Stock Market Guides, a company focused on studying and analysis of stock market price patterns, has released a proprietary new stock scanner. The new tool enables investors to make informed trading decisions based on proven historical performance of each pattern presented. The tool is designed for stocks and stock options.
Evidently, the market is awash with stock scanners that typically analyse stock performance based on set criteria and defined chart patterns. Moreover, these traditional scanners assess the potential trade setups that will likely return a profit. However, they never provide a historical analysis of the performance of the presented setups.
Stock Market Guides has designed its scanner to give traders a broader picture of the market and a more detailed analysis of the pattern’s profit potential. Therefore, this not only helps traders have a better understanding of their chances of profiting from a particular pattern, but it also saves them the time needed to do a historical analysis.
A company spokesperson said, “Retail investors, and particularly active traders, get bombarded with ideas about chart patterns and indicators that might give them an edge in the stock market. But do any of these trade setups actually work? What does history tell us? That’s what our scanner offers. It shines light on the historical performance of these popular trade setups.”
In addition to the new proprietary scanner, Stock Market Guides has made available free educational guides to help investors build their knowledge of the stock market, starting from the basics of buying stocks to the functionality and calculation of stock market indicator values.