CandleScanner

If you are thinking of trading stocks in the Japanese market, then it is recommended that you become familiar with the concept of candlestick patterns and charting. Allegedly developed to better track the prices of rice, the candlestick pattern refers to the graphic representation of the movement of prices that can be used to predict trends.

CandleScanner is an application specially designed for the detection of the price fluctuations and identifying the patterns that are repetitive, so you plan your next major investment.

The scanning capability is one of the trump cards of the application, especially since it can be done automatically using your own data. You should know that the program can support over 100 patterns that are going to be displayed in the appealing graphics.

On a side note, in case you are unfamiliar with the meaning of any of the patterns embedded, then you can rest assured that the app comes with extensive guides that explain the ins and outs of the occurrences.

The tool provides you with the necessary tools to highlight the patterns you are interested in on the graphs directly. Moreover, the app allows you to synchronize the list of the identified patterns with the prices discovered and vice versa.

In addition to automatically finding price patterns, the program also includes various utensils that enable you to learn whether the performance was good or bad. More precisely, the app performs a statistical analysis of the data to determine the patterns' occurrences by date and their efficiency.

Once this stage is complete, you can proceed to backtest ideas and replicate transactions using the historical data. In the event that the tests provide positive results, then it usually means that there is a high chance the patterns are going to be repeated in the future.

CandleScanner comes with numerous functions that can help you get a general idea about how to invest your money to get a satisfactory return on investment.