Custom Field Editor
The Custom Field Editor is a tool that was created to help you in the creation of Custom Fields in Stock Investor Pro. This editor will help you create an algebraic formula that is syntactically correct and then apply it to every company in the database. These custom fields can then be used for screening as well as creating custom views and reports.
To open the Custom Field Editor, choose the Custom Field iccon from the toolbar or select Tools from the main menu and then Custom Field Editor (Tools--Custom Field Editor). You can also open the Custom Field Editor by simultaneously pressing the Alt and C keys (Alt + C). Following any of these steps will open the Custom Field Editor window:
The Custom Field Editor has several elements, which we explain here:
This is the area where the actual algebraic formula will appear.
To build a custom field simply start by clicking on the appropriate operator ('(', '+', '*', etc.), selecting the appropriate field from the pickers, or typing a constant value. As you do these things you will notice a formula appear in the Expression Box. Remember that the Expression Box is nothing more than a text box. Once a field or operator is added using the pickers, you can edit the text as if you were working in a text editor. This is helpful for removing mistakes or adding in missing operators or parenthesis but can also be the problem for syntax errors.
This picker will place the selected operator in to the Expression Box. Operators that are valid are:
Throughout the Stock Investor program you will be presented with the need to select a particular financial field (i.e., Company Name, Earnings per Share Y1, PE, etc.) from the database. Whenever this is necessary you will be given a standard tree consisting of data fields Definitions inside the categories like the following:
In order to view the fields inside, click on the + beside the field category (i.e., Company Information, Price & Share Data, Custom Fields, etc.). Once a category is open you can choose the actual field you are want by double clicking on it or by highlighting it and clicking the Select button.
This is a useful function to ensure that the formula is inputted correctly in the Expression Box. Although it cannot account for financial logic errors in a calculation, it can check that all open parentheses have a closing parentheses, that the field names entered are typed correctly and do exist in the database and if there are missing or duplicate operators or fields.
These buttons will invoke the Save command. If the custom field is new you will be presented with a window asking for you to give the field a Name (which is required) and a Description (which is optional). When done select the OK button. Immediately after saving a custom field you will be prompted to calculate the field. Although you have a formula, it still needs to be applied to each company in the database before a value of some kind will be placed in that company's record. You can say 'No 'to the calculation, but you will need to come back and calculate the field before you run a screen or rank utilizing it. By not calculating the field, you will most likely receive zero companies passing a screen that utilizes it.
This action will cause Stock Investor to take the formula for the currently edited custom field and apply it to each company in the database. This is required before you can actually use a custom field in a screen or rank. Until this is done there will be NO VALUE in the actual company records. You will normally be requested to calculate a custom field upon saving it. However, if you said 'No' to the calculation process at that time, this will allow you to come back and calculate the field at a later time.
One feature that many users may not be familiar with is the collection of mathematical expressions that is available to perform more advanced calculations. Here we will discuss how to utilize some of the more useful expressions.
Custom fields are created in Stock Investor with the Custom Field Editor. To open the Custom Field Editor, select Custom Field Editor from the Tools menu (Tools-Custom Field Editor), click on the Custom Field Editor icon from the toolbar, or use the Alt+C key command.
Once you are in the Custom Field Editor, you can access the mathematical functions from the pull-down menu in the lower right side of the Custom Field Editor:
The setup for the growth rate function is GrowthRate([x], [y], [z]), which is the growth in a data field from value [y] to [x] over [z] periods. You can see this by moving the mouse cursor over the function name in the Custom Field Editor, prompting a pop-up window with a brief description of the field.
To calculate the annualized growth in Accounts Receivable over the last five years, we examine the total change in Accounts Receivable Y6 to Accounts Receivable Y1. This means we are calculating the percentage change using five compounding periods: Y6 to Y5, Y5 to Y4, Y4 to Y3, Y3 to Y2, and Y2 to Y1.
In simple terms, we are calculating the annual growth rate in accounts receivable from its level in Y6 (the [y] variable in the GrowthRate function) to its level in Y1 [x], which covers five years or compounding periods [z].
To begin calculating this growth function, select GrowthRate() from the pull-down menu that is right above the “Add Function” button. After selecting it from the list, GrowthRate() should appear in the area just above the “Add Function” button. If so, click on the “Add Function” button so that GrowthRate() now appears in the Expression area of the Custom Field Editor:
To enter this expression into the Custom Field Editor, first make sure that the cursor is positioned between the parentheses () in the GrowthRate function. Then, scroll down the list of data categories in the Field Picker until you come to Balance Sheet - Annual and click on the “+” sign next to it:
This will expand this data category so that you can see all the individual data fields that make up the category. Scroll down the list of data fields until you come to Accounts receivable Y1 and double-click on it. This data field should appear in the expression area (clicking once on Accounts receivable Y1 and then clicking on the Add Field button will produce the same result):
Once this is done, add a comma (,) after [Accounts receivable Y1] and then add Accounts receivable Y6 from the Field Picker, following the same steps we used when adding Accounts receivable Y1. Lastly, add another comma after [Accounts receivable Y6] and the number “5” so that the expression reads as follows:
Now that you have entered in the full growth rate expression, you will want to verify that it is mathematically correct. You do so by clicking the Verify button. If Stock Investor is able to understand the expression, it will prompt you that the field is valid:
The next step is to the save your new field. Click on the Save button in the Custom Field Editor. At the Save Custom Field window, you can name the field and an optionable description of the field:
When you are done, click OK.
Once you save the field, the program will prompt you to calculate this field for all the companies in the database. We strongly suggest you choose Yes.
After the calculations are complete, close the Custom Field Editor. You can go to the Custom tab of Stock Investor and see the value of each user-defined field (as well as the underlying calculation of each custom field) for each company in the database:
You can also perform screens using this field (or any custom field), add it to a View, or use it to rank the Stock Notebook.