Screeners concept is inspired by the concept os screeners in the Stock Market analysis and by the book Trading for a Living: Psychology, Trading Tactics, Money Management, by Alexander Elder.
The function of these screeners is to recognise patterns in the charts. If you are already trading using mechanical systems with visual chart analysis, you may have a process like:
If the 20 Moving Average is above the 50 Moving Average and Doji pattern forms in the last session, then…
You have more than 12 screeners available. You can activate, deactivate and configure them to implement and automate your own system.
The first screener will produce
- BUY signal if the fast moving average is greater than the slow moving average;
- SELL signal if the fast moving average is lower than the slow moving average
- NO SIGNAL if the absolute difference of the two moving averages is less than a configured amount of points.
The second filter will produce:
- BUY if a bullish engulfing pattern is detected;
- SELL is a bearish engulfing pattern is detected
- NO SIGNAL if no engulfing pattern is detected.
- If the first filter detects a SELL and the second filter detects a SELL, then a SELL signal was detected.
- If the first filter detects a SELL but the second filter detects BUY, then no signal was detected.
- If the first filter detects a SELL but the second filter detects NO SIGNAL, then no signal was detected.
The available screens are:
- Engulfing Candle
- Last Candle Sentiment
- Average Candle Height
- Candle Height
- Candle wicks
- Close price relative to Moving Average
- Higher Timeframe Two Moving Averages
- Trading Timeframe Two Moving Averages
- Room to the left
- Two moving averages crossover
- Candle Body Height range
- Candle Total Height range
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