Tools for Technical Analysis

#1
hi everyone,
can anyone tell me how can i find the tools for the technical analysis that i want to do on some stocks?
I have heard about a tool called metastock but i have never used it nor have i ever seen it.
does anyone know of a link from where i can download this software or do i have to buy it? I just want it for learning so i cant spend a lot of amount on it
 

Alchemist

Administrator
Staff member
#3
Original version of Metastock costs $500. (Rs 20000).

Most people in India use the pirated version, which can be found with people who deal in pirated software.

Metastock is not enough for analysis.

You also need the data for it.

There are numerous vendors who offer BSE/NSE data on daily basis.

I use Viratech India... which costs around Rs 10000 per year.

It may be possible to find a vendor which costs Rs 5000 per year.

Besides Metastock, many other technical analysis tools are available.

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Trend is an Indian software and costs Rs 7000/year.

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You can always use Indiabulls' technical analysis platform.

It is based on Metastock and is free.

http://www.indiabulls.com/equities/techanalysis/tech_analysis.asp

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Try this free software for learning. Though I have not used it, It seems to be okay.

Investar
What exactly does this software do? The FAQ doesn't explain much.
 
#4
How to read this analysis?

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You can always use Indiabulls' technical analysis platform.

It is based on Metastock and is free.

http://www.indiabulls.com/equities/techanalysis/tech_analysis.asp

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This one seems to be nice. But how do we use them? could not understand that a wee bit :eek:. I think I need a crash course on what is this data, what does it mean, how to interpret this etc. I'm an illiterate :rolleyes: when it comes to analyzing stock market data. :(.
 
#5
You can always use Indiabulls' technical analysis platform.

It is based on Metastock and is free.

http://www.indiabulls.com/equities/techanalysis/tech_analysis.asp
What exactly does the free technical analysis platform does not achieve, that the paid ones do?
Why should we go for the paid ones?
Why are the free technical analysis tools websites so less in number / virtually non-existent for Indian stock market as compared to - say US stock markets?

Also, is there an online resource that explains the process of technical analysis in some details?

This site seems to be somewhat useful, but I am looking for something more detailed:
http://www.tradersedgeindia.com/trading_lesson/moving_average.htm
 

Alchemist

Administrator
Staff member
#6
This one seems to be nice. But how do we use them? could not understand that a wee bit :eek:. I think I need a crash course on what is this data, what does it mean, how to interpret this etc. I'm an illiterate :rolleyes: when it comes to analyzing stock market data.
What exactly does the free technical analysis platform does not achieve, that the paid ones do?
Why should we go for the paid ones?
Why are the free technical analysis tools websites so less in number / virtually non-existent for Indian stock market as compared to - say US stock markets?

Also, is there an online resource that explains the process of technical analysis in some details?

This site seems to be somewhat useful, but I am looking for something more detailed:
http://www.tradersedgeindia.com/trading_lesson/moving_average.htm

Having a technical analysis platform online requires lot of resources - especially if the site is getting lot of traffic.

As Indian traffic is comparatively less and also less profitable, not many sites offer online technical analysis tools.

As far as good resources for technical analysis are concerned, I am yet to come across any good site. The content in books on technical analysis is far superior to the content found online. If anyone is serious about learning technical analysis, I would suggest buying a book than searching for online resources.

The only Indian book that I know of, on basics of technical analysis is the one written by Rajiv.

http://www.visionbooksindia.com/details.asp?isbn=817094709X

There are many advantages of an offline technical analysis software:

-more historical data is available.
-more indicators to work with.
-offline software is faster and one can jump from stock to stock easily.
-one can search for specific types of stocks in an offline software. (for example, you can make a list of all stocks that closed more than 10% up today.)
-there are more tools available in an offline software like Fibonacci retracement levels.
-you can analyze multiple stocks/indices in single window..
etc etc.

I had decided to start threads on technical analysis topics like this one, but there is more demand for subjects like IPOs and I have limited time. :eek:.
 
#7
Metastock is not enough for analysis.

You also need the data for it.
For an offline tool you need data, as per your thread here.
There are many advantages of an offline technical analysis software:

-more historical data is available.
-more indicators to work with.
-offline software is faster and one can jump from stock to stock easily.
-one can search for specific types of stocks in an offline software. (for example, you can make a list of all stocks that closed more than 10% up today.)
-there are more tools available in an offline software like Fibonacci retracement levels.
-you can analyze multiple stocks/indices in single window..
etc etc.

So the historical data to the tool depends upon the extent of data you enter into the tool. Where as for online tools you need not enter data, it will be available online. Although the limitation is you may not get all the functionality :(
 

Alchemist

Administrator
Staff member
#8
So the historical data to the tool depends upon the extent of data you enter into the tool. Where as for online tools you need not enter data, it will be available online.
most data vendors provide you with data.

my data vendor gave me BSE data from 1984 and NSE data from inception (1994).

online tools provide much less data.
 
#9
data vendors

most data vendors provide you with data.
OK, since as I already told you, I am new to this, please bear with me....

How to find a data vendor ? I guess you will also be needing up-to-date data... so do they keep on updating your data on a periodic basis / daily basis / hourly basis ? I guess having up-to-date data to do technical analysis is pretty important to make decisions...
What are their charges like?

Since I am in US, probably I won't have access to the book you mentioned till my next India visit...
 

Alchemist

Administrator
Staff member
#10
OK, since as I already told you, I am new to this, please bear with me....

How to find a data vendor ? I guess you will also be needing up-to-date data... so do they keep on updating your data on a periodic basis / daily basis / hourly basis ? I guess having up-to-date data to do technical analysis is pretty important to make decisions...
What are their charges like?

