I can really recommend to watch this youtube video https://www.youtube.com/watch?v=0kReX5qZkVU to everyone.
@WL-Team
Thanks for this great improvement.
I find this functionality great and wonder if this screener will also be useful for intraday traders in the future. As far as I can see, the last bar is processed with a limit of 250 bars historical data, which might be managable for intraday scales too (on the server side).
Are there any limitations other than the data itself (availability) why the screener cannot be used for intraday trading?
Applause, a wonderful feature!
@WL-Team
Thanks for this great improvement.
I find this functionality great and wonder if this screener will also be useful for intraday traders in the future. As far as I can see, the last bar is processed with a limit of 250 bars historical data, which might be managable for intraday scales too (on the server side).
Are there any limitations other than the data itself (availability) why the screener cannot be used for intraday trading?
Applause, a wonderful feature!
Rename
QUOTE:
Are there any limitations other than the data itself (availability) why the screener cannot be used for intraday trading?
The screener is powered by Wealth-Data which is EOD only.
If everyone would kindly purchase a second license we could probably fund an intraday version of the screener, but for now this service is limited to one year of daily historical data only 🙂
Yes, that may be one way. If it is about funding and not about contractual restrictions, other options could also be explored. For example, another subscription bundle or a service that has to be paid for.
If such a calculation pays off, both sides could benefit.
Finally, the intraday strategies used, which work on predefined data sets, are also scanners. I think a server solution could be more efficient and as long as the costs for the end user are cheaper than subscribing to market data from the broker, it could be exciting to think about a model.
Either way, it's a great thing even if you don't trade EOD. Extraordinary if complete markets can be scanned on the basis of scripts, even in the intraday context.
If such a calculation pays off, both sides could benefit.
Finally, the intraday strategies used, which work on predefined data sets, are also scanners. I think a server solution could be more efficient and as long as the costs for the end user are cheaper than subscribing to market data from the broker, it could be exciting to think about a model.
Either way, it's a great thing even if you don't trade EOD. Extraordinary if complete markets can be scanned on the basis of scripts, even in the intraday context.
@MIH, a lot of words yet the most important have not been said: why would the screener be used for intraday trading at all? You would be pushing the button every X minutes?
There was another thread i asked to push signals to the quotes window automatically in the intraday context. There are good reasons to do so, but that was consistently ignored and not answered.
For time scales from 15 to 60 minutes it may be worth clicking buttons. The quantity (finally the quality by being more selective in that pool) of signals raises because of scann thousands of stocks instead of 100.
Really, there is no need for any discussion. That's a great feature and would be great to use in intraday too. Maybe there would be some short comings at the start which could be improved too, like moving signals automatically to the quotes window.
For time scales from 15 to 60 minutes it may be worth clicking buttons. The quantity (finally the quality by being more selective in that pool) of signals raises because of scann thousands of stocks instead of 100.
Really, there is no need for any discussion. That's a great feature and would be great to use in intraday too. Maybe there would be some short comings at the start which could be improved too, like moving signals automatically to the quotes window.
Let's agree to disagree. Despite the increased symbol coverage, I see little to no use for the 'pushing the button intraday' style while the Strategy Monitor exists.
Ok, agreed. Without wanting to push anything and aware of leaving the context of the thread, I will try to give an idea.
When you place a limit order, it is based on conditions or events. EOD and intraday trading is no different.
So let's say you are looking for a price gap and place a limit order. If the order is not filled in time, there could be another price gap that triggers another limit. So you want to place another order with the new price limit. Regardless of the basis on which one wants to adjust the limit, it is no more and no less useful than in the EOD context. The scaling itself is not the reason why I place a limit order and change its price.
With the current implementation in your software, this is handled perfectly for EOD.
But it cannot be handled the same way for intraday. The trading mechanisms are the same, aren't they?
Why do you think it makes sense for EOD and not for Intraday?
When you place a limit order, it is based on conditions or events. EOD and intraday trading is no different.
So let's say you are looking for a price gap and place a limit order. If the order is not filled in time, there could be another price gap that triggers another limit. So you want to place another order with the new price limit. Regardless of the basis on which one wants to adjust the limit, it is no more and no less useful than in the EOD context. The scaling itself is not the reason why I place a limit order and change its price.
With the current implementation in your software, this is handled perfectly for EOD.
But it cannot be handled the same way for intraday. The trading mechanisms are the same, aren't they?
Why do you think it makes sense for EOD and not for Intraday?
The main reason for transmitting limit orders to the Quotes Monitor (for any time scale) is that the number of limit orders is not limited on the client side, but it is on the broker side.
If you only pass n out of 100 limit orders to the broker, you reduce the chance of getting a hit to n.
If you trigger it with WL, 100 out of 100 can be triggered.
For this reason, the Quotes Monitor makes sense to use in addition to the Strategy Monitor.
Imho, this is outside the realm of "little to no benefit". It has a big impact on trading results. Maybe you have a different opinion, but none of you have been responding to this argument for months.
If you only pass n out of 100 limit orders to the broker, you reduce the chance of getting a hit to n.
If you trigger it with WL, 100 out of 100 can be triggered.
For this reason, the Quotes Monitor makes sense to use in addition to the Strategy Monitor.
Imho, this is outside the realm of "little to no benefit". It has a big impact on trading results. Maybe you have a different opinion, but none of you have been responding to this argument for months.
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