Execution speed, market data, news feed, and scanning tools are really important aspects of stock trading software but the chart is the swing trader’s trading tool. The stock chart is where the rubber meets the road and the trading decision is made.
Your Broker Platform May Not Be Stock Trading Software
Your broker’s trading platform includes all the elements you need to execute a trade, but before you can call it stock trading software it must quickly and easily display stock charts that encompass all the rules of your trading system. Are the technical indicators you need set up and ready to go when you open the chart? Is the bar style exactly what you need for the situation? Can you get to the notes you made yesterday on this trade set-up without leaving the chart?
The image is Swing Master Chartist/Options Master Chartist “TO Swing Trader” chart. The chart is a complete breakout trading system based on Bill Williams Profitunity. We cannot cover all the features and trading rules shown on the chart but we can summarize a few of them to demonstrate what you need to look for.
The displaced moving averages, price boxes and the colored rectangle behind the price bars set the visuals for an initiating fractal range breakout trade. The chart shows the support and resistance prices for the extended range, the trading bias, and the exact price level at which the signal would execute.
The histogram at the bottom of the chart is a 5/34 Percentage Price Oscillator which is used to generate a variety of add-on signals, set add-on price levels, set stop-loss price levels, indicate momentum direction and strength, and even help with Elliott Wave counting. The histogram above the 5/34 is a quicker acting momentum oscillator also used for add-on signals and stop-loss signals.
The histogram bars are centered around a zero-line and color coded to show a change in velocity and trend count-trend direction. The price bars are color coded to show the momentum based Elder Impulse System (shown on chart) or alternatively the color codes used to supplement the Williams Profitunity trading system, or the up-down price change for traditional or Heikin-Ashi candlesticks.
We provide the details for all the system set-ups and trading signals elsewhere on this website. The point here is that the TO Oscillator chart is ready to go with a complete trading system the instant that it’s opened. The user does not waste any time searching for or setting indicators or chart styles. Time that the swing trader can better spend going through his chart lists for trade set-ups.
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