Many trading strategies consist of multiple, mixed conditions, such as monitoring price action on multiple time frames, using multiple indicators, and monitoring volume. In order to access this information, traders often spend a great deal of time checking each condition manually. In this update, we present a new solution to this problem designed to make the process of checking varied market conditions easier and faster for traders: a new smart widget called the Smart Checklist.
TrendSpider’s Smart Checklist Feature
As the name suggests, the Smart Checklist is a list of all of the conditions that are a part of your trading strategy which can be applied to any symbol chart that you have open in your workspace. In a nutshell, the Smart Checklist is a fast, programmable “checklist” of all your trading conditions. Smart Checklists are configured in the same way you configure a scan, backtest, or multi-factor alert in the platform – by using the TrendSpider visual scripting system. You can even use any saved Script template as a smart checklist out of the gate.
When you open a chart, the Smart Checklist will automatically check all of your conditions against that symbol. It will then display a simple list of the conditions and the status of them on the name you are looking at. This will give you a quick “at-a-glance” status check on the symbol so you can quickly decide if it fits your criteria or not.
- The first step to using the Smart Checklist is to build your script by inputting the conditions that your trading plan requires by selecting “scripts” at the top of your workspace, inputting the conditions, and saving the script. If you’re not ready to build a Smart Checklist Script, we recommend trying one of the 4 that we have built for you as examples. A list of them is at the bottom of this update post.
- To add the widget to the sidebar, select “Sidebar” from the top of your screen, add “widget”, select “Smart Checklist” from the menu, and then “done”.
- The Smart Checklist widget should be visible in the sidebar, so now select “Choose Script” from the top of the widget to pull up the list of available scripts and click “Select Template” to load the script to the “Smart Checklist”.
Now that you have your Smart Checklist loaded into your sidebar, let’s take a deeper look at some additional features and adjustments available.
Vertical Confirmation Bars
Now that you have the gist of how the Smart Checklist loads, let’s look at one of its most powerful features; the Vertical Confirmation Bars. Along the left side of the widget, you’ll find a column; one which signals each condition separately, and the column to the far left which signals when all conditions are met. If your conditions are nested, it will display another column to indicate that the conditions are nested within another condition group, and display status for the entire column as well. This is designed to give a quick, instant visual representation of the status of your conditions in your Smart Checklist.
- Current Candle: Like in the Market Scanner, this checkbox is designed to tell the Smart Checklist to focus on the most current open candle; If not checked, will focus on the most recent closed candle.
- Ext. Hours: Like other areas of TrendSpider, the Smart Checklist allows you to choose whether or not to include pre and post-market data when checking your Smart Checklist conditions
- Candle Icon: Select the candle chart you prefer. This will be the candle type that the Smart Checklist checks conditions with. For example, if you select Raindrop, it will use Raindrop charts when calculating the conditions.
- Refresh Button: Refresh the Smart Checklist script against any new chart selected. Smart Checklists automatically refresh when you open any chart or change symbols, but they do not update in real-time automatically. You must manually refresh them with this button.
- (i) Icon: Clink to open and view a detailed description of the conditions and preferences loaded into your current script template. This is the full, untruncated list of conditions and statuses that make up your Smart Checklist. Note that you can copy and paste from this window.
New Smart Checklist Scanner Scripts
To get everyone off to a running start we have also added 4 new pre-made scripts that can be used with Smart Watchlist or Market Scanner that were built with a few popular trading strategies in mind.
- Full Timeframe Continuity Checklist – M, W, D, 65m
Full Timeframe Continuity is used by traders to quickly check and see if price action (candles) on multiple timeframes are all going in the same direction. This condition looks for the Monthly, Weekly, Daily and 65-minute timeframes to all be trading above their respective opens.
- Full Timeframe Continuity Checklist – D, 65m, 15m, 5m
The same as the previous template, except focused on intraday time frames. It will check for time frame continuity on the Daily, 65-minute, 15-minute, and 5-minute time frames instead of the Monthly, Weekly, Daily, and 65-minute timeframes.
- Corporate Events in Last 30 Days Checklist
Conditions in this Smart Checklist will print green if the company has had a Split or Dividend declaration date, or an Earnings release within the last 30 days.
- Popular Daily Indicators Bullish Checklist
This will check multiple popular indicators such as RSI, ADX, MACD, and others for a “positive” or “green” reading.