Anyone use the Prophet Charts in TOS?

[boogafish]

I've found them to be invaluable technical analysis tools. You can easily scan all kinds of stocks, indicies, etc. and see what patterns it has formed on the historical charts or are forming right at the moment. Triangles, Wedges, Channels, Head and Shoulders, you name em. You can add on any sort of trending indicator, moving average, volume indicator, etc that you can think of. Great stuff. It also gives a prediction of where it'll wind up and what the time frame for it to happen once the breakout occurs. Great stuff. ANyone else happen to use it? I'm thinking if there's anyone else who uses TOS we need to have some sort of weekly routine of checking it for possible breakouts because I always seem to find them a week after the fact.

[optionpundit]

Boogafish I was waiting if other members use it and share their opinion...seems none.
I used to look at it but I stopped it as I didn't find it very useful....

Let's talk current situation to understand -
As per current screen - 5 overall rating and 4 for rest. Here is what I get :

HIG, MS, NUAN, DEO, RGLD, EWS HAIN, VIEA , UIS

Check those out and see how different perspective you get....

Profitable trading, OP

[boogafish]

OP- Sorry I didn't see that you replied until today! I guess I gave up on anyone replying to my post and I stopped looking at it.

HIG- Looks like it had a bullish breakout from a falling wedge pattern and it's already made it within the predicted range.  Not sure if I would have moved on it, though, as the sector sucks. I've always had the best luck with these patterns by going with the trend..unless there's a very strong real-world reason not to.

MS-- This is a funny one. OP, did you notice how it broke out of a couple of falling wedges and made one of the technicals a successful prediction by falling into the mid 30's range. Then when it bottomed, it formed the final component of a more mature wedge which had greater breakout possibilities. Of course it's now in that range. And yeah, of course the sector sucks--this is one of those that would have also required a bit of fundamentals if you were wanting to play on one of the bullish technicals. But looks like we missed it. If I was able to watch this pattern form, that is, the large wedge that formed when MS dropped to 33.56  and then begun to bounce I would have said to myself, well VIX for one is at 35 right now and everybody's fearful because of the BSC buyout and because of liquidity concerns. Of course, we were also expecting a cut..it broke out as a result of the cut. So once the cut happened and the BSC fears weer relieved and broke out of the wedge, it had no reason but to move up well. This one's already hit into the predicted range.

What did you get for NUAN? My search on them didn't yield any patterns with 4 or 5 quality. From the looks of it, it looks like there might be something of a triangle pattern going on.

DEO--You know, this is a pretty good looking stock and the sector is doing well right now. What's it predicting 84-ish to 86? Not a huge move, but I think it might be a good candidate for a bull-put spread or something. I'd want to take a look at the options first, but technically and fundamentally it looks good to me. What do you think?
Also, I wouldn't have played that bearish triangle that broke out a bit ago simply because of the sector. It was contrarian and the fundamentals certainly didn't support the move at all.

OP- I'll look at those others tomorrow. Thanks again for the reply!

[dylantan]

Hi boogafish and OP,
How come I cant seem to find the feature that you are referring in TOS prophet chart. May I know how to access to the feature? Thnaks!

[boogafish]

It's in the ToS desktop platform and the web-trading platform. It's a tab at the top that says Prophet. When you open it up, go to Studies and then applythe studies you want to whatever chart or index. You can make the studies higher-quality by  adjusting them to whatever you want. In addition to having it find patterns, you can also apply nearly any moving average, oscillator, volume study, trendline--you name it. Plus it's interactive--you can draw support and resistnce areas, draw a price target for entry or exit purposes and then send an alert to your email when the underlying hits that target..whatever. Really good stuff.

[dylantan]

Oh.. I found it! Thanks! Will take sometime to go over it!