Timeline of technical analysis

This is a timeline of technical analysis, a method used to evaluate and predict price movements in financial markets by analyzing historical price charts, trading volume, and patterns. Technical analysis focuses on market trends and investor behavior, rather than a company’s fundamentals, using tools like moving averages, support and resistance levels, and technical indicators.

Sample questions

The following are some interesting questions that can be answered by reading this timeline:

Big picture

Period	Event Type	Details
Before 1700s	Proto-technical analysis and ancient times	While formal technical analysis doesn’t exist, ancient civilizations observe and record patterns in commerce, trade, and seasonal cycles that resemble the mindset of modern market analysis. Babylonian and Greek traders monitor commodity flows and celestial patterns, believing they influence market behavior. In medieval Islamic markets, merchants sometimes track price fluctuations over time to make informed decisions. Though lacking charting tools or formal theories, these practices show early forms of behavioral observation and pattern recognition that lay the cognitive groundwork for later developments. These early efforts suggest that technical analysis emergs from humanity’s long-standing desire to find order in complex systems.
1700s–1920s	Foundations and classical era	Technical analysis formally begins in 18th-century Japan with Munehisa Homma, who develops candlestick charting to analyze the rice market. His work recognizes the importance of emotions and crowd psychology in price movements. In the West, Charles Dow introduces Dow Theory in the late 19th century, proposing that markets move in discernible trends and phases. This foundational theory emphasizes price and volume relationships and would influence generations of analysts. Early Western practitioners use hand-drawn charts and simple pattern recognition, forming a descriptive, experience-based approach that set the stage for more systematic studies in the decades to come.
1930s–1970s	Systematization and post-war growth	This era sees the rise of structured methodologies and the codification of price patterns. Following the market crashes of the early 20th century, analysts like Ralph Nelson Elliott, W.D. Gann, and Richard D. Wyckoff propose distinct schools of thought based on wave cycles, time-price harmonics, and volume studies. Books like Technical Analysis of Stock Trends (1948) by Edwards and Magee help categorize recognizable chart patterns such as double tops, triangles, and head-and-shoulders. Meanwhile, indicators like moving averages, RSI, and MACD are developed. Despite skepticism from academic circles, technical analysis gains credibility as a toolkit for traders seeking edge and structure.
1980s–1990s	Computerization and quantitative expansion	The rise of personal computers revolutionizes technical analysis. Charting software like MetaStock and TradeStation allow traders to automate signal generation, backtest strategies, and analyze data in real time. Technical analysis moves beyond visual patterns into rule-based systems and statistical validation. Professionals begin blending technical tools with quantitative models, giving rise to early algorithmic trading. This period also sees broader institutional interest, as hedge funds explore momentum and trend-following strategies. Though still viewed as speculative by some, the computational power of this era validates many aspects of technical analysis and brings it closer to scientific and data-driven finance.
2000s–Present	Modern and algorithmic era	In the modern era, technical analysis is a core component of trading at all levels, from retail chartists to institutional quants. The explosion of data, real-time analytics, and artificial intelligence lead to the integration of technical signals into multi-factor, algorithmic, and high-frequency strategies. Tools like TradingView, Thinkorswim, and machine learning libraries democratize access to sophisticated techniques. While debates about its empirical rigor continue, technical analysis is widely used alongside fundamentals and alternative data in hybrid approaches.
10th century B.C. - 5th century B.C.	Early market manipulation	Political decentralization in the Iron Age allows merchants greater freedom in business activities and physical movement. The earliest evidence of coins comes from Lydia, facilitating trade and market activities. Greek banking emerges, with evidence related to the Athenian grain trade. Traders at the Athenian stock exchanges manipulate prices based on news. A guild of merchants dedicates a temple to Mercury, the god of trade.
4th century B.C. - 13th century	Market development	Athenian merchants use geographical and environmental information to develop methods for technical analysis. They change their strategies based on timely news and data on price fluctuations, attempting to predict future prices and infer market sentiment. Roman commerce reaches its height, characterized by market-oriented agricultural production and an increase in demand for luxuries. The world's first known printed book, a Buddhist Sutra, is produced in China. The classics are printed in China. The Champagne fairs attract traders from various countries, dealing in textiles, leather, and financial transactions. Wang Chih writes A Further Collection of Miscellaneous Items, highlighting the market jargon and practices of brokers. Sophisticated traveling merchants and sedentary merchants conduct international trade and communicate through land mail. The market economy and urban growth peak in China; Marco Polo describes Su-chou and Hang-chou.
