Indicators Criteria

Last modified 10:33, 5 Nov 2012

Indicator Based Criteria

mrktscan_srchcrtyp_indics.gifThis extensive group of search criteria is only available for off-line searches.

Indicator based scanning criteria employs the same logic used to draw indicators on charts to scan the price data for user defined price movements.

First price movement patterns which satisfy the indicator's requirements are identified, and then those results are further refined using search criteria set by the user.

This tool gives users the ability to efficiently analyze a large number of symbols using their favorite indicator tools, without having to plot an individual indicator on each symbol's chart.

Example

For example, rather than painstakingly applying Bollinger Bands to each of the symbols in a Quote List, and then visually analyzing the bands to see if a favorable price movement has occurred, set a Bollinger Band scans' criteria to the expected parameters of the movement, and then apply the scan to the Quote List.

Criteria Definition

Indicator type criteria always have a complex Search Criteria Parameters definition area, and they also have an Indicator Parameters definition area. The parameters set in both of these areas will define the scan.

mrktscan_indiccritscmplx.gif

Search Criteria Parameters Area

A typical example of the Criteria Parameters dialog boxes associated with Indicator type criteria is that for the Stochastic indicator type.

It has a multi-dialog user interface producing a complex criteria formula. These settings are similar to those used in the Chart criteria type, but each also contains a few additional value types specific to the Indicator. The scan results for indicator type criteria will also be affected by the Indicator Parameters used to define the indicator that is used to define the initial search results in and indictor search.

First Value

mrktscan_indiccrit_1stvalu.gif

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.

Data Type

The list contains many price data type options that are available from the server and in addition contains some data types specific to the indicator itself.

The data types, and values that apply to them, will depend on the criteria type.

In this example, in addition to the standard Chart data types, Stochastic %K and Stochastic %D are also available.

Similar additional data types will be available for each of the Indicator criteria types.

Modify Result

The result for the first value can be mathematically altered using the Modify Result operator.

Operator

mrktscan_indiccrit_operator.gifThis parameter establishes the relationship between the two other parameters.

It contains a standard set of mathematical and relational operators.

When the relational operators (Crosses Above/Below or Is Increasing/Decreasing) are chosen, the Operator has its own comparison value and the Second Value is disabled and the For the Last "x" Days dialog becomes active for the Operator.

All of the mathematical operators (Is Greater/Less Than /or Equal To) require a second value to be defined to which the first value can be compared.

Second Value

This parameter defines a particular value or fraction of a value for a particular time which is compared with the first value, using the function indicated by the operator.

The data types available for selection are the same as for the First Value, but the drop down list also contains the value Numeric Value....

Enter a numeric value that is related to the first value.

Indicator Parameters Area

The Indicator Parameters area contains the same values that are found on the Parameters tab of each Chart Indicator's Properties dialog box.

The number and type of parameters that can be set depends on the Indicator and ranges from none, for example for Open Interest and Volume Momentum, to up to ten for Mov Avg - Simple. Most will have from one to three.

The current Default Settings for the indicator are initially displayed. Users can alter these settings by entering new values in the Indicator Parameters text entry boxes on the right.

The Indicator Parameters for scanning are set in exactly the same way as for the Indicators themselves. For more information on these settings, go to the individual chart indicators' help topics.

Note - New Default settings for indicators can only be set and saved from each Chart Indicator's Properties dialog box.

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