Thank you for the welcome.
I see where you were asking about the charting software being used by others here. I use the same software. It's by TCNet and TC2000. TCNet is real time charting, TC2000 is delayed quote charting.
There are some significant advantages, in my mind, between Stockcharts and TCNet. With TCNet, when I pull up a weekly chart, it gives me the last 5 trading days. With Stockcharts, you must wait for a calendar week to get a weekly reading. I have been able to pick up moves easier with using last 5 trading days.
With TCNet you can also use 2 day charts, 3 day charts, 4, 5, 6, 7, 8 and 9 day charts. You can even use quarterly charts if you want a longer term view. For example, a 9 day chart would have each bar representing 9 days where Stockcharts only offers a 1, 5 and 30 day chart. You'd be amazed at some of the patterns you pick up with 3 or 9 day charts.
You can set up a series of charts, 5, 10, 15 or more ... all with different settings and you can move between them very quickly.
One of the most important features in TCNet is their stock scanning feature. You can "write your own criteria" and the software will search for stocks meeting that criteria in seconds and do it in real time.
Some of the indicators available with TCNet are proprietary and are very helpful if one takes the time to understand them. Money Stream (MS), Time Segmented Volume (TSV) and Balance of Power (BOP).
Let mean explain the feature BOP.
BOP tells you whether the "UNDERLYING" action in the trading stock is "characterized" by systematic buying (accumulation) or systematic selling (distribution).
BOP "IS NOT" a trigger indicator. It measures the strength or weakness of a price movement. The price can rise while distribution is going on. The price can also fall while accumulation is going on.
BOP can be classified as a "quality indicator" since it measures the quality of price action.
BOP shows up on my screen as green when heavy accumulation or systematic buying is going on. It shows up as a red bar when heavy distribution or systematic selling is going on. Yellow is for neutral.
When I see a price rising to a recent high and I see red BOP, it tells me smart money is selling into the rally and I should probably sell going into resistance. If I see lots of green BOP, then it indicates to me that resistance may be broken and I can stick with the trade.
BOP helps you determine whether the supply-demand balance will be in your favor.
There isn't a way for me to show BOP using Stockcharts.
For example, SMH is showing a slightly negative BOP reading with a reading of 49 (above 50 would start to be positive.) The color is yellow which indicates neutral. Any buy in SMH would be considered a weak buy because the quality of the move is neutral with a negative bias.
Again, BOP is not a "timing indicator," it's a "quality indicator." It measures the quality or strength and weakness of price movement, something that is very valuable, in my opinion.
Anyway, just passing it along FWIW.
dabum |
