Price Action Lab does not offer a fancy website, colorful charts with bells & whistles, programming languages, optimizing neural nets, lagging indicators, expensive data feeds, phony testimonials, paid reviews and awards. Nothing of that ever provided an edge to any trader. Price Action Lab is about developing and implementing a serious edge in trading. If you are looking for a trading edge, this is the right place to start.

Introduction

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Price Action Lab is a software program that analyzes market price action based on user-defined performance statistics and risk/reward parameters and achieves that by searching equity, futures or forex historical daily or intraday data in a fully automated way. The program offers three main functions: (1) Search for price patterns, (2) Scan for price patterns and (3) P-Indicator calculations.
Automatic Pattern Search, Discover trading systems automatically, Trading system software.
Function (1) can be used to search for price patterns in historical data. The results can be grouped to form trading systems and added to the system tracking module of the program for monitoring signal generation. Alternatively, the program can generate code for a variety of trading platforms so that the price patterns can be implemented as indicators or trading systems. When this function is used, Price Action Lab serves as a system that discovers trading systems automatically.
Trading system development, Stock Trading, Futures Trading, Forex Trading, Profitable trading
Function (2) can be used as a scanner to determine whether there are any patterns that fulfill the user-defined criteria as of the close of the most recent bar. The main difference between functions (1) and (2) is that (1) finds all patterns that fulfill the user-defined criteria, provided that the last occurrence falls within a range of bars counted starting from the most recent bar and specified by the user, whereas function (2) scans only for patterns that have a occurrence right at the most recent bar.
Automated trading systems, trading system analysis, trading system synthesis, trading rules
Function (3) calculates the values of the p-Indicator, which is the most advanced technical analysis indicators ever developed. Its values can be used as an indication of the probability of the direction of short-term moves. In all three main functions, one can use multiple symbols with multiple parameters for maximum flexibility and power.
p-Indicator, technical analysis indicators, p-Indicator formula, advaced technical analysis
Price Action Lab can generate EasyLanguage, Metastock, Wealth-Lab 4, TeleChart, NinjaTrader, MetaTrader and Amibroker code. Users may then combine the code with other indicators and advanced strategies in those platforms.

Price Action Lab has evolved from a pattern search program originally developed by Michael Harris, a well-known trader, trading system developer and author. The most important new features added to Price Action Lab are the p-Indicator and a modification of the pattern search algorithm that results in higher probability for improved out_of_sample performance. Version 1.0 of Price Action Lab was released during summer 2010.