Toe,
I’m “Dan” J Welcome
to the group!
Dipping one’s toe (pardon the pun)
into the waters of technical analysis can be challenging.
Sometimes, you feel like a “Stranger In A Strange Land”!
Lots of issues, possibilities, and dead ends. (I know because I
been down most of them!) Hopefully we can help you better swim through
the murky waters.
In general, I agree with Patrick and his
comments. Look below for more detailed, inline comments.
Regarding AB, I’ve used many charting
and analytical packages over the last six years. Many have a nicer
looking UI than AB. Some have well over 100 built-in indicators.
Some come with data as part of the package. But NONE have the power and
flexibility of AB.
Here are two of my posts to the AB Yahoo
user group comparing Telechart and QuotesPlus:
http://finance.groups.yahoo.com/group/amibroker/message/85659
http://finance.groups.yahoo.com/group/amibroker/message/86251
The first is my initial report about two
months ago. The second is my final report a few weeks later. Look
for other posts with that title. Other AB users added additional, excellent
information including some things that I missed.
One other point… Since I
posted the comparison, my opinion has polarized even further. I
would never go back to TeleChart.
Regards,
Dan.
From: amibroker@xxxxxxxxxxxxxxx [mailto:amibroker@xxxxxxxxxxxxxxx] On Behalf Of NW Trader
Sent: Saturday, October 08, 2005
3:27 PM
To: amibroker@xxxxxxxxxxxxxxx
Subject: Re: [amibroker] Newe User
- Some General Questions : )
If you want a good comparison, check for the comments Dan wrote in
evaluation of both TC and QP this past summer (look about the end of July,
first part of August, thread subject: Report on Quotes Plus Data, or search for
Quotes Plus). For several reasons he switched to QP3 from TC2005. I
continue to use both.
I'm a TA trader (swing and intraday), I trade for a living, and do some
sorts/explorations on fundamental data (usually on the weekends). I use
end of day data feeds from QP and TC2005 (TC also has intraday updating, ~
15-20 min delayed), and intraday data feeds from eSignal, and (via
QuoteTracker) Prophet.net and several brokerages. Intraday I mostly rely
on the eSignal data to feed AB (trades and watchlists) and do some scans on
large watchlist using TC2005 delayed. I have multiple
computers, multiple broadband connections and maintain multiple data bases
(both end of day and intraday) for AB. But to respond to your
questions:
1st: If I do a FA scan
or sort in QP3/TC2005, can the results be imported into AB, so I can then run
TA over those results? Yes -- but for the most part, I don't know why you would want to do so
-- AB explorations run much faster than either QP or TC. You can
access most (if not all) of the fundamental data fields in QP using the
"GetExtralData()" command. TC has virtually no fundamentals
exposed to AB. But yes, ticker lists generated from any source can be
imported into AB watchlists from .lst, .tls, .txt, or .csv files with
a simple Import procedure.
[Dan] I strongly agree on this point. I very
much like using QP data in AB, especially for its access to “ExtraData”.
Initially I tried running scans in TC and then importing the
results into AB. It was a serious hassle!!!
Currently I have two scans that each take 12 to 15 minutes
to run in AB. 90% of the functionality of these scans can NOT be
implemented in either TC or QP. One piece of the second scan was
originally designed for TC. It took 19 separate, manual steps to
implement in TC. Now I just ONE push a button in AB.
I’m a database architect by profession (fancy name for
a database developer). My professional opinion of Telechart’s
programming language and architecture is that it is seriously flawed. The
Watchlist sorting has some nice features, but much of the scanning process is
based on loading PCFs into Watchlist and then sorting, selecting, sorting
again, flagging, unflagging, etc. Initially it sounds great, but
you hit the “wall” pretty fast.
For example, let’s say that you have a scan that looks
for stocks whose price is diverging from an indicator (that’s the 19 step
one mentioned above). My scan resulted in about 90 stocks that met
criteria. From there it was a manual review of the charts.
OK, I could deal with that. So I reviewed each of the 90 stocks and
loaded the interesting 10-15 interesting ones into a Watchlist.
Great! Until the next day…
Then I ran the scan again. Guess what?!? The
scan found most of the 90 stocks from day one plus a few more in day two.
Now why would I want to re-review the symbols that are already in my “Stalking”
Watchlist or ones that I’ve already decided to exclude!?!
