Elite Trader

Elite Trader (http://www.elitetrader.com/vb/index.php)
-   Trading Software (http://www.elitetrader.com/vb/forumdisplay.php?f=3)
-   -   priceactionlab questions (http://www.elitetrader.com/vb/showthread.php?t=221969)

luisHK Jun 10th, 2011 02:53 PM

priceactionlab questions
 
Hi

I follow the blog and became interested in their software, especially that some posters here seem satisfied with it.

Can you offer more feedback ?

It states one doesn't need programming skills to use it, skills I don't have... is that true ?

Does the software really come up with reliable stats on market or some stocks' directions just by beeing fed the data ? And how do you link it to a datafeed ??

Besides I see the price is different for individuals and professionnal , can one buy it under an individual name than use it for a corporate trading account ?

thanks for all related input
Luis

ronblack Jun 10th, 2011 03:42 PM

From a UI PoV this program is fairly simple to use and no coding is required. The idea is simple - just specify the performance and R:R criteria along with data and it will find patterns that satisfy them. TS code is available and also for other platforms.

For swing/position traders there is a system tracking module which does a fairly good job. It even projects conditions in the case of MOC orders.

Good program overall. If you read some of the blog posts you will get an idea of what it does.

intradaybill Jun 11th, 2011 03:16 AM

1 Attachment(s)
Price Action Lab is like three programs in one. It can search and scan for patterns but also calculate the p-indicator which is based on patterns.

IMO you should get an evaluation version as this is the only way for you to decide if you can use this program in ways that are beneficial. Nobody can decide for you. I use several programs to do different jobs. This one I use to scan the market and for the indicator signals. I swing trade SPY and I expected a good size rebound on Friday (yesterday) after a series of losses and the rebound on Thursday. After the close Thursday I ran the p-indicator for 1.00% and 2.00% target and stop and it produced negative signals (-10.23 for 1.00% target and stop). I didn't go long but I shoud have taken the short signal.

http://www.elitetrader.com/vb/attach...postid=3207403

luisHK Jun 12th, 2011 09:10 AM

Thanks for both replies !

I read most of the blog from the last few months and got an idea of the kind of signals the software gives - quite readable - but I need to go through the manual properly.

Would you care adding which database you use for your research, which providers you would advice ?

Besides can an individual buy the software and register for the database than use it for a corporate trading account ? And do you get restrictions on where you can use it - which computer, account etc... which might be important for people trading from various offices through various personal/corporate accounts ?

Intradaybill, according to the blog the PAL is also giving bullish signals mid term for the market, I took them... hope they work out OK.

Thanks again

intradaybill Jun 13th, 2011 01:53 PM

Quote:

Quote from luisHK:

Would you care adding which database you use for your research, which providers you would advice ?
There are many possible solutions, free and less or more expensive, for data providers. Send pm for my suggestions. The PAL website also offers some good suggestions here

Quote:

Quote from luisHK:

Besides can an individual buy the software and register for the database than use it for a corporate trading account ? And do you get restrictions on where you can use it - which computer, account etc... which might be important for people trading from various offices through various personal/corporate accounts ?
I'm not sure what you mean by corporate account. If you are an individual using a corporate account to trade that may be OK. If you trade for a firm or operate a fund then you will be considered a pro. Better ask them directly.

Quote:

Quote from luisHK:

Intradaybill, according to the blog the PAL is also giving bullish signals mid term for the market, I took them... hope they work out OK.
Yes but the signals may change at any time so you should be alert.

luisHK Jun 14th, 2011 08:02 AM

Thanks bill, I've just sent you a pm regarding the data providers.

In the pal manual it shows possibilities to extract the historical data from TWS, do you know if this is workable if someone is getting his real time data from elsewhere (if so any idea how it works ?? )


All times are GMT -4. The time now is 07:05 AM.