[2 days left] What’s wrong with your cloud strategy? Learn why multicloud solutions matter with Nimble Storage.Register Now

x
?
Solved

Does anyone know of a pattern recognition or candlestick formation software for FOREX?

Posted on 2008-06-11
1
Medium Priority
?
681 Views
Last Modified: 2012-05-05
I would like to find a software where it can detect candlestick formations and alert me on them. Does anyone have any experience in this? Ideas?

Examples of the candlestick formations are:
-Morning Star
-Evening Star
-Tweezer
-Engulfing
0
Comment
Question by:rortiz77
[X]
Welcome to Experts Exchange

Add your voice to the tech community where 5M+ people just like you are talking about what matters.

  • Help others & share knowledge
  • Earn cash & points
  • Learn & ask questions
1 Comment
 
LVL 31

Accepted Solution

by:
moorhouselondon earned 500 total points
ID: 21766749
The Holy Grail to some people.  Similar to posting a question: Where can I find buried treasure?

Anyone who is capable of writing such software would have to put a massive disclaimer on their product which would mean that you were accepting a big risk.  Let's suppose that someone has written some software to do this.  If it were good enough, people would buy it, but then, if enough people bought it and acted upon it, you would see a distortion in the "pay-off" section of the candlestick where those who did act upon it took their profits - it would be a victim of its own success.  The writers would have to build some kind of randomising function into the package, or insist that you define certain parameters between limits before you could use it.  One of the problems of using the price "envelope" to analyse the market is that the prices you see are arguably artificial, they are set at a value which might not reflect the truth - it is like looking at estate agent prices in an area and saying that a house in that area is worth that much.  The truth is that deals are being struck which will distort that price.  In both cases the prices are fixed at a level to stimulate the market into "churning".

Having said all this: If you are going to go down this route, your best bet would be to write your own software, or commission someone to do it.  The question then becomes: "Where can I get historical data from to test my program?"
0

Featured Post

Independent Software Vendors: We Want Your Opinion

We value your feedback.

Take our survey and automatically be enter to win anyone of the following:
Yeti Cooler, Amazon eGift Card, and Movie eGift Card!

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

The core idea of this article is to make you acquainted with the best way in which you can export Exchange mailbox to PST format.
The main intent of this article is to make you aware of ‘Exchange fail to mount’ error, its effects, causes, and solution.
This video Micro Tutorial shows how to password-protect PDF files with free software. Many software products can do this, such as Adobe Acrobat (but not Adobe Reader), Nuance PaperPort, and Nuance Power PDF, but they are not free products. This vide…
In a question here at Experts Exchange (https://www.experts-exchange.com/questions/29062564/Adobe-acrobat-reader-DC.html), a member asked how to create a signature in Adobe Acrobat Reader DC (the free Reader product, not the paid, full Acrobat produ…

649 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question