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MetaStock Pro
Note! This release includes patch which allows to open in Metastock 8 any
password protected formula, expert etc. by using any password.
Powerful tools for more profitable investing
Trade with confidence
MetaStock for Windows is a remarkable technical analysis program that can be run
without learning countless commands and menus. Thanks to the visual control you
get from two major breakthroughs known as "Drag and Drop" and "Click and Pick,"
you`ll have fast comprehension of the program. You`ll accomplish more.
Newer versions of MetaStock have increased functionality. The MetaStock release,
version 8.0, further closes the gap with expanded system testing and other
enhancements.
CHARTING, INDICATORS
Charting features are quite comprehensive. Prices can be plotted in any one of
nine different formats, including all the common ones (bars, candlesticks, etc.)
and some you probably haven`t heard of (Renko charts, anyone?). Charts can
update tick-by-tick or when a bar ends. A single chart can have up to 10 inner
windows, each showing the symbol plotted a different way. Of course, you can
customize appearance by color, font, etc.
The program comes with more than 140 indicators, and you can buy more, some of
them developed by well-known analysts. If you run out of indicators to play with,
you can write your own using MeraStock`s formula language.
If you right click on any plotted indicator, a help window will pop up telling
you how the indicator is constructed and how to interpret it in general terms.
You can attach a so-called "expert advisor" to the chart or indicator for an
analysis of the current market condition. Commentary and buy/sell
recommendations are generated in a pop-up window. More expert advisors written
by prominent traders are available for purchase. You can even write your own.
SYSTEM TESTING
In version 8.0, MetaStock has substantially improved system testing. Twenty-six
pre-programmed systems are included, with more available. If you want to write
your own systems, you can do so with the formula language. Rules for long
entries, long exits, short entries and short exits are written in separate
windows. However, each window`s rules are only for that window, so you have to
program common routines four times. A dropdown menu lets you apply any common
stop loss technique, or you can program a custom stop loss as a part of the exit
rules. You can trade a fixed quantity of stock or futures on each signal, or you
can make the quantity proportional to your equity when the trade is entered.
You can test not only different parameter values, but also optimize portfolios
of individual stocks or futures in the same run. You can even optimization over
groups of systems. But the many combinations of parameters, systems and
securities can result in an astronomical number of individual tests and very
long running time. Not only that, but the large number of tests make excessive
curve fitting a virtual certainty. The optimum values almost certainly will not
continue to be profitable in the future.
You also can include optimizable parameters in the entry and exit formulas. An
extensive series of reports shows how system performance varies as the parameter
values change. An equity curve and trade entry/exit points for any parameter set
are displayed on a price chart (see `Charting the system," right).
Despite all this optimizing power, the system testing module does have
limitations. It works well if your entry and exit prices are the open or close
of a bar. But if the system trades on stop or limit orders at some other price,
the results are not always what you expect. Also, debugging complex systems is
awkward because you have to create custom indicators to display calculations.
And the program will happily let you create some very profitable systems by
using future price data in entry and exit rules. Finally, all results for
futures contracts are shown only in points, not dollars as with stocks. Futures
commissions must also be entered in points.
CONDITION SCANNER
Another module, called the Explorer, lets you find stocks or futures that meet
certain criteria. For instance, you can show all S&P 500 stocks whose three-day
moving average has crossed over the 14-day average. You first define up to six
formulas using MetaStock`s formula language. These formulas can include any of
the indicators or mathematical functions in the MetaSrock library. Then you
define a filter based on these formulas. Finally, you tell the program what
group of stocks or futures to test. The program will do the tests and return.
This version also includes OptionScope - module for working with options.