14th century - 20th century	Institutional development	The bourse is established in Bruges, becoming a key financial institution for traders. Hideyoshi Toyotomi ends the currency economy in Japan, leading to the development of sophisticated trading methods. Traders in the Dutch East India Company plot changes in stock prices, marking the beginning of technical analysis. Amsterdam-based merchant Joseph de la Vega documents Dutch financial markets. Rice futures market is established in Osaka, Japan, with the development of candlestick charting. A Record of the Customs of Wu describes the increase in market towns and commerce. Japanese rice traders develop candlestick charting. Munehisa Homma writes The Fountain of Gold and other works documenting early Japanese technical analysis. Charles Dow studies stock market data, leading to the development of Dow Theory. The emergence of price charts for visualizing the market becomes prevalent in France, England, and Bavaria. William Hamilton refines Dow Theory, explaining market trends using a metaphor of ocean waves. Towards the 20th century, traders like Jesse Livermore use ticker tape to track market prices and anticipate market movements.

Summary by century

Century	Event Type	Details	Location
50th century B.C.	Early practices	Settlers in the Jordan Valley initiate early market practices by engaging in trade with nomadic groups. This period represents one of the earliest instances of organized economic interaction between settled agricultural communities and mobile herders. These exchanges likely involve the barter of goods such as agricultural produce and livestock, laying the groundwork for future trade networks. This foundational economic activity contributes to the evolution of more complex market systems, setting the stage for the emergence of formalized trading practices.
30th century B.C.	Early practices	Ancient Babylonians significantly advance economic practices by establishing a formal system of weights and measures. This development enables more accurate trade and commerce, as merchants can standardize the quantity and value of goods exchanged. Additionally, the Babylonians formalize business transactions through written contracts, which provide legal frameworks for agreements and reduce disputes. The introduction of limited partnerships allows individuals to pool resources while limiting personal liability, facilitating larger trade ventures and investments.
24th century B.C.	Market development	Sargon of Akkad establishes the first Mesopotamian empire, a significant milestone that underscores the critical role of trade and market practices in ancient economies. Under Sargon's rule, the empire facilitates extensive trade networks across the region, connecting diverse cultures and enhancing economic exchange. Sargon implements policies that promote commerce, including the standardization of weights and measures, which streamline transactions and buid trust among traders. The empire's administrative innovations and centralize governance further support market activities, allowing for the growth of urban centers and marketplaces. This emphasis on trade not only enrichs Mesopotamia economically but also sets the foundation for future market analysis and economic strategies.
20th century B.C.	Market development	Decentralized city-states emerge after the fall of the Third Dynasty of Ur, each run by merchants conducting trade.	Mesopotamia
10th century B.C.	Market development	Political decentralization in the Iron Age allows merchants greater freedom in business activities and physical movement.	Various regions
8th century B.C.	Early practices	Babylonians document commodity values and keep diaries of astronomical observations and prices, an early form of technical analysis.	Babylonia
7th century B.C.	Introduction of Coinage	The kingdom of Lydia, located in what is now western Turkey, introduces the first known coins, a major innovation in the history of trade. Made of electrum, a natural alloy of gold and silver, these coins are stamped with official symbols, certifying their weight and value. This development revolutionizes commerce by replacing barter with a standardized medium of exchange, making transactions more efficient and reliable. The introduction of coinage in Lydia facilitates wider trade networks and contributes to economic growth, establishing a foundational element for modern financial systems.	Lydia
5th century B.C.	Greek Banks, Speculation, Religious Dedication	Greek banking emerges, with evidence related to the Athenian grain trade. Traders at the Athenian stock exchanges manipulate prices based on news. A guild of merchants dedicate a temple to Mercury, the god of trade.
