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Computerized Investing > April 28, 2012

Eye in the Sky

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by CI Staff

Eye in the Sky is a trade planning platform that provides a multitude of features, from screening and analysis to ratings and insider trading. These features allow users to plan their trades in advance and take only the most profitable trades, based on their individual trading style. The program is convenient and useful for both novice and advanced investors.

Eye in the Sky is useful right out of the box, as it offers fundamentals, EPS trends, pivot points, historical prices, ratings, insider trading updates, sector/industry analysis, and much more for nearly 7,000 stocks from the AMEX, the NASDAQ and the NYSE. Though much of this information can be found online for free, Eye in the Sky’s easy-to-navigate framework makes finding this information convenient and efficient.

If there is information that Eye in the Sky does not provide or if a user prefers a specific website for certain tasks, then Eye in the Sky can double as a Web browser. The My Web Pages feature allows users to view any website from within the program. The best part about the My Web Pages feature is that in the browser, a website will automatically load the data page for the ticker selected from the list on the left-hand side of the screen. Eye in the Sky comes with a few pre-programmed websites, such as Free Stock Charts and Google Finance, but it also allows users to add their own.

To add Yahoo! Finance to My Web Pages, first enter http://finance.yahoo.com into the address bar of any Web browser, such as Internet Explorer or the browser in Eye in the Sky. Second, search for a ticker with at least three characters, such as AAPL for Apple Inc. Third, copy the URL (in this case, http://finance.yahoo.com/q?s=AAPL&ql=1). Finally, in Eye in the Sky, go to File > New > My Web Page. Enter the name of the Web page, paste the URL, and save. Now, select a ticker from the ticker list on the left-hand side of Eye in the Sky’s screen. Select Yahoo! Finance from the My Web Pages drop-down menu. The Yahoo! Finance page for the selected ticker should appear in the Eye in the Sky browser. Clicking on another ticker will load that company’s page.

My Web Pages is a great feature, but it relies on being able to identify tickers in a website’s URL. If the ticker is not clearly displayed in the URL, it may not work correctly in the program. Users should choose a ticker with four or more characters when initially adding the website to the program, to increase the probability of success.

To truly utilize the program, users should take advantage of Eye in the Sky’s exceptional customizability. Users can build focus lists using hundreds of technical and fundamental screening criteria. To plan trades within a focus list, the program also provides an advanced trade planning feature, Observations & Timing, which allows the user to enter five positions for each stock. Each position can have its own trade criteria, such as entry price, risk-to-reward ratio, and market value. The user can then sort the focus list using the criteria in a position.

For instance, an investor who has minimal funds remaining and is looking for one last trade could select Position 1: Entry Price from the Order drop-down menu to reorder the list from lowest to highest entry price, based the previously defined position. Note that this only works for stocks that the user has entered position information on.

For each position, the user can enter two objectives, which are the stock values the investor hopes or expects the stock to reach. The program then calculates the profit if the objective is met and, more importantly, the risk-to-reward ratio for each objective. When this has been done for every stock in the focus list, users can order their focus list by the risk-to-reward ratio of each stock by selecting “Position 1: Risk To Reward Ratio 1” from the Order drop-down menu.

The Dashboard feature allows users to input criteria that match their individual trading style, which then runs against the user’s focus list and rates how closely each stock matches those rules. The focus list can then be ordered by these ratings by selecting “My Rating” from the Order drop-down menu.

To create a rule in Dashboard, right-click on an empty box and select Change Rules. Here, users can create a title for the rule and its conditions. To find stocks that are potentially undervalued, a user can create a Relative Strength Index (RSI) rule.

The program also allows users to import their realized gains and losses directly from some brokers, which can then be analyzed individually or as a portfolio. This feature can be found by going to File > New > Import Gains & Losses Definition.

This is but a taste of what Eye in the Sky has to offer. Most users do not have to worry about a lack of features, depth or customizability. However, novice users should not feel intimidated. There is plenty the program can do for investors who lack advanced experience, and the program can also be a great learning tool. To learn how to use the program, Eye in the Sky provides a Quick Start Guide and a User Guide, which are available for free at http://www.eyeintheskyscreener.com/support.htm. In addition, the Help Videos feature provides useful video tutorials for some of the program’s features. Users can also email Eye in the Sky if they have any questions at questions@eyeintheskyscreener.com.

If this program appeals to you, try the fully functional 30-day free trial before buying. A lifetime license for Eye in the Sky costs $300, which includes the program, data feed, no monthly fees, and free upgrades. Users should keep in mind that the program is quite data intensive and works best with a strong Internet connection, especially since the initial data collection can take an hour or even longer.

Eye in the Sky

http://www.aaii.com/download-library/download?DL_ID=693

System Requirements: Windows XP, Vista and 7; Macs require Parallels or Fusion, with Windows installed; Intel Pentium 800MHz processor or AMD equivalent; 1GB memory; 1280 x 1024 screen resolution

Size: 2GB

Price: $300 lifetime license; free 30-day trial


Discussion

Alex from FL posted over 2 years ago:

Can the CI staff evaluate and compare this tool as well?

http://www.stockrover.com

Thank you


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