INCLINE VILLAGE, Nev., July 12, 2007 (PRIME NEWSWIRE) -- Track Data's AIQ Systems today announced the release of version 9.0 of AIQ Trading Expert Pro, featuring a breakthrough in chart pattern analysis -- a Chart Pattern Recognition module that not only identifies well-known patterns and automatically draws them on charts, but alerts users when a pattern is broken. In addition, this module allows users to build trading systems based on specific chart patterns and it provides the ability to back-test individual patterns to determine their effectiveness.
Turning Chart Pattern Analysis From Art To Science
The identification of chart patterns is one of the earliest disciplines known today as technical analysis. The literature on chart patterns documents many formations that are known predictors of future stock, options, commodities and FOREX price trends. The key event chartists look for is when important barriers, in the form of lines of support and resistance, are penetrated.
However, while charting is a powerful tool, it is not as simple to use as it might seem. The identification of chart patterns requires careful inspection of price data and most analysts would agree that pattern analysis is more of an art than a science. What is a head-and-shoulders pattern to one person is not to another. Due to this ambiguity, pattern analysis has been hard to quantify and thus automated pattern recognition by computers has been a difficult problem to solve.
Trading Expert Pro Identifies The Chart Formations
Trading Expert's Chart Pattern Recognition module identifies both completed and emerging patterns. For each pattern, support and resistance lines and connector lines can be displayed on charts. Upon completion of a pattern, an arrow is drawn at the breakout point to indicate the anticipated direction of future price movement.
Completed patterns are stored with other historical data and are helpful for learning and back-testing purposes. Emerging patterns are patterns that are still in the process of forming. These are updated daily but not stored on your computer. Emerging patterns help you identify and prepare for future trades proactively.
All the major chart formations are identified. These include Ascending Triangle, Descending Triangle, Triangle, Channel Down, Channel Up, Falling Wedge, Rising Wedge, Rectangle, Head and Shoulders, Inverted Head and Shoulders, Triple Top, Triple Bottom, Flag, Pennant, Double Top, and Double Bottom.
Additional information on AIQ Systems and Chart Pattern Recognition can be found at http://www.aiqsystems.com or by calling 800-332-2999.
Track Data (Nasdaq:TRAC) is a New York-based financial services company that provides direct access brokerage, real-time financial market data, news, and research to institutional and individual investors through dedicated telecommunication lines and the Internet.
For professional investors, Track Data Securities offers proTrack, a direct access-trading platform with fully integrated market data. proTrack offers unbiased trade routing, allowing clients control over where their orders are sent. proTrack is also available to broker-dealers under a service bureau arrangement as an execution platform.
The Company also owns and operates the Track ECN, an electronic communications network that allows traders to display and match limit orders for stocks.
For individual investors, Track Data Securities offers myTrack and myTrackPro, both fully integrated, Internet-based online trading and market data systems. Each platform offers direct access online trading, allowing users the choice of where to route their equity and options orders. myTrack and myTrackPro offer continuous dynamic streams of live market data powered by application-based software and a constant server connection similar to systems used by professionals.
For all investors, the Company's NewsWare division offers NewsWatch, a PC-based application that aggregates news from thousands of sources. Featuring real-time full text filtering and complex queries, its real-time alerting functions allow users to choose topics of interest and be among the first to know when news breaks.
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