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Market analyzer in Ninjatrader 8 brings real-time scanning & Alerting functionality provides an overall snapshot of current market conditions and trading opportunities. In this article, we are going to see how to create our own custom scanner with Market Analyzer of NT8 and add alerts on top of the scan results.
Pre-requisites:
You need to have NT8 installed on your system and it must have a valid real-time data feed.
Process:
Step 1: Opening the Market Analyzer window from Ninjatrader Control Panel
In “Control Center” window of NT8, go to “New” and click on “Market Analyzer”
A new window titled Market Analyzer will open.
This is where all the real-time scans will happen.
Step 2: Add instrument(s)
Right click on the empty area in Market Analyzer window and select “Add instruments.”
You can add symbol individually or can add a complete list in one go.
By default the window has 4 columns, “Instrument list”, “Ask price”, “Bid price” and “Last price”. You can fully customize both columns and rows as per your preference. I will remove Ask price and Bid price as I have no need for it and I will add a few custom columns.. After adding the symbols to Market Analyzer, your window should look like this:
Step 3: Adding Column(s)
To add columns, again right click anywhere on the window and select “Columns…” The “Columns” window will open where you can select from many options, the parameter of which you want to add a column.
I am selecting RSI and MACD in my scan. I have configured the parameter of RSI to be RSI(14, 3) where the input series is Close price and time frame is 5min. Similarly you can also select any parameter from the list, configure it and click “Apply”.
Step 4: Customizing the columns
To enter the customization options scroll down the RSI configuration, and go to “Conditions” section and click on “0 conditions”.
On clicking, a new window named “Cell’ will open where you can add customization to your column cells such as colours or text messages, when the value the column is supposed to show reaches a certain value or crosses above or below some other value. Most importantly you can add multiple conditions. I have added 4 conditions in my Market Analyzer. I have colour coded the RSI column based on the values of RSI.
My conditions are:
- When RSI value is greater than 70 colour = Crimson
- When RSI value is between 60 and 70, colour = Light Crimson
- When RSI value is less than 30 colour = Green
- When RSI value is between 40 and 30, colour = Lime
Instead of changing the cell colour, you can even print text there like “Overbought” in the text input-box under general section.
This is how my Market Analyzer looks in action during live market.
Step 5: Configuring Alerts
To configure alerts on the values in the column , right click on the Market Analyzer window and click on “Alerts…”. The Alerts window will open where you can configure your alerts.
To add a new alert, go to conditions section and click “add”. A new window named “Conditions” will open. This is where you need to add your conditions for the alerts. I have added conditions which will give an alert when MACD line crosses above 0 or crosses below 0.
Till now we have only configured alerts but not have defined the way we want to be alerted.
To configure that go to “Action” section and click “add”. A new window named “Actions” will open.
Here you can select any type of action which you want to be performed whenever the conditions mentioned in the alerts are met. You can even add multiple actions for the same alert condition. I have selected only “Play a sound”
After configuring alerts click “OK” and you are all set for the action to follow. I have only demonstrated a simple RSI and MACD scan, but you can do much complex than that.
Happy Trading!
