Does anyone know of a charting program that plots, extends, and modifies support, resistance, and trend lines in real time?
In Qcharts & Ravenquote you can draw so called extended lines ( i.e. S&R lines,Retracements, trendlines ) on RT charts. Both programs extend these lines automatically until you remove them again. In RavenQuote, you can use automatic drawing of Retracements and projections, Prev. High, Low, Open, current High, Low , Open. See http://www.qcharts.com http://www.ravenquote.com 3rd. Millenium Trading offers a tool called "Tradeprospector" which does all the calculations for S&R Levels, Retracements etc. "Upcoming Products from 3MT Realtime S/R Daytrading Tool - a Trade Prospector add-on that extends Trade Prospector's Multi-Temporal Support/Resistance Projection algorithms into realtime, permitting fine granularity tuning of your S/R based trading with computer generated trade signals. This program links with a realtime datafeed to provide automatic graphic cues for entry, exit, and stop placement/movement for additional profitability in daytrading of equities and futures." For more info on TP see : http://www.3mtrading.com
Privateer, thank you for the referrals. The objective is to have the charting program do all the tick by tick S&R/trend recognition, line drawing and line adjustment in real time so I don't have to. I think that upcoming 3MT product might be what I'm looking for. Thanks.
zboy, Yes, RealTick will extend any line once drawn, however, (unless I am missing the feature) the process of support/resistance/trend recognition and initial line drawing is up to the user. What I'd like to find is a program that completely automates this work; from initial S/R/T recognition and line start, to line extention, to line modification and deletion when the line is no longer valid. Are you saying that RealTick has this capability? Possibly through some add-on?
I'm sorry, I misunderstood your original query. No, Realtick will not automatically determine and draw trend lines for you. However, with all due respect, I feel compelled to ask why would you need a program to do it for you? If you're looking at trend/support/resistance lines to begin with, then you're obviously using TA in your trading and I assume know how to read charts. It's pretty easy to simply draw the trend lines yourself and connect the dots so to speak.
zboy, thanks for the clarification. Regarding why I'm looking to automate the process, simply, the focus should be on trade execution (with chart/indicator reading in support of that); I find manual line drawing a distraction. It's not the difficulty of identifying and maintaining S/R/T lines, it's the extra labor and diversion of attention. (Compare to having to manually calculate moving average or some other value all day. Give the job to software.)
Found one: OmniTrader 2000 Description says it plots long-term, medium-term, and short-term support, resistance, and trend lines in real time. Probably not the full-spec deal, but getting closer.
Hi Lancer, Yes indeed, I forgot, that OT RT version is capable of doing this. I still use OT 4.0 sometimes, but only on EOD data. However, it does not really draw Retracementlevels on the chart and you have no possibility to set drawing of ST, MT and LT trendlines to custom periods. OT uses always 16 periods for ST, 32 for MT and 64 for LT. Same for Support & Resistance lines Fib-ratios are displayed as very thin vertical-lines on the right side of the chart. If a price is in the vicinity of a fib-level, you can see the appropriate level turning into a small white dot. One other useful feature in OT is, that it can automatically detect and display Candelstick-patterns. I guess, it's the same with the RT version. I have ordered the upgrade to the latest version - OT 2001 - which will arrive anytime soon. Will see whether they have made any significant changes with regard to this subject.