Stocks & Commodities V. 32:1 (52-54): Product review: Prime Trade Select by Technical Analysis Inc.
Product Description
Product review: Prime Trade Select by Technical Analysis Inc.
MetaStock
90 South 400 West, Suite 620, Salt Lake City, UT 84101
Phone: sales 800 508-9180; support 801 265-9998
Email: Sales@metastock.com, support@metastock.com
Website: MetaStock.com
System requirements: Windows 7 (Service Pack 1), Windows Vista (SP 1), Windows XP (SP 3 or higher) Professional edition; Intel Core 2 Duo 2.4 GHz or higher processor; 2 GB RAM (4 GB recommended); 750 MB hard available hard disk space; 256 KB upload and download Internet connection
Product: MetaStock add-on to help identify trading candidates Price: $499 ($399 with some promotions)
Prime Trade Select (PTS) is an add-on for version 12 of MetaStock that identifies high-probability trades. Its objective is to give you a list of stocks and/or ETFs to buy or short. The exit and stop-loss strategies might keep you in a stock for several weeks or just a day or two. The developer of PTS, Chuck Hughes, has had over 25 years of experience trading stocks, commodities, currencies, and options. Hughes is known for his trendfollowing and option-trading strategies. Hughes is also the author and/or coauthor of several books, including The Weekly Options Advantage: Your Secret For Simple High-Profit Trades and Global Trend Power System.
Overview
The add-on comes with two explorations, indicators to show where exits and stop-losses are recommended, two templates, and two experts. The system first identifies stocks or exchange traded funds (ETFs) in an uptrend based on the 50-day exponential moving average (EMA) being greater than the 100-day EMA, or a downtrend based on the 50- day EMA being less than the 100-day EMA. To confirm the trend, two events should have occurred: for long positions, the current 14-period on-balance volume (OBV) needs to be greater than the same OBV six months ago, and the stock/ETF must have made a 52-week high within the last six months. The converse would apply for short positions.
When these conditions are satisfied, it becomes a matter of entering your positions. For a long entry, you could use Keltner channels, which are created by using a 20-day EMA for the middle line and two average true range (ATR) values above and below the middle line for the upper & lower channel lines. It’s the use of the Keltner channels that provides two different approaches within PTS — basic and high probability. If you use the basic approach, PTS price can close either on or below the middle of the channel, but if you are using the high-probability PTS, the close must be below the lower channel line. Another difference that exists between the two approaches is that for high-probability PTS, the 52-week high is within the last eight weeks, whereas for basic PTS, it’s within the last four weeks.
MetaStock
90 South 400 West, Suite 620, Salt Lake City, UT 84101
Phone: sales 800 508-9180; support 801 265-9998
Email: Sales@metastock.com, support@metastock.com
Website: MetaStock.com
System requirements: Windows 7 (Service Pack 1), Windows Vista (SP 1), Windows XP (SP 3 or higher) Professional edition; Intel Core 2 Duo 2.4 GHz or higher processor; 2 GB RAM (4 GB recommended); 750 MB hard available hard disk space; 256 KB upload and download Internet connection
Product: MetaStock add-on to help identify trading candidates Price: $499 ($399 with some promotions)
Prime Trade Select (PTS) is an add-on for version 12 of MetaStock that identifies high-probability trades. Its objective is to give you a list of stocks and/or ETFs to buy or short. The exit and stop-loss strategies might keep you in a stock for several weeks or just a day or two. The developer of PTS, Chuck Hughes, has had over 25 years of experience trading stocks, commodities, currencies, and options. Hughes is known for his trendfollowing and option-trading strategies. Hughes is also the author and/or coauthor of several books, including The Weekly Options Advantage: Your Secret For Simple High-Profit Trades and Global Trend Power System.
Overview
The add-on comes with two explorations, indicators to show where exits and stop-losses are recommended, two templates, and two experts. The system first identifies stocks or exchange traded funds (ETFs) in an uptrend based on the 50-day exponential moving average (EMA) being greater than the 100-day EMA, or a downtrend based on the 50- day EMA being less than the 100-day EMA. To confirm the trend, two events should have occurred: for long positions, the current 14-period on-balance volume (OBV) needs to be greater than the same OBV six months ago, and the stock/ETF must have made a 52-week high within the last six months. The converse would apply for short positions.
When these conditions are satisfied, it becomes a matter of entering your positions. For a long entry, you could use Keltner channels, which are created by using a 20-day EMA for the middle line and two average true range (ATR) values above and below the middle line for the upper & lower channel lines. It’s the use of the Keltner channels that provides two different approaches within PTS — basic and high probability. If you use the basic approach, PTS price can close either on or below the middle of the channel, but if you are using the high-probability PTS, the close must be below the lower channel line. Another difference that exists between the two approaches is that for high-probability PTS, the 52-week high is within the last eight weeks, whereas for basic PTS, it’s within the last four weeks.
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