Tools for Technical Analysis

GregariousGary · Dec 20, 2007

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

rookie_gau · Dec 20, 2007

Try Investar

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

Investar

Alchemist · Dec 20, 2007

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.

============================================

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

============================================

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

============================================

rookie_gau said:

What exactly does this software do? The FAQ doesn't explain much.

maverick · Dec 21, 2007

How to read this analysis?

Alchemist said:

This one seems to be nice. But how do we use them? could not understand that a wee bit

. 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

when it comes to analyzing stock market data.

.

fortune_seeker · Dec 21, 2007

Alchemist said:

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 · Dec 21, 2007

maverick said:

fortune_seeker said:

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.

.

maverick · Dec 21, 2007

Alchemist said:

For an offline tool you need data, as per your thread here.

Alchemist said:

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 · Dec 21, 2007

maverick said:

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.

fortune_seeker · Dec 21, 2007

data vendors

Alchemist said:

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 · Dec 22, 2007

fortune_seeker said:

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.

).

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

fortune_seeker · Dec 23, 2007

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

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...

fortune_seeker · Dec 23, 2007

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

Alchemist · Dec 24, 2007

fortune_seeker said:

The data has always been there, but it is not easy to convert to a form that charting software can use.

For Metastock, you will have to edit 1000+ NSE stocks everyday. 5000+ for BSE.

That would be such a waste of time.

hiren · Dec 26, 2007

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 · Mar 11, 2008

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.

man4urheart · Mar 17, 2008

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 · Mar 18, 2008

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?

Alchemist · Mar 19, 2008

man4urheart said:

Metastock + Viratech StocksUp.

man4urheart · May 27, 2008

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.

man4urheart · Jun 21, 2008

Here is free intra day charts plot.

I haven't tested it, I also saw it on Friday. We can see how it goes on Monday. Neither i have experience in trading intraday!

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

Alchemist any suggestions which tick (2 min, 3 min or 5 min or 10 min?) one should use during intraday ? Any experience sharing?

Tools for Technical Analysis

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