It can sport forming patterns with great accuracy.
Stock pattern recognition software is smarter than you are. Many patterns are so closely related that, until they’ve formed, you have no idea which one you’re dealing with at a glance. You might misdiagnose a flag, pennant or wedge, or see a butterfly where there’s actually a bat. Even then, seasoned traders can make mistakes. It takes time and practice to spot patterns with any level of consistency. Stock Pattern Recognition Software Proves That Patterns Aren’t Perfect Here’s a look at some of the best reasons to consider pattern recognition software and how it promotes a better return on investment when day trading.ġ. But as you start to consider costs and fees, tools, and other features, take a step back and ask yourself why you need pattern recognition software.Įven if you’re adept at spotting chart patterns, pattern recognition software offers opportunities that go beyond diagnosing patterns. Although, there are some tools that offer more than others. Much of it comes down to preference and user interface. There’s a world of stock pattern recognition software out there. To get the specific tools you need to chart and trade accurately against patterns, you’ll need to look beyond your broker. While every brokerage offers tools for chart analysis and technical investigation, few offer more advanced pattern recognition software, even to Level 2 accounts.
If you’re considering a full-time or even part-time career in day trading, one of the best investments you can make is in stock pattern recognition software.