Tips & Tricks
Setups
Screeners are best used when searching for trade setups. They are excellent confluence scanners and should be a part of all seasoned traders' arsenals. When searching for a trade setup; glancing at the required cells for the upcoming trade can be an excellent idea. For example; see the image below:
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| Confluence between the required cells |
Here in this image we see for XRP the Signal and Reactor column both are red. Next to the signal we have a single tick. This suggests XRP has already been trending downwards and hit one of the provided take profits. The fact both of these cells are red gives us further confidence the market is in a strong confirmed downtrend.
Screeners can also help protect traders again poor risky trades.
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| Indecision between the cells |
Here in this image we see for XRP the Signal and Reactor column both are showing different colors and values. The reactor being green and the signal being a sell suggests the market is in a period of indecision. Therefore taking trades in this market could be of higher risk.
Just like in a quiz; going with the majority vote for the answer is normally a good idea. This is the exact same with indicators. Looking at the readings from each distinct tool can be a powerful method.
Exits
Screeners can also help traders detect when markets become overextended and might be more likely to reverse. This can help make exits in trades easier.
For example; in Crypto trading; assets are often correlated with each other or Bitcoin. Looking at Bitcoin and seeing reversal labels and reversal candlesticks appear in the screener can be a leading indicator into taking profits in other trades.
Traders can also use the screener more classically and just focus on their single asset. If a long position is entered and reversal signs and bearish candlestick patterns are appearing in the screener; it could be a perfect chance to take profit.
Waiting for trends to reverse before taking profits can be dangerous and leave profits on the table. Profit is profit.
Cutstomize Your Screener
Location: Traders can change the location of the dashboard and the size via the provided settings. The screener can move into the area of the chart required. The size can also be modified to adjust to trading styles.
Screened items: If Traders do not wish to screen for a certain condition e.g. Not interested in candle patterns; via the Data Settings input; traders can toggle on and off the conditions. This can make the screener more customisable and cleaner for traders.
Reducing the number of screened assets can increase the speed of the screener making your charting experience even faster