Is there any chart package or any scanning software with the possibility of scanning chart patterns like Head and Shoulders? I know that neoticker is one of them but do you know more ?
Have you any experience with it? What's the accuracy rate? Where do you I get a manual? The demo doesn't come with one. Thanks
Chart pattens don't work most of the time. I'm looking at a program called APS from www.tradingpatterns.com which finds price patterns. If anyone has experience with it I would like to hear it. Looking for a used legal copy if I can get one, v4.8 or higher. Bill
To scan a long list of stocks (or a list) and finding on that list patterns like Head and Shoulders or double tops is difficult but ...potentially very rewarding as you might guess. That was the purpose of my question. Many people can see a head and Shoulder pattern on looking an individual chart but the challenge is: What stock is displaying RIGHT NOW this pattern? 2 packages (Neoticker and Trade-ideas) seems to me the ones that can or could do the job. The problem is that I don't have any of them: Is anyone using this software? If so, what the success rate in this matter? Is there any software out there better than these 2?
I use TI and have for several years. I love it, but I am not a pattern trader. I use it to spot and fade momentum.
I prefer myself scanning software and not newsletters. In the last category I would add Stockbandit.com. The problem is that they give me the food already cooked and choose by them and not the menu. That's why I prefer software. Besides, they are expensive (That may be too relative). I asked for a trial of AIQ trading expert pro mainly because they have an addon called AIQââ¬â¢s Chart Pattern Recognition (20 USD/month). Anyone has any experience with this software? Also trade-ideas is in my mind.
Here ya go>> http://thepatternsite.com/. Thomas has also written many books and free articles as well. The free pattern software download is a little bit tough to navigate at first but once you get it going its unreal at how well it works. I don't think anyone else I've ever read about has done so much in this area, let alone offer it all for free. He also has dedicated pretty much his whole adult life to the study of patterns and quantifies their success and failure rates. Good luck and good trading to you. -GT
Most of the patterns in that site do not have high enough success rate to cover transaction and other costs. The majority of patterns in that program, as reported in the website, have an actual success rate less than 60% with a win/loss ratio NOT reported. These can actually turn into losers depending on the value of the ratio. This is one reason the program is free, IMO. But he deserves credit for developing and offering the software. Bill