Technical Analysis Software

Technical analysis software is any software that takes care of various aspects of technical analysis

. This usually involves the automation of multiple functions such as charting and analysis and is used by those involved in the financial markets (the stock market etc). This means that they can quickly and more reliably analyse and recognise trends in the stock market and make purchases and sales appropriately in order to ensure that they remove the element of human error from their purchases resulting in higher profits more quickly. This is useful for large companies who need lots of accurate and reliable data as well as guidance, as well as those who play the stock market on a smaller scale or who have less experience and can benefit from guidance and advice.

For example, charting is usually utilised by a graphical interface representing relevant variables such as price or volume. This graphical display will usually take the form of a bar chart, a line chart, a plot chart or candlestick chart. This way it becomes very easy to quickly assess data or recognise the overall trend without having to go into detail analysing the precise statistics yourself. In technical analysis software the chart data will usually be provided in a time series meaning that users can see historical data over a period of time. This might mean you get lots of data over the course of seconds, or it might be measured over the course of months or even years.

Back testing meanwhile is a process that allows traders to test their technical analysis investment timing strategies against the historical data, for example, to see if history has any clues as to the likelihood of their success. Strategies will be compared using performance measurements including annual profit and sharpe ratio to help guide judgement and decisions.

Another function provided are 'scanners'. Scanners have the ability too scan the market for stocks, options or currencies among other things, to quickly identify potential investment opportunities that fit pre-determined criteria. This allows them to 'search' the market in a similar manner to using Google to search the internet and means you're more likely to find opportunities that are relevant to you. Meanwhile alerts are similar and are used to monitor particular stocks, currencies, warrants etc in order to notify you when there are relevant changes or activity that would be of interest. This means you can 'watch' the behaviour of certain stocks or currencies with no need to search for them yourself on a regular basis.

Others also include a broker interface that allows the technical analysis software to be used as a brokerage platform so that you can make purchases and sales directly from the software. This means you can more quickly act on potential opportunities, and also means that you are able to use an interface that you are familiar with using.

There are many other functions that are popular with technical analysis software such as custom indicators, data feeds, optimization and more and by combining all these services it is easy to see how the software could give you such a large advantage and truly streamline your trading.

by: Jenny Showalter

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