Sharescope is a stock market application with extensive analysis and data-mining capabilities.
It provides many facilities designed to help the private investor make informed trading decisions, with the subscription-based data service providing full market data each trading day.
Sharescope’s range of analytical tools is not very impressive. It only provides 31 statistical indicators, 11 market indicators, tabular data and obscure line studies such as Fibonacci arcs and Gann angles. The help section provides short but clear descriptions of what each indicator and study does and how to interpret them.
One plus of Sharescope is that data mining is a powerful facility that allows you to select shares for further analysis based on multiple configurable criteria. For instance, you might search for shares reaching new highs or lows, or those showing the greatest change in price over a specified time. This can save countless hours of looking through the entire database of over 9,000 items.
The program’s training mode gives the budding stock market guru the ability to test his or her theories and analytical skills. In this mode, the program picks a share at random and enables you to set markers to reveal the share’s price gradually over time. Using this technique, you can test your strategy to see if you’ve found a formula for accurately predicting price rises.
To get the most out of this package, and to justify the monthly cost of the data feed, you need to be a regular trader or someone learning technical analysis. The extensive tools are impressive, but a trip to amazon or similar for books on the subject is required to get to grips with the true capabilities of the system. Those with knowledge of technical analysis, however, will find Sharescope instantly familiar.
For inexperienced people curious about having a go on the stock market, that want to start trading and making money straight away, there are better, much more powerful programs available that you might consider using instead. For those who are studying and learning how to trade then Sharescope is an ideal option to test your trading knowledge and skills.