Scanning is a central feature on Edge to Trade, providing you with the powerful capability to identify and track stocks that meet your specific criteria, ensuring you never miss a trading opportunity. When reviewing how to scan, consider these key aspects:
Before we dive in... Head to the Top Lists page and add a new Scanner component. Then click on the "filters" icon as shown below to get to the filter settings.
Select A Filter Column
Columns are organized into groups to help you find the metrics you want to scan for. You can also use the search bar at the top to look for specific metrics.
Create a New Profile
Under the Customize Filters section, click on ‘Create New’. Then click on the first field to begin creating your custom scan.
Select Your Filter Metric
Here you can either search for a metric in the ‘Search Metrics’ bar or browse through the Column Groups to select any metric. The metrics are divided into categories such as Real-Time filters (Day 1 filters), Financials. Historical (Previous Days) etc.
Definitions for all of the filter metrics are available by clicking on the question mark icon next to the metrics.
Metric-to-Value Comparisons
After selecting a metric, you can customize the output by choosing whether you want your stocks to be greater than, less than, or between the value(s) you input.
Examples
Price > $1
Price between $1 and $15
Chg % > 10%
Volume > 1,000,000
Metric-to-Metric Comparisons
Filtering a Metric-to-Metric gives great flexibility to customize the output based on other factors that are being tracked.
Examples
Price > Premarket High
Price between Premarket High and VWAP
Price > Yesterday's High
Volume > Avg. Daily Trading Volume
Time Slicing
Traders usually have to make multiple adjustments to the scans to apply restrictive filters at different times of the day. For example, premarket volume requirements are usually much lower than intraday volume requirements. This means that a trader will need to take time to make those adjustments at one of the most critical times of the day.
With Time Slicing, you can apply dynamic filters based on different time frames to customize the values input in the scanning filters based on the time of day.
To apply a time-slice, click on the Clock icon next to the metric you want to apply this feature on.
You can either manually enter a Time Range or Click on the bracketed Clock icon to choose an available time slot from the dropdown. Then input your desired parameters for that particular time slot next to it.
Note
You only need to apply the start time of the time slice. Every minute must be accounted for in the scan to ensure no "accidents" happen. To add a time slice at 09:30, simply type 09:30 and the slice will be created.
"OR" Group Filtering
Another awesome feature to conclude how to set up your first scan includes the use of "OR" filtering. Platforms must optimize screen space as screen real estate gets sold pretty quickly when considering charting platforms, execution windows, locate windows etc.
Let's say a trader wants to see all stocks with 1,000,000 volume during the intraday session OR if a ticker had 300,000 in premarket volume, this is where you would get that done. "OR" filtering enables opens up the door to more:
Expansive Search: You can capture a wider array of stocks that might be on the move, increasing your chances of finding high-potential trades.
Versatility: Tailor your search to your trading strategy. Whether you're interested in premarket movers or regular hour spikes, you won't be restricted.
Efficiency: Instead of setting separate searches for each metric, you combine them into one, saving time and streamlining your research.
Instructions
By clicking the "OR" button on the right side of any metric, you will get another metric added below to apply the conditional logic.
Note
Adding "OR" groups can be very powerful, but it can also increase the complexity of your scan. Make sure you note that both filters will be scanned for together, essentially enabling you to mix scans together into one scanner component.