Difference between the watchlist and the screener tools
Updated on 2011-03-18 05:48:38
Both tools analyze assets on a given date and return the ones that meet specified criteria.
Here are the features that are only available in the watchlist plug-in:
- Watchlist is automatically updated when a new stock or security meet the criteria
- Selecting whether the criteria must be met once or for all past N-bars/days/periods (This can be simulated in the screener tool).
Here are the features that are only available in the screener plug-in:
- Creating trading rules based on composites ("comp" function - Example: Stock must be among the top 10 in terms of volume)
- Selecting a specific date or bar to analyze
Usually the screener is used when you are in the stage of creating a screen or strategy, while the watchlist is best applied once the screen or strategy is created and confirmed.
If your trading rules are based on composite functions (average, sum, count, max and min) then you can create a watchlist that returns the same results by creating that composite/index using the composite tool (A tool that creates composite/index symbols), instead of using the composite function "comp" (Which is not supported by the watchlist tool).
However, if your rules are based on the rank and percentile composite functions, then your only option is to create your screen or strategy using the screener tool.