I have recently been testing PCFs I can unfortunately NOT publish on this site. I decided to purchase Elder-disk v 2.0 for TC2005/2007. The software was written by John Bruns and is available for purchase on Elder.com‘s online store.
“This product is an add-on and requires the latest version of TeleChart. Our latest upgraded version of this popular software makes your installation a snap! The software includes MACD-Histogram, Force Index, and Triple Screen indicators. The latest upgrade adds Elder-ray to this line-up as well as Envelopes and implements the SafeZone system for placing stops. A custom PCF allows scans to find stocks whose Weekly MACD-Histogram is rising or falling, as well as a scan for â€˜Fallen Angelsâ€™ â€“ former high-flyers that have crashed but are starting to recover and are ready for a new rally.”
I read some of Elder’s books (Trading for a Living, Come Into My Trading Room and Entries & Exits) and I apply some of his concepts. At first, I hesitated buying the CD as I am always hesitant to get new tools. I find they sometimes clutter my work and make things more complicated for little or nothing.
After working for a while on my own PCFs, I decided to get the CD, if anything to validate some of the work I had done and to get fresh ideas that could spark more work on new PCFs. Elder.com was very easy to deal with and helpful. They where going to mail the CD but at my request, they agreed to email me the content to save me some time. The kit was easy import in TeleChart and the documentation was well written and helpful. Overall, it works as advertised and I have used the “Triple-Screen” and the “Fallen Angels” EasyScans already. I am also currently using the Elder-weekly and Elder-daily chart templates (with slight modifications) as my main chart templates.
Overall a good value at $129 for anyone who as read the books and is interested in Elder’s approach. The only thing missing is the impulse system coloring which I understand is more a TeleChart limitation than anything. I think Bruns included it in Equis’ MetaStock and other add-ons. I would definitely consider his other add-ons if I was using other platforms like eSignal, TradeStation or MetaStock.