Technical Market Indicators: Analysis & Performance / Edition 1

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The use of technical market indicators has long been acontroversial subject, highly regarded by some and treated withgreat skepticism by others. Yet, the number of indicators-and thenumber of individual investors and finance professionals usingthem-continues to grow. Now, more than ever, there is an urgentneed for objective testing to determine the validity of theseindicators. Technical Market Indicators is a unique study of theperformance of many of the most widely used technical analysisindicators. The authors explore in an unbiased, rigorous mannerwhether these indicators consistently perform well or fail to dothe job. They explain which indicators work best and why, providinga clear picture of what the investor is likely to experience whenusing technical analysis. Unlike other books on the subject,Technical Market Indicators provides a comprehensive testing ofindicators that uses a large sample of stocks over a twelve-yeartime period, encompassing varying market conditions. Instead ofusing the traditional technical analysis charts, this detailedanalysis takes a different approach, calculating numbers based onvarious relationships and letting the numbers dictate thedecisions. This allows the investor to use technical methodswithout ever consulting a chart. From an objective standpoint, theauthors address both the pro and con arguments of using technicalanalysis and attempt to shed additional light onto the controversythrough their systematic testing. They also alert the investor tothe many different issues that must be addressed when usingtechnical indicators, including performance measurement criteria,consistency of results, combining indicators, portfolioconsiderations, and leveraging. This indispensable resourcefeatures:
* Comprehensive testing of sixty different technical indicators,fully described, including Trading Band Crossover, RelativeStrength Peaks, Random Walk Breakout, Candle Belt Hold, and VolumeTrend
* An explanation of the underlying concepts behind the indicatorsand their methods of calculation
* In-depth results of tests on each individual indicator, with over250 pages of detailed tables
* An examination of trading rules that combine two or moreindicators and a report of a sampling of the bestcombinations
* An annotated bibliography
For those new to technical analysis or for the experienced analystlooking for some fresh angles on the subject, this one-of-a-kindresource is the only one you'll need to navigate the increasinglycomplex maze of technical market indicators.

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Editorial Reviews

Tom Bierovic
Do technical market indicators provide useful information to the stock trader or is it impossible to beat a buy and hold strategy? Bauer and Dahlquist tackle this controversy by rigorously testing 60 indicators on 878 stocks over a 12-year period. Their explanations of the indicators, the testing process, and the results are clear and concise. The 12 major conclusions based on this extensive research will provide the reader with plenty of opportunities to follow Bauer and Dahlquist's final advice: 'Keep learning and keep thinking.'
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Product Details

  • ISBN-13: 9780471197218
  • Publisher: Wiley
  • Publication date: 11/26/1998
  • Series: Wiley Trading Series, #64
  • Edition number: 1
  • Pages: 426
  • Sales rank: 805,385
  • Product dimensions: 7.34 (w) x 10.23 (h) x 1.37 (d)

Meet the Author

RICHARD J. BAUER Jr., CFA, is Professor of Finance at the School ofBusiness and Administration at St. Mary's University of San Antonioand is past president of the San Antonio Society of FinancialAnalysts. Dr. Bauer's articles on investments and computerapplications appear frequently in professional publications, and heis a frequent conference speaker.

JULIE R. DAHLQUIST is Associate Professor of Finance and Directorof the Innsbruck Program at St. Mary's University. Her research hasappeared in Applied Economics, Managerial Finance, and FinancialPractice and Education.

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Table of Contents

The Technical Analysis Controversy.

Evaluating Indicator Performance.

Moving Average Indicators.

Oscillator Indicators.

Divergence Indicators.

Trend Indicators.


Individual Stock Results.

Combination Results.




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