Trading Integrations

Real Time Scanning with MenthorQ Levels

In this lesson, you’ll learn how to leverage Trend Spider’s market scanner to find real-time trading opportunities using MenthorQ levels. We’ve built pre-made scanner templates that automatically identify stocks trading at key support and resistance levels throughout the trading day.

We’ve created several ready-to-use templates available on the Trend Spider store, including the Put Support scan, Call Resistance scan, and scans for one day min and max and HVL. These templates scan for stocks trading within 0.5% range of MenthorQ levels like put support, making it easy to spot potential trade setups. To use these scanners effectively, you’ll need to enter your API key into the parameters and save your own version of the template.

Building a custom scanner is straightforward. You’ll select the MenthorQ watchlist which covers all assets including stocks, crypto, and futures. Then add conditions using the 30 minute timeframe (the lowest recommended for these indicators), select your desired MenthorQ level like put support or 0DTE, and set it to scan within range of the closing price on the 5 minute chart. The critical step is checking the current candle box so you get real-time results instead of just previous candle data.

You can enhance your scans by combining MenthorQ levels with other technical indicators or fundamental criteria. For example, you might add a condition that the RSI is under 30 when price reaches put support for additional confirmation. You can also toggle between scanning for regular put support or zero DTE levels by using the eyeball icon to show or hide specific conditions. Once your scanner is built and saved, you can add it as a watchlist column on your chart and simply click the refresh button to rescan anytime throughout the trading day.

This scanning capability is powerful for intraday trading because you cannot manually monitor hundreds or thousands of stocks simultaneously. The scanner continuously updates throughout the day, delivering fresh trade ideas based on stocks hitting MenthorQ levels. Our support team is available to help you build custom scans for your specific trading strategies.

Video Chapters

  1. 00:00 – Introduction to MenthorQ scanner templates on Trend Spider
  2. 01:10 – How to enter API keys and use pre-made templates
  3. 02:19 – Building a custom Put Support scanner from scratch
  4. 03:30 – Adding 0DTE levels and scanning current candles
  5. 04:48 – Combining MenthorQ levels with other indicators like RSI
  6. 06:24 – Using scanners for real-time intraday monitoring
  7. 07:28 – Adding scanner results as watchlist columns

Key Takeaways

  1. Pre-made MenthorQ scanner templates are available on the Trend Spider store for put support, call resistance, and other key levels
  2. Custom scanners should use the 30 minute timeframe for MenthorQ indicators and scan within 0.5% range of closing price with the current candle box checked
  3. You can combine MenthorQ levels with other technical indicators or fundamentals for additional trade confirmation
  4. Scanners provide real-time intraday updates by clicking the refresh button, making it possible to monitor hundreds of stocks simultaneously
Video Transcription

[00:00:00.05] - Speaker 1
I wanted to show you guys is the market scanner. Now so we actually did build some pre made templates for these Menthor Q levels. Let me show you guys. On the Transfider store we have one called the Put Support scan, the Call resistance scan and then we have the one day min and max and the HVL scan. Probably going to stick just to showing you guys, you know, the Put support and the Call Resistance scans first off. So anyone can go in here and add these to Trend Spider. And basically what the scanner does is pretty straightforward. It scans for stocks trading at the Put support which is very helpful if you're looking for trade ideas. And once you go ahead and you know, import them into your account, you'll see them right down here. This is how you get to the store page using these ones, the yellow links. But once you import them you will see this. Let me see the Put support is right here. And so again these are just scanned templates. Since you have to enter your API key, we do recommend making your own and putting your API key in so you can actually save them.

