Basic Scanner

Use or copy/modify Factory Scans that ship with the menu-driven Basic Scanner to scan charting data

Home » Software » Scanning » Basic Scanner
8 minutes

What is the Basic Scanner in ChartAlert?

The Basic Scanner in ChartAlert is a menu-based scanning engine that comes with a variety of Factory Scans from different schools of technical analysis, including . . .

  • Candlestick Patterns
  • Chart Patterns (classical)
  • Harmonic Patterns
  • P&F Patterns
  • Renko Patterns

The Basic Scanner also includes old school or traditional technical analysis studies such as . . .

  • Moving Average Scans
  • Technical Indicator Scans

ChartAlert comes bundled with both Factory and proprietary Trading Systems, providing comprehensive trading rules to keep you updated on the current technical status of specific symbols.

For short-term timeframes, ChartAlert offers 6 factory Trading Systems, while for medium-term timeframes, there are 4 factory Trading Systems available. These Trading Systems generate automated Buy and Sell signals and undergo screening and ranking by ChartAlert. This process covers around 49.5% of all cash stocks listed on the NSE.

All of the Basic Scanner Factory Scans that ship with ChartAlert serve the following purposes . . .

  1. Examples of scans that can be created in the Basic Scanner
  2. Allow an the end-user to copy and modify the parameters of the scans to suit custom preferences

PATTERN DETECTION   SCANNING

ChartAlert offers the ability to scan symbols using its built-in Candlestick Pattern Detection or Pattern Recognition algorithms. Whether it’s the end of the day, week, or month, the software can efficiently screen symbols for analysis.

The scan results are presented in a customizable and interactive grid-format report.

The coverage for the following Candlestick patterns is available . . .

Bullish Reversal Patterns

  • Counter Attack Line
  • Engulfing Line
  • Hammer
  • Harami
  • Harami Cross
  • Inverted Hammer
  • Meeting Lines
  • Morning Doji Star
  • Morning Star
  • Piercing Line
  • Stick Sandwich
  • Three White Soldiers
  • Tweezer Bottom

Bearish Reversal Patterns

  • Advance Block
  • Counter Attack Line
  • Dark Cloud Cover
  • Engulfing Line
  • Evening Doji Star
  • Evening Star
  • Hanging Man
  • Harami
  • Harami Cross
  • Meeting Lines
  • Shooting Star
  • Three Black Crows
  • Tweezer Top

Bullish Continuation Patterns

  • Rising Three Methods
  • Separating Lines
  • Upside Gap Three Methods
  • Upside Tasuki Gap

Bearish Continuation Patterns

  • Downside Gap Three Methods
  • Downside Tasuki Gap
  • Falling Three Methods
  • In Neck
  • On Neck
  • Separating Lines

PATTERN DETECTION   SCANNING

ChartAlert offers the ability to scan or screen symbols using its built-in classical Chart Pattern Detection or Pattern Recognition algorithms. This can be done at the end of the day, week, or month.

The scan results are presented in a customizable and interactive grid-format report.

The coverage for the following classical Chart patterns is available . . .

Bullish Chart Patterns

  • Double Bottoms
  • Triple Bottoms
  • Head & Shoulder Inverse
  • Triangles – Ascending
  • Broadening Tops
  • Cup & Handle

Bearish Chart Patterns

  • Double Tops
  • Triple Tops
  • Head & Shoulder
  • Triangles – Descending
  • Broadening Bottoms

Bullish & Bearish Patterns

  • Triangles – Symmetrical
  • Flags
  • Pennants
  • Rectangles
  • Wedges/Diagonals

Misc Chart Patterns

  • Gap Ups
  • Gap Downs
  • Highs & Lows
  • Island Tops
  • Island Bottoms

Misc Chart Patterns

  • Heikin-Ashi
  • Kagi Chart Type
  • Renko Chart Type
  • 3LB Chart Type
  • P&F Chart Type
  • Swings

PATTERN DETECTION   SCANNING

ChartAlert can efficiently scan and screen symbols using its built-in Harmonic Pattern Detection and Pattern Recognition algorithms at the end of the day, week, or month.

The scan results are presented in a customizable and interactive grid-format report.

The coverage for the following Harmonic patterns is available . . .

  • 5-0
  • Bat
  • Alt Bat
  • Butterfly
  • Crab
  • Deep Crab
  • Gartley
  • Shark
  • Three Drives
  • ABCD
  • ABCD Extn

PATTERN DETECTION   SCANNING

ChartAlert can efficiently scan symbols using its built-in Point & Figure Pattern Detection or Pattern Recognition algorithms at the end of the day, week, or month.

The scan results are presented in a customizable and interactive grid-format report.

The coverage for the following Point & Figure patterns is available . . .

