I have used Metastock, end of day, for over 3 years now and find it has provided me with all the tools necessary for profitable trading. The tool you are referring to in Metastock for scanning, is the Explorer, and you can scan all the LSE, or against any list you wish to set up, in less than one minute against one of the criteria built into the system or your own formulae, which you can develop with the aid of the tools built in. There is a learning curve, but if you are familiar with Omni then you should have no difficulty, as there is a 538 page manual to assist, together with email support direct from Equis, which I have found very prompt with a response.
There is a version for intra day trading, but would advise getting used to the EOD version first.
I obtained mine from Q-data, who are data providers and give an excellent service both on advice on Metastock and upgrading any data. You can contact them bye email to: [email protected] or tel: 01594 810077/fax 810851
I have a dayjob and don't plan to daytrade so EOD will be fine for me.
I have a custom system in OmniTrader mainly using oscillators with candles, trendlines and ma's for confirmation. It seems to work ok but is still quite time consuming and oc course you have to watch the market to get a good price.
I like idea of using KST (as per Pring). Have you tried this at all?
KST is Pring's "Know Sure Thing" system as per his Market Momentum book. It is an attempt to improve on standard momentum oscillators to include multiple time frames by using a weighted combination with different periods. eg. daily, weekly & monthly.
The concept seems very good to me and I try to use it visually using trix at the moment.
I think there is a metastock add-in available but i suspect that it is not rocket science to programme it for oneself.
I gather that there is a metastock add-in by John Murphy of Technical Analysis of the Futures Markets fame. this one can pick chart patterns.
I've been looking more closely at the equis site and found a page with many formulae including those for the reports that appear every week, double tops/bottoms, macd, modified rsi and many, many more (inc. KST too).
I have decided to purchase metastock in the near future and look forward to using it although I'm a little surprised to see so few postings about it.
Has everybody jumped onboard the Omnitrader and AIQ packages?
I have to say that I am really impressed with metastock.
This package is not for the faint hearted as it requires programming knowledge to get the best out of it but it is really powerful.
I have started to program some of Alan Farley's Swing Trading formulae using very basic techniques that might get refined later and the results are promising.
Needless to say - there is no such thing as the Holy Grail and trading results depend as much upon the user and the computer, but I do recommend people lokking for a system consider metastock to see if it is appropriate.
Darth.....more formulae there than enough for anyone.........however, as a long standing user of Metastock, it isnt NECESSARY to be able to PROGRAMME as it has so many built in indicators and testers, I have managed most successfully without writing any specific formulae, but now we have an expert with the programme, I look forward to learning more, and therefore improving on the system already developed.
Keep us posted Darth.........email if you dont wish to broadcast any particular gems to the http://www.
After reviewing Omni and Meta, I plumped for Meta, and now wish I'd gone for something simpler, not being a techie professional!
I wanted initially to carry out Bollinger, MACD, and Stochastic searches on the whole market, rather than going thro' things, stock by stock on the UK-Invest charting module. However, I find the "simple" instructions hard to interpret in the manual, and would welcome any comments.
Hi NB ....I am no techi either. Have you tried Explorer for what you are looking for? If you click on that, then on Equis BB's for e.g. you will get a list of possibles long or shorts. The tools are there but obviously there is a learning curve with so many available to you. Am sure Darth, who understands formulae, will help you further if your having difficulty.
I received metastock just a couple of weeks ago and I'm still learning about the functionality (non-technical) that is available. I've just set up a layout with 4 different chart each with its own collection of indicators.
You can lock the layout so that they all show the same stock.
Metastock is definitely a package that you grow into rather than one that you grow out of!
Let me know how you get on with the bollinger bands and macd analyses.