I spent the entire weekend manually doing the following, which, with an enhancement to OM, could be done in seconds. This exercise was driven by my belief that knowing the "nature" of the market on a given day can and should drive which alerts / top lists to use... and that one-size-alerts-and-top-lists-fits-all is unrealistic.
I went through each trading day in March and noted if the market (for me that means TNA) was one of these four:
- Gap up and go (bullish)
- Gap up and fade (bearish)
- Gap down and go (bearish)
- Gap down and fade (bullish)
Then I set the date/time of each of my 10 alerts/top lists to certain times during the day on March 1 to see each ones performance. Then did the same for March 2,... and so on. Took forever.
Anyway, now I have calibrated exactly how each alert/top list reacts to a gap up day versus a gap down day. I know which alerts/top list to rely on... right off the bat at the market open... on gap up days and gap down days. Most importantly, I know which alerts/top lists go totally "rogue" on a big gap up or gap down day.
Ideally, I should be able to enter a "reference ticker" into OM... say SPX or in my case TNA. Then OM should report how the alert behaves in relation to the reference ticker.... i.e. how does the alert perform when the reference ticker has a gap up day? Gap down day? Doji day? Range breakout day? Etc etc.