4th century B.C.	Technical Analysis, Speculation, Market Sentiment	Athenian merchants use geographical and environmental information to develop methods for technical analysis. They change their strategies based on timely news and data on price fluctuations, attempting to predict future prices and infer market sentiment.	Athens
1st century B.C. - 1st century A.D.	Economic Prosperity	Roman commerce reaches its height, characterized by market-oriented agricultural production and an increase in demand for luxuries. Although scarce, evidence of price records from ancient Rome suggests a market economy where prices contain information about the supply of and demand for goods.
9th century	Background	The world's first known printed book, a Buddhist sutra, is produced in China.	China
12th-13th century	Market development	The Champagne fairs attract traders from various countries, dealing in textiles, leather, and financial transactions. Wang Chih writes A Further Collection of Miscellaneous Items, highlighting the market jargon and practices of brokers.	Champagne, France, China
13th century	Market development	Sophisticated traveling merchants and sedentary merchants conduct international trade and communicate through land mail. The market economy and urban growth peak in China; Marco Polo describes Su-chou and Hang-chou.	Various regions
16th century	Political Change	Hideyoshi Toyotomi ends the currency economy in Japan, leading to the development of sophisticated trading methods.	Japan
17th century	Early practices	Traders in the Dutch East India Company begin plotting changes in stock prices, marking the early use of charting techniques in technical analysis. Amsterdam-based merchant Joseph de la Vega documents Dutch financial markets. Rice futures market is established in Osaka, Japan, with the development of candlestick charting. *A Record of the Customs of Wu* describes the increase in market towns and commerce.	Netherlands, Japan, China
18th century	Development of Candlestick Charting, Publications	Japanese rice trader Munehisa Homma pioneers candlestick charting, representing opening, closing, high, and low prices. He develops Sakata charts and documents his techniques in influential works such as *The Fountain of Gold* and *The Three Monkey Record of Money*, laying the foundations for Japanese technical analysis.	Japan
19th century	Dow Theory Development, Price Charts, Social Attitudes	Charles Dow, co-founder of Dow Jones & Company and The Wall Street Journal, studies stock market data and publishes editorials outlining principles that form the basis of Dow Theory, analyzing market trends and fluctuations. The use of price charts becomes prevalent in France, England, and Bavaria, enhancing market visualization techniques. During this period, financial speculation gains recognition as a
20th century	Dow Theory Expansion, Technological Advancements, Chart Patterns	William Hamilton refines Dow Theory using metaphors like ocean waves to describe market trends. Traders such as Jesse Livermore rely on ticker tape to monitor prices and anticipate market movements. In the 1970s–1980s, chart patterns like head and shoulders and Fibonacci retracements gain prominence, alongside the emergence of the Efficient Market Hypothesis. Meanwhile, the mid-20th century sees the advent of computer technology, enabling the development of mathematical indicators such as MACD and RSI.

Full timeline

Year	Event type	Details	Location
5000 B.C.	Market development	In the Neolithic era, settlers in the Jordan Valley engage in trade with nomads, exchanging resources such as salt and sulfur for obsidian and domesticated animals. This marks the early roots of market exchanges.	Jordan Valley
50th century B.C. - 20th century B.C.	Market development	Settlers in the Jordan Valley engage in trade with nomads, marking the early roots of market exchanges. Ancient Babylonians develop a system of weights and measures, formalize business deals with contracts, and introduce limited partnerships. Sargon the Great establishes the first Mesopotamian empire, highlighting the importance of trade and market practices. Decentralized city-states emerge after the fall of the Third Dynasty of Ur, each run by merchants conducting trade.
