CandleScanner Intraday 188.8.131.52 | 35.2 MB
This is a specialist charting package with a difference. The purpose-designed candlestick recognition software automatically detects patterns, which takes the hard work out of identifying them visually. It identifies and presents the detected candlestick patterns in visually attractive displays, which can also be customised. The software is very user-friendly and suitable for both beginners and seasoned traders. Programming skills are not required and users can start building and testing trading strategies immediately, including back-testing the trading patterns generated. CandlesScanner is a full-blown analysis application backed by continuing support and featured articles. In contrast to many other platforms, this is a dedicated standalone package which is extremely competitively priced.
-Recognizes in total 103 candlestick patterns
-Quickly finds of all occurrences of candle patterns on intraday charts (1-minute bars and above)
-Measures the efficiency of patterns
-Builds trading strategies based on candle patterns
Speedy & Reliable Scanning:
CandleScanner recognizes in total 104 patterns: 20 basic candles and 84 candlestick patterns. The following list of authors, and their books, had the biggest influence on how the CandleScanner scanning algorithms were implemented:
-Seiki Shimizu (The Japanese Chart of Charts)
-Steve Nison (Japanese Candlestick Charting Techniques)
-Thomas Bulkowski (Encyclopedia of Candlestick Charts)
-Gregory Morris (Candlestick Charting Explained: Timeless Techniques for Trading Stock and Futures)
It’s not enough just to know that a pattern has occurred on the candlestick chart, but also how “well” or “badly” it had performed in the past. In other words, how effective is the signal being generated?
And here, even before going into a heavy duty backtesting analysis, we can check some simple statistics first. As a first pass, there’s no need for detailed model optimization, no need for sophisticated entry/exit methodology and no need for risk and money management rules, just a basic analysis of the underlying statistics. What matters at this stage is: the number of accurate occurrences (how statistically significant the results are) and the price behavior within 10 subsequent candlesticks after the pattern’s occurrence,
The most challenging aspect is to effectively convey the statistics and present them in such a way readily showing pattern efficiency, just after its occurrence. CandleScanner adopted very simple principle. If there is a bullish reversal or a bullish continuation pattern on the chart, the next 10 candles should demonstrate its prognostic value. CandleScanner checks how many times over the next 10 candles, closing prices were higher than the closing price on the candle when the pattern occurred. The resulting signal value is then classified as belonging to one of the following categories:
-False forecast: 0 candles
-Low efficiency: 1-3 candles
-Medium efficiency: 4-6 candles
-High efficiency: 7-10 candles
Strategy Designer & Backtester:
Once we know the patterns’ occurrences and efficiency based on the statistics calculated by CandleScanner, we can go a step further. Specifically, we can backtest our trading ideas, using the entry and exit signals we found in the candle patterns. In other words, we can quickly replicate transactions using the identified candle patterns on historic data. The anticipation is that in conducting a test on past data, and arriving at encouraging results, this will repeat in the future. In other words, future performance will resemble past performance, based on similar patterns of candles. There are many aspects and issues which need to be considered when undertaking a thorough and realistic backtest. Here we provide a few basic ideas and an overview of some of the capabilities found in CandleScanner.
CandleScanner allows the user to build a trading strategy without the necessity to write any code. Using a simple user interface you can define your entry signal (pattern) and exit signal (stop-loss, trailing-stop and take-profit). All these building blocks are parametrized, i.e. you can adjust them so they meet your requirements.
You can also optimize your trading system, meaning you can define a range of parameters for different building blocks of your system, and CandleScanner will find the optimal values of those parameters.
For example, you can define a minimum and maximum allowable value defining the width of the trailing-stop used in your trading system. You specify the step (increment) value which will be used by CandleScanner to calculate a set of parameters defining the width of the trailing stop. Every parameter value is then used by CandleScanner to perform a backtest. If more than one parameter is optimized, CandleScanner uses all possible combinations of parameter values, and, for every single combination, performs a backtest. At the end of the optimization process CandleScanner presents the list of results which can be sorted or filtered, as required.
Backtest results contain many metrics which can help you to see how your trading idea(s) performs. You can also export backtest results and process them, for example, in a spreadsheet or some more focused software dedicated to trading system analysis.
Another nice feature of CandleScanner is that every single transaction from the backtest can be displayed on the chart, showing all the most important components such as entry point, stop-loss and trailing-stop/take-profit.
CandleScanner Intraday 184.108.40.206 | 35.2 MB
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