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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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If you attended the class in Washington DC, please accept my thanks for taking the time to come see me (and SnapSheets). If you have any questions about the material presented in these notes, please ask it as a comment below these notes.
I started class by showing a simple EasyScan in TeleChart that gave me a list of stocks to work with.
Here is a video to learn how to use the EasyScan: Using EasyScan to find stocks that meet your own criteria
I migrated to SnapSheets. Everything in class was done from the Personal Chartist SnapSheet.
This video gives a grand tour of the Personal Chartist: New pre-built workspace: Personal Chartist
I then explained one of the main conventions of SnapSheets; the moving and snapping of Snap-Ins.
Check out this short video to learn how to move, snap and tab Snap-Ins within your SnapSheets: Moving and Tabbing Snap-In Tools
I added a few basic studies from the Web Library to the chart (like volume, stochastics, MACD and CCI). I also covered another major convention in SnapSheets; The QuickEdit.
Watch this video to learn how to add studies and use the QuickEdit: Adding Chart Items (plot, markers, etc.) from the Web Library
I shifted our focus to thinking outside of the stock. We talked about thinking about stocks in the context of their Industry or Sub-Industry. We used several of the Industry-based studies in the Web Library.
I added (via the ADD STUDY button) the Industry Price History indicator. This allowed me to quickly see the industry of the stock I was analyzing.
I added Symbol Relative Strength vs. Industry. This plotted the ratio of the stock and its industry chart. This allowed me to quickly see if the stock is out or under performing its industry. When the plot was rising, I know the stock was out performing its industry. When the plot was falling, I know the stock was under performing its industry.
I cleared all the panes but the original Price Pane. I created and interesting combination of plots. I added both Symbol Rank vs. Industry AND Industry Rank vs. All Industry. I set both to use the Hemscott Sub Industry. I also set both to a period of 21.
This combination allowed me to immediately know the following about every stock I went to:
- Was the stock one of the best or worst performing stocks in the group for the past 21 days?
- Was the stock’s 21-day performance gaining or losing strength vs. the other stocks in the group?
- Was the sub industry itself a strong a weak performer vs. all other groups?
- Was the group gaining or losing strength over time relative to all the other groups?
In one glance, I noted if it was a strong or weak stock in a strong or weak sub industry. I could also see if the stock was getting stronger or weaker vs. its sub-industry and if the sub-industry was getting stonger or weaker vs. all other sub industries.
Be sure to review this video: Do You Remember to Check a Stock's Industry Before Buying?
I shifted our focus to some of the Market-based studies available in the Web Library. I plotted an Advance/Decline line. Using the QuickEdit, I easily displayed an A/D line for several index WatchLists (like SP500 and Nasdaq 100).
I plotted the Percent of Stocks Above Moving Average plot. This allowed me to quickly assess the trend directions of the stocks in any WatchList. It also allowed me to get an idea if there was growing strength or weakness in the group based on its price trend.
I then showcased the technique featured in this video: Look for a Bounce When Too Many Stocks Make a New Low at the Same Time
I explored some of the fundamental-based studies. I plotted the Fundamental Criteria Raw History plot. Using QuickEdit, I plotted several different fundamental conditions including P/E ratio and EPS Latest Quarter. This allowed me to see the fundamental trends of the stock.
I plotted a Fundamental Criteria Industry Average. This let me see the fundamental history for the stock’s entire history. I also plotted the Fundamental Criteria Rank vs. Industry to get a sense of the relative strength of a stock’s fundamental condition in relation to its entire history.
We then took a few minutes to explore some of the other Snap-Ins available in the Web Library.
I added a few of the Browser Snap-Ins via the menu (Snap-Ins, Add to SnapSheet, from Web Library).
I added the following from the Browsers by Category:
Analyst Rating: Nasdaq Analyst Info
Earnings Estimates: MarketWatch Analysts Estimates
Options: ETrade Options
I showed how easy it was to Snap Snap-Ins wherever we wanted. Check out this video to review all of these conventions: Floating, Maximizing, Hiding, Deleting Snap-In Tools
I also added a few other Snap-Ins from the Web Library:
Charts: P& F Chart
Version 1.0 Archive: Overbought-Oversold Pie (which we connected to the Date Pointer)
Before we broke for lunch I covered the basic concepts of a Block and a Block Diagram.
Check out this video to review this material:
Your First 3 Block Diagrams
Customizing with Properties
To get a sense of how data can flow through a Block Diagram, I checked and explained the Block Diagrams for Price History, MovAvg and a MACD plot.