3000 B.C.	Trade Infrastructure	Ancient Babylonians develop a system of weights and measures, formalize business deals with contracts, and introduce limited partnerships, laying the groundwork for technical analysis.	Babylonia
2400 B.C.	Market development	Sargon the Great establishes the first Mesopotamian empire with its capital at Agade, where merchants play a significant role in economic life, highlighting the importance of trade and market practices.	Mesopotamia
2000 B.C.	Market development	After the fall of the Third Dynasty of Ur, decentralized city-states emerge, each run by merchants who establish trading colonies and conduct trade, a critical factor in market analysis.	Mesopotamia
1000 B.C.	Market development	In the Iron Age, political decentralization allows merchants greater freedom in their business activities and physical movement, further enhancing trade practices.	Various regions
747 B.C.	Trade Infrastructure	Babylonians begin documenting the values of six commodities (barley, dates, mustard/cuscuta, cress/cardamom, sesame, and wool) in astronomical diaries, resembling modern practices of tracking selected stocks.	Babylonia
700 B.C.	Early analytics	Babylonians keep diaries of astronomical observations and commodity prices, recording price fluctuations and market trends, an early form of technical analysis.	Babylonia
650 B.C.	Market development	The earliest evidence of coins comes from the Lydian capital of Sardis. The use of coins for commercial purposes became widespread in Greece by the fifth century B.C., facilitating trade and market activities.	Lydia
651 B.C.	Early analytics	The earliest known Babylonian diary, covering 12 months, documents astronomical observations and market prices, providing a continuous record of market trends and fluctuations.	Babylonia
585 B.C.	Speculation	Thales of Miletos corners the oil market by buying or renting all the oil presses after forecasting a good harvest of the oil crop.	Miletos
561 B.C.	Market development	During his tyranny in Athens, Pisistratus introduces market-oriented economic institutions, encouraging crop specialization and urbanization, which would help develop the market system further.	Athens
500 B.C.	Infrastructure	Greek banking emerges, with the earliest evidence related to the Athenian grain trade. Banks, initially temples, become private institutions, playing a crucial role in trade and market economies.	Greece
Early 5th century B.C.	Religious Dedication	A guild of merchants in Greece dedicate a temple to Mercury, the Roman god of trade, commerce, and profit. This religious dedication highlights the strong cultural significance of trade within Greek society and the reverence merchants hold for deities associated with commerce. By establishing a temple, merchants seek divine favor and protection over their economic activities, emphasizing the integration of religious practices with business pursuits.	Greece
400 B.C.	Early analytics	Babylonians use astronomical diaries to record market data and make forecasts based on celestial observations, demonstrating an early form of technical analysis.	Babylonia
330 B.C.	Speculative strategy	Cleomenes of Naucratis, an administrator in the service of Alexander the Great, orchestrates one of history’s earliest recorded instances of market manipulation. By planning a “wheat corner,” he seeks to restrict wheat production in Egypt, thereby reducing supply to drive up prices and exert control over the market. Cleomenes aims to profit by imposing his own prices on this essential commodity, illustrating an early form of speculative trading. This attempt at market control highlights the long-standing practices of speculation and manipulation in financial markets, predating formalized trading systems and laying foundational elements for the eventual development of regulatory and analytical approaches in commerce.	Greece
324 B.C.	Infrastructure	Antimenes the Rhodian introduces the first system of insurance, insuring owners against the flight of their slaves for an annual premium of 8 percent. The concept of risk management, fundamental in technical analysis, can be traced back to early insurance practices.	Rhodes
Augustan age (c. 43 B.C.-18 A.D.)	Market development	During this time, Roman commerce thrives, marking a period of significant economic prosperity. Under Augustus's rule, the Roman Empire experiences increased stability and expansion, which fuels market-oriented agricultural production and a burgeoning demand for luxury goods. Trade networks extend across the empire and beyond, facilitating the exchange of goods such as spices, silks, and precious metals from distant regions. This period sees enhanced infrastructure, including roads and ports, which support the flow of commerce.	Rome
Early Roman Empire	Early forecasting	Price data exhibits seasonal patterns, leading to arbitrage opportunities based on these patterns. Recognizing and capitalizing on seasonal trends would become a key strategy in technical analysis.	Rome
1150-1300	Trade infrastructure development	The Champagne fairs in France flourish, marking a "Golden Age" of trade fairs that become central to European commerce. Held in the Champagne region, these fairs attract merchants from across Europe, facilitating the exchange of textiles, leather, spices, and other goods sold by weight. Beyond tangible goods, the fairs are also hubs for financial transactions, including currency exchange and credit arrangements, laying early groundwork for modern financial practices. The Champagne fairs' well-organized schedules and secure environments foster a network of reliable trade, which contribute to economic growth and the spread of commercial techniques that would later influence the development of technical analysis in market transactions.	France
1202	Publication	Liber Abaci by Leonardo Fibonacci is published, introducing Arabic numbers and commercial arithmetic methods. Fibonacci numbers would later become foundational in technical analysis, particularly in Fibonacci retracements and extensions used to predict price levels.	Italy (Pisa)
