TAS Profile Scanner makes great things happen. But first…
Imagine your successful trading operation…
Some may need more imagination than others. It depends on where you are on your trading journey.
Your trading plan is ready. The trading setups you prefer are well rehearsed. You picked which symbols you are going to trade in advance. You know the conditions needed for an entry, and all you have to do is wait for the setup.
It is the recipe for trading success. There’s no arguing that point. Yet, as accomplished traders, we should always be looking at making the most of our time in front of the screens.
Enter TAS Profile Scanner Plus.
In this review, I share with you why TAS Profile Scanner Plus is such an important part of my trading. You’ll get my top 5 reasons and why I am confident that it can be a top trading asset for you as well.
TAS Profile Scanner: All Things TAS
The same traders who created TAS Market Profile engineered TAS Profile Scanner Plus. I’m a big fan of that software as well. You can read my complete TAS Market Profile review here.
Let’s put the remarkable benefits of Market Profile and TAS Market Profile aside for now. This review focuses on 5 of the most significant features unique to TAS Profile Scanner Plus.
TAS Profile Scanner Feature #1: Narrow down opportunities to pick the best
Tens of thousands of stocks get traded worldwide on a daily basis. That number can expand to hundreds of thousands. All you have to do is add other asset classes like futures, options, and currencies.
How should a trader choose which to trade?
Here are three options:
- Pick one symbol and get fantastic at trading it.
- Create a short and manageable list of symbols to trade.
- Trade the symbols that offer the best opportunities as they present themselves. And do so using trade filtering.
Options 1 and 2 have received ample attention in my other articles. That leaves option 3 – scan the universe of available symbols to find which are setting up to be the best trades.
There are a lot of different software choices able to identify potential trades. I have used my fair share of different names. But, there is only one that focuses on Market Profile as filtering criteria. That tool is TAS Profile Scanner Plus.
A big part of trading is knowing where to look. TAS Profile Scanner Plus does the heavy lifting for you. It leaves you time to focus on a low-risk entry, trade management, and a smooth exit.
TAS Profile Scanner Feature #2: Get market breadth statistics
The Advance/Decline Line, Absolute Breadth Index, Arms Index, and the McClellan Oscillator. They are some of the useful market breadth analysis available to a trader.
However, breadth statistics based on Market Profile were unavailable. That was true until the creation of TAS Profile Scanner Plus.
Now users can benefit from knowing advanced Market Profile breadth statistics. Breath statistics are available for indices, ETFs, and sectors – just to mention a few.
It is important analysis. Traders use it to determine the likelihood of price moves in a particular direction. For example, consider Market Profile breath statistics for the S&P 500 index.
Strength communicates the high potential for a continued upward movement in the index. That potential applies to the ES Emini futures contract and SPY ETF as well.
Market Profile breadth statistics are a very powerful feature. So much so that there are traders who use TAS Profile Scanner Plus to access this data on its own.
None of those traders get a discount for cherry picking. Limiting themselves to just one of the outstanding benefits does not get them a discount.
Yet, it’s hard to fault them. It is a unique and very empowering feature. Considered alone, it would justify the investment in the software.
TAS Profile Scanner Feature #3: Get customized analysis snippets
Being able to articulate a trading opportunity well. It is one of the fundamental elements of being a successful trader. Some traders rely on their trading plans for clarity. Then they decide to look for their setup to materialize.
Other traders take a more discretionary approach. Each trade has a set of reasons for what makes a good entry. TAS Profile Scanner Plus has built-in clarity.
“Long-term view,” “Intermediate-term view,” and “Short-term view.” The platform integrates each time horizon. This is where it really starts to shine.
“Each trader must have a set of their own reasons for what makes good trade entry. What are yours?”
Here’s an example.
Trend is favorable to longs and has been in force for 18 days with primary Intermediate Term support at 2370.75. Be on the lookout for new Daily profiles attempting to form. This will signify that new Intermediate Term support and resistance levels may appear along with stops and new dialogue. These appearances can be seen as profit targets.
The analysis seen above shows a sample of the clear English trade justification. It’s offered in TAS Profile Scanner Plus. This new and valuable feature can benefit many. Yet it is missing from most other software names.
TAS Profile Scanner Feature #4: Access integrated charts fast
This feature could result from the fact that TAS Profile Scanner Plus is unique. It is the only asset screening software integrating Market profile analysis. But integrated charts detailing key Market Profile levels are a helpful feature.
Here’s how it works.
The Profile Scanner Plus interface generates a shortlist of trade opportunity candidates. It chooses them from custom criteria. Remember that the filters are unique and set by individual traders like you and me.
Next, clicking each symbol brings up the relevant charts. Price action and the relevant Market Profile levels are all displayed. If that wasn’t enough, imagine this. It also brings up a snapshot of the Market Profile levels from the other main timeframes. And the written analysis that you saw in feature #3 above is available for each timeframe.
See it all in action in the video below.
TAS Profile Scanner Feature #5: Use multi timeframe confluence
Confluence. It’s powerful and the foundation of a majority of trading plans. In trading, it means the combination of two or more reasons for taking action. An example is price crossing over the 200-period moving average and a price spike up on heavy volume. That is an example of conditional confluence.
The other type of confluence is timeframe confluence. That’s where the same condition occurs in two or more timeframes. Let’s take a two Market Profile based trade conditions.
- Price is above the value area on the daily chart.
- Price moved above the value area within the last 3 bars on the hourly chart.
The two being true at the same time is multi-timeframe confluence. It’s because the same trade condition of being above the value area is true in both the daily and hourly charts.
A third condition is also present. The move above the high-value area must have occurred within the past 3 hours. This illustrates how powerful TAS Profile Scanner Plus is.
Elapsed time conditions filter available opportunities one step further. Being able to identify conditions triggering in the recent past broadens trade candidates.
Here’s the logic. The scanner may identify a trade at a time where the entry risk is too high. Keeping that opportunity on the radar for a pullback is prudent.
TAS Profile Scanner Plus keeps opportunities on the shortlist. And it does so even if the triggering condition happened bars ago.
With TAS Profile Scanner Plus, you get an immediate snapshot. You see where a symbol is trading relative to the significant Market Profile levels. And you see it for all the major timeframes that traders consider. It all happens with just one click.
Is TAS Profile Scanner Plus Right For You?
20-years of trading experience taught me many things. The 15 years spent trading for myself were especially informative. One of the recurring truths is that each one of us is unique.
We are unique as traders and we are unique as individuals.
In this article, I have shared with you why TAS Profile Scanner Plus serves as an advantage in my trading. It also reflects some experiences of other TAS traders. The 5 features highlighted are the ones that make it stand out the most for me.
“The cost of learning if something benefits you is always lower than the cost of never finding out.”
Some traders are fast to take to the methodology. They incorporate this time saving and opportunity uncovering technology right away. For others, it takes a few months.
And, let’s be honest, there are very few who cannot make it work at all. There are always exceptions. Using TAS Profile Scanner Plus to excel in trading is no different.
Yet, for many traders including myself, TAS Profile Scanner Plus improves trading. Moreover, many of us discovered that fact through a philosophy.
For more day trading techniques, tools & strategies, check out these articles:
- Online Trading India: #1 Strategy For Profits
- Oil Futures: Do Oil Futures Affect Gas Prices?
- Day Trading Sites: Top 5 Forums For Active Traders
Whether you try TAS Profile Scanner Plus for yourself, remember this.
The cost of learning if something benefits your trading is always lower than the cost of never finding out.
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