CQG 7.4 Portfolio Market Scans
Active traders are always looking for situations to exploit in different markets. Any particular situation can be converted to one or a set of conditions. To aid traders looking at different markets for particular situations, CQG’s Market Scan can define a set of conditions, search a portfolio of instruments for those meeting the conditions, and thereby provide a list of markets to investigate for trading opportunities.
CQG comes with more than 20 conditions already programmed, depending on your enablements. You can define your own conditions as well.
Market Scans can review portfolios for conditions built using any time interval, from intraday bars to annual bars.
To start setting up a Market scan, click on the MScan toolbar button or the click on the More toolbar button and select Market Scan. The Market Scan Wizard guides you through the process of creating a Market Scan by first selecting or defining the conditions, then setting up a portfolio, and running the scan.
As an example of a finished scan, this image shows the output of applying the Tom DeMark TD Sequential study to a portfolio of exchange traded funds (ETFs) back. This image is from a more detailed article on using CQG’s Market scans. Here’s a link to the article detailing Market Scans in CQG.
TD Sequential is a pattern recognition study used to identify potential ends of trend runs. The study looks for possible conclusions to uptrends and downtrends. If a trader was looking for just the end of downtrends, then an additional condition could be added, such as the price must be below a moving average of some appropriate value, such as 50 days.
Rolling the mouse over any row in the results window and a left click will bring up the chart of the symbol. If the condition was set to mark the bar that met the condition then the bar is colored.
With the scan complete, the results can be saved and pulled for further analysis. The Market Scan could be run each evening.
Think of the Market Scan as having a trader’s assistant tracking other markets for you. The assistant will alert you to when your trading style may match conditions in a market that you may not be focusing on at this very moment.