What is the QChartist Market Scanner (QTGuard)?
QChartist Market Scanner (QTGuard) is an algorithm, used for automatic and continuous search for trading signals based on user rules and indicators, on all symbols (and time-frames) available from the data source.?
The scanner can monitor (scan) tousands of graphs one after another, on 1 hour, (4 hours for Tiingo) and Daily time periods (timeframes).?
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The use of automated market monitoring for technical analysis of a trading strategy simplifies the time-consuming task of finding new trading opportunities, saves countless hours of analysis time and accelerates the response to trading signals.
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Advantages of Market Scanner usage
The main advantage of using the scanner is the rapid technical analysis and search of trading signals overall the market in the context of any symbols, time-frames and indicators.?
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A trader using a scanner significantly increases the efficiency of his trading, saving time on a monotonous search for trading opportunities among many tools and timeframes, constantly switching from one chart to another.?
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In this search mode, the trader misses the best moment to open positions and loses the potential profit from trading. The constant search for signals takes a lot of time and effort. Lost time can be used on effective analysis and trades management.?
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The scanner is especially effective when using complex trading strategies, in which large mathematical calculations are performed and dozens of additional factors are taken into account.
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Full coincidence of conditions in such strategies is rare, but when this happens, it is a reliable signal of a potential profitable trade.?
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A quick response to the detection of such signals comes to the forefront, which without automation of scanning becomes a difficult task. Using a scanner minimizes the chance of skipping and losing a potentially profitable trade.
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Market Scanner interface and functionality
For the scanner, one chart is loaded at a time, on which technical indicators are applied. If technical conditions are met, the trader gets the opportunity to visualize screen captures of potential trading signals in the market.?
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When the scanner detects a signal, the trader has the opportunity to immediately, open the chart with the asset and time-frame for more detailed consideration, to perform more precize analysis manually and decision-making on trade opening.?
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The program can notifying of the occurrence of trading signals by screen captures, sound alert or even by email message.
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The trader independently determines the list of symbols and time-frames on which trading signals will be searched for according to a pre-programmed strategy (System Sync trading system).
The use of Yahoo Finance + eToro in the QTGuard settings is recommended.
For cryptocurrencies, the use of Tiingo (with your API key) in the QTGuard settings is recommended.
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The QTGuard - QChartist scanner allows you to quickly determine which asset(s) is / are overbought or oversold, thanks to powerful indicators.
Julien Moog