Here’s how Chat GPT can analyse a chart
AI doing TA for you?!
Analysing with Chat GPT
I promised you many months ago I’d keep you up to date with any Chat GPT breakthroughs that might help your trading.
Well, this might be one… Don’t get too excited yet, but we are getting somewhere!
You can now upload an image to Chat GPT and ask it to interpret that image.
So, of course, being a trader it had to be a chart.
I tested it with a 5-minute chart of the Nasdaq ETF (QQQ). I chose this because I trade the Nas but wanted to include the gaps:
After I told Chat GPT what it was looking at, I asked it to analyse any patterns during the opening hour.
Here are the answers:
Sadly nothing jaw-dropping.
No secret pattern to trade on… Nothing you can’t eyeball and see right away. But… maybe it mentions something you miss? Or it makes you think a bit more about different ideas and themes.
Anyway, I then asked it to come up with a strategy in the first ten minutes and it suggested exactly what you might expect…
Good old “10-Minute Opening Range Breakout.”
I guess we need to remember, this isn’t AI as such, it’s answering based on all the information it’s sucked in from the internet. A large language model as they say… And asking Google the same question gives you the same answers.
So, we haven’t made huge leaps yet.
However these things move fast, so I’m excited about what’s next. I want to be able to upload a bunch of data into AI and it finds me little patterns I’ve not spotted before. Maybe soon…
Have a tinker with Chat GPT yourself, upload some charts, and test some prompts. Maybe you find something I’ve missed. Also check out this article I wrote on Chat GPT and the retail traders edge. and what makes an 8 Figure Trader?
I asked AI to draw me a picture of a trader angry at losing money. This is what I got. An extra finger and his screen the wrong way around. No wonder he’s mad…
