The trend is your friend, until the end. Find it with TC2000
Written: May 10 '00 (Updated May 11 '00)
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Product Rating:
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Pros: Macro programming language, powerful scans
Cons: Would rather buy the software than pay monthly service fees
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| stevelarrison's Full Review: TeleChart2000 |
In the investment world, their are two types of investors. People who concentrate on fundamental analysis, and people who concentrate on technical analysis. People who are into fundamental analysis concentrate on the value of a business relative to it's stock price. People who are into technical analysis focus on finding trends or trend reversals by examining historical data. ( typically related to price and volume ) Obviously the computer is an invaluable tool for technical analysis. Not so obvious is the variance in quality of various techincal analysis tools for the PC. This review will concentrate on Telecharts 2000. It is not intended to focus on methodologies used for technical analysis.
Telecharts 2000 is marketed by Worden as free software. While it is true that the actual software is free, it will cost you 30 a month for access to their database for price and volume data. Essentially you can not use the software without paying the monthly charge. Although in my opinion, this is deceptive marketing, I still strongly recommend the software. The reasons why are simple. Aside from an easy to use interface, Telecharts 2000 leads the rest of the technical analysis software industry ( I have used other packages ) through the strength of their stock scans, plus in the programmability of the system.
Basically the thing that separates Telecharts 2000 from the crowd is the macro programming language. TC2000 allows you to create your own macros in an easy to use programming language. Any Worden provided macros, or macros you create yourself can be run against a database of over 9500 stocks for any matches. From there, you can do further analysis of a select few stocks at either the fundamental, or the technical level. This is a great time saver.
It should be mentioned that although the macro language and scans are the best available for this type of software, the macro language is far from perfect. It is lacking the ability to use IF THEN ELSE logic, and the ability to call existing functions. This won't affect the majority of the users, but any programmers that are into technical analysis will appreciate what it has, but long for that extra level of control. ( On the positive side, it will let you export any data to an ASCII format, so you could always write your own logic for select complicated scans. )
Another thing that should be mentioned is the lack of sophisticated pattern analysis built in. By that, I mean things like candle stick pattern indicators like Morning Star that are built into Windows On Wallstreet are not available in Telecharts 2000. However, if you are handy with computers, you could program the algorhythm into your own scanning criteria.
Recommended:
Yes
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stevelarrison
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Member: Steve Larrison
Location: Scottsdale, Az. USA
Reviews written: 171
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