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45 USING ONLINE CHARTING SERVICES JUJBE j | | Ik Jj Jit Directional Dav Filter | •£ 84 « 1 | | | | | | | 4». | | | | | | | | | S«.D% | | | 50 % |
Figure 15.3 The Directional Day Filter is applied manually using the trendline drawing tool. Separate plots of stochastic and RSI applied by the charting package. Chart courtesy of eSignal. real-time, continuously updated market quotes, charts, news, and fundamental data. A thorough presentation of the services offered by eSignal can be found at its web site at www.esignal.com. This chart demonstrates, on a one-minute chart of ADBE (Adobe Systems Inc.), one of many chart views that can be generated by the eSignal platform. Identified on the chart are the typical 7-bar and 45-bar stochastic plots along with a 7- and 14-bar dual RSI. The trend line drawing feature provided allows the user to apply the Directional Day Filter manually, as was the case with TradeSignals.com. Figure 15.4 is from Genesis Financial Data Services, a leading provider of financial market data and powerful analytical tools since 1984. Genesis provides extensive historical charts that are available to traders who have a desire to examine these methods on a significant amount of accurate historical data. From historical tick data on futures to a 30-year historical package of U.S. equities, there is a data package for everyone. As was the case with the previous images in this section, this chart is only a small representation of the capability of firms provid- CHAPTER REVIEW  ing these services. In this instance, Genesis has applied our dual RSI routine to a five-minute chart, also of ADBE. I have mentioned on multiple occasions through this book that traders will find it beneficial to test their favorite trading tools against as much historical data as possible to gain the confidence necessary to become effective traders. More information is available from Genesis at www.gfds. corn. Additionally, there is now available online the platform by Omega Research that was used to create the charts and trading routines presented in this book (more information is available from Omega at www.TradeStation.com). CHAPTER REVIEW 1. Multiple sites offering online charting capabilities are available on the Internet. The number of sites and their respective offerings grows and changes almost daily. 2. Charts from several such sites are provided here to familiarize readers with a small section of these offerings.
OTHER INDICATORS AND SYSTEMS The development of trading indicators and systems as well as their prime application to various stock issues and commodity contracts is an ongoing, dynamic process. In a book of this nature it is possible only to set forth my indicator and system programs, designs, and applications up to a certain point in time. For further updates please go to my web site (www.clay-burg.com). All charts and examples that you have seen in this book were ere ated using TradeStation by Omega Research. These programs can be downloaded from the web site and used as such by current users of this charting package. Included are instructions for the transfer and installation of the software. The material presented in this book to illustrate the four-step trading method has used only those indicators that are available on many of the online charting services. For those who wish to take this theory to the next level I have available on the same web site proprietary indicators that look for exhausted corrections using mathematical processes such as standard deviation, linear regression, and exponentially smoothed functions. These indicators, known as Cluster,
OTHER INDICATORS AND SYSTEMS Reversal, Real Time Pivot, and Exhaustion, also use certain self-adaptive pattern recognition routines. These tools can be helpful in system design as their functionality allows them to adjust their system variables dynamically as dictated by current market conditions. Considerable information on this self-adaptive programming technique, known as Parallel Function Technology, can also be reviewed or downloaded from the site. Parallel Functions can be a significant aid to self-adaptive system programming, a technique on which I have given several seminars at national conferences. These tools are currently available only for use on the Omega TradeStation charting packages. Development of these programs for use on other charting packages will be undertaken as their programming interfaces develop to the level necessary to accommodate these self-adaptive routines, At the time of this writing TradeStation is available as both the original PC-based stand-alone software and a browser-based Internet delivery platform. I would encourage serious system developers to consider one of these products as your system development and testing platform. Let me conclude by encouraging every reader to utilize the information presented here as it was intended-not to be blindly followed, but to be used as a series of building blocks to either enhance your present trading strategy or build your own personalized strategy from the ground up. As technology continues to develop at an amazing rate, there will undoubtedly be new and possibly useful trading techniques available to traders. What you have learned here will serve as the basic building blocks for any future strategies you may develop. Finally, I would like to wish all of you the best in your future life endeavors, what ever they may be. DATA APPENDIX The data included in this appendix was generated using the same program that created the tables used in Chapter 13. Due to space limitations some of the data has been deleted, specifically the columns listing the symbol name, days tested, and the actual number of highs and lows recorded. The number of days tested appears in the heading on each page under the symbol name. All other relevant data pertaining to frequency of various breakout scenarios and the average maximums for both long and short breakouts has been retained. Also due to space limitations, only selected issues are printed here. The complete data table for all stock included in the database is available on my web site (www.clayburg.com). When using the data from these tables, please keep in mind that the numbers here were generated from the time period between January 1, 2000, through December 1, 2000. During this time period there was considerable volatility in the Nasdaq market with some selected shares losing an incredible percentage of their value. Keep in mind that some of the issues represented here were trading over $100 per share at the beginning of the data run and could have been trading under $20 per share at the end of the analysis. This has significant impact for the categories displaying the average maximum highs and average maximum lows shown for these issues, although the categories representing the relative percentages of various breakout times should not be affected substantially.
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