Metastock XV R/T; Data. How Japanese Candle Pattern Recognition stands. There are many books out now on candle patterns and most software programs have. I sold my MetaStock 8.0 and am now selling John Murphy's Chart Pattern Recognition Plug-in. Here's a description of the software. As you can see the. Metastock Chart Pattern Recognition. This is a discussion on Metastock Chart Pattern Recognition within the Trading Software forums, part of the Commercial category; I've just received the Metastock Add-in by John Murphy of TA of Futures Markets Fame. I've just received the Metastock Add-in by John Murphy of TA of Futures Markets Fame. There are two explorations which identify head and shoulders tops/bottoms, double/triple tops/bottoms and ascending/descending/symmetrical triangles. The small booklet that accompanies the software is refreshingly honest about how difficult it is to define and identify patterns and there are three tables of results for 3 selected years (with varying market conditions) that give an average hit rate of around 50%. This can be improved by the user by judicious selection of patterns. For current market there is one signal. SMWH - double top breakout My first thoughts on the software are positive. Darth, I too have used John Murphy's CPR in the past. On the odd occasions that it does identify chart patterns, they are certainly definitive patterns. One small qualm I have though is that I do truly believe that it is near impossible to mathematically quantify all permutations of a group of chart patterns. With all the variations in time horizon, depth and width, I prefer to keep the process of identifying chart patterns manual. I do like to automate my filtering for breakout patterns (or other dpending on current market charachter). From that point, after having a short-list of possible candidates, I will visually assess the chart pattern situation (as the chart pattern will generally dictate my entry and exit strategies). Irrespective, it's always good to have another tool in your arsenal, and like they say, if it leads to just one good trade, then it's paid itself off! Regards, Austrader. Take Japanese candle pattern analysis to a new level with this MetaStock add-on from the author of “Candlestick Charting Explained.” Many traders have already discovered that Japanese candlesticks allow them to see data more comprehensively at just a glance, but they often ignore critical variables. Though many candlestick products exist, they don’t offer detailed pattern recognition and filtering, and they don’t use correct methodology (original Japanese). Greg Morris, Western candlestick pioneer and author of “Candlestick Charting Explained,” has partnered with MetaStock to develop the Japanese Candle Pattern Recognition Add-on. This revolutionary addition to the MetaStock line offers accurate identification of REAL Japanese patterns by employing advanced filtering capabilities and Greg’s extensive knowledge on the topic. Greg Morris “I attended a Market Technician Association seminar in Phoenix, AZ in 1988. There was a large contingent of Japanese traders present and they presented their charting techniques. It was the first time I had ever heard of “Hi Ashi,” which is what the Japanese call their candlestick chart. I was working with N-Squared Computing then and we decided to create a charting product using Japanese patterns with automatic recognition capability. I traveled to Japan and stayed with Takehiro Hikita who was an active red bean and rice trader in Yokohama. He was intent on teaching me the art and also helping in translating several books. There are many books out now on candle patterns and most software programs have candlestick charting capability. However, very few have the correct methodology (original Japanese). This product uses ONLY the candle patterns that came from original Japanese literature, with two exceptions. The Three Outside and Three Inside patterns were created when I was at N-Squared Computing to enhance the Engulfing and Harami patterns. They do that quite well, but please realize they are NOT real Japanese candle patterns. Note:I find it amusing that in new books on candlesticks, the Three Outside and Three Inside patterns are generally included as if they are actual Japanese candle patterns.
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