This panel allows you to add various technical indicators, which determine the conditions to exit a Position. These are known in Portfolio Boss as “Sell Filters”. This panel is located at the Rules Area of the “Backtest Strategy” page; and by default it's collapsed (with the info telling you the number of filters it contains e.g. ). Click the button shown below to expand this panel:

So, the strategy looks at the Positions currently open, and if a Position hits any of the Sell Filters, you'll be given a Sell Signal to liquidate the Position. Sometimes though, a Position may be liquidated automatically (without triggering a Sell Filter) if its instrument company (or fund) gets delisted from the exchanges (due to merger, acquisition, or bankruptcy).

Keep in mind, most of the Sell Filters use the same technical indicators as the Buy Filters; just with different parameters. Please refer to Chapter 7 for a comprehensive explanation of each Filter.

1.  To add a Sell Filter (or multiple Sell Filters), click the “Add Sell Filter” button (at the top-right corner). 

The “Add Sell Filter” dialog shows up, where you can search, select, and add the Sell Filters into your strategy. Make sure you actually ticked them (enabled their checkboxes) before clicking the “OK” button.

If you're merely adding one Filter, you can double-click it without pressing the OK button (provided the Filter's checkbox isn't ticked yet). The newly added Filters are placed at the bottom of the list.

Please note, certain licenses may restrict you to use only a handful of Filters, or Filters with limited parameters. If you wish to upgrade your license, please contact our Customer Support team at support@portfolioboss.com.

2.  Some Filters can be applied multiple times; preferably you set each Filter's parameters differently.

Other Filters can be applied only once. If you try to add it again, it will be grayed out (on the “Add Sell Filter” dialog):

3.  A description tooltip appears when you hover the mouse over a Filter. It's also easy to understand how the Filter's parameters are phrased.

If you want to dive deep into the Filters, refer to Chapter 7. There we discuss the technical indicator(s) used, the various parameters of each filter, and its real-life applications. Once you understand their mechanisms, you can tweak, mix, and match those Filters.

Keep in mind each Filter is already given default (but sensible) values the moment you add them.

4.  There is a checkbox for each Filter that you can use to enable/disable it. A disabled Filter won't be used by the strategy, despite being listed on this Panel. 

This is useful if you're still tweaking the strategy and seeing which Filter may cause lower performance. Backtest the strategy multiple times to see how it performs with and without the Filter. Note, a disabled Filter has its parameters grayed-out so you can't manipulate them.

5.  To delete a Filter, click the trash-bin icon next to it.

6.  Some Filters have indicator graphs overlaid on the price chart (at the Instrument Tab).

For example, a Sell Filter stacked at the top of this Panel is labelled “Sell rule #1”, with its indicator lines “25 days EMA” and “50 days EMA” plotted on the chart. These indicators appear alongside other indicators, so if they look confusing, untick the other indicators to hide them.

Some Sell Filters may have their indicators displayed below the price chart, especially those indicators not directly related to the instrument's price. 

Note, this chart is initially empty until you clicked a symbol. You can find plenty of symbols to click from the History Tab and the Stats Tab.

7.  If a Position hits a Sell Filter, PB not only gives you a Sell Signal, but a Buy Signal as well to buy into the cash-equivalent (that is, if your strategy is set to cash-equivalent instead of cash). 

But if it's a Continually Switching Strategy, usually a Sell Signal is accompanied by a Buy Signal to immediately enter the next Position, instead of parking your money into the cash-equivalent.

The strategy buys into the cash-equivalent only in rare occasions where none of the instruments passed the Buy Filters, or if their rankings are dismally low.

Notes:

• Sell Filters are processed with the “OR” operators between them, unlike the Buy Filters which use the “AND” operators. That means, a Position needs only to hit one of the Sell Filters to be liquidated (even if there are other Filters whose conditions are not met). The idea is that exiting Positions should be easy, otherwise you're in for greater losses.

• You may show/hide the Filters' header (name), with the button shown below:

• The various Sell Filters in your strategy must be able to cope with a long period of backtest range, in various market conditions. It's a rookie mistake to fine tune the Sell Filters so the strategy performs well at a specific, short term period.

• As a little technicality you may want to know, Portfolio Boss actually looks at the Sell Filters too when entering Positions, not just the Buy Filters and Ranking Rules. That is, if any of those instruments also hit the Sell Filters at the same time that it passed the Buy Filters, then the instrument will not be bought.

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