1278	Publication	The compilation of the Memoria de tucte le mercantile in Italy marks a significant advancement in the realm of business literature. This instructional manual provides merchants with guidelines on various commercial practices, including trade techniques, financial management, and market strategies. Notably, it includes an astrological appendix, reflecting the contemporary belief in astrology’s influence on market conditions and decision-making. The integration of astrological insights with practical business advice illustrates the era's attempt to blend empirical and mystical approaches to commerce. This manual not only serves as a resource for merchants but also contributes to the evolving understanding of market dynamics, influencing future practices in trade and technical analysis.	Italy
1309	Institution	The city of Bruges establishes one of the earliest formal bourses, or financial exchanges, which becomes a central meeting place for traders across Europe. Named after the Van der Beurze family, whose residence hosts these gatherings, the Bruges bourse enables merchants to conduct business, negotiate contracts, and settle payments. This institution marks a shift towards organized financial markets, allowing for more efficient trade of goods, currencies, and securities. The Bruges bourse sets a precedent for similar exchanges in cities like Antwerp and Amsterdam, laying the foundation for modern stock exchanges.	Belgium
1300s	Instrument introduction	The Merchants of Venice begin trading debts, acting similarly to modern brokers.
1531	Infrastructure	The world’s first official stock exchange is established in Antwerp, Belgium, where merchants gather to trade promissory notes, bonds, and other financial instruments. Unlike modern exchanges, this early bourse does not involve trading company stocks; instead, it facilitates transactions in government debt and other financial contracts. The Antwerp exchange introduces a structured marketplace for buyers and sellers, promoting transparency and reliability in financial dealings.	Belgium
1540	Early analytics	Christopher Kurz develops a technical trading system based on astrology in Antwerp. Kurz's system, despite its basis in astrology, lays a foundation for technical analysis by attempting to predict market movements using historical data and cycles.	Belgium
1585	Market data introduction	The Amsterdam Bourse, one of the world’s first formal stock exchanges, produces the earliest recorded list of price quotations. This list provides traders with standardized information on the prices of various goods and commodities, fostering transparency and enabling more informed trading decisions. By documenting price changes over time, the Amsterdam Bourse would play a pivotal role in the evolution of market analysis, as traders begin to recognize patterns and trends within these recorded prices.	Netherlands
1587	Market development	Hideyoshi Toyotomi ends the currency economy, prompting merchants to develop sophisticated methods, including technical analysis, to trade and analyze markets. Meanwhile, Japan unifies under a centralized feudal system established by generals Nobunaga Oda, Hideyoshi Toyotomi, and Ieyasu Tokugawa, leading to the development of rice exchanges.	Japan
1602	Stock exchange launch	Shares of the Dutch East India Company (VOC) begin trading on the Amsterdam Bourse, marking a milestone as the first publicly traded company. This event introduces the concept of joint-stock ownership, allowing investors to buy and sell shares in the company and share in its profits. The Amsterdam Bourse thus becomes the world's first stock exchange where company shares are actively traded, fostering the development of investment practices and shareholder rights. The VOC’s public listing helps establish a framework for equity trading, which would later drive the evolution of financial markets.	Netherlands
1609	Institution	The Bank of Amsterdam is founded as northern Europe’s first exchange bank. It aims primarily to curb the circulation of debased coins, rather than to guard against private bank failures. By accepting only high-quality coinage, the Wisselbank is able to stabilize the Dutch currency system, maintaining a consistent coinage standard for about 150 years. Its stability and trustworthiness establishes Wisselbank money as a cornerstone of European commerce and finance. Adam Smith, in The Wealth of Nations (1776), would commend the bank’s money for its superior reliability compared to other forms of currency, underscoring its pivotal role in the region’s economy. This institution sets a model for modern banking practices and would influence the development of financial systems across Europe.	Netherlands
1621	Instrument introduction	Shares of the West India Company begin trading on the Amsterdam Bourse. Commodities trading, such as that facilitated by the West India Company, introduces price volatility and trading patterns observed in technical analysis. In the same year, Dutch colonists establish New Amsterdam in New Netherlands, laying the groundwork for what would become a major financial center.	Netherlands
1633 - 1637	Speculative bubble	Amsterdam experiences the famous tulip mania, one of the earliest recorded speculative bubbles. During this period, tulip bulbs, particularly rare varieties, soar in value as people invest heavily, expecting continuous price increases. At the peak, a single bulb would cost more than a house. However, prices eventually crash, leaving many investors with substantial losses. Tulip Mania serves as a classic example of market psychology and the dynamics of speculative bubbles, illustrating how emotions and herd behavior can drive markets beyond reasonable valuations.	Netherlands
1653	Infrastructure	Peter Stuyvesant, the Dutch Director-General of New Amsterdam (later New York City), orders the construction of a wooden stockade stretching 1,340 feet in length and 12 feet in height. This defensive barrier, known as Wall Street, is built to protect the settlement from potential attacks by Indigenous tribes and the British. Located along what would later be the famous financial district, Wall Street would evolve over time from a simple fortification into a central hub for trade and commerce.	United States
1660	Market development	Europe experiences societal and scientific revolutions, setting the stage for modern capitalism. Societal changes and the rise of capitalism provides the economic environment for the development of technical analysis methodologies.