Bullish Chart Patterns

  • Double Tops
  • Triple Tops
  • Spread Double Tops
  • Spread Triple Tops
  • Ascending Triple Tops
  • Bearish Signal Reversed
  • Bear Trap
  • Low Pole
  • Long Tail Down Reversal

Bearish Chart Patterns

  • Double Bottoms
  • Triple Bottoms
  • Spread Double Bottoms
  • Spread Triple Bottoms
  • Descending Triple Bottoms
  • Bullish Signal Reversed
  • Bull Trap
  • High Pole
  • Long Tail Up Reversal

Bullish & Bearish Patterns

  • Broadening Patterns
  • Catapults
  • Triangles
  • Multi-Column Patterns
  • Vertical Counts

PATTERN DETECTION   SCANNING

ChartAlert offers the ability to scan or screen symbols using its built-in Renko Pattern Detection or Pattern Recognition algorithms, whether it’s at the end of the day, end of the week, or end of the month.

The scan results are presented in a customizable and interactive grid-format report.

The coverage for the following Renko patterns is available . . .

Bullish Chart Patterns

  • Double Bottoms
  • Triple Bottoms
  • Head & Shoulder Inverse
  • Triangles – Ascending
  • Renko Support
  • Renko Resistance-to-Suppport

Bearish Chart Patterns

  • Double Tops
  • Triple Tops
  • Head & Shoulder
  • Triangles – Descending
  • Renko Resistance
  • Renko Support-to-Resistance

– Basic Scanner slideshow –

PATTERN DETECTION   SCANNING

Moving Average Scans are algorithms that use MA (Moving Average) to scan symbols at the end of the day, week, or month for potential Bullish and/or Bearish signals.

The parameters or variables of each Scan can be customized and saved by the user.

The scan results are presented in a customizable and interactive grid-format report.

PATTERN DETECTION   SCANNING

Technical Indicator Scans are algorithmic tools that analyze symbols at the close of each day, week, or month to identify possible Bullish and/or Bearish signals.

Users have the flexibility to customize and save the parameters or variables of each Scan according to their preferences.

The scan results are presented in a customizable and interactive grid-format report.

TRADING SYSTEM   SCANNING

Factory or proprietary Trading Systems Scans consist of robust analytical algorithms that include comprehensive trading rules. They serve to provide up-to-date technical information about a symbol.

There are a total of 6 factory Trading Systems designed for short-term time frames, along with 4 factory Trading Systems for medium-term time frames.

These Trading Systems automatically generate Buy and Sell signals and can also be utilized to backtest eligible stock portfolios.

ChartAlert screens and ranks the Trading Systems, making them capable of covering approximately 49.5% of all cash stocks listed on the NSE.

The scan results are presented in a customizable and interactive grid-format report.

A typical detailed Trading System Scan report includes . . .

  • Type and Rank of Trading System
  • Recommendation
  • Retention Rate
  • Success Rate
  • Relative to Buy/Hold Index
  • Average Win-Loss Ratio
  • Profit Factor
  • Return-on-Account
  • Risk-Reward Index
Miscellaneous statistics of the factory trading systems
No of days “in the market” (trading a stock in the past year) = 116 days or 47%
No of days sitting “outside the market” (not trading in the past year) = 131 days or 53%
Average no of trades (per stock in the past year) = 6+
Average no of trading days (per stock in the past year) = 19+
Eligibility criteria for stocks (based on last 5 years’ data)
Coverage of NSE cash stocks1000+ (49.5%)(data as of July-2023; these stocks are screened & ranked every quarter across 10 factory trading systems)
A stock’s average closing priceMust be greater than ₹25
A stock’s average traded volume per dayMust be greater than 10,000
Net profit in the past yearMust have been greater than the buy & hold profit in that year(brokerage and/or slippage not factored-in)
CAGR % (based on the actual number of traded days)Must have returned over 15% in the past year (based on time in the market)(CAGR is compounded annualized growth rate of trading capital)
Retention rateMust have retained more than 20% of the net profits generated in the past year
Success rate (of the algos for a stock in a given year)Must have been greater than 35% in the past year

Detailed Statistics of Trading Systems – Automated Buy and Sell Signals – 49.5% of NSE Cash Universe

TRADING SYSTEM   SCANNING   REPORTING

The Factory Trading Systems Scanner, which consists of 10 proprietary trading systems, allows you to conduct a comprehensive end-of-day scan.

The scan results provide in-depth statistics on automated buy and sell signals for a specific symbol, covering the entire trading history up to the present day.

The scan results include the following . . .

  • Gross Profit & Gross Loss
  • Net Profit
  • Retention Rate
  • Winning Trades & Losing Trades
  • Success Rate
  • Net Profit per Trade
  • Largest Win per Trade & Largest Loss per Trade
  • Avg Win per Trade & Avg Loss per Trade
  • Average Win-to-Loss
  • Maximum Drawdown
  • Profit Factor
  • Return-on-Account
  • Return Ratio

Go to the Basic Scanner slideshow and demo videos

Learn more about the Advanced Scanner in ChartAlert