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Charting Software

The secret of successful trading is to take a step back from the market. Trade with the big picture in mind at all times and don't follow the day to day market movement. Daily market talk can hypnotize you if you follow it too closely. You have to see the forest for the trees. That's why you need Charting Software that shows you historical trend data as well as current intraday trend data.

Focus on the big picture. Follow the market and not individual stocks. The market in it's entirety has more influence on individual stock prices than any other factor. Even the best stocks decline in a bear market. That's why you need Charting Software that shows the trends for indexes and exchanges.

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Indicator Analysis in Charting Software.

An indicator is a series of data points that is derived by applying a formula to the price data of a particular security. Price data includes any combination of  open, high, low or close points plotted over a period of time. Some indicators may use only the closing prices, while others incorporate volume and open interest into their formulas. The price data is entered into the formula and a data point is produced.

The goal of Technical Analysis is to build indicators and make indicator analysis to build market timing strategy.

A few INDICATOR ANALYSIS Tips to improve your Market Timing Strategy:

• All of the technical analysis tools discussed up to this point were calculated using a security's price (e.g., high, low, close, volume, etc). There is another group of technical analysis tools designed to help you gauge changes in all securities within a specific market. These indicators are usually referred to as "market indicators," because they gauge an entire market, not just an individual security. Market indicators typically analyze the stock market, although they can be used for other markets (e.g., futures).
  
• A price chart is a sequence of prices plotted over a specific timeframe. In statistical terms, charts are referred to as time series plots.
  
• An indicator is a method of quantitative analysis, usually of price over time or volume, using various formulae designed to highlight specific characteristics and provide signals to help forecast market movements.
  
• Learn the basics of chart analysis, apply your knowledge on a regular basis and continue your development of your own Market Timing strategy.
  
• Limit the number of charts, indicators and methods you use for Technical Analysis. Learn how to use these and learn how to use them well.

On the picture below you can see what an indicator looks like (indicator calculated after applying specific formula to index volume)

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