Since I am in US, probably I won't have access to the book you mentioned till my next India visit...
You can update data once-a-day. I have access to hourly data, but I don't use it much.

(It is all automatic. You just have to press the update button. :D).

You can surely find a good data vendor for around $150 per year. If you let me know how much you are willing to pay, I can suggest you a suitable vendor.

There are many books available in the US too. In fact, as a US resident you have a a much greater choice available to you. You can also buy second-hand books from amazon.com.

See my thread on Books On Technical Analysis
 
#11
Since I have just about started, I will have to see how much I make in profits before I decide whether I am willing to pay that kind of money on a regular basis. Besides, ye Google jaise companies ka jamana hai... I expect everything to be free :D

But then again, since I am a techie, technical analysis and charts appeal more to me rather than balance sheets and quarterly reports... so I might just pay up... but paying seperate fees for software and data just seems insane. I guess there is a desperate need for a web based technical analysis tool that is free or costs very little for small time traders like me...

On a separate note, I found a decent tutorial on technical analysis on investopedia. I guess that can be a good starting point for people like me...
 
#12
Come to think of it, the price data should be public domain from the stock exchange. So I headed over to the NSE website, and sure enough, I found that information available there. We are nicely able to download that information in a csv format.

Now all that is needed is simple excel macros to be able to process this data. And then plot it. I am sure these different parts of puzzles are solved by a different folks... we just need to put things together.

However, I could not find a very convenient way to download the historical data from the BSE website... :(


"Be the change you want to see in the world" ... M.K. Gandhi
 
#14
Hi All,

Have couple of suggestions to offer here...i am myself trying to learn technical analysis using some free tools, currently am using this:

1) Aptistock - download it from aptistock.com, also provides updated date. I have found it to be very useful. This software has lots of bugs & issues (all prices are 1 day old though u can see the current rates :(, supports only NSE stocks!!!!, some scrips give error on download). In fact most of the major world markets are covered in this software & there are some good built in technical indicators on which i sometimes base my trade decisions. The learning curve is atleast a day for people who have some idea of technical analysis.

2) Use charts on Myiris.com. If u right click on the chart you will see an option "Indicators" which consists of few indicators. Downside is you need to know how to build the indicator using days etc. I sometimes use this when i dont get the charts on aptistock.

More free advice is always welcome....does any body know a chart sofware which can give some decision guidance based on price or volume movements on the same day.

Many Thanks,
Hiren
 

man4urheart

Well-known member
#15
Last weekend I played with a couple of Free available techncial analysis tool.

I was enforced to do same because
- I have no money to spend on data feeds. I dont make so much money from stock markets yet to break even on that.
- cannot buy metastock too as it costs 20000 as alchemist highlighted.

Here is my feedback on free softwares

1. APISTOCK

- Data is always 2 days old.
- Index analysis with Volume not possible.

Data issue makes it useless

2. ChartNexus

- Data is without stock split and companies "name" changes adjusted.
- Index analysis with Volume not possible.

Data issues make it useless.

3. FCHARTS

- INDEX Analysis with Volumes not possible. (Solution: Use Alchemist weekly analysis:)..)
- INDEX Analysis without Volumes possible.
- Data needs to be adjusted from splits and company name changes.
- DE Utility freely available on net helps you download past data on high speed internet from NSE website. this implies company name changes are already adjusted but splits still have to be taken care. ( Solution: Since one uses at most 20-30 Stock for analysis, I think Stock split is not a issue, can be manualy done by looking at moneycontrol)
- Daily a process which taken around 5 minutes need to be done to download EOD into sofware once you have build your history.( not a single button click thing!)

Verdict: FCHARTS accompanied with DE utility is best option for poor people like us!
After all no pain no gain.
 
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man4urheart

Well-known member
#16
Further this weekend I researched

FCHARTS

- Only has Linear plotting, don't do long term analysis on free version.

4. FIBO TRADER
Complex installation. I was not able to install this product this weekend. It is also a free product.
- I give it thumbs down.

Icharts

EOD JCHARTS- It is a free plotting, but data limitation is 3 years.
- Cannot save charts on machine.
 

man4urheart

Well-known member
#17
Further update

InvestBulls

http://www.investbulls.com/e107_graph/IBChart.php

Positives

- 5 years of data allowed for plot.
- Better than Icharts & completely free.
- Huge plot possible, makes it very clear. Have a look! it is incredible!
- Scores better than Fcharts SE, as data is updated for splits and comapny name changes.
- Log chart possible.
- Save chart on machine as BMP image!
- Use Paint shop by saving the graph as BMP image to draw trendlines.

Negatives

- No fibonacci retracement.
- Cannot exactly pinpoint price levels through guider available in most offline softwares.

Verdict: Best free available! chart plotting.

Note: I am still looking aorund and will post more as and when i find any..:). Also I am planning to buy FCHARTS PRO, any feedback?

Alchemist- Which software(pirated version or original) are you using & Data provider?
 
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man4urheart

Well-known member
#19
Further Updates on Investbulls

-Data is updated later than icharts.
- Icharts gets the update sharp at 6 PM and Invest Bulls is bit late but keeps showing latest date on top which is misleading.
- Data is not split adjusted.

Amibroker

- Paid software
- Excellent software for analysis.

2 shortcomings found from my experience in past 3 months.

- Candle-Volume charts not possible. It is ranked number 889 on Amibroker Support issue, so I have to take a re birth to use this chart on amibroker.
- AFL language is to be used to write your own indicators and system which is quite tedious job for non techie people.
 
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