Technical Analysis with a Quantitative Edge

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Customize QuantForecast

How It Works

Our Customize QuantForecast tool allows you to adjust the criteria of the QuantForecast computed systematically by WingCharts. Here are the reasons to use this powerful tool:
Refine the QuantForecast: Add to or adjust existing criteria to further narrow and improve the quality of the results.
Find Your Own Pattern: Use a combination of technical indicators of your choice and get a second opinion on the outlook.
Learn Technical Analysis Objectively: Take advantage of our quantitative tool to learn how each technical indicator has historically performed on different stocks and help you apply it.

Tutorial

After clicking on the Customize QuantForecast link, you will see the criteria screen which defaults to the criteria used by our QuantForecast. With the screen, you can edit or delete existing criteria or add new criteria:

Upon pressing on the Criteria dropdown, you will see two categories:

-- Patterns -- : Pre-defined criterias determined by our system such as current trend and divergences. Click here to see full list and description.

-- Indicators-- : Logic criteria on a specified indicator based on the current value. The logic operators we support are >= (greater than or equal to), =~ (approximately equal to) and <= (less than or equal to).

    The >= and <= operators are most effective when applying on overextended indicators. For example, if current value of RSI is at 70, which is usually interpreted as overbought, one could apply RSI >= 70 criteria to evaluate the historical performance when RSI is above 70.
    The =~ operator tries to match the current value with a specified precision.

    If precision is set to 0, it becomes essentially the Equal To (=) operator. As it is rare to have the exact value in a timeseries, it is recommended to apply a precision to find more matches. In the above example, our algorithm will return all data points under 200DMA between -5.57% and -7.57%. The maximum precision allowed is 10% of the current value.

Example

We ran a customized QuantForecast on Apple (AAPL) as of February 10th, 2017. AAPL has had a great uptrend and breakout leading into 2/10, and as a result its price is more than 23% above its 200DMA. Is AAPL overbought relative to its 200-day average? We ran the below customized QuantForecast with criteria set to 200DMA >= 23.11%:

The search returned more than 1000 matches, suggesting that the criteria is too broad and the results are not meaningful.

Next we try to narrow the results by adding more criteria. One pattern that stood out is the RSI which spiked to 87.2 and historically occurred only 0.2% of the time since 2000. We added the pattern to our criteria and ran the QuantForecast again:

This time, QuantForecast returned just 3 occurences including 2017/02/10. Below are the matches and statistics:

From the result, QuantForecast projected further upside as the 2 other occurences both followed with strong gains in a 5, 10 and 20-day timeframe:

Based on the historical analysis, one could conclude that although AAPL is as overbought as it is now, we are in the midst of a strong breakout with further gains in the near-term if history repeats like in 2012/03 and 2004/11.

Try customizing the QuantForecast in your favorite stock(s) today.

 


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