Chart Criteria

Last modified 08:26, 5 Oct 2012

Chart Based Criteria

mrktscan_srchcrtyp_chart.gifChart based Criteria types are available for both Off-Line and On-Line scans.

Chart based criteria analyses price data to detect changes indicating favorable trading conditions.

There are five chart criteria types to select from.

The first four employ simple criteria types.

The Price criteria group is more complicated. It can work with any the price data received from the exchange, and uses a complex criteria box to create the criteria expression.

Simple Chart Criteria Entry Dialog

The Gap Up/Down and New High/Low criteria types employ simple criteria entry box.

mrktscan_chrtcrit_simple.gif

For each the user defines the number of days prior to the day that the scan will be performed on.

The user enters the value of the number of days in the text box. The entry can  either be manually typed in, or the up/down selector button.

When a new value is selected, it will immediately be added to the Parameters expression in the list.

Complex Price Expression Formula Dialog

The parameters dialog for the Price criteria type is used to create a complex expression formula:

mrktscan_chrtcrit_complex.gif

The parameters definition area has three components which all need to be logically related to each other in order to create the Price criteria expression.

First Value

The First Value is the main item that the scan will be run against. Click on the drop down text box to view the available data type options.

mrktscan_chrtcrit_cplx1valu.gif

Data Type

For the First Value, you can select any of the price data type options that are available from the server. The data types, and values that apply to them, will depend on the criteria type.

Value - Day(s) ago

Then, in the next text box, type in or scroll to the number of days you wish to use the data from. Leaving the setting at 0 will use the last data date available (usually meaning “today”). Remember that the base day is set when you specify the scope of the scan. By default it is the most recent day's data, but users can select a specific date to run the scan on. In such a case, the Day(s) ago setting in this parameter would be from that day rather than the current day.

Modifier - Modify Result

mrktscan_chrtcrit_cplxmodfy.gifThe value that is returned from the above two settings can be further modified by a set amount.

Increase/Decrease uses whole numbers.

Percentages can be applied using the Multiply/Divide functions, for example modifying the result to show a 5% discount can be accomplished by setting this value to "Multiply by 0.95".

Operator

The Operator lets you specify how the first value interacts with, or is compared to, the second value:

mrktscan_indiccrit_operator.gif

You can see there are a number of options within this drop down menu. Again, the exact array populating the drop-down menu depends on the criteria type.

You need to select the option that describes the relationship between the First Value and the Second Value.

Modifier - Time period

Some operators have an additional modifier that must be set.

In this example, the Crosses Above/Below operator has a Within the last "x" Days modifier.

Second Value

Use the Second Value to specify the criteria that the First Value is compared to.

In the price example, the options for the Second Value include all those available in the First Value's drop-down list (plus Numeric Value and Range, see below). This allows you to compare the open to the close of the current day, or the high of today compared to the high of 5 days ago.

mrktscan_chrtcrit_cplx2valu.gif

Numeric Value

There is also an additional option of Numeric Value... This allows you to specify a value to compare the First Value with.

For example, you could specify a High of today is Greater than a Numeric Value of 2. This means that any securities whose high of today is more than two dollars will be included in the scan results.

Note -  When referring to price based values, the numeric value is based on dollars. A value of 2 will equal $2.

Range

The Range value allows the First Value to be specified in relation to a previous day's price range.

The price Range is calculated using the high and low prices. The range for the value is the converted into 100 percentile points and the number of the percentile points set by the user is compared with the First Value using the operator.

For example, the following Range criteria would detect gaps up:

mrktscan_chrtcrit_cplxdscpn.gif

In this case, if the price range of the previous day was $10.00 [for example, $55.00 (Low) to $65.00 (High)], this scan would only return results for stocks where the Low for the next day was at least $70.00 (150 Percentile for $10 range equals $15). Since it was the low for the current day and is higher than the previous close, it is a gap up of at least 50% of the previous day's range.

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