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Registered User
Joined: 2/13/2005
Posts: 7
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I am a newbie here. Checked out the top 10 software list at Traders.com. Some like MetaStock, TradingExpertPro and ELWave are pretty interesting. They all have the Gann Lines while Telechart doesn't have. How do you compare Telechart to those softwares? I am considering which to subscribe. Also, why all of these vendors don't use free data like from brokers or yahoo for end-of-day data?
Thanks in advance,
Optiontrier
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Worden Trainer
Joined: 10/1/2004
Posts: 18,819
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I will let real users answer your question on how TeleChart compares. I will point you to a list of beginner videos that will offer an overview of the basic functionality of the software. Please keep in mind that we are (for a limited time) offering a 30-day free trail of the Gold service. Call 800.776.4940 to take advantage of it.
Here is the link to the videos:
If you are new to TeleChart READ THIS FIRST!
- Craig
Here to Help!
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Registered User
Joined: 2/13/2005
Posts: 7
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craig,
Thanks for your reply. Actually I am in my Trial period and I have viewed all the beginners' videos.
And I am using it. It's good. But I don't see Gann lines and the PCF functions are not strong enough, I think.
I am also not familliar with others like MetaStock, TradingExpertPro or ELWAVE. That's why I post this
for help. Glad to hear from users who are familliar with more then one of these softwares and glad to see
a detailed comparison regarding technical analysis and scaning features.
OptionTrier
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Registered User
Joined: 10/7/2004
Posts: 264
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Option, it depends upon your level of "expertise" and what you are looking to do. The Wordens seem to be from the Keep it Simple crowd. Both Don and Peter's charts are generally unclutterd with only and idicator or two. I think that this is reflected in TC. So here are the main differences from my research:
1. Relative to other charting packages, TC has a limited number of "indicators." It now has the capability to program you own custom indicators within the confines of the PCF language. It does have the proprietary TSV, MS and BOP indicators. One thing that I noticed is the TC allows you to put multiple indicators on a chart window, as opposed to one indicator per window. This can be helpful if you want to compare relationships between indicators.
2. While, the PCF language is somewhat limited but you don't have to be a computer programer to use it. If your into math, you can actually make it do some amazing things. I have seen some pretty advanced stuff come from certain people. Now with the visual sorting, you don't necessarily need to create a lot of PCFs.
3. The strength of TC is its ability to scan for certain conditions. You can create certain setup conditions and in a matter of seconds have a watchlist of several stocks to look at. With their watchlists and notes it allows you to manage your thoughts with relative ease.
4. Add the interaction of TCnet. The videos, chat rooms, chart sharing, clubs, etc. and it can really add to your knowledge base.
5. Finally, you can't get even close regarding cost.
Good luck.
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Registered User
Joined: 2/13/2005
Posts: 7
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I agree with you. TC has lots of nice staff and it's also a data source. I might subscribe for TC and also purchase a Metastock end-of-day since that supports TC data. so I get both systems working!
I am still not clear of one thing: why most of the softwares don't support the free data source like yahoo or ameritrade? while free software like Medved QuoteTracker supports those very well without a problem.
Optiontrier
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Registered User
Joined: 12/7/2004
Posts: 5
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OPtiontrier,
The money is made from selling data, not software !
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Registered User
Joined: 12/24/2004
Posts: 18
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Optiontrier,
For what it is worth, I tried Metastock and didn't care for it for a number of reasons. From memory ....
1. I didn't like that MS doesn't read the TC2000 data directly and that you have to perform a conversion routine.
2. I didn't like the way MS set up it's watchlists and that you couldn't easily step through each chart in the watchlist.
3. I think there was a limitation on the number of stocks in each folder or watchlist which turned me off but can't remember the details.
Just my two cents. A lot of folks have reported good things about Amibroker, with the biggest feature is that it reads the TC2000 database directly.
(removed by Moderator)
RedEyes
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Registered User
Joined: 2/13/2005
Posts: 7
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Ya. The data format conversion is a big issue. If everyday we have to convert it for over 30 times(only about 260 symbols each time) That's not good. I guess if we know the details of the two formats, making a conversion software shouldn't be that difficult.
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