Program Features
The
Market Detective is a 32 bit charting program that
runs only under Windows 95/98/NT/2000/XP, and provides
for End of Day charting that is designed to work with
any of three data file formats - CSI, Computrac/Metastock,
or Ascii text. You'll need to obtain your
data from any of the many data vendors that support
this industry. I download the free
stock and commodity data that is available through
Yahoo/Finance and Quote.com via the internet using the inexpensive (about $60) HQuote
Pro downloader program from www.hquotes.com.
They provide access to an unlimited amount of EOD
data, and up to 100 delayed Intraday data files that
can be snapshot-updated during
any given trading day. See the Market Detective online
Help menu / Historical File Formats section for details
on how to set up the HQuote data formats
for EOD and Intraday.
Special
Note: Since May, 2004, due to a data format change at Yahoo/Finance,
HQuotes developed a new program version named
HQuote Pro v6.45. It no longer creates Ascii data
files directly, as prior versions did, but provides data in the more
complex Metastock data format. One bug that I've identified, that they need
to address, but haven't, is this. If you leave HQuote Pro active in memory day after day, it fails to download up-to-date data
for many of the symbols.
You need to exit and then reload the HQuote program to ensure that you get up to date data. So HQuote Pro is not perfect, but the data it collects is free, and except for the bug I mentioned here, the program's user interface and data management is very good. In the meantime, if any of you find a better
downloader program, please email me about it.
If
you get Ascii data from other sources, Market Detective
has an extremely versatile Ascii data handler function
that can automatically interpret most, and maybe all,
standard variations of the Ascii data format without
your having to select a specific format from a separate
data vendor list. For instance, while the HQuote Pro
data format can be set up to include extra fields such
as the Symb (Symbol name) field, and the Time (Intraday
historical) field, the sequence and contents of the
fields must still adhere to certain industry standards.
The four basic field arrangements allowed and readable
by Market Detective are:
1)
Date,Open,High,Low,Close,Volume,OpenInt,…
2) Date,Time,Open,High,Low,Close,Volume,OpenInt,…
3) Symbol,Date,Open,High,Low,Close,Volume,OpenInt,…
4) Symbol,Date,Time,Open,High,Low,Close,Volume,OpenInt,…
Many
traders manage their data in a customized column format
using Microsoft Excel. They may have many more columns
of data in their worksheets than are necessary for charting,
and that are arranged in random field sequences across
an Excel row. The Date field may contain slashes, as in
the M/D/YY, D/M/YY, or M/D/YYYY format, or be using the
YYYYMMDD - year month day - unslashed Date format. The
Time field may be in HHMM or HH:MM - hour minute - format.
All that need be done to chart this Excel data with Market
Detective is to arrange the Excel columns that contain
standard charting data in one of the four standard sequences
listed above, while placing all the other non-relevant
data columns to the right of this standard sequence. Now
you can save your Excel data, using the Save As command,
to either a .CSV comma separated Ascii file, or to a .TXT
tab separated Ascii file. Market Detective will then be
able to read and chart your Excel data. All of the above
is also true for any DBMS program, like Microsoft Access.
As far as the non-Ascii data formats are concerned, Market
Detective has been updated as of August 10, 2004 to
handle the latest versions of Computrac (using
MASTER file), Metastock (using EMASTER file). Prior
to this date, historical Intraday data was not being
handled in the Computrac/Metastock format case. Only
the old Computrac MASTER file was being processed,
and only for Daily data. Now MD has been enhanced to
first check for the EMASTER file with its newer
and different (from MASTER file) byte layout. If EMASTER
exists, it is the one that is used for selecting the
Fxx.Dat data files. If it does not exist, the older
Computrac format MASTER file is searched for and used
for data file selection. One good feature of the Computrac/Metastock
format is that historical Daily and Intraday data
files are automatically discriminated and charted
without prior manual setups by the user. Hence if some
of the data files traders have are 5 minute, or 'any'
minute historical Metastock Intraday files, they will
be charted automatically along with any Daily data
files in the same directory.
The
requirement for running this End Of Day software is minimal.
You should have a late model computer for fastest operation,
but any computer with a speed of 1 Ghz or better, and
with RAM memory greater than 64 Mbytes will easily handle
the EOD databases and charting. All the descriptions regarding
this program's use are presented in the Market Detective's
comprehensive Help Topics menu. You can read the topics
by simply pressing the F1 key, or by selecting the Help
Topics item, and using your mouse to navigate through
the topics.
