How to Add and Use Pre-Scan Conditions In A Combo List
A Combo List is a special WatchList that allows you to combine multiple existing WatchLists (both system and/or personal) into a single WatchList. Any system lists used in Combo Lists will be maintained automatically at TC2000. Any personal lists used in Combo Lists will remain current with any changes you make in those lists. You can also add basic Pre-Scan conditions to a Combo List to filter the combined WatchLists. The steps below show you how to add Pre-Scan conditions to the Combo Lists.
Understanding Pre-Scan Conditions
Pre-Scan conditions operate different from normal conditions used in a standard EasyScan, Sort Column, Alert or Report. Here is some helpful information.
Definition: A pre-scan condition is used to always filter the combined WatchLists of a combo list. Just as the combo list automatically combines the current components of multiple WatchLists each time you open it, the pre-scan conditions filter those combined results by those conditions. Because of how they operate, pre-scan conditions function best when they are broad filters (e.g. a price range, volume minimum, market cap, etc.) as opposed to very specific conditions normally used in an EasyScan (e.g. a moving average crossover or indicator trigger). Pre-scan conditions should be filters that do not change or rarely change on an intraday basis. They are also conditions you always want to be true of any of the symbols in your list. The purpose of pre-scanning is just to qualify your list with items that meet your basic liquidity and price needs to be tradeable by you. Examples are provided below in this article.
Functionality: Pre-scan conditions are applied to the combined WatchLists (Combo List) each time that list is opened in the software. Every hour after that the pre-scan conditions are reapplied to the Combo List. Unlike EasyScan conditions, there is no way to manually force a refresh of these conditions short of closing and re-opening the list.
Note: More specific scan conditions to filter any Combo List can be used to identify more complex or dynamic behaviors when you apply them in a normal EasyScan. This allows you the ability to manually refresh conditions or set an automatic refresh rate. (Pre-scan conditions are not best used for this purpose.)
Building Pre-Scan Conditions
1. Open the Combo List Editing window
Click the WatchList menu button and choose New Combo List or click the asterisk button next to the Combo List tab.
Alternately, click the New button and select New Combo List from the drop down menu
2. Click Add List
This opens the WatchList library containing all System and Personal WatchLists. Use the Search (typing shortcut) field to locate the desired WatchList. (Alternately, select a category of WatchLists and scroll through the list to select.)
3. Select the first WatchList for the Combo List
4. Click Add List again to add other WatchLists to the Combo List
Add multiple WatchLists from the library to get the desired combination.
Note: in the above example, the S&P 500 and Nasdaq lists are system lists; the Barrons 400 list is a personal WatchList.
5. Name the WatchList
6. Click the Add Condition button
This opens the Condition wizard
7. Click Choose Condition(s)
Type to search for criteria to create the condition(s)
8. Click on the desired criteria to open the editing menu
9. Create the desired condition
Use the condition, value, true and timeframe drop down menus to create the desired condition. Click OK to save the condition. Repeat the process for multiple conditions.
- Here is an example of combined WatchLists (1) and Conditions (2)
The example here is a condition filtering for stocks whose current price per share is higher than $5, 90-day average volume is greater than 250,000 shares and the stocks are optionable.. Any number of conditions can be added here. (For more on adding conditions, click here.) Pre-Scan conditions should be thought of as broader conditions you might want to see on most stocks you look at. They are updated once per hour.
10. Click OK to save the combined WatchLists and Conditions in the Combo List section of the WatchList library
You can also add conditions to the combined WatchLists in this menu. Both WatchLists and Pre-Scan Conditions can be saved together in a Combo List.