1663	Speculative practice	The Grain Act marks a pivotal legal change in England by legalizing forestalling and regrating practices, which encourages speculative activities in grain trading. Forestalling allows merchants to purchase goods before they reach the market, while regrating permits them to buy and resell goods at a profit within the same market. This legislation aims to stabilize grain prices and ensure a steady supply, fostering a more competitive trading environment. By facilitating speculative practices, the Grain Act not only stimulates free trade but also lays the groundwork for more sophisticated market strategies.	England
1675	Publication	French merchant Jacques Savary publishes Le Parfait Négociant, a comprehensive guide on mercantile practices, which becomes a foundational work in business education. This manual provides practical advice on various aspects of commerce, including accounting, contracts, insurance, and maritime trade. Savary’s work emphasizes ethical conduct, proper record-keeping, and the importance of understanding market conditions—principles that were instrumental in shaping the emerging field of commerce. Le Parfait Négociant not only serves as an essential resource for merchants but also contributes to the development of systematic business practices, laying early groundwork for modern economy.	France
1680	Trading development	London coffeehouses such as Jonathan's Coffee House become popular venues for brokers and investors to conduct business, marking an early form of organized securities trading. These coffeehouses serve as informal exchanges where merchants, traders, and financiers gather to discuss market trends, trade shares, and exchange information. Jonathan's Coffee House, in particular, becomes a central hub for trading stocks and commodities, laying the foundation for the establishment of the London Stock Exchange.
1688	Publication	Joseph de la Vega, an Amsterdam-based merchant, publishes Confusion de Confusiones. This early work offers a comprehensive documentation of the Dutch financial markets of the time, providing early insights into market behavior and patterns. De la Vega describes various speculative techniques and methods for predicting stock price movements, making it one of the earliest known works on technical analysis. His observations and methodologies lay the groundwork for future developments in the field of financial analysis and trading.	Netherlands
1697	Trading development	The Dojima Rice Exchange is established in Osaka, Japan, becoming the world’s first organized commodity futures exchange. It emerges during a time when rice functions as both a staple food and a form of currency, with samurai and officials often paying in rice. This demand leads to the innovation of rice futures contracts, allowing merchants to lock in prices and mitigate market risk. Transactions are centralized along Osaka’s Dojima River. Though dissolved in 1939, its legacy would continue through the Osaka Dojima Commodity Exchange, where rice and other agricultural goods are still actively traded.	Japan
1698	Trading development	The origins of the London Stock Exchange (LSE) begin at Jonathan's Coffee House in London, where brokers and investors gather to trade shares and commodities. This informal market becomes a central hub for financial dealings in England. As trading activity increases, the need for regulation and organization grows, leading to the formal establishment of the London Stock Exchange in 1801. The LSE would become one of the world's most influential financial institutions, playing a critical role in global capital markets. Its development marks a major step in the evolution of modern securities trading and the global financial system.	England
1710	Instrument introduction	The Dojima Rice Exchange in Osaka, Japan, establishes a rice futures market where rice coupons representing future delivery are traded. This market marks the introduction of futures contracts and employs early technical analysis techniques, such as candlestick charting.	Japan
1711	Trading development	The South Sea Company is founded in Great Britain, marking a notable advancement in financial innovation and trading practices. Created to consolidate and manage national debt, the company is granted a monopoly on trade with Spanish colonies in South America, despite limited access to these markets. In 1720, the company’s shares would skyrocket in value due to rampant speculation, leading to the infamous South Sea Bubble, which would burst later that year, resulting in substantial financial losses. Despite its eventual collapse and cessation of operations in 1853, the South Sea Company’s story would often be cited as a cautionary tale about speculative bubbles and market manipulation, highlighting the risks inherent in investing and influencing the development of modern financial regulations.	Great Britain
