This book is intended for traders who already have some understanding of technical analysis. Also, a stock charting program, such as MetaStock, is recommended. Although it is possible to manually calculate formulas or even use a spreadsheet, the sheer volume of data involved and the number of possible equational variations would severely limit a trader's ability to compete.Pring mentions the MetaStock program several times. This book was written in 1993 when stock charting programs were limited and the fastest Windows compatible computer was a 486/66. Now that personal computer speed, capacity, software, and data gathering are no longer a hindrance, the methods described are particularly relevant. As a MetaStock v6.5 user I can tell you all of the indicators mentioned are available or can be created, with the exception of a few diffusion indicators, in MetaStock.
Pring shows you how to interpret momentum indicators and even how to adjust them in ways you previously would not have thought of. After reading this book I now have a deeper understanding of the most commonly used momentum indicators. Additionally, I can now use MetaStock in much more sophisticated ways.
Although the book has some minor errors, I recommend it to anyone who uses technical analysis software. This book is for traders who use end-of-day or real-time data and want to attain an intermediate skill level for momentum indicators.
I also recommend Pring's Technical Analysis Explained. If you are not familiar with TA begin with either this book or John Murphy's Technical Analysis of the Futures Markets. Both provide a complete overview of most types of technical analysis. Moreover, they cover chart patterns, a prerequisite for understanding Market Momentum.
