Using the Bourse Data Charting Software
Kim Reilly has used Bourse Data stock charting software for many years, so much so, that he has even published his own set of tips on how to get the most out of it. This is the software package that has provided him all the share and option information he needed to become the successful trader he is noted for.
I use Bourse Data myself. I have found it to be one of the best designed software packages in terms of ease of use, ability to customize charts to take advantage of key indicators and trendline analysis, not to mention Gann & Fibonacci tools if you’re into that kind of thing. One of the things I like the most, is the way you can create groups of “watchlists” that are automatically linked to the relevant chart. It means you can easily scroll down your watchlist, one by one, so that as you hit your down-arrow key and each share is highlighted, your customized chart immediately appears somewhere else on the screen, depending where you’ve decided to put it.
You can also have a number of charts open at the same time, all synchronized. For example, you may wish to compare the Weekly with the Daily chart, which is an integral step in the Kim Reilly success formula. You highlight the share code and your weekly, daily, even intra-day (if you’re on the right plan) charts appear in synchronized fashion.
Another feature of Bourse Data charting that I like, is the ability to save your trendlines, so that you don’t have to draw them everytime you visit a chart. You can draw parallel lines to highlight channeling stocks, horizontal lines for support and resistance levels, or just plain single trendlines. You can also make them any colour you like so they stand out. One thing I would like to see though, is the ability to highlight certain trendlines over others. For example, you may wish to make your longer term trendlines thicker, or maybe a different colour, than your shorter term trendlines.
If you’re into option trading - the derivative instrument Kim Reilly has used to achieve financial independence, then here is where Bourse Data software excels. You can subscribe to live options data and this will give you live option prices, codes, days to expiry, bid and ask, plus a number of other really useful features such as “fair value” based on the Black-Scholes formula. This is important, because the “implied volatility” in an option price can be very influential in deciding whether you’re better off buying or selling (writing) an option, creating a spread, a straddle, strangle etc etc.
In recent times, Bourse Data has added the USA markets to it’s catalogue, although this is only for ”end of day” stock charts and not for exchange traded options. But it’s useful to be able to look at what the SP500 has done overnight without having to access it via the web.
The only downside with using Bourse Data charting software, is that data access is proprietary. You can pay a lot more for expensive charting packages such as Metastock, but then you can download your data from many sources. Using Bourse Data, you’re tied to downloading data from them and consequently, you only have a choice of their monthly data packages.
This being said, I have found the packages quite reasonably priced. They range from a basic “end of day” 20 minute delayed data package at around $31 per month, up to a full live options unlimited dynamic data package of around $120 per month. Combine that with friendly user interface the package provides and you have everything you need for a complete trading experience on the Australian Stock Exchange.
