There are 2 ways of using charts - softwares (Amibroker, Metastock etc) and web based charting applications (no software required).
For most people, web based charting sites are more than adequate. These are mostly free and you get access to generally clean data, all the indicators and options for schemes, layouts etc. In addition, some of them even offer real time intraday charts (paid, icharts).
I recommend icharts.in (java based) and chartink.com (vector graphics, excellent).
There are some major advantages of these services:
- fast learning ... you can be a master in 10-15 minutes.
- no need to download any data or maintain the database.
- access the charts from any PC.
- access to all popular indicators.
- option to save charts and studies (login required).
Screenshot of icharts.in application:
Screenshot of chartink.com application:
In contrast, maintaining a software like Amibroker or Metastock can be daunting for many people. You should know how to create and manage databases, do the daily data download, perform daily backup of the data. In addition, you should be alert to name/ symbol changes and also be able to adjust data for splits and bonuses.
Where softwares like Amibroker, metastock score is the ability to write custom code and run explorations or scan the database for signals. For eg., I can write a code to identify stocks with daily 10 cr turnover and which have gained 20% in past 10 days and have closed below their 3 days lowest low. And I can make watchlists, backtest data, create reports etc. The programming features are amazing but it is of help only if you are good at visualizing and then coding (eg. kplswing).
This is not possible with web based services... at best, you can see top gainers or losers etc.
But in all honesty, you do NOT need any fancy indicator or coding knowledge. Just use this method and you can do extremely well as a trader or investor.
For most people, web based charting sites are more than adequate. These are mostly free and you get access to generally clean data, all the indicators and options for schemes, layouts etc. In addition, some of them even offer real time intraday charts (paid, icharts).
I recommend icharts.in (java based) and chartink.com (vector graphics, excellent).
There are some major advantages of these services:
- fast learning ... you can be a master in 10-15 minutes.
- no need to download any data or maintain the database.
- access the charts from any PC.
- access to all popular indicators.
- option to save charts and studies (login required).
Screenshot of icharts.in application:
Screenshot of chartink.com application:
In contrast, maintaining a software like Amibroker or Metastock can be daunting for many people. You should know how to create and manage databases, do the daily data download, perform daily backup of the data. In addition, you should be alert to name/ symbol changes and also be able to adjust data for splits and bonuses.
Where softwares like Amibroker, metastock score is the ability to write custom code and run explorations or scan the database for signals. For eg., I can write a code to identify stocks with daily 10 cr turnover and which have gained 20% in past 10 days and have closed below their 3 days lowest low. And I can make watchlists, backtest data, create reports etc. The programming features are amazing but it is of help only if you are good at visualizing and then coding (eg. kplswing).
This is not possible with web based services... at best, you can see top gainers or losers etc.
But in all honesty, you do NOT need any fancy indicator or coding knowledge. Just use this method and you can do extremely well as a trader or investor.
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