Using Muticharts Scanner

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Using Muticharts Scanner

Postby geizer » 13 Mar 2010

Hi everybody,

The real-time market scanner has been introduced into Multicharts more than a year ago.
I would *really* like to hear some successful stories from traders who actually using it. I am sort of loosing my faith in it and looking for someone to convince me that it's worth using it.

Maybe you can kindly share your successful experience.
Thank you very much in advance,

last edit: emphasized parts of the post with bold.
Last edited by geizer on 13 Mar 2010, edited 1 time in total.

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Postby Bruce DeVault » 13 Mar 2010

If you would like help with something, please post a specific query about what you've tried and what you can't get to work, and I'm sure others will be glad to help you if they can, but it needs to be in the spirit of an honest request for assistance with a specific technical problem.
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Postby bowlesj3 » 13 Mar 2010

In defense of Pavel, I don't really think TSS needs to be concerned. Here is the way I read it.

First off I need to put this in perspective since I am in a similar position as Pavel. I do not use the scanner but that is because I specialize in one symbol only. It has nothing to do with the scanner. LOL, I do not even know how to fire it up but I think MC is the greatest thing next to sliced bread (100% whole grain multi grain bread that is. LOL). Having said that I am sure that there are traders who use it with successful strategies that are different than my strategy.

So my read on Pavel's question is it sounds like he is looking for a new strategy or looking to add a new strategy to his bag of tricks. I do not see it as being critical of the scanner. For my use I would not ask such a question since my strategy creates lots of smoke coming out my ears and any more thinking could set me on fire. LOL. Others may have more energy and interest in improving however.

So maybe Pavel needs to word it something like this. "For my current strategy the scanner does not seem to buy me anything. However I want to expand my horizons. How can I use it for some new and great strategies and where can I learn more about these types of strategies? Tips here would be greatly appreciated! Thanks (as always)."
Last edited by bowlesj3 on 14 Mar 2010, edited 7 times in total.

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Postby tcat » 13 Mar 2010

As far as I am concerned, the scanner provides the following added value:

- Provides an overall overview of market status, with the ability to group data by sector. Consider this as a global snapshot.

- Sort the data according to the value of indicators. This provide one way to focus asset allocation to the most responsive equity, according to the rules I have setup.

I have not identified other ways to use it at this point.


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Postby geizer » 13 Mar 2010

A brief comment on my 1st post in this thread - it was 2AM and I simply did not have any juice left to post details.
And thanks everyone who responded. Special thanks to John for a friendly word.
I finally got some data together to respond to critics. Here is what I am trying to achieve: Some time ago I built a full list of North American stocks broken down by markets/sectors.
My database consist of 15000+ stocks and covers all North America - all categorized nicely in Excel spreadsheet. The attached PDF shows the screenshot of my list without going into the details. Every group in my list is further expanded into components, i.e. symbols (companies).

My goal is to load the lists (groups) into a Scanner to measure a group as an average of its individual components using my own indicators. The Average for the group will be my Group Index.

At this point I know I can copy my symbol lists into a scanner window, but... there are way too many of them. I will need some way to manage the lists. Ideally lists will need to be managed in one place - preferably in MultiCharts. It's not a problem with a list or two, maybe dozen. But as you can see I have over a hundred symbol lists which are basically a structured tree with groups broken into subgroups. A brief look into industrial sector ~ 1000 symbols. The Technology group ~700 and so on. Financials ~ 1100 symbols. These are the largest top level groups. It's hard to scan them all at once - better to scan them by subgroups. The subgroups are smaller - typically a few dozen to few hundred symbols each. You now get the idea.

Now the following choices considered:

1. Create just one Scanner window. Then create many many symbol groups, and copy/paste symbol lists from excel.
The disadvantages of this approach:
Too many symbols in the scanner will compete for CPU cycles. The ability to quickly Connect / Disconnect (Switch Off) scanned groups / lists would be required and would be priceless. This way symbol groups can be preloaded and sit idling until connected. There is no such functionality in Multicharts scanner at the moment. Also, every Data Provider I am familiar with is limiting the number of symbols connected simultaneously. This is yet another reason why ability to "Connect" / "Disconnect" groups/lists in scanner is needed. Global max limit can be specified to help the trader to stay within custom set limits.
Inability to create subgroups in the scanner is a limit as well. Suppose we measure the Indices of two subgroups as Averages of each of their components. Ability to calculate the Total Average Index of the group which includes both of the above subgroups is needed, and may become a foundation of many trading ideas.

2. Alternatively I can create many many many Workspaces.
The disadvantages are:
Too many workspaces create confusion and time lost for switching between them. Again there is no way to switch symbol lists in the scanner. No ability to Open/Save symbol lists.

3. Wat else left? Will 3rd party scanner provide a solution. At what cost?

The natural solution to me seems to have the Symbol list management built into the QuoteManager. The QM is already capable to sort/group symbols by Exchange. The filtering functionality is already there. Adding the new "Tagging" functionality for symbols to be marked with tags, so they can be sorted/filtered is priceless. When adding instruments into scanner the ability to filter symbol(s) by Exchange and(or) Tags (sectors or whatever else you may decide to use tags for) would be an excellent feature to help dramatically reduce time required to manage symbol lists. Of course this may require major change to the QM Database - a serious job but worth considering, I think.

At the moment I know I can achieve some of what I want - in a cumbersome way. But I like a "do it once" approach, to find an elegant solution that will help to reduce the amount of repetitive tasks in the future. Hopefully my post answers the question of what I am trying to do with the scanner. I seriously hope other traders will share their experience on how they use the scanner. May be there is some obvious functionality that I don't see is already in the scanner. Please post what you think.

P.S. I don't mind to support the development and actually donate the complete list of yahoo symbols (US and Canada) categorized by sectors so it can be included with each fresh Multicharts install - if TSS consider implementing the suggested improvements to a scanner.
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Postby horton » 28 Apr 2010

I use MC on Esignal for monitoring the relative performance of 100 + commodity, currency, and equity asset clases and for on demand charting of various securities. But for individual scanning of U.S. equities I use Worden Stockfinder (historical plus real time down to 1 minute) and AB plus Premier Data (EOD daily). Both of these solutions handle the breakdown of sectors and subsectors automatically. Unfortunately they do not use the same industry code framework but that is a minor inconvenience.

If MC provided a framework for categories, watchlists, etc. like AB then a third party could generate the sector assignments as Premier Data does for AB.

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