priceactionlab questions

Discussion in 'Trading Software' started by luisHK, Jun 10, 2011.

  1. luisHK



    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
  2. ronblack


    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.
  3. 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.

  4. luisHK


    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
  5. 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

    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.

    Yes but the signals may change at any time so you should be alert.
  6. luisHK


    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 ?? )
  7. TS you mean. I've seen nowhere in the PAL manual mentioning how to get data from TWS.

    What is your post about anyway? I cannot figure out what you want to do.
  8. luisHK


    Indeed you are right, the manual says TS not TWS :(

    I meant is that possible to extract historical data from IB database, as this data might exist for TWS to create the charts (I'm trading stocks from various markets, but for US stocks at least i don't get the real time data from IB).
  9. Does priceactionlab work well with intra-day time periods like 1min,3min AND 5min time periods?
  10. When I first tested the demo I tried 5min bars and it produced many patterns. The main issue is whether these patterns are robust enough for using them in real trading. The good thing about this program is that you can always test these patterns on unseen data using a fucntion called Test Patterns. You can thus see how many are profitable on randomly selected unseeen data samples. It is a lot of work but it has to be done. It is also the honest way of doing things. Some programs I tried before employed walking forward optimization or even used implicitely out of sample testing to present only with good results that were nevertheless the result of data snooping bias. Keep in mind that this type of testing takes long and requires a lot of computing power. It is not for the average Joe. Do not get this program unless you have a spare powerful computer to install it on. Do not even think that you will have this program running while you watch the market, send emails, surf the web, etc.

    As far as 1min and 3min I have no idea. After I got this program I also turned to a position trader because in addition I could get better signals from it but I had decided long ago anyways that I wanted to start taking position in the markets for larger winners and smaller losses.

    Look at their support faq. They have some good notes there about intraday use.
    #10     Jun 15, 2011