The
installation file for MD currently contains some data
files in the Metastock format to allow you to instantly
observe MD's
features and capabilities. These data files are charted
upon loading MD initially. Navigate the main menu bar
or tool bar to get familiar with the features. If you
have your own CSI, Computrac/Metastock, or Ascii text
formatted files, you will be able to chart them directly
by invoking the 'New Historical Chart' item of the
file menu.
The Market Detective charting software provides professional
technical analysis of stocks, futures, indexes, and mutual
funds. A user can create one or more charts with daily,
weekly, monthly or any interday period. Market Detective
includes the following technical studies and methods:
Japanese Candlesticks, Market Detective Indicator,
Bollinger Bands, Displaced Moving Averages, Point and
Figure, RSI, Stochastics (slow), Williams %R Oscillator,
Keltner Channel, MACD Histogram, CCI, Volatility Stop,
and Ross Hooks and Trading Range.
The
signature feature of this program, and the one that makes
it unique in the vast universe of charting software is
the Market Detective Indicator™.
This market timing indicator is described in ample detail
throughout this website. A most useful companion feature
to this indicator is the Scan for Market Detective
Reversal Signals. This special feature, that
was added in late October, 2003, allows a trader to perform
an automatic scan on all the symbols in a given directory
(portfolio) in search of a 'R' reversal signal on the
last bar of each symbol's database. If this reversal signal
is determined to exist, then this symbol is added to the
symbol list in the dialog box titled Scan of Symbols
Giving Market Detective Reversal Signals. By
selecting these symbols in turn, charts will be produced
that display the Market Detective indicator graphics with
an 'R' on the last bar. You can then tab through each
of the resultant reversal-signals-only charts to view
and decide which symbols you would like to trade on the
next day's open. Read about the details and use of this
feature in the More Charts
page.
Additional technical studies include user interactive
graphics such as Fibonacci retracements,
and Trendlines, performed by the mouse
dragging technique. To
best understand and appreciate the significance of the
Fibonacci retracement graphics visit Fibonacci theory
expert Joe DiNapoli at www.fibtrader.com.
Joe is a veteran trader with over 35 years of solid market
trading experience. He is also an internationally recognized
seminar giver, lecturer, and author.
His most recent book "Trading with DiNapoli
Levels", has become the industry standard
for students of Fibonacci trading techniques.
The Market Detective charting software also contains special
‘Ross Studies’, such as the Ross Hooks
and Trading Range. These studies are incorporated
in Market Detective to provide students of the Joe Ross
trading method with a low priced End of Day charting program.
Joe Ross is a master trader with more than 45 years of
trading experience, and also the author of several highly
acclaimed books on commodities trading startegies, such
as "Trading the Ross Hook".
Joe has been conducting Futures Trading seminars for about
20 years. His trading philosophy, book reviews, and related
information can be found at his website www.tradingeducators.com.
Also
included in this charting software is the ability to embed
comments into your studies using the User Text
writer feature. Just view the marked up charts provided
on some of the other web pages to appreciate the value
of this feature.
Another
special feature that allows you to test the reliability
of any study, including the Market Detective market timing
indicator, is the very useful One Bar Mode.
Simply click on the One Bar Mode command, either on the
Chart menu or the Toolbar, and you can begin back testing
any chart one bar at a time by tapping the space bar or
right clicking the mouse. This mode will allow you to
test your favorite study's validity across any historical
chart. It will also train you to make trades based on
chart patterns rather than your emotions and abstract
thought patterns. I use it with the Market Detective market
timing indicator to remind myself never to overrule its
signals with my own gut feelings. See the sample chart
below, and note that the price scale to the right, and
the date scale at the bottom are hidden to prevent prejudicing
your opinion if you are presently aware of the historical
price action based on date.
A
sample chart showing an activated Bar Values box that
lists the values of any price bar position selected by
simple mouse movements of the vertical cursor:
A
sample 1 minute Intraday chart of Gold, made possible by
the free intraday download feature of HQuotes, that shows
an activated Bar Values box showing the 1 minute period
values at any price bar position:
The
Property Page Dialog box below allows changing the foreground
and background colors of the chart elements, changing the
font sizes, and changing the charting parameters of any
of the currently active chart studies:
The
very user-friendly Historical File Sources Dialog below
allows the management and quick and easy selection of three
data formats from their corresponding directory lists:
The
Market Detective charting software features Point and Figure
graphics with a double click activated P&F Column Values
box and cursor as shown below:
