Chart Pattern Recognition Software Metastock Reviews
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Our Finviz review testing reveals an effective free stock screener, fast market heatmaps, and stock chart pattern recognition. Finviz Elite includes real-time data, interactive charts, and backtesting.
The big question is, can Finviz still compete in the era of real-time financial news by Benzinga, interactive community and streaming stock charts by Tradingview, powerful backtesting software from MetaStock, and outstanding stock and ETF screening from Stock Rover.
Our Finviz review reveals effective heatmaps, fast stock screening, and excellent stock chart pattern recognition. However, Finviz Elite needs to improve its interactive charting, backtesting, and portfolio management. Finviz uniquely enables investors to visualize a vast amount of stock market data on a single screen.
The Finviz stock screener is extremely fast and allows you to filter on 67 fundamental and technical criteria. You can filter the stocks on specific chart-based signals such as new highs, lows, oversold, analyst upgrades, insider buying, or even chart patterns like double tops and head & shoulders.
Finviz also shines where the others do not because you can also screen on ten major candlestick patterns and 30 stock chart patterns. This mix of fundamental screening criteria for investors, technical charts, and candlestick pattern recognition for traders makes Finviz a good match for short-term and medium-term investors.
Looking at stock charts with Finviz is different from the other stock software products on the market. Whereas MetaStock & TradingView provide hundreds of fundamental technical analysis indicators, Finviz provides basic pattern recognition on daily charts and a small handful of overlays and indicators.
After 6 hours of working on strategies with the Finviz backtester, I was impressed. The backtester offers over 100 unique indicators and automatically detects stock chart patterns to help you build a truly unique system.
The Finviz Backtester offers over 100 unique indicators and automatically detects stock chart patterns to help build a truly unique system. After all this work, I created a system based on the Money Flow Index that beat the S&P 500 index handsomely over the last 24 years.
Yes, Finviz is very easy to use at first, but as you become more experienced with the software, you realize that it does not work as a single integrated platform, and it becomes frustrating. You cannot easily save chart annotations, you cannot have interactive charts and watchlists together, and if you do not save your work on every page, you lose it.
Yes, Finviz Elite is worth it, as the real-time stock market visualizations and pattern recognition help you quickly identify trading opportunities. If you are expecting a world-beating backtesting platform and excellent real-time charting, look at TradingView instead.
Finviz provides fast stock screening, heatmaps, and stock chart pattern recognition for free. If you want to visualize a large amount of stock data and find investments quickly, Finviz is definitely worth it.
Finviz is good, but there are better alternatives available, including real-time financial news by Benzinga, interactive community and streaming stock charts by Tradingview, powerful backtesting software from MetaStock, and outstanding stock and ETF screening from Stock Rover.
Now you can identify the most profitable chart patterns in seconds, based on John Murphy's many years of experience. Hidden inside every chart is a story - a story about where the price has been and where it might go in the future. Some stories are obvious. Others are a little more difficult to figure out.
The reports from other traders that ply the Forex market suggests technical analysis is well suited to Forex because it tends to trend. Chartpatterns appear and can be used as buy and sell signals. However, false breakouts from both chart patterns and congestion regions are common, as in any market.Thus, you need to take care when using any trading technique.
Writing a book, especially the kind I write because of the intensive research required, takes a long time and requires a lot of effort, much of it boring mouse clicking (to catalog the thousands of chart patterns).
I wrote my first book, Encyclopedia of Chart Patterns, not for the money but to discover how chart patterns work and to share that information with others. Having been published, it is now a question of motivation. I can use my website to share information, which I do -- for free -- so why write a book? I don't have a business to peddle that would benefit from the publicity, and I do not want to be famous, so what remains is money.
The higher the price of the book, the fewer sales you will have. The broader the audience for your book, the more sales you are likely to see. A book about making money in the stock market has a higher sales potential than one about chart patterns in the Forex market. The more esoteric the topic, the fewer the sales. If you have a well-known name like Suzie Orman or Oprah Winfrey, you can put your name on sticks of used chewing gum and they would sell, but who ever heard of "Bulkowski?"
If I cannot make minimum wage by selling a book about chart patterns in the stock market, what makes you think I can make more by targeting a smaller audience, such as the commodity or Forex markets? It is not worth the effort to write such a book because the money just isn't there. It's not worth a year's worth of effort to sell 1,200 books, despite how good the book may be. When you factor in the poor customer reviews on Amazon.com that even the best authors get, why bother? I can mow people's lawns and make more money with less stress.
I use the Nr7 chart pattern, but wait up to 7 days for a breakout to occur from that pattern for each stock. Let's say that the chart patternindicator (CPI) says that the marketis bearish on Wednesday with 150 Nr7s completed but price has not broken out upward or downward yet (closed above the highest high or lowest low during the past 7 days).On Friday, let's also say that the market makes a huge move up, say 150 points. Most of those 150 Nr7s waiting to breakout will do so on Friday when their stocks close above the highest highposted by the Nr7. Thus, the bullish and bearish counts for the prior 7 days will be adjusted accordingly and that may well cause a bearish signal to disappear. That's why signals canappear or disappear for up to 7 days from the current day. It happens when the markets make large price swings either up or down.
For example, if Patternz finds two valleys at the same price and the pattern obeys all identification rules for double bottoms except for confirmation (price closing above the top of the pattern), then it'll show the double bottom on the chart, often with a question mark (DB?).
If additional price data arrives which shows price closing below the bottom of the pattern, then the double bottom is invalid and it'll be removed from the chart. The pattern will'disappear' because it's not a double bottom.
The daily chart pattern indicator readings are posted on most pages, at the top right of the screen as a date (clickable hotspot) under "Test Portfolios and CPI". Ifyou click on the date, you'll see the bullish, bearish and waiting for breakout numbers. The waiting for breakout numbers are the key. If those waiting on the sidelines decide to breakout, then they can change the HISTORICAL CPI values. That means the daily totals will differ from those in the spreadsheet.
The more complex answer is the same as to why signals appear or disappear. I use the Nr7 chart pattern, but wait up to 7 days for a breakout to occur from that pattern for each stock. Let's say that the chart pattern indicator (CPI) says that the marketis bearish on Wednesday with 150 Nr7s completed but price has not broken out upward or downward yet (closed above the highest high or lowest low during the past 7 days).On Friday, let's also say that the market makes a huge move up, say 150 points. Most of those 150 Nr7s waiting to breakout will do so on Friday when their stocks close above the highest highposted by the Nr7. Thus, the bullish and bearish counts for the prior 7 days will be adjusted accordingly. The new totals will be reflected in the spreadsheet (and will not changeif they are older than 7 days), but they will no longer match those posted daily.
Getting Started in Chart Patterns is a wonderful entry-level book for people new to chart patterns. However, it is not a primer on how to buy a stock for those who know nothing about equities.
For chart patterns, the long answer is that learning to trade them correctly is like taking years to become a brain surgeon. Don't expect to be successful overnight, or even in a year. You'll have to know the answers to questions like these.Which breakout direction should I trade? Do reversals or continuation patterns perform best? Should I look for them at the end of long trends or at the start of trends?Should the inbound trend be steep or shallow or does it matter?How important to success of a trade is the industry in which my stock does its primary business? How important is the market trend?Is the market choppy and volatile, range bound, or trending?How often will I get a throwback or pullback? Should I wait to buy until after a throwback completes?Should I trade busted patterns instead?Am I a buy-and-hold investor, position trader, swing trader or day trader?Am I planning to trade as a hobby or invest for the longer term?Do I have enough money to last a downturn?Is my portfolio diversified to spread risk or concentrated to make big bucks quickly?Is the stock volatile, high or low (even negative) beta?Is the stock a trend follower or a countertrend player?What time frame will I be trading? 1-minute, 5-minute, hourly, daily, weekly?Should I use the log or linear scale when viewing charts?What time frame should I use to view my charts?Do I have the patience to become a successful trader?Can I keep emotion out of my trading?Can I handle the pressure of trading alone or do I need a group dynamic?Do I have the skills to do the research necessary each day before and after trading?How will I handle loss after loss after loss?Should I use leverage?Will I blow out my account with too much leverage?Should I trade options, stocks, forex, futures, or all of them?Will listening to my broker make me broker? 2b1af7f3a8