[00:01:10.15] - Speaker 1
But this you can use to kind of just build them on your own. Use them as inspiration. So as you can see the scan is actually very simple. All it is is that it's scanning for the Put support level to be within range of the current price by half a percent. And so if we were to run this scan, it would literally just find any stocks trading in the index you're searching in, in this case the S&P 500 index by that amount. And let me show you now since it doesn't have the API key, you have to put that in. So if you click on the parameter right here, you just enter the API key right there, press apply there, press apply and then that's how they'll work. But let me show you since these are templates, how to build one on your own. So that because if you are, if I were to close this out, the API key wouldn't save. So I'm just going to go ahead and click New scanner real quick. You can name anything you want, just name it. Menthorq Put Supports Live. We'll just search it. We actually have the Menor Q watch list.

[00:02:19.05] - Speaker 1
It covers all the stocks that Menor Q does and all the assets including not just stocks, you know, crypto and futures, all that stuff. And then once you have the scan searching in the correct watch list, you just add a condition and then you're going to use indicator of course. And for the scans we Recommend using the 30 minute for these menthor Q indicators because that's, you know, the lowest one you can use. And then you type Menthor Q. And in this case I'm going to be building the put support scan. And so I go all the way to the bottom down here. These are the ones on the chart. These ones down here will just be the levels from the indicator. I'm just going to click the put support and then I'm going to do is within range of the price. I'll use the five minute and then very important that you guys use the closing price so you get the current price. And then you can do by whatever percent you want. We set it up 0.5%. And also very important, click the current candle box. So that way it's scanning also the current candle and not the previous candle.

[00:03:30.14] - Speaker 1
So you're getting those kind of real time results. And so there's one of them. You have the put support level. Then I'm gonna do the same thing, but on this time I'm going to add the 0dte1 as well. So I'm put Menthor Q put support and then it's going to be the bottom one here is the zero dte. So that way we can scan for stocks during either the zero DTE or just the regular put support. And we're gonna do within range of the price, use the 5 minute close by again 0.5% and again enter your API key into these boxes. You click it, paste it in there and apply. And once you do that, you press scan and it'll go ahead and scan for stocks trading within the put support level. So let that go for a second. I actually already have another scan I built up here on that list. But before we do that, I actually want to show you guys too, you can also add, if you have another indicator that you like to combine with these levels, you can go ahead and add any indicator or even fundamental criteria, anything you want.

[00:04:48.20] - Speaker 1
So in this case I'll just add like maybe you want the price to be under the or you want the RSI to be under 30. When it's coming to the put support just for a little bit more confirmation you can just add the RSI indicator is less than a constant value of 30 and in this case it'll find stocks at put support within half a percent and then also with their 30 minute RSI under 30 for just that extra validation. And you can use this on any indicator you want. One other thing too, if you wanted to just hide stuff from the scan, you can Click the eyeball there. So maybe you just want to look for zero DTE today. You can just unhide that one and only search for zero dte pretty easily like that. So, yeah, that is basically how you build the scanners in trendspider using these levels. And all the levels are in there. You can use the conversions, the blind spots. Fabio, does that all make sense? Do you have any questions on that aspect? No.

[00:05:57.08] - Speaker 2
I think what I love about this is that this can be done also intraday. So you can. So this is very powerful because sometimes we want to find ideas and we cannot monitor maybe 100 stocks or a thousand stocks. And having an updated list that can scan throughout the day in real time is very, very powerful, I think. Yeah, so I think for sure there in creating this technology.

[00:06:24.18] - Speaker 1
Yeah, definitely. And then once you actually build the scan and save it, you don't even have. So you can close the market scanner. I already have one right up here. And then you can just add a watch list to, to a new column or the current column. And then whatever that scanner you just made is called, you just type right up here, mentor Q, you know, like put support. You just add it and it'll appear right here on your chart. And then you just click the refresh button right here and it can rescan for you anytime. And it'll basically just pull up, you know, any stocks trading within range of the put support. Again, you can make it for call resistance, you can make it for any of these levels that you want. So very flexible. You can combine with other indicators on your chart, combine with, you know, even fundamentals if you wanted to. So very powerful way to scan and find trading opportunities based on these levels. And yeah, it's. We have a support team that can help you guys, you know, build the scans if you have specific stuff you want to do.

[00:07:28.14] - Speaker 1
But.