Watchlists are simply a list of individual tickers that are grouped together in a named container. They are typically used for a group of tickers that you are interested in for one reason or another. For example, you may have a watchlist named “Possible Buys” and another watchlist named “Possible Sells”.
Watchlists are similar to portfolios, but simpler, as they do not contain quantities, cash, or buy prices.
Within Stock Rover, you can maintain multiple watchlists, each with their own list of tickers. This allows you maintain multiple lists of tickers. For example you may maintain a watchlist for value stocks and another one for dividend stocks and another one for momentum stocks.
As with a portfolio, you can chart a watchlist to compare it against other stocks, indices, industries, portfolios, or other watchlists. When watchlists are charted, an equal allocation of capital is assumed for each stock.
There is a video that shows an overview of watchlists. The video can be viewed here. Please note that this video was recorded on a slightly earlier version of Stock Rover, so there may be some minor differences between the product you experience and this video.