Candle patterns are very interesting for traders due to their simplicity, elegance and natural interpretation of market sentiment. No matter how markets evolve, "patterns" will appear on the charts. Essentially, the core premise, and assumption, underlying the application of technical analysis is that such patterns are repetitive and detectable.
CandleScanner™ is a technical analysis software package created for investors interested in Japanese candle patterns. What makes this application exceptional is that, from the outset, it has been specifically designed for the detection of Japanese candle patterns. It is not just an add-on to an existing analysis platform but a specialist charting application written by people with extensive knowledge of the topic of Japanese candlestick patterns. It is suitable for both seasoned traders and complete beginners.
The application of CandleScanner is extremely versatile and can be used by a whole spectrum of traders involved in, for example, stock market trading, commodities markets, futures markets, or forex. Also, those who are just beginners will find CandleScanner a great learning and training tool, where they can learn from real-life data-based examples rather than just pure textbook theory.
CandleScanner is highly configurable, meaning that you can adjust it to your specific needs. The algorithms scanning the candlesticks charts have many parameters, which the user can set. Also, the visual aspects of the application are highly customizable, enabling everyone to find their desired optimal settings.
It's not enough to know that a pattern has occurred on the candlestick chart, but also how "well" or "badly" it had performed in the past. In other words, how effective is the signal being generated? And here, even before going into a heavy-duty backtesting analysis, we can check some simple statistics first.
There's no need for detailed model optimization, no need for sophisticated entry/exit methodology, and no need for risk and money management rules, just a basic analysis of the underlying statistics. What matters at this stage is the number of accurate occurrences (how statistically significant the results are) and the price behavior within 5 or 10 subsequent candlesticks after the pattern's occurrence.
The most challenging aspect is to effectively convey the statistics and present them in such a way, readily showing pattern efficiency just after its occurrence. CandleScanner adopted a very simple principle. If there is a bullish reversal or a bullish continuation pattern on the chart, the next 5 or 10 candles (depending on the user's preferences) should demonstrate their predictive value.
Once we know the patterns' occurrences and efficiency based on the statistics calculated by CandleScanner, we can go a step further. We can backtest our trading ideas using the entry and exit signals. In other words, we can quickly replicate transactions using the identified candle patterns on historical data.
CandleScanner allows the user to build a trading strategy without the necessity to write any code. Using a simple user interface, you can define your entry signal (pattern) and exit signal (stop-loss, trailing-stop, and take-profit). All these building blocks are parametrized, i.e., you can adjust them, so they meet your requirements.
Backtest results contain many metrics that can help you see how your trading idea(s) performs. You can also export backtest results and process them, for example, in a spreadsheet or some more focused software dedicated to trading system analysis.
By buying today, you can get your money back up to 30 days from the date of purchase. No questions, no hard feelings, no risk on your side. Just send an e-mail to me at firstname.lastname@example.org that you want to cancel your purchase.
Is there anything else blocking you from choosing CandleScanner? 🙂
you lose the opportunity to prepare a reliable action plan on the market - the costs calculated by investment errors can be huge, significantly exceeding the small (even absurdly low) cost of purchasing CandleScanner
you lose the best price - prices can only be higher in the future, and I don't offer discounts; buying now you are guaranteed to have the same price in the future
You Might Be Wondering...
What are the technical requirements?
You need a computer running on Windows 8/10 (64-bit) + Internet connection. If your computer runs on a 32-bit Windows, you can upgrade the system for free.
What markets can I find in premium data?
The data package covers over 70 exchanges worldwide (stocks, futures, currencies, cryptocurrencies, ETFs, mutual funds). There are now over 150,000 tickers, and the number is growing.
Does CandleScanner work on macOS?
To run CandleScanner on macOS, you need a virtual machine such as Parallels Desktop. It works even on machines with M1 processors. You don't need to buy Windows license.
I have purchased CandleQuote in the past - will I still need it?
CandleQuote is still helpful if you use sources like Quandl or Tiingo. Soon there will also be a refreshed version of CandleQuote with access to premium data like in CandleScanner.
Can I scan intraday charts?
Yes, but you need to import data from your source. The premium data integrated into CandleScanner is daily data. We don't offer real-time data support (e.g., live 5-minute bars).
Is there a difference in functionality between the 1-year and 2-year plans?
No, no matter which plan you choose, you get access to the same functionality. However, if you plan to extend your plan in the future, it is better to choose a 2-year plan as it is cheaper.
How premium data differs from free sources (Yahoo, Stooq)
First of all, premium data is of excellent quality guaranteed by Unicorn Data Services. There is also no risk that access to data will be limited (which is possible in the case of, for example, Yahoo). It is also easier to import data because you can use built-in wizards. Premium data can be automatically updated so that you always have access to the latest quotes.
Which candlestick patterns are supported by CandleScanner?
Please check here for the complete list of supported patterns (with detailed descriptions). Algorithms recognizing predefined list of patterns can be customized to some extent.
We plan to deliver functionality in the coming months, allowing creating a custom pattern from scratch using a simple visual wizard.
Can I use CandleScanner on a different platform (e.g., NinjaTrader, TradeStation, etc.)
CandleScanner is a standalone application that runs on Windows. It is not an extension that can be plugged into another platform.
If I buy a 1-year or 2-year license now, does it have to be renewed for the same period?
Yes, it will always be possible to renew the license for the same period only. If you know that you want to use it longer, it is worth choosing a 2-year license now because it simply pays off financially. Regardless of the variant you choose, you are guaranteed a fixed price in the future.
Is it possible to purchase the application for a period shorter than 1-year?
It is not possible. The app is only available on a 1- or 2-year plan.
CandleScanner™ is a technical analysis software package created for investors interested in Japanese candle patterns. What makes this application exceptional is that, from the outset, it has been specifically designed for the detection of Japanese candle patterns. It is not just an add-on to an existing analysis platform, but a specialist charting application. It is suitable for both seasoned traders and complete beginners.