Reading panes side by side

This page takes one name you have linked and lays five panes beside each other. No ticker is named, because the walk is the same for any stock the scan covers.

At a glance

• What you are doing. Organising evidence about one stock, pane by pane.
• What you are not doing. Receiving a verdict. No pane on this page issues one, and nothing here adds up to one.
• The five panes. Market Scan, Timeframe Agreement, Rank by Timeframe, Priced Range and Volatility Weather.
• The two families. The first three carry Ohey's model output. The last two carry observed option prices.
• Key difference. The ranking panes say where the models placed a stock tonight. The options panes say what the market charged for movement. The desk never turns those two into one figure.

Step one: the scan row

Open the Market Scan and filter to your ticker. One row remains. Two figures on it matter here.

• Rank 45, 20 and 10. Where the stock sits in each ranking, 0 to 100. Rank 10 is shown for context only, because that ranking failed its holdout test.
• Held. How many trading days in a row the stock has carried its signal, a count and not a grade.

The row is your starting fact. It says where tonight's queue put the stock. It says nothing about a price.

Step two: the agreement count

Open Timeframe Agreement. The middle of the pane prints whether the 45 and 20 trading day ranks agree, and for how many trading days.

What this adds is spread. A high rank at 45 trading days with the 20 day rank disagreeing is a stock the two time frames read differently. A high rank where both agree is one they read alike. Agreement is a fact about the readings. It is not a probability and not a confidence figure.

Step three: the band across time frames

Open Rank by Timeframe. It draws that place at each of the three time frames, shortest on the left. The scale runs 0 at the bottom to 100 at the top.

• The line. Where tonight's queue put it at each time frame, from an earlier trading day to tonight.
• The shaded and ruled ends. The 45 and 20 trading day signal zones. A line that ends in one is a rank that clears the signal band.
• The 10 day line. Drawn quieter. That ranking failed its own holdout, so it is context only.

What this adds is shape. The scan row gave you one rank. This pane shows the three readings behind it, and how far each has moved.

Step four: what option prices carry

Open Priced Range. It draws a bracket for each expiry date, spreading out from the share price. Each arm is the size of an ordinary move that option prices carry for that date. The upside and the downside are priced separately, so the fan is usually lopsided.

Then open Volatility Weather. One dot per expiry date, each showing what the market charges for movement out to that date. It is a price list across time, read like a set of insurance quotes for different lengths of cover.

What these two add is the market's own pricing. It comes from public quotes and has nothing to do with Ohey's models.

Where the five can disagree

• Rank high at 45, disagreeing at 20. The two time frames read the stock differently. Reading both ranks together exposes what one alone would hide.
• Rank high, newly held. The model just started reading the stock this way. A high rank with a short held count has not been tested by time yet.
• Ranking strong, option prices wide. The two are unconnected sources. A wide priced range says movement costs more today. The desk's view on direction is on the Read-out and in the Ask, labelled.
• The book holds one side, the scan tilts the other. The book is traded on one time frame. The scan shows three separately. The desk prints the clash rather than smoothing it.

Disagreement is information about the readings. It is not a fault in one of the panes, and this page does not resolve it into one figure.

The desk never merges them into one score

One score over five panes would hide which pane moved. It would also read as a verdict, and neither family produces verdicts. The ranking panes place names against each other. The options panes restate quotes. Adding them would invent a figure neither source supports. The Ticker Study layout puts both families on one screen and joins them in no other way.

What you hold at the end

• A place. Where tonight's queue put the stock, and how far from the middle.
• A spread. Whether the 45 and 20 trading day ranks landed on the same side.
• A history. How many trading days in a row that place has held.
• A price. What option prices carry as an ordinary move, out to each date.
• A gap, if there is one. Any point where two of those four disagree.

None of the five is a verdict, and together they are still not one. What you do with them is your decision, and the desk does not make it.

Frequently asked questions

Which pane wins when two of them disagree? None of them. They measure different things, so a disagreement is a fact to carry, not a tie to break.

Can I add the ranking figures and the option figures together? No. They are unconnected sources on different scales. See Reading The Options Suite.

Related panes

• How to study a name, the same walk with a real ticker and a button at every step.
• Market Scan, where the walk starts.
• Rank by Timeframe and Timeframe Agreement, the two single-name reads.
• Priced Range and Volatility Weather, the two options reads.
• What not to do with what you see, the misuse warnings.