CandleScanner is a unique solution enabling to scan any candlestick charts in order to find Japanese formations. Application implements proprietary algorithms which are automatically scanning charts and produce detailed performance statistics.
Description: CandleScanner is a technical analysis software allowing you to search Japanese candlestick formations (patterns) and create some statistics on them. Additionally CandleScanner allows you to build trading strategies on top of candlestick formations.
When the search is done statistics are created from which you can see for example formation occurrence frequency and its efficiency. Efficiency is measured based on ten following days since the formation occurred. Formation can have one of the following efficiency levels:
False forecast (0 days)
Low efficiency (1-3 days)
Medium efficiency (4-6 days)
High efficiency (7-10 days)
In case of bullish reversal or bullish continuation formations CandleScanner is checking how many days since the formation occurred closing prices are higher than the close price of the last formation's candlestick. This check is done for the 10 days period.
In case of bearish reversal or bearish continuation formations CandleScanner is checking how many days since the formation occurred closing prices are lower than the close price of the last formation's candlestick. This check is done for the 10 days period.
Also trading simulator is available in the application where you can apply found formations to open/close positions on the market.