Saturday, January 12, 2013

MetaStock - The Explorer Market Scanner

Today I am covering stock analysis using MetaStock 9.0 charting which I use it to perform screening for potential stocks trading back in year 2007 to 2009. Now I have cease using MetaStock and instead change to Bursa Station charting tools (www.bursastation.com). The disadvantage in Bursa Station actually it does not have the formula customization base screening and only come with standard pre-defined market scanner. :-( Anyhow, that is fine for me, as for now I more prefer to view and perform manual screening the chart directly and follow my basic instinct. :-)

If you prefer automated screening, this section will be useful if you have the MetaStock software. If you are new or plan to use MetaStock, you can visit (www.metastock.com) to check on the pricing or look for the software locally - now is version 12. Beside this, you need another historical stocks data call EOD Data which you can subscribe at (www.bizfun.cc). Once you have all this requirements than you can follow my below examples.

MetaStock provide a tool call ‘The Explorer’ which give us the flexibility to program some formula use for automated stock screening. Instead of manually screen stocks of over thousands counters in Bursa Malaysia, this tool can execute the screening for us in minutes.

This tool is really useful and actually help me to gain profit. I been researching during those years and have build few useful screening rules for my trade. To excess the tools please refer below screen.

Goto ‘Tools’ menu and click on ‘The Explorer’

Next it will popup a window show existing rules. 
To add new rule click on the ‘New’ button.

Another popup window appeared as below:

The above tab ‘Column A’ until ‘Column F’ allow you to enter the indicator commands. From the above ‘Column A’, I enter CLOSE - means it will show the closing price of that stocks when you run the screening result. For ‘Col Name’ you can key in ‘Price’. The rest of columns can be enter as below:

Column A = CLOSE, Col. Name = ‘Price’
Column B = RSI(14), Col. Name = ‘RSI’
Column C = MFI(14), Col. Name = ‘MFI’
Column D = STOCH(5,3), Col. Name = ‘Stoch’
Column E = MACD(), Col. Name = ‘MACD’

The result of the display after the screening will looks like below:

Now, let set up the formula for stock screening. You need to enter the formula in the ‘Filter’ tab in the explorer editor show above (The last tab after ‘Column F’).

BTPv1 - Step 0: Trade2Watch (2 Weeks)
This formula will screen those stocks that have potential for run up within 2 weeks, but you need to monitor this for actual confirmation.

prevmfi := Ref(MFI(14), -3);
prevrsi := Ref(RSI(14), -3);
prevmo := Ref(Mo(14), -3);
prevstoch := Ref(Stoch(5,3), -3);
RSI(14) - prevrsi >= 3
AND MFI(14) - prevmfi >= 3
AND Mo(14) - prevmo >= 3
AND Stoch(5,3) - prevstoch >= 3
AND Stoch(5,3) > Mov(Stoch(5,3), 3, S)
AND Mov(C, 14, E) > Mov(C, 40, E)


If you have ChartNexus XpertTrader, maybe you can try to convert or modify the above formula and use it. But I think ChartNexus is not that flexible enough when I do the research in 2009. Maybe now they have improve with more functions to use. You can try it out and let me know. :)


Happy Trading and Cheers!

3 comments:

john matthew said...

This is am amazing effort made by you thanks for such a fascinating piece of writing here.You provide a good information about MetaStock.Options Trading

forex tips said...

This is so cool. I am such a huge fan of their work. I really am impressed with how much you have worked to make this website so enjoyable. forex tips

mgtp12 said...

hi there,

i m looking at building custom indicators for bursastation. however, i m not so familiar with the .fml language.

would you be able to help?

thanks. Joseph