Discover Trading Opportunities with TrendSpider's Market Scanner

Table of Contents

1. Introduction
2. Setting Up and Customizing a Market Scanner
   1. Creating a Watchlist
   2. Activating the Market Scanner
3. Using Sample Scans
4. Creating a Custom Scan
   1. Adding Parameters
   2. Scanning Based on Indicators
5. Analyzing Scan Results
6. Saving and Cloning Scans
7. Advanced Scan Strategies
   1. Comparing Different Products
   2. Using Multiple Workspaces
8. Limitations and Considerations
9. Conclusion

Introduction

In this article, we will explore how to effectively use Trend spiders Market Scanner to find and analyze trading opportunities. The Market Scanner allows users to set up and customize scans based on specific criteria, time frames, and assets. By creating a watchlist and activating the scanner, traders can easily identify potential trading opportunities that meet their predefined criteria. We will cover the process of setting up and customizing a market scanner, using sample scans, creating custom scans based on indicators, analyzing scan results, saving and cloning scans, and advanced scan strategies. Additionally, we will discuss limitations and considerations of using a market scanner and provide a conclusion summarizing the key points discussed.

Setting Up and Customizing a Market Scanner

Before diving into the details of using the Market Scanner, it is important to Create a watchlist with the symbols You are interested in scanning. The Market Scanner works closely with the watchlist feature, scanning for trades based on the products added to the watchlist. To create a watchlist, simply click on the symbol you want to add and click the star icon to the right of it. You can also create a new watchlist with a unique name and add symbols of your choice.

Once you have created a watchlist, you can activate the Market Scanner by clicking the Market Scanner button above the watchlist. This will turn the button green and enable the scanner below your Chart. When setting up the scanner, you can choose a name for your scan and select the watchlist for the scanner to scan.

Using Sample Scans

Trend spiders Market Scanner provides several pre-built sample scans that users can choose from. These samples are created by Trend spider or other users and offer a starting point for users to understand different scan criteria and how they can be customized. Users can select a sample scan and modify it to suit their preferences by choosing a different watchlist or index to scan through. The sample scan results will be displayed in the scanner window, showing the products that meet the scan criteria.

Creating a Custom Scan

If the pre-built sample scans do not meet your specific criteria, you can create a custom scan tailored to your trading preferences. To create a custom scan, click on the "New Scanner" button. You will need to provide a name for your scan, choose the index or watchlist to scan, select the chart Type, and decide whether to consider overnight extended hours and the Current candle in the scan.

To add parameters to your scan, click on the "Add Parameter" button. You can choose from various options such as price, indicator, candle pattern, chart pattern, earnings, date values, dividend dates, dividend values, stock splits, news content, analyst estimates, or your watchlist. By setting specific conditions or criteria for each parameter, you can narrow down the scan results to meet your preferences.

Analyzing Scan Results

Once you have set up your scan criteria and clicked the "Scan" button, the results will populate in the scanner window. The scan results will display the products that meet the specified criteria, allowing traders to analyze and compare the scan results for better decision making. The scan results will provide valuable insights into potential trading opportunities based on the predefined criteria.

Saving and Cloning Scans

If you come across a scan that you find valuable and want to use it in the future, you can save it for later use. Simply click the "Stop" button to pause the scan, and then click the "Clone" button. This will allow you to save the scan with a different name or make modifications to the existing scan to suit your preferences.

Advanced Scan Strategies

To take full AdVantage of the Market Scanner, traders can use advanced scan strategies such as comparing different products or using multiple workspaces. By opening multiple windows with different watchlists or indices and swapping between them, traders can scan for different market conditions and compare the results. This enables traders to gain deeper insights and make more informed trading decisions.

Limitations and Considerations

While the Market Scanner is a powerful tool for finding trading opportunities, it is essential to consider its limitations. The scan results are based on the predefined criteria and may not always capture all potential opportunities. The speed of the scan results may vary depending on the number of products in the watchlist, so it is important to be patient during the scanning process. Additionally, it is important to regularly review and update the scan criteria to ensure their relevance and accuracy.

Conclusion

In conclusion, Trend spiders Market Scanner is a valuable tool for traders to find and analyze trading opportunities. By setting up and customizing the scanner based on specific criteria, traders can easily identify potential trades that meet their preferences. By using sample scans, creating custom scans, analyzing scan results, and saving and cloning scans, traders can make more informed trading decisions. However, it is important to consider the limitations and utilize advanced strategies to maximize the effectiveness of the Market Scanner.