next move. However, the only prerequisite for using these codes is a basic knowledge of technical analysis.

Moving Average Crossover

It is a popular method of determining the trend.  SMA or a simple moving average of closing prices of two different time frames are compared to get an overview of the price trend. The code is as follows.

SET MA1 = SimpleMovingAverage(Close, 28)

SET MA2 = SimpleMovingAverage(Close, 14)

CROSSOVER(MA2, MA1) = TRUE. In this code, the scanner will notify when the shorter moving average of any stock price in any time frame crosses over the longer moving average indicating a bullish crossover/ trend. The opposite code i.e. CROSSOVER(MA1, MA2) = TRUE will denote the opposite trend. Otherwise speaking if one buys a stock at a bullish crossover signal, the opposing signal defines the time for exit and vice versa.  MA parameter can be of one’s own choice.

MACD (Moving Average Convergence Divergence)

MACD shows potential overbought/ oversold condition. The Zerodha Pi scanner code or Tradescript codes for MACD is;

Long Cycle: 26
Short Cycle: 13
Signal Periods: 9
MA Type: SIMPLE (recommended parameters)
Code –
SET A = MACDSignal(13, 26, 9, SIMPLE)
SET B = MACD(13, 26, 9, SIMPLE)
CROSSOVER(A, B) = TRUE. The signal holds true if MACD crosses the signal line indicating a bullish crossover.

Stochastic Oscillator

This indicator has two components, %K and %D. A simple rule is to buy when the oscillator rises above 80 0r %K>%D and sell when it falls below 20 or %K<%D.

% K Periods: 9
% K Slowing Periods: 3
And % D Periods: 9
MA Type: SIMPLE (recommended parameters)
Example
SOPK(9, 3, 9, SIMPLE) > 80 OR SOPD(9, 3, 9, SIMPLE) > 80.

There are many effective Zerodha Pi scanner codes or TradeScript codes which are beneficial to traders. Let us pictorially see how to write a simple Zerodha Scanner Code like Open = Low.

Step-by-Step Guide to Creating a Zerodha Pi Scanner Code

Open and log in to Zerodha Pi. We will create a simple scanner that will alert us if the open and low of any Nifty 50 stocks are the same. We can load the Nifty 50 stocks market watch from File –> Predefined Workspace –> NSE –> Nifty 50.

Create a New Scanner

Now create a new scanner, click Alerts –> Scanner.

Give the scanner name OPEN = LOW and write this script inside OPEN = LOW. Say we will check open and low same in 4 hours candle. Hence select Periodicity = Hour and Bar Interval = 4, select Days = 1 and click on Add Symbols.

Choose the Stock Group to Scan

We will be scanning from Nifty 50 index stocks. Hence in Add Symbol window select Default Symbols and from the dropdown menu select Nifty 50. Click on add.

This will show OPEN = LOW 51 symbols loaded. Now click on OK. This will create the scanner, but the scanner is not yet running as we have not loaded it. Therefore, click on load and this will load the symbols.

The Final Scanner

Now as and when a scrip’s open and low will be the same in any candle the Zerodha Pi scanner will highlight the scrip in yellow and will generate trading alerts. I have tested the OPEN = LOW scanner on 15-minute candles. I got the YESBANK share in the result.

You can open the charts OR trade from the scanner window. We just opened the chart and checked YESBANK last 15 minutes candle OPEN = LOW logic is fulfilled. Check the image below:

Open a Chart or Initiate a Trade

You can open the charts OR trade from the scanner window. We just opened the chart and checked YESBANK last 15 minutes candle OPEN = LOW logic is fulfilled. Check the image below:

Writing Similar Zerodha Pi Scanner Code

In the same way, you can also write a scanner code open high same formula and scan for the open high low same strategy.

You can check my video above to have a complete understanding of how to create a Zerodha scanner to get trading alerts. Your comments will be welcome in the comment box below.

Conclusion

In this post, we have discussed the Zerodha Pi Scanner code and how we can create market time alerts with it. However, Zerodha has discontinued support for their Pi platform. Hence, this idea is now obsolete. Readers can use services like Zerodha Sentinel to generate alerts during market hours.