Position: specifies whether to take a long or short trade position. 

Calculate Back-Test Statistics: determines whether back-test statistics will be calculated ad displayed. 

Show profit summary at end of scan: if checked, will cause a form to be shown at the end of a scan summarizing all the positions taken.  An example is shown below.  This form can also be shown from the view menu after the scan. 

Don't show summary for single scan: if checked, a trade summary form will not be shown when a single item scan is run. 

Open: enter trade at the open of the day following the scan date. 

Close of Previous Day: enter trade at the close of the day of the scan date.  Use this option if you run your scan just before the close of the day and enter positions then, otherwise use the entry at open instead. 

% or $ Above Previous Close: enter the percentage or dollar per share entry point above the close of the day of the scan date. For example, if the close is at $10, then a setting of 5 with the % option checked would mean an entry at $10.50.  TCScan+ will not enter a position if the high of the day following the scan date does not cross the calculated entry point. Use this option if you only want to enter positions that start out confirming your expectations. 

% Stop Loss: exit the position if price falls to a point where percentage losses exceed the specified number.  For example, you enter a position of 100 shares at $5 and have a % Stop Loss of 10.  If the price per share falls below $4.5 the position will be closed.  Since intraday data is not available, TCScan+ has to guess about price movement within the bar.  If a bar gaps open below the stop point, it will take the exit at the opening price.  If the low of the bar is under the stop point, it will exit at the stop point. 

% Profit Protect: similar in nature to the stop loss, the profit protection calculation keeps track of the most profitable point in your trade to date and exits if the price falls below the specified percentage off the most profitable point.  For example, you purchase 100 shares at $5 and have a 5% profit protection stop in place. After a few days price reaches a high of $7 and then starts falling.  The position will be closed if price falls below $6.65 (5% off $7.)  As for the stop loss, if a bar gaps open below your profit protection point, it will take the exit at the opening price.  If the low of the bar is under the profit protection point, it will exit at the profit protection point. 

$ Stop Loss: this works the same as the percentage stop loss, but instead sets the stop at a fixed dollar loss.  For example, with 100 shares purchased at $5 and a $75 stop loss, the position will be exited if the price falls under $4.25.  As with the % Stop Loss, the actual position loss will be the specified $ Stop Loss plus slippage at the entry and exit plus possible gap-down losses (if price opened under your stop point.) 

$ Profit Protect: allows a fixed total dollar loss off the maximum profitable point in the position before the position is closed. 

Time Stop: Exits the position at the close after the specified number of days. 

Volatility Stop: Will use the settings you have defined in the Volatility Stop scan to exit positions.  You can choose which of the 3 stop levels to use for the exit (1 = tightest, 3 = loosest) or you can check the 'Transition Vol Stop' box to get the stop to start at the loosest level and then be changed to the next tightest level after the number of days specified in the 'Number Days' text box.  For example, if you specify 5 for the number of days, the stop will start at level 3, the loosest stop, and then will change to level 2 after 5 days and then to level 1 after 10 days in the trade and will stay at that level until the trade is exited. 

Allow Exit on First Day: This option allows you to specify whether a position can be exited on the day it is taken (in other words the day after the scan date.)  TCScan+ tracks the high of the bar as the most profitable point, and the low of the bar as the least profitable.  It is possible, therefore, that if an entry is taken at the open of a large-range bar either the profit protection or stop loss point could be hit on the same day (as it can be on any other day.)  An example is shown below.  The position was entered at the open price of $3.59 and the high and low were at $4.88 and $2.64 respectively.  The low is 26% below the entry point, so if a 10% stop loss was held it would have been triggered at $3.23.  Likewise, if a 5% profit protection stop was in place, it would have been triggered at $4.64.  TCScan+ checks the profit protection point before the stop loss, so would have recorded a 29% profit for this position, minus slippage.  If you did not select the 'Allow Exit on First Day' box, then the position would not have been closed on this day.  Instead, it would have been closed on the following day at a lower profit, because that day opened below the profit protection point, so would have been closed at the open price of $4.35 instead of the $4.64 profit protection point. 

Apply stops at close only: When checked, TCScan+ will only consider the closing prices in deciding whether to exit a position.  In the above example, the stop loss would not have been triggered because the close was not lower than $3.23.  However, the profit protection point would have been hit at the close of $4.07 because it was below $4.64. 

Number Shares: purchase the same number of shares for every item.  This means that a lower cost position will be taken in lower priced stocks than higher priced ones. 

Dollar Amount: purchase the same total dollar cost of shares for every item, so more shares are purchased for lower priced items than are for higher priced ones. 

Percent: add a fixed percentage to the total cost of the purchase and subtract the same percentage from the sale when the trade is closed.  For example, if you take a position of $500 and sell it for $700, and have specified a 1% slippage, it would be equivalent to purchasing at $505 and selling at $693.  Use the slippage section to account for commissions and slow fills. 

Dollars: add a fixed dollar amount (not per share) to the purchase cost and subtract the same from the sale price. 

Number Shares (Shares): The number of shares of each items purchased.  This number is either specified directly in the Position Size section or calculated from the dollar value of the position specified there.

Entry Price (Entry$): The exact price at which the position was entered.

Exit Price (Exit$): The exact price at which the position was exited.

% Profit or Loss (%Profit): The percentage change between the exit and entry price for long trades (vice versa for short trades), adjusted for slippage.

Annualized % Profit or Loss (%Annual): The same as above, but with the percentage adjusted for the number of days in trade to provide an annualized percentage change.  This is useful for comparing different trades, each of which have a different duration.

$ Profit or Loss ($Profit): The difference between the dollar value of the position at the entry and exit points, adjusted for slippage.

Maximum %Profit/$Profit (Max%/Max$): Equivalent to the profit numbers above, but based on the highest high (long) or lowest low (short) over the trade period instead of the exit price.

Maximum %Drawdown/$Drawdown (DrDown%/DrDown$): As above, but provides the maximum drawdown in the position.  For a long position, this is the difference in position value between the entry and lowest low over the trade period.  For a short position it is the difference between the entry and highest high.  This statistic indicates how wide you would need to place your stops to not get stopped out of the position.

Days in Trade (TrdDays): The number of days from the trade entry to its exit.

Reason for Exit (Exit Reason): An abbreviated reason why the trade was exited will be shown in the results list.  A summary of the abbreviations is provided below and further details are available in the Exit Options section above.