Scan for Market Detective Reversal Signals:
The Reversal Signals scan feature automatically applies the Market Detective Indicator study to the portfolio of multiple symbols specified by your current and default File Directory. This auto scan of all the portfolio’s symbols then produces a list of only those symbols that are flagging an ‘R’ reversal signal on their last price bar. In other words, if you have a portfolio of 100 symbols, and this command finds 15 that are indicating that the latest trading day has produced a Market Detective ‘R’ reversal signal, then you will see only these 15 symbols listed in the list box of the dialog box below that initially pops up. You can then select any number of symbols from the list that you want to chart by double clicking each selection or using the Ctrl+Click method to preselect multiple symbols and then clicking the Apply button. Each reversal chart that is drawn will always have as its default graphics the Market Detective Indicator that uses a Japanese Candlesticks bar chart displaying the explicit ‘S’, stay short, ‘R’, reverse, and ‘L’, stay long signals at each bar. The resultant view of charts will exclude the previous default charts view to prevent the mixing of these default charts with the reversal-signals-only charts. Excluding the normal default charts from this view allows you to conveniently Tab through and view (using the Tab key) just the reversal signal charts. Below is a sample of the dialog box that displays the Reversal scan list, and a sample of a main window view of multiple reversal charts…
Scan for Standard Candlestick Alert Patterns:
As of November, 2007 and MD version 8.00, a new and very useful Candlestick scan was added to the MD program. I consider it to be a complementary and important additional feature to the original portfolio based scan for ‘R’ signal reversals. This new feature will scan your portfolio for the 12 most popular Standard Alert Patterns based on Candlestick theory, such as Dojis, Stars, Hanging men, Hammers, etc., that represent the precursor patterns to a potential short term trend reversal. Since MD was designed to be used mostly as a Japanese Candlestick technical analysis charting program, this feature will offer the Candlestick theorists among you an opportunity to consider if a trend reversal is in the making for the next trading day. Of course it will in no way guarantee that a reversal will happen, but will simply act as an alert to an imminent probability of a reversal. To invoke either the original Reversals scan or this new Alerts scan, select the Candlestick Alerts Search… command from the File menu, and then select the option desired from the dialog box that gets displayed.
Dialog box that displays the reversal signal scan list for a portfolio of about 40 stocks, of the *.txt type, saved in my C:\Data\stocks directory in Ascii format.
Main Window view that displays four charts selected from the reversal signal scan list above. Note the ‘R’ signal on each of the last bars. Note also the ‘SSR’ toolbar button, the fourth one from the left. Clicking it invokes the reversal signal scanning process and dialog box. Passing the mouse arrow over it displays the Scan for Market Detective Reversal Signals tips window. In the same manner, a tips window will appear for each of the other toolbar buttons to define and clarify their purpose.