Define Trade Scan

Last modified 09:43, 5 Nov 2012

Define and Tun a Trade Scan

Two types of scans are available in the Trade Scanner. Select between the two in the function bar:

tradscan_scan-opntstrades.gif

In the Scan for Options mode individual options that meet only the Option Leg Filter criteria will be scanned.

In its Scan for Trades mode the Trade Scanner identifies option trades that match the particular strategies and criteria that you specify in the Trade Parameters tabbed page, using only the options that meet the Filters criteria.

Searching for trades returns selected options combined in actual trades, that meet your strategy, parameter and filter requirements. Consequently, each trade displayed may contain a combination of several option positions.

The trades are displayed on the Search Results tabbed page. The user decides how to sort the results - e.g. by Cost, Profit, Risk, etc.

To create a new Trade Scan, click on the Scanners icon on the toolbar and select New Trade Scan command.

Trade Scan Interface

Whether you are running an existing scan or creating a new scan, the Trade Scan interface will have the same general configuration:

tradscan_scan-pagewords.gif

Scan Mode Selection

You can elect to either Scan for Trades or Scan for Options.

If you select the Scan for Options radio button, the Trade Parameters tab is not shown.

Scanning for Options will return all options that meet your filters.

Scanning for Trades will return the combinations of options, grouped into a sequence of trades, that meet your strategy, parameter and filter requirements. Only those options used by Your Software to formulate trades are displayed.

To make the selection, click on the appropriate radio button.

Scan Range Selection Area

Single Security

To scan the trades or options of a specific security, click the first radio button in the Search for Trades on section and enter the code of the security you wish to use for the scan. Press Enter and a daily bar chart for that security is displayed in the Symbol Overview Area along with a Historical Volatility chart. 

Quote List

Your previously saved Quote Pages can also be used to define the range of symbols to be scanned.

You may want to create and maintain Quote Pages containing the underlying securities of options you are particularly interested in solely for the purpose of Trade Scanning their options.

Type in the name of a saved Quote Page, or click on the browse button to open the Select Quote Page list selection dialog box.

Scan Results

Your previously saved Market Scan Results files can also be scanned, providing you with a pre-defined range of underlying securities that you can update prior to selecting for Trade Scanning of their options.

Type in the name of a saved Market Scan Results file, or click on the browse button to open the Select Market Scan Results list selection dialog box.

Note - You cannot scan on Trade Scan Results because they are options, the Trade Scan uses the underlying security of the options as the starting point of its scanning.

Market

Finally, you can elect to search an entire market by clicking on the Market radio button and selecting the national market from the drop down.

Scan Criteria Tabbed pages

The Trade Parameters and Option Leg Filters tabbed pages contain commands to set the criteria for the scan.

Option Leg Filters

The Option Leg Filters tabbed page contains criteria that apply to individual options.

When the Scan for Options mode is selected, the scan will return all options that meet the criteria set on the Option Leg Filters tabbed page. The Trade Parameters criteria page will not be available.

Trade Parameters

When the Scan for Trades mode is selected, both the Filters criteria and the Parameters criteria are employed to define the strategies and restrict the range of options used to populate the strategies.

The criteria of the strategies themselves are set in the Trade Parameters tabbed page.

The range of options available to be used in the strategies is defined in the Option Leg Filters tabbed page.

For more information on these settings, go to the Option Leg Filters and Trade Parameters help topics.

Start Scan

For existing scans, the Start scan button will initiate a scan.

For new scans the Start scan button will not function until you have defined the range of the scan in the Symbol Range Selector.

If you are Scanning for Trades you will also have to first select a strategy from the Trade Parameters window before the Start button will become enabled.

During an on-line scan, the blue scan progress indicator will appear in the function bar.

tradscan_scan-progress.gif

The download will also be indicated in the Remote Action monitor, and if the Remote Action Window is open, the cog will turns in its title bar.

Timing Out

Selecting a national Market for your scan range should be done with caution as Your SOFTWARE's online scans will time-out after two minutes and display a dialog box showing how many stocks have been scanned and asking you if you want to continue.

ogtstimeout.png

Click Yes to continue, but the scan may time out again if the symbol range is too large.

This can also occur if you are scanning a large Quote Page or Market Scan Results file.

You may want to remove some symbols from the Quote Page, restrict the criteria of the Market Scan and regenerate a smaller results file, or alter the Filters in the Trade Scan itself so that a smaller number of options are available for the option trades analysis. In this case, click No, reduce the size of the group of symbols to be scanned using one or more of the techniques mentioned above, and re-start the scan.

View Scan Results

The Trade Scan Results, whether in the Scan for Trades or Scan for Options mode, are displayed on the Search Results tabbed page.

The results can be saved using the Save Scan Results command in the Action menu.

If the scan is run again without saving, the current results will be overwritten. A warning message will appear asking if you want to save the results before overwriting them.

For more information, go to the View Scan Results topic.

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