The Stock Scan was developed to scan a list of stocks against the index that they are in. This scan will provide the 10 strongest and bottom 10 weakest stocks that you can use to look for trading opportunities.
These instructions will explain how to create a stock scan using the MetaStock end of day data service with the Dow Jones Industrial list of symbols as well as the index. The data used in this example requires the subscription for North American Stocks and Worldwide Indices.
If you do not have the index data available with your data subscription, it may be possible to substitute a different symbol for the index e.g. DIA (the DOW IND spider). Please note, this will not be an option for every index as they do not all have alternate symbols available. Also note, that this will depend on your data provider. In this example we are using the MetaStock end of day data feed and their Downloader software for the data downloads.
- Click Scanners on the menu of the TG EOD software.
- Select the Stock Scanner option. This will open a new window.
- Select the "Scan Metastock files..." option and click the Next button.
- Click the Load Index button.
- On the left side, browse to your MetaStock Data folder.
- Double-click the sub-folder e.g. DOW INDUSTRIALS
- Select the index symbol .DJI and click the Open button.
- If you do not find the index symbol in the sub-folder, try browsing to the Indices and Indicators folder, then select the US & Canadian Indices sub-folder for the list of US Indices and select your index and click the Open button.
- You will see the name of the index that is loaded. If the correct index is selected click the Next button. If the correct index is not selected, click the Back button and repeat steps 3 - 7 above.
- In the next window you will select the scan date. It will automatically select the date of the last download that is available. Click the Next button.
- In the next window "Step 3..." you can read about choosing the stock charts. Click the Next button after you have read this.
- In the next window, select "Add a complete folder" then browse to your MetaStock data folder e.g. Dow Industrials.
- In the next window you will see the list of all stocks in that folder. If there are any stocks that you do not want in the scan, click the stock name, then the delete button. If you want to scan all of the stocks or after you have removed the stocks you do not want scanned, click the Next button. If you made a mistake of the folder, click the Back button and choose the correct folder.
- In the next window for "Step 4..." the percentage change information is shown. We suggest that you accept the default setting and click the Next button. If you want to learn more about this, please read the information in the window before you click Next.
- In the next window for "Step 5..." the reference points information is shown. We suggest that you accept the default setting and click the Next button. If you want to learn more about this, please read the information in the window before you click Next.
- In the next window, "Step 6..." you will name your new scan profile. Choose a name that will help you to remember what you are scanning, e.g. DOW INDUSTRIALS. When you have entered the name in the text box, click the Done button to initiate the scan.
- You will see the scan showing progress and when it is done the stock scan window will open on the left of the chart and display the strongest and weakest stocks.
That will complete the stock scan.