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- May 18, 2003 I sold my MetaStock 8.0 and am now selling John Murphy's Chart Pattern Recognition Plug-in. Here's a description of the software. As you can see the Regular price is: USD$399.00 and Sale price is: USD$299.00 but I'll sell it to the highest bidder.
- Candlestick Chart Pattern Recognition Software
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If you want a more technical approach, then create a software package (genetic algorithm) that when given a date range where a known-good chart pattern appears, it will determine the recognition rules and then find other examples, learning from its mistakes.
There are those who say a day trader is only as good as his charting software. While that's debatable, it's certainly true that a key part of a trader's job — like a radiologist's — involves interpreting data on a screen; in fact, day trading as we know it today wouldn't exist without market software and electronic trading platforms.
Candlestick Chart Pattern Recognition Software
A lot of software applications are available from brokerage firms and independent vendors claiming varied functions to assist traders. Most brokerages offer trading software, armed with a variety of trade, research, stock screening, and analysis functions, to individual clients when they open a brokerage account. In fact, the bundled software applications – which also boast bells-and-whistles like in-built technical indicators, fundamental analysis numbers, integrated applications for trade automation, news, and alert features – often act as part of the firm's sales pitch in getting you to sign up.
Much of the software is complimentary; some of it may cost extra, as part of a premium package; a lot of it, invariably, claims that it contains 'the best stock charts' or 'the best free trading platform.' Fact: There is no single best stock chart or best stock screener software. There are too many markets, trading strategies and personal preferences for that. But we can examine some of the most widely-used trading software out there and compare their features. Whether their utility justifies their price points is your call.
MetaStock: One of the most popular stock trading software applications, MetaStock offers more than 300 technical indicators, built-in drawing tools like Fibonacci retracement to complement technical indicators, integrated news, fundamental data with screening and filtering criteria, and global markets coverage across multiple assets: equities, derivatives, forex, futures, and commodities. Both its MetaStock Daily Charts Subscription and its MetaStock Real Time packages (especially geared for day traders) include its highly praised stock charts software.
Worden TC2000: If you are interested exclusively in U.S and Canadian stocks and funds, then TC2000 offers a good solution. Features include stock charts, watch lists, alerts, instant messaging, news, scanning, and sorting.TC2000 offers fundamental data coverage, more than 70 technical indicators with 10 drawing tools, and an easy-to-use trading interface, as well as a backtesting function on historical data. It does not, however, offer automated trading tools, and asset classes are limited to stocks, funds, and ETFs.
eSignal: Another popular stock trading system offering research capabilities, the eSignal trading tool has different features depending upon the package. It has global coverage across multiple asset classes including stocks, funds, bonds, derivatives, and forex. eSignal scores high on trade management interface with news and fundamental figures coverage, and its stock charts software allows for a lot of customization. Available technical indicators appear to be limited in number and come with backtesting and alert features.
NinjaTrader: An integrated trading and charting software system, providing an end-to-end solution from order entry to execution with customized development options and third-party library integration compatible for more than 1000 apps and add-on products, NinjaTrader is one of the commonly used research and trading platforms. It's especially geared to futures and forex traders. Apart from the usual technical indicators (100+), fundamentals, charting, and research tools, it also offers a useful trade simulator, enabling risk-free trade learning for budding traders. NinjaTrader is free to use for advanced charting, backtesting, and trade simulation. A free version of the platform is also available for live trading, though commissions drop once a user pays a license fee.
Wave59 PRO2: Offering advanced level products for experienced traders, Wave59 PRO2 offers high-end functionality, including 'hive technology artificial intelligence module, market astrophysics, system testing, integrated order execution, pattern building and matching, the Fibonacci vortex, a full suite of Gann-based tools, training mode, and neural networks,' to quote the website.
EquityFeed Workstation: One prominently highlighted feature of the EquityFeed Workstation is a stock hunting tool called 'FilterBuilder'— built upon a huge number of filtering criteria that enables traders to scan and select stocks per their desired parameter; advocates claim it's some of the best stock screening software around. Level 2 market data is also available, and coverage includes OTC and PinkSheet markets. However, it offers limited technical indicators and no backtesting or automated trading. Its product-specific search tools like ETFView, SectorView, etc. rank among the best stock screening software. And it even offers free trading platforms – during the two-week trial period, that is.
ProfitSource: Targeted at active, short-term traders with precise entry and exit strategies, ProfitSource claims to have an edge with complex technical indicators, especially Elliot Wave analysis and backtesting functionality with more than 40+ automated technical indicators built in. Its asset class coverage spans across equities, forex, options, futures, and funds at the global level.
