Chart Duels

Learn technical analysis

What each indicator in the game shows, how it's calculated, how traders use it and what the evidence says. Each section has a button to practise a game with only that indicator on.

Does technical analysis work?

Honest answer: the evidence is mixed. A review by Park and Irwin (2007) of 95 modern studies found 56 with positive results, 20 negative and 19 mixed, but pointed out common problems: data snooping (testing many rules until one works by chance), choosing rules after seeing the results, and underestimating costs and risk. Profits found in older data often shrink in more recent periods. That's what this game is for: test your reading of charts against the simplest benchmark there is, buying and holding.

  1. Park & Irwin (2007), What do we know about the profitability of technical analysis? (RePEc)
  2. Sullivan, Timmermann & White (1999), Data-snooping, technical trading rule performance, and the bootstrap (LSE)
  3. Brock, Lakonishok & LeBaron (1992), Simple Technical Trading Rules — Journal of Finance (RePEc)
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