How do you recommend that I use the scanner?
John uses the scanner as a research tool to speed up the process of identifying potential trade setups and we suggest doing the same thing. Not every scan result is a good trade idea, but if you use the scanner as a starting point like John does and then look for confirming indicators and trade triggers the scanner can dramatically simplify the process of finding actionable setups.
On my charts I have a stock which matches the scan criteria but it doesn't show up in the results. Why?
There are several possibilities
- The stock you are looking at isn't in the universe of stocks we look at. The universe stocks for each scan is listed above the scan results.
- Be aware that the scan is based on closed bars only. For example, if it is midweek and the weekly chart shows only one green dot for the squeeze that squeeze has not yet fired. It has only fired if the dot is still green when the bar closes with the market close on Friday afternoon.
- For intraday scans there are many settings which can cause differences in squeeze calculations. Make sure that your charts are not showing extended session data. Also, on some platforms there are settings which control the time new bars start. For example a 39 minute bar might begin every 39 minutes beginning at midnight or every 39 minutes beginning with the market open. To get the same results as the scans it is important to start building bars at the market open. How to do this varies by platform.
- For scans based on the Waves indicator, be aware that this indicator is sensitive to the amount of historical data being charted. The scans use approximately 300 bars of data and if your charts have more or fewer bars then there is a possibility that your charts might show that the waves are on one side of zero while the the scan indicates something different.
How come the universe doesn't include all stocks?
The universe for each scan has been adjusted to provide the scanning tool which John believes will give optimal results for his stock research. Focusing on higher volume, higher priced stocks keeps lists to a manageable size and focuses on stocks which tend to give more reliable technical signals. The whole purpose of scanning is to quickly identify opportunities and reducing the size of the list makes it easier for John to find the stocks he's looking for. We hope you find it useful in the same way.
Even with the limited universe there are still too many stocks for me to look at. What can I do?
Depending on market conditions, sometimes scan lists will be quite long and sometimes very short (or even empty). When the list is very long, consider sorting by average volume and focusing on the highest volume stocks as these will likely give the cleanest technical signals. To sort the list click the blue diamonds next to "Vol (avg.)." Clicking twice will put the highest volume stocks on top. Sorting by whether the stock has weekly options or by options open interest may also be useful. Stocks with higher option open interest and/or stocks with weekly options tend to be more liquid and actively traded than other stocks.
How do I know if the scan results are recent?
The date and time the scan was run is printed below the list of results.
In general you can expect the following:
- Weekly scans are posted on Friday, typically by 6pm ET but check the time stamp just to make sure the scan has been updated.
- Daily scans are posted Monday through Friday, typically by 5pm ET but check the time stamp just to make sure the scan has been updated.
- Intraday scans are posted throughout the day, usually well within 10 minutes of the intraday bar closing.
What about ETFs?
Yes, the scanner also searches for all ETFs including double and triple leverage.
What if I trade options?
The scanner includes a column that you can sort for weekly options. A (√√√) means the stock trades weekly options. A (XXX) means the stock does not trade weekly options. I like to focus on the stocks that do trade weekly options because those are the most active and liquid stocks.
How do I import the scanner results?
The scan results can easily be copied and pasted into excel or any .txt file. You can even import them into TradeStation or Think or Swim.
- TRADESTATION: All you need to do is copy the whole table and then paste it into Radar Screen.
- THINKORSWIM: All you need to do is copy the whole table. In the ThinkorSwim watchlist, choose “Import…” and then “Paste symbols from clipboard.”
Where can I get more information on the indicators used in the scanner?
Can I get more Information about how to trade using the scanner?
How do you interpret the symbols on the Multi Time-Frame Analysis dashboard?