MetaStock Charting Package: Intro

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Successful traders use the right charting package.

MetaStock is a charting package that is known worldwide. The reasons are clear. Not only is MetaStock a polished charting package, it’s an incredibly powerful piece of software. If you believe in the maxim ‘you get what you pay for’, know that MetaStock is no exception. The depth of analysis that MetaStock allows you to conduct is extraordinary. Surprisingly, most people who own MetaStock never use it to its full potential. That’s why we’ve designed this guide, so that you can take advantage of all that MetaStock has to offer.

After working through the MetaStock Programming Study Guide you will learn that you truly have complete control over almost every 1 aspect of MetaStock. You can control everything, including customizing the indicators that MetaStock already has, and creating your own using The Indicator Builder. From using pre-packaged Experts, to programming in your own automatic buy and sell signals using The Expert Advisor, nothing is beyond your reach. You can even test out your trading system’s profit potential using The System Tester; or use The Explorer to scan through thousands of securities for those that meet your own personal trading criteria.

Of course, MetaStock has many features, but perhaps the most powerful of MetaStock’s four major tools is The Explorer. The ability to filter, sort and rank a large amount of market data in one sweep is just awesome. Moreover, once the Explorer is set up, it takes only minutes to complete. Herein lies the beauty and power of MetaStock; no longer do you have to individually examine thousands of charts each night, MetaStock can do it for you!

Realistically, we have just barely scratched the surface; with MetaStock’s total customizability, whether you’re using The Indicator Builder, The Expert Advisor, The System Tester or The Explorer, the potential is limited only by your imagination.

Technical Analysis

It is important that we understand the nature of MetaStock’s technical analysis. Essentially, there are two main streams of thought when it comes to the analysis of potential securities to trade. These streams are fundamental analysis and technical analysis.

Fundamental analysis attempts to measure a security’s intrinsic value. With fundamental analysis the criteria for judging stocks include profits, forecast profits, price/earning ratios (P/E Ratios), forecast for the industry in which the company operates, key personnel in senior management, etc. In general, fundamental analysts make the assumption that all fundamental data will be reflected in the share price of the company. In an ideal and efficient market, where rational behaviour is predominant, that is exactly what should happen. However, markets are never quite so predictable.

Contrasting this approach is technical analysis, which is the study of prices. Like many technical analysts, we (the authors) assume that all fundamental and economic influences have already been priced into the value of a security. Therefore, one need only monitor the price action. This is where MetaStock is most valuable.

Programming conditions in the MetaStock charting package is simple. You will get to know the conditions used by MetaStock as you learn to program them. The MetaStock Programming Study Guide is a step by step guide that will lead you through everything you need to know. Just click here to learn more about it.

For more tips and tricks, watch the video below:

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