# Scanning the market for candlestick patterns



## tasmanian (23 January 2008)

Gday guys,

Just wondering if anyone can tell me how to scan the market for candlestick patterns.

Especially scanning for bullish or bearish engulfing patterns.

Software,codes or any ideas at all would be helpful and much appreciated.

cheers


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## Timmy (24 January 2008)

What software are you using?


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## tasmanian (24 January 2008)

Gday Timmy,

Thanks for the reply.At the moment nothing.I use incredible charts for my charts but dont have any scanning software at the moment.

I was using stockscan which werent too bad for the scans i was after but they dont do candlesticks either do incredible charts.

Any advice on some software too purchase that wil do the job and advice on how to install etc would be very much appreciated.Ive heard abit about ambroker but know nothing about it generally.

thank again cheers


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## Timmy (24 January 2008)

Sorry - I missed the comma in your post between software and codes...I thought you already had some...

OK - there is a multitude of softwares out there that will do scans for you.  I am referring here to software that will do scans on End Of Day (EOD) data - that is, scans after the market has closed and that would highlight potential opportunities for you on the following day's trading.

I do not know any specific software that will scan for candlestick patterns, but I think there are some out there.  It doesn't matter because a lot of the more general programs can be programmed, with a bit of skill (and it is usually fairly straightforward, with plenty of people on forums such as this one willing to help out), to scan for candlestick patterns.

I will start with Metastock, only because I am familiar with it - it has advantages of being very well known, so there are plenty of codes out there on the net, it is fairly easy to learn to code yourself, and there are plenty of coders if what you seek is too complicated for you to do.

Amibroker I know very little about - but it gets very good reviews from users.  Users of Amibroker tend to be fanatical about it ... I think this is a pretty good recommendation.  It is much cheaper than Metastock too.   Perhaps an Amibroker user can contribute to let us know how easy or not it would be to program in candlestick scans? 

FCharts Pro is also a low cost option  - not as well-known as the above two programs so may not be as much support, but check it out.

There are more software packages and a good article at this page on this website (ASF).  Plenty there to work through.

Also, whenever I post something along these lines someone always comes along really soon with MUCH better ideas too ... so keep your eye on this thread.  

If you do end up going with Metastock let me know, I have some candlestick scans (only for the few patterns that I really like) that I would be happy to give to you (but you will find that programming them is easy anyway).


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## tasmanian (25 January 2008)

Timmy,

thanks for the feedback much appreciated.

The candlestick engulfing scans im looking for are pretty basic.

Bullish engulfing-open below yesterdays close and close above yesterdays high.

Bearish engulfing-open above yesterdays high and close below yesterdays low.

So hopefully pretty starightforward to program.I have no idea about metastock,ambroker etc atm but will start doing some research.

Basically I have to buy these programs then download it on to my computer then work out how to run the scans?Where do you get the asx eod data from?

Thanks again 
cheers


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## Timmy (25 January 2008)

EOD ASX data is available from many sources, but I have no hesitation in recommending Premium Data/Norgate.  I am a very satisfied customer - service and support is outstanding.  Their website is here.

Yes the programs have to be bought and then downloaded into your computer.  It is all usually very automated.  Make sure when you are checking out the various software options that you get a program where you can write your own scans.

Just looking at Amibroker website - they have a  free trial download.  There is also a user guide on the webpage, will give you a good idea of what the program can and cannot do.


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