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Solution # 1 - Clean, Accurate, End of Day Prices for free
Every trader regardless if they are a end of day trader or an intra-day trader depends upon seeing price charts that utilize daily data. This data is displayed in daily bar charts, or compressed into weekly/monthly/quarterly or longer charts.
History of Collecting "End of Day" Data
In years gone by before the age of the Internet (it wasn't all that long ago) traders that had a computerized charting application would download their data from vendors that in effect operated a bulletin board. This required traders to place a long distance phone call to obtain data from the vendors server. With the advent of the Internet traders were able to eliminate the long distance phone calls, and access the server via the Internet. Traders would obtain data from a particular vendor was fairly basic reason - they had to use data that was in a format that was compatible with their charting application. They would also download more price data than they wanted to enter manually into their computer.
This historical data would then be utilized by the trader to test his various trading strategies. Many traders would have data going back decades. Consequently they became "locked in" to a particular data vendor and charting application because the data wasn't free. The sizeable investment in historical data tended to prevent traders from easily and cheaply changing their supplier of data or their charting application.
Within the last several years there has been a tremendous increase of web sites that offer free quotes for various securities. In many cases the supplier of this data was the data vendor that sold data to the private traders. This was so because the data vendor had made sizeable investments in their ticker/price data plant. They could offer clean historical and current data to web sites. The data vendors were not threatened (or at least did not perceive a threat to their mainline business model) as this data was in a format that was for the most part incompatible with the majority of charting applications on the market.
For the most part this data was embedded within the html code of the web site. This meant that a trader could visit a web site and see for example what IBM did for the day. Then if he was so inclined he could enter this data into his database via his keyboard. Entering a few symbols in this manner is okay, albeit time consuming. Unfortunately most traders monitor hundreds (if not thousands) of stocks and futures contracts. The data vendors realized this and as they were happy to increase their revenue they entered into long term contracts with web sites that were looking for data. The data vendors did not anticipate that this same data would be stripped, and reformatted.
The Problem of Collecting Data from Vendors
The primary problem of using data vendors is simple - they are expensive in light of what they are providing - electron's! Additionally when a trader stops to consider that they will be collecting data for as long as they are in the business of trading or investing in stocks the long term cost of paying a data vendor becomes alarming. The Internet has aptly illustrated the fact that there is very little additional cost to supply data to 10,000 or 100 million clients via a web based data server. Yet the cost of obtaining data has continued to increase!
DataSharks can supply the solution. We offer a software program that acts as a automated browser. It will visit the web sites that supply financial pricing data and then strip this data out of any html code. Upon obtaining this data it will then convert it into a format that is easily, seamlessly integrated into a traders charting application. The data obtained is often originating from the same data vendor that they were previously paying!
DataSharks software collects data automatically, then formats it. All in one easy operation. All the user must do is tell the software what securities should be downloaded, it then does everything else automatically. Depending upon the security the amount of historical data could extend back for more than 30 years! The data obtained is of course for the traders own private use, to use the data otherwise could possibly create legal ramifications for the trader.
Why continue to pay hundreds of dollars a year when for less than $50 you can obtain the data for free - for life?
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