So, I posted to the Worden support forum - “How can I
exclude symbols? Can I set up an ‘Exclude’ Watchlist?”
Their response: “Sorry, that can’t be done. What you
can do is manually review your list of 2000 tradable stocks and delete the ones
you don’t want.” My response: “Uh, right! Sure!
Happy to!” NOT!
(You might detect a certain level of frustration here.)
Conversely, if I approached things via TA 1st in AB,
can I export results from AB into either QP3 or TC2005 for further FA? Yes, you can export explorations or
scan results to .lst, .tls, .txt, or .csv files with a simple export
procedure to create a list to import elsewhere. If you just want to
create a watchlist to track in QP, TC or Excel, certainly that can be
done. I rarely use the chart or other programs that come with QP as AB
"does it all" for me so QP (and for the most part) TC2005 are merely
data feeds any more.
[Dan] Patrick is correct. You can. It’s
very easy. However, I can’t imagine doing that.
With QP data, you can do much more in AB. For example, here is a “Commentary”
Patrick wrote and shared with me. All of the data is retrieved and
calculated directly from QP price, volume and fundamental data. Virtually
all of this data can be used in an AB scan, exploration or chart:
STOCK REPORT with
Fundamental Data available from Quotes Plus for: LKQX
COMPANY
NAME: LKQ CORP-COM
Briefing:
LKQ Corporation is a nationwide provider of recycled OEM automotive products
and related services. For the 6 months ended 6/30/05, revenues increased 32% to
$269.8M. Net income increased 46% to $16M. Revenues reflect higher volume of
products sold, an increase in number of customers served and business
acquisitions. Net income also reflects improved operating margins and increase
in interest and other income.<P><P>
******************
SUMMARY INFORMATION **************************
FOR:
10/7/2005
CLOSE:
30.50
Volume:
115,659
High Close in past
21 days: 30.67
52 Week High
Close: 32.00
52 week Low Close:
13.60
Options:
Options are NOT traded on this
issue
Market
Capitalization
741.2
QuotesPlus
Relative Strength: 87.000
Beta - issue
Volatility:
0.000
ADX(14) =
15.7
Trend: Down
ATR(5)
= 1.04
Gizzard Stock
Criteria Met: YES
DAY TRADER
POTENTIAL: NO
******************
DETAIL INFORMATION *******************************
--- Share
and Volume Data -----
Number of Shares
(millions): 24.30
Date:
10/7/2005
Volume (millions):
0.116 % of 21 day MA: 59.7%
Daily Average
Volume Traded prior 5 days
(millions): 0.222
Daily Average
Volume Traded prior 21 days
(millions): 0.192
Daily Average
Volume Traded prior 50 days
(millions): 0.184
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
---
Stock Ownership Information ---
Shares Outstanding
(millions):
21.23
Shares Float
(millions):
18.00
Float Turnover
(days, based on 10 day Avg Vol) 63.30
Percent of Shares
held by
Institution:
57.79%
Short interest (millions):
0.90
Float / Short
Ratio:
20.02
Short Interest as
% of Shares Outstanding: 4.2%
Short Interest as
% of
Float:
5.0%
Days to Cover
Short:
4.644
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
---
Fundamental Data ---
High PE
range: 0.000
Low PE range: 0.000
Price/Earnings
Growth Ratio: 0.000
Annual
Dividend: 0.000
Cash Flow per
Share:
1.461
Long term debt to
equity:
0.244
Return on
Equity:
12.205
Bookvalue in
dollars per share: 10.804
1-year growth rate
of earnings per share: 14.972
5-year growth rate
of earnings per share: 68.185
One Year Projected
EPS Growth: 17.073
Two Year Projected
EPS Growth: 17.708
Three Year
Projected EPS Growth: 16.000
TTM
Sales: 23.617
TTM
EPS: 1.110
One month price
change: 62.00%
Three month price
change: 280.00%
Six month price
change: 1,100.00%
One year price
change: 1,691.00%
Is there any validity in purchasing *both* products
given the redundancy of many features in each if I had both? This is idiosyncratic -- I do, as
each has data and features that I find useful (intraday updates in TC so I can
quickly scan larger stock watchlists, albeit delayed, fundamentals in QP not
available in TC, etc). The nominal cost of 25-30 a month is a fraction of
my trading expenses (several trade commissions) and I believe they easily
pay for themselves -- can't say that about other data vendors I've used,
however. It is no problem to have both databases on the
same machine, to export/import scan/exploration results between the two (e.g.,
I scan for low float issues in QP, then send to a watchlist in the TC supported
AB database to scan against because TC doesn't provide float data). As to
program features, I really don't use either QP or TC programs much -- perhaps
I'll look at TC occasionally for a fast intraday update to a PCF/EZ Scan generated
list.
