September 16, 2014

Candlestick Charting Software

Evening Doji StarMany new traders looking for charting software begin their search looking specifically for candlestick charting software. I may be wrong (and if I am correct me please) but I don’t believe there is a robust software package completely dedicated to candlestick charting. Most, if not all, of today’s most popular charting software packages can be plotted in candlesticks. Candlesticks have become very popular in recent years and many choose to plot their charts in candlesticks for the visual appeal. While it’s true that candlesticks are visually appealing it’s the power of candlestick theory that makes them so profitable if used correctly.

To plot your charts in candlesticks the trader simply chooses this format in the chart properties of the charting software which ever that may be. But there is so much more to candlestick trading profitably than just having your charts displaying in candlesticks!

If you’re an active trader and not using a quality stock charting package then you are really hindering yourself in efficiency and quite possibly profitability! Stock charting software lets you scan and search the market looking for stocks that exhibit trading characteristics you are looking for. In our case we are obviously looking for candlesticks and reversal patterns.

Two of the most popular stock charting software packages available to stock traders are MetaStock® and TeleChart®. If you ask users of each of these stock charting software packages which are better, each would undoubtedly tell you that the package they use is superior. I have used both of these and like anybody else have my preference but the purpose of this article is not to debate. The truth is most traders, me included, prefer the charting software they began with because they have become familiar with it and can navigate it quickly.

Both MetaStock® and TeleChart® can be quickly set up as effective candlestick charting software and really do a good job scanning the market for trading setups. Both use scanning formula entered into the software in the form of search criteria although they call it by different names. Once set up both packages become very efficient at finding candlesticks and reversal patterns.

A word of caution, Candlestick Trading for Maximum Profits is about trading candlesticks and reversal patterns with common sense! We produced our course to not only teach you the theory of trading with candlesticks but to also provide you with a common sense trading system to be used along with candlesticks. Candlesticks aren’t magic but they do give powerful signals if interpreted correctly and at crucial price points. We teach you to find these patterns and also the price points!

So, while there may be no specialized candlestick charting software on the market there are some very good charting packages that you as a trader can turn into your own custom candlestick software.