MTPredictor – Program background
Introduction to the software by Steve Griffiths, MTPredictor developer
Ever since becoming involved in the financial markets in 1987, I have seen an enormous number of trading approaches and software programs. However, in the early years, I became increasingly frustrated at not finding a program that had simple, and easy to use, tools to identify and manage tradable opportunities.
Many software analysis programs were good at offering dozens of different tools and hundreds of Indicators to apply to the markets. But the result always seemed to be a screen filled with lines and indicators. More often than not, they would give conflicting information. I could not find software that enabled trade identification, risk analysis, position-sizing, and trade management all in one, easy to use program.
Experience has taught me that the best opportunities arise from trading in the direction of the main trend. So, the first step must be to identify the end of a correction against the main trend. Again from experience, I know that the easiest correction to identify is the simple abc correction. But I could not find any software that allowed me to identify quickly the most likely areas for these abc corrections to end.
So I decided to develop a program that, with a few quick mouse clicks, would identify these price areas. These would represent support and resistance areas…but not just any support and resistance – they were specific to identifying the end of a correction in an established trend. They are the ideal place to start looking for a trade set-up.
Once these support and resistance areas were displayed on-screen, the next step was to develop a simple method that would enable trade entry. Again, there are many trading approaches available, but used alone they lacked the simplicity I sought. However, combining some specific trade entry techniques that signaled a trade only if a market was at these specific support or resistance levels, the approach became more streamlined. This formed the basis of the MTPredictor trade set-ups.
Then came the problem of trying to find these ideal trade set-ups. This was a particular difficulty when trading stocks. Up till then, I had to perform all analysis on individual markets. This was a laborious and time-consuming task, which let many great trades slip through the net. That is how the MTPredictor software program came into existence, as a way to identify quickly and simply the most reliable trade set-ups without the confusion associated with many of other technical approaches and programs available at the time.
The Trade Scanner, especially, makes searching a whole folder of stocks or commodities a simple task, allowing me to look at and analyze numerous charts for set-ups very quickly. This gives me a shortlist of trade set-ups to consider either for the day or within the day.
Please have a look though the web site, where you will see how simple the MTPredictor software program makes the identification of low risk/high return tradable opportunities, where the risk/reward information is presented in a clear graphical format on-screen.
Steve Griffiths, MTPredictor developer……