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Create a RedLight GreenLight Trading System

Prodigio's TradeVision is a super powerful scanning system letting you rapidly build custom scans that will almost instantly give you a list of stocks that fit your custom criteria.  Your settings will deturmine how big of a list you get in the results table.

You can also add custom columns into the results table using some of the pre-built or custom rules you have built in WizardLab to help you further refine your signals.

For the purposes of writing this article let us use one of the Pre-Built template rules called "Inside Bar Long"  I am only using this rule as an example, for educational purposes as they say.  

This rule will look to see if if the previous bar was green, giving us a directional bias.  Then look to see if the current price is within that bars range, an "Inside Bar".


Now go to one of the TradeVision tabs and set up your scan parameters.  What parameters? I am leaving that up to you for this exercise.  But notice that as you play around with the setting the number of stocks that show in the results table changes almost immediately.  Once your ready right click on the results table headers and select "Customize Quotes"



Now add the rule you want to see in a custom column.

  1. It is probably easiest to start typing the name of the rule in the search bar "Inside Bar Long".  

  2. Once you see the rule, click on it to select it.

  3. And Press the "Add Column >>" Button.  You will see the name appear on the right side window.

  4. For a RedLight GreenLight system you should probably set the signal columns to 1



Now you should see a column of Red and Green bars.  A green bar is telling us that that position is ready to buy long.  Well okay so you would like a little more lead time to vet the underlying company.  Sure we can do that.


Taking a look at the "Inside Bar Long" rule again, we can see that there are three parts to the rule.  Lets go ahead and make separate rules for those parts.  


Tip: If you keep the name short and save the rules directly under the mywizlab folder then that name becomes the Header.  If you store the rules in a subfolder then the subfolder name is appended in front of the name.  Making it much too long for the column name.  But I only store a copy of the rule here so I can clean out the root folder and not lose my rules.


Now that you have those rules stored you can make your RedLight GreenLight Trading system by adding custom columns for each rule.

If you sort by one of your slower rules, in this case I sorted by the "Daily Up" rule.  Then all of the stocks that are green for the "Daily Up" rule are at the top, letting you do your due diligence and making sure that the stock is worthy of your money.  Now when all of the bars turn green you can feel more comfortable making the trade or taking an option. 

 Building your rules into the scanner is also helpful even if you are building a pure Robotic system.  You can use it to find stocks that are close to being filled so you can watch them get filled in real time.  Getting a better feel for how your system is trading in Live Data then you can get by just looking at backtesting results.  It is also helpful to help identify any rules that may be holding your system from getting filled by looking for a column that never turns green.


Prodigio’s TradeVision is fast and powerful and can really make a big difference in how you

find the right trades.


How does TradeVision fit into your Trading Plan?


You can see a step by step video tutorial for setting up TradeVision Scanning.





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    ProdigioUS - Road Runner's Nest - Create a RedLight GreenLight Trading System

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