I am looking for Charting/scanning software that'll show lines of support and resistance and am surprised it seems so difficut to find, since these features are so basic. I use Trade Prospector, but it only displays support/resistance lines intra-day and only on some stocks, which is just not good enough. End of the day charts like those of www.stockconsultant.com are somewhat helpful, but rather crude.. Can anyone help?...
I assume you mean software that would automatically find the s/r and place lines at those points. The reason you haven't found this is because that's basically what trading is all about. There is no completely certain way to identify where price will turn..... but, you can objectively determine high probablility areas where price will stall or turn using price, time and volume. Indicators such as moving averages, bollinger bands, etc. are NOT support or resistance. They are derivatives of price. Learn how to discover areas of support and resistance for yourself and you'll be astounded how well you end up trading (assuming you have the correct psychology and money management skills).
seagem - what are you trading that's not in the Trade Prospector database? If it's a stock with reasonable volume and not extremely low priced, they'll probably add it/them if you ask them. As far as the support/resistance lines being intraday, isn't that the tough part? On the daily timeframe you can fairly easily look at the chart and see where the macro levels are.
I trade stocks below $5.00 and usually in the $2.00 to 50 cents range, like WEL for example... Trade Prospector's guys have excellent service, but I can't give them several days notice to input the data, when I need it immediately and I doubt I'll be renewing my subscription... I also need to view a 3 months/1 year chart with the support/resistance lines, to get a better feel of where the stock is likely to turn... Admittedly, when TP have the lines in, it's generally quite accurate and very helpful... If www.stockconsultant.com and http://thewallstreetanalyst.buysellorhold.com can do it in a somewhat crude fashion, why can't other chart software, that charge substantial amount of money provide intra-day and end of day charts, that integrate support and resistance lines?.. I bet it exists, but I just don't know where to find it , yet...
Probably because what the stockconsultant site does is of little practical added value for most traders, which would be why most T/A and charting software wouldn't bother with it. They're just drawing a bunch of lines from prior swing points, some/many of which are meaningless. You could do the same thing on a daily chart in a couple of minutes. In addition, the concept of real support/resistance kind of dissolves into the foam on the under $5 stocks and usually becomes completely meaningless when you get to stocks trading in the under $2 range because their price movements are too often from market maker manipulation rather than real support/resistance. Your example of WEL is a classic case. It's under 50 cents with only modest and easily manipulated volume and it's on the AMEX which is about as bad about manipulation of stocks like this as the OTCBB - physical "support/resistance" doesn't really exist. Technical analysis on that kind of stock is like doing technical analysis on a Baccarat game - some people claim it works, but the casinos keep raking in the bucks. Good luck.
give an example to be sure of what you want. When I has to replace a chartist analyst during 1 month for a group of traders working for a big bank I have to draw classical supports and resistances I used one of my model to do so and convert them into classical ones. Nevertheless I haven't automated the process (because for one month it is not worth). For me converting in supports and resistances make lose some important information in my model that's why I don't do it as for my own use but if people absolutly want to trade with less information no problem to erase some of them and keep only the supports and resistances.
I have already mentioned several sites that either have crude representations of S/R lines, such as www.stockconsultant.com and http://thewallstreetanalyst.buysellorhold.com, or only display them intra-day on certain stocks, such as Trade Prospector... I have already used WEL as a penny stock example, not the best choice admittedly, but suitable as an example: http://stockcharts.com/def/servlet/SC.web?c=wel,uu[h,a]daclyyay[pb50!b200!f][vc60][iUk14!Uah12,26,9!Lc20!Lb14]&pref=G This chart shows the prices of main pivot points and after some perusal, one can clearly see S/R lines in the .22; .28/.29; .58/.60 area. How difficult would it be to have an S/R line going through those points, to save the time to eyeball them one by one, on a dynamic intra-day and 3 months/1 year charts?... Nobody seem to bother doing that and I don't believe I am the only one looking for it... Admittedly, there are pro-traders who know how to enter and exit trades just by looking at LII and the volume and don't feel they need the facility, that is perhaps, until they see it... I have only traded full time for 4 years, but would very much appreciate this feature on a charting system... In fact, I would buy it immediately, if it existed... And so would a number of other traders I know...
seagem - could just be as simple as they've all concluded that there's no such thing as real technical analysis (which includes support/resistance) for penny stocks. Pennies are the frontier where market makers routinely manipulate the prices (ask them privately and they laugh their butts off over how much they screwed people out of that day) - how do you do T/A on that? Or maybe they feel the potential market isn't worth pursuing - after all, there's an even higher blow out rate for people doing low priced stock trading and maybe even a general perception that if they're trading penny stocks, most are probably undercapitalized and looking to operate "on the cheap". It's always nice if it's automatic, but apparently no one's worrying much about T/A on these stocks. So why not just draw what you think are SRs (since in these cases your eyeballing it will be about as relavent as anything) on charts of stocks you trade regularly and go from there? Are you alternating between a large number of such stocks?
HERE IS THE SOFTWARE YOU WANT... I have just purchased it and its great... the esignal code for SR tool is excellent.. http://www.sr-analyst.com/ And its cheap.... I use for scanning to watch stocks for the next days intraday trading, its designed for EOD trading only. Have Fun !