After lunch we focused on making changes and creating our own Block Diagrams.
I right-clicked and copied the Moving Average plot in the Price History pane. I then pasted the copy in the same pane. I double-clicked the copied plot and made the following changes to its properties:
I then changed the Block Diagram of the MA plot from this:
To this:
I connected [BarChart Price History 2] to a [Bar High] Block.
I connected the [Bar High] Block to a [Maximum] Block (setting the period to 10)
I connected the [Maximum] Block to the [Moving Average Front Weighted] Block
I double-clicked the and changed it to red.
This transformed the plot into a front-weighted moving average of the highest highs for a 10-bar period.
I closed the Block Diagram and use QuickEdit to change the average type to exponential and the average period to 21.
I then copied and pasted the MaxHigh plot, double clicked it and made the following changes to the Block Diagram and Properties.
I right-clicked the [Bar High] Block and replaced it with a [Bar Low]. I replaced the [Maximum] Block with a [Minimum] Block. I also changed the Legend and Name in the properties. Once closed it became an exponential moving average of the min lows. With the other plot, I now have an interesting channel to track when price goes to extremes.
I then added the WatchList Average (unweighted) plot from the Market Indicators folder in the Web Library. We double-clicked the plot and followed the data flow through the Block Diagram.
I decided to change the Block Diagram of the plot so it used the Active WatchList in the WatchList Snap-In instead of a static WatchList for its symbol list source. Here is picture of the changed Block Diagram:
I also created a simple plot from Scratch.
Right-click on the chart, go to Create New then Plot in New Pane (use the following settings):
Name: Max/Min Ratio
Plot Type: Numeric
Scale With: On Own Scale
Below is the Block Diagram for the Max/Min Ratio:
I then played around with a few True Marker plots.
I added a Stochastics plot from the Web Library via the ADD STUDY button. I then constructed two separate True Markers:
Right-click in the Price window, choose Create New then Plot with the following settings:
Name: StocBuy
Plot Type: True Markers
Scale With: Price History.2
Here is the Block Diagram and Properties:
For the second version:
Right-click in the Price window, choose Create New then Plot with the following settings:
Name: StocSell
Plot Type: True Markers
Scale With: Price History.2
Here is the Block Diagram and Properties:
Before closing for final questions I showcased how you can use the Color Plotter for any plot to color a plot based on whatever conditions you like. Here are some posts to review:
Personal Chartist with Color-Coded Price and Volume
Colored Candles (with different time frames)
Rate of Change and fundamentals (conditional coloring)
The final segment was on BackScanner.
Everything I covered in BackScanner can be learned by watching the videos on BackScanner on the BackScanner web site (follow the link below):
BackScanner Website
Post any questions about the class content below.
Again, thanks for coming to class and taking the time to review these notes.
If you have any new questions, please use the ASK A TRAINER forum.
Here is a video on how to get the most from these forums: Learn how to use the forums: post a new topic, reply, Search existing topics
- Craig
Here to Help!
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Registered User
Joined: 6/14/2005
Posts: 628
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Very nice recapitulation! This is a fine resource to study and review as we learn SnapSheets.
Is it correct that Ranking relative to a list is "SS only" and not available in TC?
I ask because some of the things I really want to see are:
a list of stocks, and for each stock, it's relative ranking in it's industry, sub-industry
a list of sub-industries, and for each, it's relative ranking compared to all sub-industries
etc. for industries ...
IOW, I want to understand the strength and/or weakness (in whatever terms) of all the industries (or sub-industries, or stocks) at a given time, and see the results in tabular form.
Is this possible now, in any way, with any product?
If there is a better place to post this question, please feel free to point it out and I can repost there (or feel free to move the post). Thanks!
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Registered User
Joined: 6/14/2005
Posts: 628
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OK, actually, I guess ASK A TRAINER would be the place ...
Would that I could edit/delete my own post!
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Registered User
Joined: 3/12/2006
Posts: 2
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When I selected the link in Craig's notes from the Washington, DC class, "Look for a Bounce When Too Many Stocks Make a New Low at the Same Time", I was connected to another posting for a 16 minute video. When I clicked on the video icon, it opened a page that stated, "The System cannot find the file specified". Could you please check the link.
Thanks
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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CleanSpace,
The link works for me when I use Internet Explorer, but not when I use Firefox.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Administration
Joined: 9/30/2004
Posts: 9,187
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There was an error in the link. The last / was a \. IE didn't have a problem with it but it was translating to %C5 in Firefox. Should be working now.
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