Chart Pattern Recognition Software Metastock Trader
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Before you jump headlong into three months of studying and analyzing Japanese Candlesticks manually, I highly recommend you use the power of modern stock charting algorithmic software to do the job for you.
Automatic pattern recognition software uses algorithms to detect patterns in numbers. Japanese Candlestick patterns are particularly difficult to spot; our five highlighted automated pattern recognition platforms perform this task better than humans and are available to retail investors.
Japanese Candlestick charting theory attempts to predict the future price moves of assets by interpreting the supply and demand in the market. There are hundreds of candlestick patterns that are difficult to learn.
TrendSpider offers excellent automated trend and candlestick pattern recognition on multiple timeframes. TradingView has the best free candlestick stock chart recognition globally. MetaStock offers powerful Candlestick trading systems with win/loss probabilities.
You can see the patterns recognized on a weekly chart versus the daily Candlestick patterns in the image above. Of course, TrendSpider allows you to change the timeframes to 1 minute versus 1 hour or any other combination if you prefer to trade in short timeframes.
TradingView offers automated Candlestick chart recognition for 39 patterns for free. The Candlestick pattern recognition works globally on stocks, ETFs, Forex, and cryptocurrencies. TradingView also has the largest trading community and powerful backtesting, a perfect combination.
I love TradingView and use it every single day. I regularly post charts, ideas, and analyses and chat with other traders. You can have TradingView for free, and it is a review winner for our Best Free Charting Software Review. However, there are limitations. I recommend going for the PRO+ at $19 per month or the Premium at $39 per month; the benefits are extensive, including priority customer support and unlimited everything.
In the image below, you can see that pattern recognition is intelligently implemented. The Bearish Engulfing (BE) patterns are highlighted in Red, with an arrow pointing downward, suggesting that this candle is a bearish sign. You can also observe that the Doji (D) patterns are grey and pointing upwards, indicating a possible price direction change.
Technical Analysis. With over 160 different indicators, and unique specialty charts such as LineBreak Charts, Kagi Charts, Heikin Ashi Charts, Point & Figure Charts, and Renko Charts, you have everything you will need as an advanced trader. With the Premium membership, you also get Level II insight, fully integrated.
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 screenshot below shows a snippet of the available pattern recognition criteria to choose from. Now I am excited.
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.
At the heart of Tickeron is the ability of its AI algorithms to spot 40 different stock chart patterns in real-time. You can select which pattern you want to trade, and it will filter stocks, forex, or cryptocurrencies that currently show the pattern. Patterns are split into bullish patterns for long trades or bearish patterns for those who wish to go short.
Tickeron presents users with charts that already have patterns mapped and directions predicted; this is the single biggest benefit of the service. You will be disappointed if you want to perform your own technical analysis, configure your own indicators, or make chart annotations. The use of AI in this platform means that you will rely more on the algorithms than your own creativity, which is probably a good thing for most people.
Metastock is different from other vendors because their software runs locally on your PC, and you can buy one-off licenses and avoid monthly payments. They also operate a marketplace where professional traders sell their stock trading systems and signals as add-ons to MetaStock.
Another area where MetaStock excels is what they call expert advisors. MetaStock harnesses many inbuilt systems that will hel