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Prophet patterns reveals trading opportunities |
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28 February 2003
Scanning Thousands of Stocks for Promising Chart Patterns
Online Trading Expo, New York, 7th Floor, Booth 1800-1802 New York, New York / Palo Alto, California
Prophet Financial Systems, innovators of Web-based financial applications, today introduced Prophet Patterns, a new chart scanning service that helps active traders identify potentially profitable chart patterns throughout the trading day.
Available at the Prophet technical analysis Web site (www.Prophet.net), Prophet Patterns uses state-of-the-art pattern recognition algorithms to scan the market for emerging short-term trading opportunities. Using real-time market data, Prophet Patterns scours more than 3,000 of the most liquid U.S. equities for 14 proven chart patterns and generates bullish and bearish signals throughout the trading day.
Using simple Web-based controls, traders can customize the scan parameters for their individual trading styles. Dynamic star ratings are calculated daily and help traders understand the risk-reward profile for each pattern.
Additionally, Prophet Patterns automatically places support and resistance lines in the interactive JavaCharts at Prophet.Net. These lines serve to identify the pattern and help the trader visualize the chart pattern as the system "sees" it. From there, the trader has access to more than 130 technical studies and drawing tools to further assess the opportunity.
"It would be impossible to visually scan thousands of intraday charts," says Tim Knight, Prophet's president and CEO. Prophet Patterns gives the active trader a powerful competitive advantage for uncovering new trading opportunities. Using this sophisticated tool, a trader can quickly hone in on promising trades and evaluate them using the charts and real-time monitoring tools at Prophet.Net.
Prophet Patterns can be added to any Prophet.Net membership for an introductory price of just $29.95 per month. Memberships include advanced charting, streaming quotes, and other services that allow traders to make the most of Prophet Patterns ; membership prices range from $9.95 per month to $34.95 per month.
Prophet Patterns is powered by the AutoChartist pattern recognition engine, developed by an international technology firm specializing in technical analysis systems for worldwide currencies and futures markets. Built on Prophet™'s proprietary MarketMaker real-time data platform, Prophet Patterns harnesses the power of the AutoChartist engine, bringing its advanced capabilities to the U.S. equities markets. Institutional clients interested in licensing Prophet Patterns for on-site use and customization may contact
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for additional information.
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