|
|
Professional Candlestick
Scanning for Professional Traders
|
Practically everyone has heard of Japanese Candlestick
charting, which was popularized by Steve Nison, author of the book "Japanese Candlestick Charting Techniques".
Many traders have been using a form of Japanese candlestick charting for decades, even before it was named "candlestick charting".
What are Candlesticks?
The main feature of a candlestick is that the area between the open and close
price is filled in, with emphasis on the direction. Typically you will see bars
represented as dark candles on days where the price closed lower than the open, or white candles
on days where the price closed higher than the open. The actual high and low prices are called "wicks".
Candlesticks don't involve calculations, rather they simply offer a different
perspective for viewing price action. The interpretation of candlesticks is based primarily on patterns
that are formed from period to period. For example, you may have heard of terms
like "Three Black Crows", "Morning Stars", or "Dark
Cloud Covers". These are all candlestick patterns, which are formed by two
or more candlesticks.
A Graphical Representation
A Japanese Candlestick pattern is a group
of price bars as shown in figure
1. Traditionally you will see dark candles on days where the price closed lower than the open, or white candles
on days where the price closed higher than the open.
Sometimes in instructional material you will see gray bars,
which means that the bar may be either white or black. |
Figure 1
|
About The Professional Candlestick Scanner
Our Professional Candlestick Scanner is an easy-to-use, plug-and-play
solution for candlestick pattern recognition. No
software programming is required to use our scanning system. You
will be able to scan the stock market immediately after
installation. This is not an advisory service therefore you will not find
buy and sell recommendations or portfolio management features built into the
software. Instead, our
software is designed to scan several securities (tens or even thousands) on an
intraday basis, and rank those securities by importance. You can
customize the scanning engine based on price or volume. The end result is a report list of securities that are
most likely to generate profitable candlestick trades.
Over Two Dozen Recognized Patterns
The Professional Candlestick Scanner is capable of identifying
over 24 popular candlestick patterns:
Morning Stars
Evening Stars
Piercing Lines
Engulfing Lines
Doji Stars
Hanging Men
Bullish Hammers
Dark Cloud Covers
Engulfing Lines
Shooting Stars
Spinning Tops
Harami Crosses
Tri-Stars
Three White Soldiers
Three Black Crows
Two Black Crows
Bullish Abandoned Babies
Bearish Abandoned Babies
Bullish Upside Gaps
Bullish Kicking
Bearish Kicking
Bullish Belt Holds
Bearish Belt Holds
Bullish Matching Lows
And Others! |
Candlestick scan reports presented all throughout the
day!
|
Interpreting The Report
The Japanese Candlesticks Report contains a listing of all symbols
that formed candlestick patterns, once every few minutes. You can sort the report by symbol, date/time,
rank, percent change, or by the type of pattern identified.
Pattern Ranking
Each pattern is ranked relative to how well the pattern matched
the definition, the volume characteristics, and a number of other
factors.
Using The Report
You can bring up a chart by double clicking on any report list item,
or by selecting it and clicking the View Chart button on the dialog box.
Professional Charting
Capabilities
This scanner is designed to work with the Market
Data Manager, which is also a complete charting solution. You
can modify chart appearance properties, insert technical
indicators, line studies, change price styles, layout, and
much more just by right clicking on the chart! Price styles
such as Renko, Kagi, Three Line Break, EquiVolume, Shaded
EquiVolume, CandleVolume, and Point & Figure charts are
built-in. On top of over 100 technical indicators, you can
draw line studies such as Fibonacci Arcs, Retracements, Time
Zones, Gann Fans, Speed Lines, Regression Channels and
much more!
Why's it So Fast?
To find out why, just take a look at our RMD
Server product, if you're technically inclined. Otherwise we
recommend watching the 10-minute demo presentation to see the
scanners in action:
View the
presentation video
You can view candles in a variety of formats.
The Candlestick
Scanner requires the Market Data Manager:
Click here for ordering information.
|
