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Basics of Using Real Time Market Scanner
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Basics of Using Real Time Market Scanner

  #1 (permalink)
Trading Apprentice
Calgary AB Canada
 
Futures Experience: Intermediate
Platform: Multicharts, IQFeed
Broker/Data: Interactive Brokers, Fidelity, Questrade
Favorite Futures: Forex, Options, Futures, Stock
 
Posts: 8 since Jan 2016
Thanks: 2 given, 0 received

Basics of Using Real Time Market Scanner

Hi All

I've been using MC since Oct '15, but just starting to plumb the depths of what it can do. To date I have simply used the Watchlist in Scanner as a place to list stocks, futures, forex, etc and link to charts. Today I started using it to screen stocks, beginning with simple canned studies like C_Doji.

First of all, does anyone know of a good reference manual for the Scanner? The MultiCharts User Manual covers the basic mechanics, which I can usually figure out on my own. But nowhere does it talk about practical use, logic, a strategy for using it, etc. Every time I chat with MC, they say "Read the Manual" as if it is a Holy Grail. But it never answers my questions. Rant Over.

So I put a list of stocks in the prescreener, added the C_Doji study (by the way, is there a reference that explains what all these canned studies are?), and hit Rescan Now. A smaller list of stocks populated the watchlist screen. So far so good. But a lot of them did not have dojis as the last candle. I'm assuming the scanner is scanning all bars, and if there is a doji anywhere, it throws the stock into the watchlist. It doesn't indicate where the doji is. Is that a correct assumption and if so, how do I limit the screen to the final 5 or 6 bars?

Also, if I put 2 screens in the prescreener, is the effect cumulative or individual? In other words, does a stock have to pass both screens to make the watchlist?

OK, I'll stop with this for now. Thanks for your help.

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  #2 (permalink)
Trading Apprentice
Calgary AB Canada
 
Futures Experience: Intermediate
Platform: Multicharts, IQFeed
Broker/Data: Interactive Brokers, Fidelity, Questrade
Favorite Futures: Forex, Options, Futures, Stock
 
Posts: 8 since Jan 2016
Thanks: 2 given, 0 received

Basics of Using Real Time Market Scanner

OK, I have been grinding my way through this, here is what I have found so far:


1) Is there a good reference manual for the scanner that actually addresses practical usage?

No. You can get the basic mechanics from the MC user manual, but as far as something that explains logic, strategy, how the PreScreener relates to the Watchlist, etc, you are on your own. Set up a dummy scanner window and just play around with things and see what happens. I'm getting there, and you will too.


2) When you run the scanner as I did, say with the C_doji indicator, you will probably get a hit on every instrument on your list. Pretty worthless as a screener, right? That's because it screens the entire data range for the resolution you have specified, so of course it finds dojis everywhere. The solution to this is to add a little bit to the canned script that comes with Multicharts:

if LastBarOnChart then

Then it will only screen on the last bar instead of every bar. I know, simple stuff, but I'm just starting, cut me some slack.


3) If you use multiple indicators, is the effect individual or cumulative?

Individual. And instruments only make the watchlist if you check the "and select" box and the "instr based on" box, select the study, and then the "!" in the next to last box.

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