Downloading End of day data and getting visual charts?

[$trader]

Hi!
I am a totally newbie when it comes to software which helps you with trading, so plz bear with me on my basic questions. I am considering buying Metastock since I think it would suit my quite modests needs. I do trade the Forex market and in order to test my strategies, I would need to have Forex data to choose from which go about 2 years back, with about 15 minute candlestick bars, so I could check diagram after another to see what the market did do next.
Would I with Metastock be able to download Historical end of day data from the internet and turning it to visual candlestick diagrams, of any timeframe I choose?
I also wonder one more thing, would I with Metastocks help be able to design a trading system, which automically enter the trade for me when the market repeat a certain price pattern?
I think it would be enough for me with either Metastock 9.0 End of day, or Metastock 8.0, am I correct in that presumption?
Thanks very much for being so kind and taking your time with me!

Sincerely:
Jonas

 

[Trdr]

Hi Jonas, there are sites where you can download historical fx data, however, the data you test with versus the realtime data you trade will be different, different from data feed to data feed and different from broker to broker data feed.

There's a lot of discussion on the Yahoo MetaStock (MS) forums concerning problems relying on MS's System Tester, see in: http://finance.groups.yahoo.com/group/equismetastock/
I use MetaStock Pro but wouldn't go out and buy it. Have a look and trial of AmiBroker: http://www.amibroker.com/ and join the Yahoo AmiBroker forum: http://finance.groups.yahoo.com/group/amibroker/ and see the 'Files' section.

An alternative to both the above is the free MetaTrader charting program, free data feed. The newest MetaTrader - MT4 will be released out of beta on July 1. MT allows Indicators and Experts to be programmed, Candlesticks are available, much better user settings for tools than MetaStock, and direct order entry; a demo is available here: http://www.metaquotes.net/

Free renewable demos can also be download from Alpari: http://www.alpari-idc.com/ as well as a number of other fx brokers.
The members of this MT forum: http://finance.groups.yahoo.com/group/MetaTrader_Experts_and_Indicators/ share and develop Indicators and Experts for both MT3 and MT4, see 'Files'; also read discussion about different brokers data feed requiring Indicators and Experts to be modified. Note: the programming languages are different from MT3 to MT4.

If you do prefer MS you can download a free connector and history downloader between MS and MT3 (not MT4) to obtain the MT fx data feed: http://www.hypertrader.it/freetool.shtml

See also the MoneyTec forum for additional MT info: http://www.moneytec.com/index.php

 

[$trader]

Thanks very much for your help, Trdr. Just to make sure I understand you correctly, with Metatrader 9.0 End of Day, it is possible to import historical data for the Forex, where you can import diagram after diagram to see what the market did the minute after the last diagram? (as kinda like a broker chart, with a one minute interval)

 

[Trdr]

Hi Jonas, presume you mean MetaStock (MS) — ". . . with Metatrader 9.0 End of Day . . . ".
OK MS eod 9 only imports/displays a chart (diagram) of Daily price data. You could use MT3 or MT4 to SaveAs the Daily price data, do a simple initial conversion of the file, use the MS 'The Downloader' to import the converted ASCII text file you create for each fx pair, then update the price data after the Daily Close.

If you want Intraday data — 15min charts, 1min charts etc, you have to use MS Professional which is the 'realtime' version of MS.

MetaTrader is basically a copy of MS — the charting component design was based on MS, originally MetaQuotes which links directly to MS providing MS with the fx price data, then MT3, now MT4, even the 'trading system' function is referred to as 'Experts' which is what MS calls them — 'Expert Advisors'.

Why do you want to use MS ?

 

[$trader]

I have two reasons for wanting to use MS. First and primary at the moment is that I am making a Forex course where I would need diagrams which follow after another, as to do a running commentary on them.
So MS 9 EOD could only show daily price data, but it can show daily Fx data for about 2 years back right? That I could be able to talk about one days pattern, and then import another diagram showing what happened the next day, as to reinforce what I taught. This would be possible with MS 9 EOD?
Would MS 9 EOD be ideal for my needs at the moment, or are there any other EOD software where you could import 15 min charts or lower?

 

[$trader]

Another thought, I haven't misunderstood you to the point, that MS 9 EOD could not import the newest 15 min charts, but if I wanted, will say a 15 min chart from a year back, it could do that?

 

[Trdr]

" So MS 9 EOD could only show daily price data, but it can show daily Fx data for about 2 years back right? " Yes.
Most charting programs will load price bars determined by quantity or Start/End dates to use.

". . . then import another diagram showing what happened the next day . . . " I'm presuming by 'diagram' you mean 'chart' which has information written on it — right ?

End Of Day charting programs ONLY display Daily price data.

EOD charting programs will NOT dislay Intraday price data.

" That I could be able to talk about one days pattern, and then import another diagram showing what happened the next day, as to reinforce what I taught. "
What you'd do is create your chart, write on it, explain things, then Save As 'Name' in a Portfolio in the charting program; next chart same thing till you have a collection of charts that are diagrammed to illustrate what you are teaching.
You can do that with any charting program, including MT4, so I don't understand why you'd want to purchase MS when MT is free including the datafeed.

 

[$trader]

I would want a charting program like Metastock, because then I wouldn't be constrained to waiting many days or weeks for the patterns to emerge which I want to teach. With Metastock I believe that I could just search through charts from 2 years back, until I come across the ones I want to use. Then maybe choose an interval of 1 month for the daily data, but I could choose from where the date would start and where it would end, as to not get the most recent price data, so the diagram would be more zoomed in on the diagram. No need to wait and waste time on the patterns to form, just finding them on old price data and showing diagrams starting a couple days before the patterns formed, and ending right after it is formed. Do you understand my logic here, or have I misunderstood something?
Thanks so much for your help Trdr.

 

[Trdr]

Alpari have some historical price that can be downloaded, not sure how far back it goes; see also: http://www.trading-naked.com/databank.htm

MT3 data quantity as of June 20/05:
Wkly from April 1989
Daily from April 1989
4Hour from April 2001
60min from Feb 2003
30min from Feb 2005
15min from April 2005
5min from May 2005
1min from June 2005

To work with MT3/4 you'd need to — after updating the charts — 'Block' your internet feed while working on the charts offline, then click and drag chart page from left to right to go to the first date. Diagram the chart and use MT's Save Picture As bmp or use a screen capture program such as: http://www.mirekw.com/winfreeware/mwsnap.html which can Save As to the much smaller jpg file format.

Another inexpensive charting program is: http://www.sierrachart.com/

Regardless whether you're using a live feed or working offline you still need a realtime charting program to import/display intraday price data. As stated using MT3/4 as a data source, SaveAs files are in csv file format, converted into ascii are then able to be imported into any charting program.

Another point is that will whoever you're providing the instruction for own MS ? or want to purchase MS in order to use/apply your material ? I believe the majority of retail online fx traders these days use their broker supplied order entry/charting programs and don't use other charting programs.

MT3/4 is being provided by more online fx brokers than any other order entry/charting program, MT3 can be linked to several standalone charting programs via the free HyperServer connector programs as well as commercial products such as Dynastore or Metaserver. MT3/4 including the realtime datafeed is free, eSignal's fx feed for instance is $100+ per month.

I suggest Jonas you download MT4, open a demo account and see if you can use MT4 to create your chart/diagrams without the need for a second charting program.