Skip to main content

Open-source (free) technical analysis softwares

Many veterans of the stock markets use the age-old method of pencil and paper. Much trades have happened since the times of Elliot and Gann. Today's trader rarely has time to spend time with his family, and charting using pencil and paper is virtually an impossible task. The computer and technology has been a great blessing for trader with its ease and efficiency of use.

Every chartist needs to have at-least one software to help him out in the major analysis. Many traders have more than one analysis tools meant for different needs. Since, these tools are very flexible to suit ones requirements they are more adaptive.

Free technical analysis softwares

A primary requirement for a technical analysis is an analysis tool. But for a beginner who is trying to find feet on the tricky trading floor, such a move is very difficult. I have been asked many times, if any packages were available for free. Apart from few trial versions and expensive subscriptions, it is very difficult for the new-trader to own one. They invariably turn to trial versions and illegal copies of the packages.

New traders have a choice of systems in the open-source environment. There are some exciting projects in place which work on the open source platform. These projects carry with them limitations. Because of these limitations the open source does not have the flexibility to match the development of the corporate/for-profit system.

Following is a brief note on some of the limitations of such development.

1. Perhaps the most important issue in developing the technical analysis, or perhaps any analysis software in open-source environment, is the lack of common ground. A common ground is very essential for the platform to come in place. For the group of developers to come in place. Since, analysis and its varied forms are unique, the common ground is rarely formed. And even if formed such common ground rarely holds up against constant deviant pulls for long time. I guess, most of the projects have broken down time and again due to this reason.

2. Another important limitations is the different requirements and priorities of each participant in an open-source project. And constantly shifting loyalties. And new and improved trading mechanisms. And not to mention the "proprietary" functions of the individual or the group.

To conclude, the development and sustaining of the stock-market related product in an open-source environment is very hard to come by, unless a vested-interest is evident. Hence, we do not have much development in these areas. But lot of work has been done in open-source environment.

The Project list is given below: http://ta-lib.org/hdr_lnk.html

:) Falkor
Labels:

Comments

Post a Comment

Popular posts from this blog

Cognitive rules of business presentations

In his recent book, Clear and to the Point, Kosslyn explained that the four rules of PowerPoint are: The Goldilocks Rule, The Rudolph Rule, The Rule of Four, and the Birds of a Feather Rule. Here's how they work. The Goldilocks Rule refers to presenting the "just right" amount of data. Never include more information than your audience needs in a visual image. As an example, Kosslyn showed two graphs of real estate prices over time. One included ten different numbers, one for each year. The other included two numbers: a peak price, and the current price. For the purposes of a presentation about today's prices relative to peak price, those numbers were the only ones necessary. The Rudolph Rule refers to simple ways you can make information stand out and guide your audience to important details -- the way Rudolph the reindeer's red nose stood out from the other reindeers' and led them. If you're presenting a piece of relevant data in a list, why not mak...
Post a Comment
Read more

Value of dollar - Part 1

A Simple Perspective Will Do The date is 2000-05-28. Don't you get tired of all the bad news bears reminding you of all these instabilities, excesses, and 'potential' tensions in the global economy? After all, hasn't it always been like that? Yes it has, but not in money it hasn't. Increasingly, investors find it harder to know where to put their savings. What about Government Bonds? Wrong. Their recent record of capital losses have wiped out your guaranteed yields, probably because the stock market keeps crowding them out, and this even in a strong dollar and low inflation environment. Furthermore, there is no reliable liquidity and potentially poor quality debt in the corporate sector. Foreign assets? Wrong. Most of the world's economies are riskier, have been under performing, and also, there is this thing called currency risk. Like how is the average person gonna cope with currency...
Post a Comment
Read more

Depreciation of British Pound 1900-2000

When the Bank of England was formed the powers to create money was finally transferred to private hands. The creation of Fed in US, was just a part of this cycle. Though it is a common knowledge US Dollar has depreciated nearly 100% since the creation of Federal Reserve, the same is the case of all the currencies across the globe. For example, below is the UK Parliament data that highlights the depreciating value of Pound.
2 comments
Read more