I'm looking for a software that scanns candlestick pattern in a chart

Koga

Newbie
7 0
Hi,

I'm looking for a free software that scans candlestick pattern in the chart, preferably the Wti and Brent oil chart.

Thanks
 

Koga

Newbie
7 0
Thanks for ur reply Tim .

I'm very new at trading, all I have done so far is Demo and now I have started with real account, however I'm not sure if I'm going to succeed in this or not so I need a free candlestick scanner for now.

Also in the future if I succeed in this trading and decided to buy one, which of these which do u recommend.

- Stockalyze Pro --> (does it include wti/brent/oil chart)?
or
- ProRealTime --> (does it include wti/brent/oil chart)?

Thanks
 

timsk

Legendary member
7,203 1,960
. . .Also in the future if I succeed in this trading and decided to buy one, which of these which do u recommend.

- Stockalyze Pro --> (does it include wti/brent/oil chart)?
or
- ProRealTime --> (does it include wti/brent/oil chart)?
Hi Koga,
Charting software is merely a means of displaying prices of financial instruments in a graphical display, e.g. in the form of line, bar and candlestick charts etc. If data for an instrument exists, then it can be plotted by the software. With bespoke charting software (i.e. the expensive stuff such as eSignal, InvestorRT and TradeStation etc.), you pay for the data separately. The cheaper charting providers - certainly the free stuff - bundle the data and charting together to cover the most commonly traded instruments in the major markets. They do this at their own cost as an inducement to get prospective customers hooked into using their software in the hope that, in time, they'll pay for their 'all bells and whistles' subscription service.

In your case - wanting to trade oil - you'll find that this will be offered by almost everyone, as it is a major commodity that's heavy traded. Even those who don't trade it will tend to watch it, as it impacts other markets significantly. If you wanted to trade a commodity such as orange juice or corn, then these are unlikely to be offered for free and you'd have to pay for the data in order to plot them.

You'll find that most brokers do much the same thing as I've outlined above. Almost all of them - even bespoke forex brokers - will allow you to both chart oil and to trade it. However, their charting software tends to be adequate but basic, so is unlikely to include a facility to find specific candlestick patterns. That said, don't take my word for it, check for yourself, as these things change constantly and brokers are forever adding to their offering in a bid to remain competitive.

Hope that all makes sense!
Tim.
 

Koga

Newbie
7 0
It does make sense, thanks
 
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