marketDirection Monitor is an unconventional yet powerful tool that assists you in finding and confirming trade opportunities. It is very easy to operate, yet highly configurable, and it delivers information in real-time via an intuitive graphical interface. Most importantly, it can be used standalone or in conjunction with whatever methodology and/or trading tools that you currently have in place. marketDirection Monitor will add value to your current process.
As the name suggests, marketDirection Monitor seeks to identify inflection points in the price action. These are zones where price is likely to either change direction or increase in volatility, or both. As a trader, it is beneficial to be aware of these situations so that you can protect an existing trade or plan accordingly for a new trade. Whether you are a veteran or new to the business of trading, a primary concern is always identifying safe and strategic price points at which to enter a trade, and that's where marketDirection Monitor really shines.
marketDirection Monitor does its job by using the eSignal watchlist component to continuously scan a user-defined basket of securities in user-defined intervals looking for various formations (in all shapes and sizes) that might indicate a change is coming. These formations typically take on a shape or structure that can also be used to make assumptions on direction.
These 'raw' formations are then rescaled, sorted into broader categories, and assigned a rank based on how well the price action conforms to the parameters and rules of the category. If the rank is above a certain user-defined threshold then the formation is displayed in the watchlist component. The watchlist, in turn, is linked to a chart in which the formation will be displayed along with other information pertaining to the current price action. The trader can then review and analyze the formation in the context of the bigger picture (and with whatever tools they currently have in place) and make decisions as to the viability of a trade.
 A typical single interval watchlist/chart layout running in the weekly bar interval. |
 A dual interval layout using two watchlists and two charts, running in intraday intervals. |
The formations that define these inflection points can be very small (indicating a short-term change of perhaps negligible price movement) or very large (indicating a much longer-term change of very significant price movement), and everywhere in-between. For most of the formation groups you have the ability to specify a minimum size, so you can customize the operation of marketDirection Monitor to fit your needs.
These inflection points occur in all securities and in all intervals and would be next to impossible to track if one were to try to do this manually. With even a small to medium-sized list of securities in your watchlist, on intraday intervals it will find dozens of formations throughout the trading day, formations that are all potential trading opportunities that you would be unlikely to find without marketDirection Monitor. Often times different formations will be detected across several bar intervals in the same security, and when they all suggest the same direction that can be a very strong signal indeed.
In addition to the core inflection point technology, marketDirection Monitor has a lot of features that make the program more efficient and easy to use. The display used in both the watchlist and chart components is very graphical, and makes good use of colors and shapes to clearly indicate the suggested direction.
marketDirection Monitor also implements a feature called "params linking" where the copy of the indicator running in the chart gets its parameter inputs from the copy running in the watchlist. This means that if you change settings in the watchlist, you don't need to make those same changes to the copy of the indicator running in the chart. If you are running multiple watchlist/chart combinations to monitor several different intervals this can be a real time-saver and drastically reduce the chance of mismatched settings.
In a nutshell, marketDirection Monitor focuses on finding good trading opportunities so that you can focus more on your trading.
If you are anxious to get marketDirection Monitor up and running, just skip ahead to the Getting Started sections under Watchlist Operation or Chart Operation.
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Note: In the documentation that follows all images/thumbnails are "clickable". So if a particular image is too small for you to see clearly, just click on it and a larger version will be displayed. You can adjust the font size and/or print individual sections of this documentation by clicking on the () icon that you see at the top-right of every page. Keyword index and topic search features are available as well. Just click on the tabs that you see above the table of contents that is displayed to the left. While best viewed in a desktop browser, this documentation is in a responsive format and can also be viewed on phones and tablets. |
If you have comments, questions, or suggestions on how we can improve our product, please send an email to support@sr-analyst.com and reference marketDirection Monitor for eSignal in the subject line.
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