PROS RESPOND: Best Market Scanner?

[HI_THERE 10]

I daytrade. Almost exclusively stocks.

 

What is the best market scanner? Specifically, I want a low-cost scanner that will allow me to CREATE CUSTOM STUDIES for scanning.

 

I do not need platform for placing orders....merely a scanner.

 

I need RELIABILITY and low-latency. That is to say, I need to be able to scan the markets--with my custom formulas--and get near-instant results. And I need a platform that works everytime I use it.

 

I am thinking about eSIGNAL MARKET SCANNER but I am not sure if I can create my own custom formulas. Also, I want to be using a SOLID CODING LANGUAGE. I need input from others.

 

Finally, let me reiterate that I do not care about using historical studies, MACDs Boll Bands, or other such non-sense. I need to be able to scan based on my own CUSTOM STUDIES....and I need reliability.

 

Thanx. All comments welcome.

[zapisy 10]

See RadarScreen by Tradestation

[HI_THERE 10]

Yeh. I'm impressed. I very well may go that route. Only problem, I trade with IB. I could open a TS account but I dont want to be paying $100/month just for the market scanner if I don't need to.

 

You know of any other alternatives? thanx for the response btw.

[SIUYA 11]

A few other ideas

 

I only trialled it but never took it up, as I did not like the feel of it.

RT -investor from memory had something like this where you can build things yourself.

also

Multi charts has a similar radar screen.

 

Its an issue I have also had over the years, as ideally I would have loved to have built an indicator, or used a standard one and be able to easily (note this word) export all this info directly into excel, as this is such a good system to use to sort, rank, cut and paste etc.

 

Have not look at this lately so maybe systems have improved.

[uexkuell 10]

I need RELIABILITY and low-latency. That is to say, I need to be able to scan the markets--with my custom formulas--and get near-instant results. And I need a platform that works everytime I use it.

 

....

 

Finally, let me reiterate that I do not care about using historical studies, MACDs Boll Bands, or other such non-sense. I need to be able to scan based on my own CUSTOM STUDIES....and I need reliability.

 

In order to give you a really adequate answer one would have to know what kind of custom formulas/studies you have in mind.

 

 

With the information on hand I suspect that the pret-a-porter solutions (like in TS or other platforms) will probably not be sufficient for what you want.

It may look comfortable at first but then lead quickly to severe limitations.

 

Therefore it might be best to stick with a true programming language and interface directly to a quote feed API (like IB has).

[Guest Tresor]

Check out MultiCharts.

[BlowFish 10]

If you want 'low latency' particularly scanning hundreds or even thousands of symbols real time you might want to check out Neoticker. Not sure exactly what you mean by 'reliability', kind of implies you want something over and above something 'just working'. Your general tone 'pros respond' 'low latency' etc. seems to suggest you want something a bit beyond standard retail offerings? Anyway Neoticker is certainly worth checking out if you need near instant results from a whole bunch of different symbols, you can also 'cascade' scans and apply basic logic based on different scan results to quickly thin out lists.

Edited July 2, 2010 by BlowFish

[HI_THERE 10]

I am highly appreciated of all those that responded.

 

@Uexkuell and BlowFish:

 

Yes, I have a near-perfect system which combines IB and thinkorswim. I use IB's Trader Workstation and custom study for thinkorswim called TSI WFRT. Combined, my returns are impressive.

 

I have some custom volume profiles that I want to integrate into a dedicated market scanner but was looking for something separate from the platforms I'm using. I will contemplate your input. Thanx again.

[BlowFish 10]

If you are using profiles you will need to maintain (or use software that maintains) arrays of volumes @ price. There are techniques you can employ to minimise (or even prevent) having to iterate through these arrays to find 'stuff'. That will require some skill at coming up with algorithms . Whilst for n = lowprice to highprice step ticksize might cut it for a handful of instruments it won't be 'low latency' for scanning larger baskets.

 

Anyway I digress, I should write an operational requirement and shoot it out to software manufacturers. In the long run it will likely save you time and frustration.

[maxblaser 10]

trade ideas hands down tradeideas.com

[TheBigMan 10]

Yeh. I'm impressed. I very well may go that route. Only problem, I trade with IB. I could open a TS account but I dont want to be paying $100/month just for the market scanner if I don't need to.

 

You know of any other alternatives? thanx for the response btw.

 

 

I hope someone can help me understand this. I am just getting back into Day Trading. I have been reviewing this and other sights for general information.

The question is, if you are trading and making money, a $100 or $500 payment to improve or increase your profits should be insignificant. Therefore, what are the average folks around here making from day / Swing trading. Or is it something that most do for a hobby?

[HI_THERE 10]

yes....hehe....i"m just a miser. The payments dont make a dent in my profits. But one has to be careful not to have auto-debit going to 100 different companies that claim to increase your profits, yet only 2 or 3 do. You could easily be shelling out $25K / month. So--by my nature--I am always a skeptic and like to do my research. It's one thing to make profits; it is quite another thing to keep profits and live well from them.

[UrmaBlume 10]

We also believe scans are very important. Almost any trend following approach makes a lot of money if you can keep it in a trending market/time frame.

 

Below are 3 scans from the Trade Station Radar Screen which is free as is the platfrom with minimal trading.

 

The markets are scanned for the presence/participation of commercial activity and smart money action as well as price volatility.

 

First are the top 25 stocks in the S&P 100 according to smart money taken at the close on Friday. Next are the top commodities and last are popular forex pairs scanned and ranked according to intsturment and time of day normalized indications.

 

Stocks

 

 

Futures

 

 

Forex Pairs

 

 

Cheers

 

UB

[HI_THERE 10]

Yep. I am using Radar Screen these days and am impressed. Quote delivery is top-notch and it is easy to integrate custom scanning criteria. My major concern with market scanners is quote accuracy, and latency. I have not exprienced any problems with these thus far while using Radar Screen.

[danbarn3 10]

Yep, been using TS Radar for years with my custom code everyday. Could not live without it.