[Dan] QP does not provide intraday updates to data, only
EOD. That’s about the only benefit that I can think of.
But I’m a swing trader. I don’t trade intraday any
more. So that’s not an issue for me.
If I want intraday updates, I can get the data from
Interactive Brokers. I’m thinking about getting an EOD
subscription to eSignal just for the one-minute data. Neither TC
nor QP provide this. QP only does daily data and TC only provides 15
minute bars real time (at $100/month!).
Also, I do not use the QP charting and analysis tools except
maybe to audit the data. I believe that Patrick uses TC data to compare
to QP data. That’s another advantage of having both. For me,
the cost is less of an issue. It’s the hassle of keeping two
systems updated. For me, it’s just not worth the hassle.
2nd: I am an EOD swing style trader, but would like
access on some occasions to *intraday* data for optimal entries and
exits. Is there a way that this data can be obtained easily and cheaply
for those times I need it, for certain equities? Depends on what you want and how
you trade -- I time my entries on the shorter trades, and
somewhat for the longer swings as well. I use intraday updates
from TC2005 for delayed data (to update a larger database for general scans)
and other real-time data vendors (for trade, breakout and other watchlist
updates) . I do not use (or recommend) "free" data,
as many years ago I found that it was not reliable enough to risk my trading
money on (especially Quote.com's stuff). It sounds trite, but Robert
Heinlein's TANSTAAFL (There Ain't No Such Thing As A Free Lunch)
applies. But it's up to you. You might want to check out Medved's
QuoteTracker (http://www.quotetracker.com/)
as a means to track issues and import data cheaply/freely to AB. As noted
above, I can use intraday data from Prophet.net data ( http://www.prophet.net/), PCQuote, and data
from my brokers in QT and then access it in AB (via the QT plug-in).
QT supports a number of free and inexpensive data vendors and
brokers (see: http://www.quotetracker.com/qsources.shtml ),
including some in Australia.
Note as well that if you want intraday data, you will want to get the RT
version of AB (AB Pro), not the standard.
[Dan] I agree on TANSTFFL. You can get intraday
data from Interactive Brokers. It’s free if you have an
account. You can get up to 5 days of backfills. I’ve
tried it and it works pretty well. For me, I’m just as happy using
the charting provided by my broker to fine tune my order. But then
again, my trading volume is on the order of trades per month not trades per day
(like Patrick).
I don't really understand what "backfill"
is, but I suspect that has something to do with what I'm asking here... Backfill is simply getting data for
periods prior to the time you start accessing the data (whether in AB or some
other program). It is data vendor specific. Some data vendors
provide it (and in varying amounts and periods), others do not (see the QT data
vendor list for examples). ESignal (www.esignal.com)
provides 10 days of tick and 120 days of 1 minute
historic intraday data. Unless you have been accumulating data
for a particular issue, get a vendor that provides it if you need it. You
need it if you want to look at intraday support and resistance, pivot points,
volume at price, etc. to help time your entry. If you've had the stock on
a watchlist you've been tracking and accumulating intraday data (in AB
there's no limit to the amount you can accumulate), then you may not need
it. If you like to trade a stock you've done no workup on but hear that
there's some news that's moving it, or want to look at recent intraday history
of a stock that you've identified from an end of day scan and added to AB, you
need it. Again, you will need AB Pro.
[Dan] Interactive Brokers provide 5 days of
backfill.
3rd: It is essential to me that GICS
breakdowns into Sector/Industry Group/Industry etc are available and updated in
whatever DB I use. Who maintains this - the data supplier or AB? I'm not certain what you mean by
GICS breakdowns. To me industry and sector assignments are
a secondary issue, not essential, so I've not spent much time on it.