VectorVest: With trading platforms and analytics software that cover different geographic regions (for the U.S., UK, Australia, Canada, Singapore, Europe, Hong Kong, India, and South Africa), VectorVest is the one for the intercontinental crowd. Its program offers comprehensive coverage for common technical indicators across major stocks and funds all around the world. VectorVest also offers strong backtesting capabilities, customization, real-time filtering, watch lists, and charting tools.
INO MarketClub: For users specifically looking for charting software, INO’s MarketClub offers technical indicators, trend lines, quantitative analysis tools, and filtering functionality integrated with a charting and trading system — not just stocks, but futures, forex, ETFs and precious metals.
The Bottom Line
The decision to go beyond free trading platforms and pay extra for software should be based on the product functionality best fitting your trading needs. You can often test-drive for nothing: Many market software companies offer no-cost trial periods, sometimes for as long as five weeks. Novice traders who are entering the trading world can select software applications that have a good reputation with required basic functionality at a nominal cost — perhaps a monthly subscription instead of outright purchase — while experienced traders can explore individual products selectively to meet their more specific criteria.
Can anyone direct me in the right direction?
Basically, I'm trying to analyze stock prices and see if I can spot any patterns. I'm using PHP and MySQL to do this. Where can I find sample algorithms like the ones used in MetaStock or thinkorswim? I know they are closed source, but are there any tutorials available for beginners?
Thank you,
P.S. I don't even know what to search for in google :(
Abie8 Answers
A basic, educational algorithm to start with is a dual-crossover moving average. Simply chart fast (say, 5-day) and slow (say, 10-day) moving averages of a stock's closing price, and you have a weak predictor of when to buy long (fast line goes above slow) and sell short (slow line goes above the fast). After getting this working, you could implement exponential smoothing (see previously linked wiki article).
That would be a decent start. Take a look at other technical analysis techniques, but do keep in mind that this is quite a perilous method of trading.
Update: As for actually implementing this? You're a PHP programmer, so here is a charting library for PHP. This is the one I used a few years ago for this very project, and it worked out swimmingly. Maybe someone else can recommend a better one. If you need a free source of data, take a look at Yahoo! Finance's historical data. They dispense CSV files containing daily opening prices, closing prices, trading volume, etc. of virtually every indexed corporation.
Tim
Richard SimõesRichard SimõesCheck out algorithms at investopedia and FM Labs has formulas for a lot of technical analysis indicators.
hughdbrownhughdbrownFirst you will need a solid math background : statistics in general, correlation analysis, linear algebra... If you really want to push it check out dimensional transposition. Then you will need solid basis in Data Mining. Associations can be useful if yo want to link strict numerical data with news headlines and other events.
One thing for sure you will most likely not find pre-digested algorithms out there that will make you rich...
I know someone who is trying just that... He is somewhat successful (meaning is is not loosing money and is making a bit) and making his own algorithms... I should mention he has a doctorate in Actuarial science.
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Here are a few more links... hope they help out a bit
Best of luck to you
NewtopianNewtopianHere's a pattern for yahttp://ddshankar.files.wordpress.com/2008/02/image001.jpg
Save yourself time and use programs like NinjaTrader and Wealth-Lab. Both of them are great technical analysis platforms and accept C# as a programming language for defining your trading rules. Every possible technical indicator you can imagine is already included and if you need something more advanced you can always write your own indicator. You would also need a lot of data in order for your analysis to be statistically significant. For US stocks and ETFs, visit www.Kibot.com. We have good experience using their data.
I'd start with a good introduction totime series analysis and go from there. If you're interested in finding patterns then the interesting term is '1D-Pattern Matching'. But for that you need nice features, so google for 'Feature extraction in time series'. Remember GiGo. So make sure you have error-free stock price data for a sufficiently long timeperiod before you start.
jilles de witjilles de witMay I suggest that you do a little reading with respect to the Kalman filter? Wikipedia is a pretty good place to start: http://en.wikipedia.org/wiki/Kalman_filter/
This should give you a little background on the problem of estimating and predicting the variables of some system (the stock market in this case).
But the stock market is not very well behaved so you may want to familiarize yourself with non linear extensions to the KF. Yes, the wikipedia entry has sections on the extended KF and the unscented KF, but here is an introduction that is just a little more in-depth: http://cslu.cse.ogi.edu/nsel/ukf/
I suppose if anyone had ever tried this before then it would have been all over the news and very well known. So you may very well be on to something.
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Use TradeStation
It is a platform that lets you write software to analyze historical stock data. You can even write programs that would trade the stock, and you can back test your program on historical data or run it real time through out the day.
Nick