I trade patterns principally, but do look for them in Sectors. Generally,
if your data vendor does it (both QP and TC have their systems of assignment)
it saves you al lot of time, but you can set up your own in AB. You might
read Dan's comments or ask him as he is much more attuned to this issue, and
there was a discussion with in the past couple months on sector
assignment issues.
[Dan] If you want GICS, you do NOT, repeat NOT, NOT, NOT
want Telechart. They have a flattened hierarchy with over thirty
sectors. They have Tobacco as a sector!!! QP uses
a mapping that is similar to, but not quite like GICS I believe. Actually,
I rather like QP’s mapping.
4th: I realise that QP3 and TC2005 only provide
their data for the US
stock markets. Does anybody know where similar (ie GICS-sorted, OHLC and
key fundamentals) might be available for ASX (Australian) listed stocks? Ask Graham or the other Aussies here
and look in the files section for the ASX files. ESignal does supply
foreign exchange data, so do other data vendors. I have no experience
with any as I trade the US NASDAQ issues almost exclusively. Try GTW -
(Google the Web).
I would need such data to be usable in AB, and
again, a cost effective solution would be preferred! Is is possible to
maintain you own ticker lists and somehow use them to gather free EOD data (eg:
Yahoo) for use in AB, or is this not worth the effort given all of the GICS
groupings and constant changes etc. Yes, you can set up and manage your own ticker list
database and use a free data source in AB. But repeat after me,
" Cheap,
Quick, Working" -- pick any 2, but you
can't have all three (AB is the only exception I know of that proves this
rule). If it's Quick and Working, it's going to cost more, if it's
Cheap and Working, it's going to take some time, and if it's Cheap and
Quick, it won't work well. My time is spent trading, not
adjusting data bases (for splits, mergers, new tickers, ticker changes, dividends,
etc., as well as maintaining assignments to Sectors, Industries, etc), so
I'm quite willing to pay a data vendor to do that, provided they do. QP
and TC are worth it.
[Dan] I agree completely. One big issue for you
will be the Sector and Industry mappings. With QP (and TC), you just
click a button to import all of the Sectors and Industries AND the Stock to
Industry/Sector mappings.
As professional database developer, I’ve built many
systems that cleanse and manage data. I’m very qualified to
do it. But I would NEVER, EVER do it for my stock data.
Managing data is one serious hassle. I don’t have the time.
Pay the bucks to QP, TC, eSignal or whoever and let them do
it.
I am quite adept at writing complex excel formula,
so I hope that a)the AFL is similar in construction and concept, and that b) I
can contribute in a worthwhile manner here in the future!! I'm not a programmer, not
particularly adept (but moderately proficient) in excel, and I've been able to
learn to program AFL. IMHO, it's not hard. Others are
certainly better than I and there are some capabilities of AB that I've
never bothered to learn, but the user group is a great community of sharing,
Tomasz is a paragon of patience and exemplar of incredible user support, and
(as Dan has eloquently explained at diverse times) AB is like an onion
with layers of capability that can be peeled to suit any user's needs and
abilities. Welcome, good luck and do let us know what you
come up with.
[Dan] If you can write Excel code, you can probably program AB.
You will probably have some head-scratching session like you would with any
analytical/charting tool you buy. It’s just part of the
learning process. When you feel more comfortable with it, you can be
more aggressive.
One of the WONDERFUL things about AB is the ability to peel
back the covers. Just create a chart and insert some indicators into
panes. Then, right-click on a pane and click “Edit Formula”.
A window will pop up and display the code that creates your chart. You
can make a few changes, click the “check” button to validate the
code, then click save. Your changes appear in the
chart.
Or, you can download formulas from the formula library and
insert them into charts and scans. Most of the things that you will
want to program have already been coded and exist in the library. Just
download a copy, try it and then modify to taste. (Tip: Effective
programmers copy a lot. We haven’t the time to waste.)
For example, here’s a simple momentum indicator from
the library:
http://www.amibroker.com/library/detail.php?id=539
And here’s a nice looking “MACD and histogram
divergence detection” AFL, which I just downloaded:
http://www.amibroker.com/library/detail.php?id=562
Peace and Justice --- Patrick
Please note that this group is for discussion between users only.
To get support from AmiBroker please send an e-mail directly to
SUPPORT {at} amibroker.com
For other support material please check also:
http://www.amibroker.com/support.html
SPONSORED LINKS
YAHOO! GROUPS LINKS