1752	Market development	New York establishes its first formal market, organized by local merchants for trading slaves and cornmeal. This market is a significant development in the city’s economic history, facilitating structured trade and commerce. The establishment of a formal trading venue not only streamlines transactions but also highlights the importance of agricultural products and the grim reality of the slave trade in the burgeoning economy of colonial America. This market lays the groundwork for New York's evolution into a major commercial hub, influencing the future dynamics of trade and the development of more diverse markets in the region.	United States
1755	Publication	Japanese rice trader Honma Munehisa publishes The Fountain of Gold, a seminal work that outlines his trading strategies for the rice markets. Homma’s book introduces the concept of buying when prices decline and selling when they rise, a principle that would remain central to trading strategies. Known as one of the pioneers of technical analysis, Homma also develops candlestick charting techniques to track price movements, which provides insights into market psychology. His work lays the foundation for modern technical analysis tools, and his methods would continue to influence traders worldwide, particularly in the interpretation of price patterns and market trends.	Japan
1755	Publication	Japanese rice trader Munehisa Homma publishes The Fountain of Gold, a seminal work that outlines his trading strategies for the rice markets. Homma’s book introduces the concept of buying when prices decline and selling when they rise, a principle that would remain central to trading strategies. Known as one of the pioneers of technical analysis, Homma also develops candlestick charting techniques to track price movements, which provides insights into market psychology. His work lays the foundation for modern technical analysis tools.	Japan
1776	Publication	Adam Smith's visionary work sets the competitive spirit completely free to thrive.
1790	Market infrastructure	Philadelphia becomes the site of the first formal stock exchange in the United States, known as the Philadelphia Stock Exchange. This exchange is established to facilitate the trading of government securities, including bonds issued to fund the Revolutionary War, and later expanded to include stocks and other securities. It provides a structured platform for buyers and sellers, promoting liquidity and transparency in financial markets. The PHLX sets a precedent for the development of other exchanges across the United States, including the New York Stock Exchange, and plays a crucial role in the early growth of the U.S. financial system.	United States
1792	Market infrastructure	The New York Stock Exchange (NYSE) is established under a buttonwood tree on Wall Street, quickly rising in prominence.
1792	Publication	Wu Zhongfu compiles The Merchant’s Guide from earlier manuals Essentials for Travelers and Essentials for Tradesmen.	China
1792	Market infrastructure	New York Stock Exchange (NYSE). Founded under the Buttonwood Agreement.	United States
1817	Market infrastructure	Toronto Stock Exchange (TSX). Formally established in 1861.	Canada
1830s	Price Charts	The emergence of price charts for visualizing the market becomes prevalent in France, England, and Bavaria.	France, England, Bavaria
1863	Publication	Shareholder’s Circular and Guardian advocates that participating in financial markets is in one’s personal and reproductive self-interest.
1866	Market infrastructure	Milan Stock Exchange (Borsa Italiana). Later merged with Euronext.	Italy
1870	Societal impact	Lefevre suggests that investing can promote social harmony by uniting the bourgeoisie and working classes into a single "investing class."
1875	Market infrastructure	Bombay Stock Exchange (BSE). Asia's first stock exchange.	India
1884	Financial analysis development	Charles Dow, co-founder of The Wall Street Journal, studies stock market data and creates an average of the daily closing prices of 11 important stocks. This leads to the development of Dow Theory, which correlates market patterns with the Dow Jones Industrial Average, laying the foundation for modern technical analysis. Dow believes stock price movements reflect the composite knowledge of all market participants and can predict future business conditions.	United States
1884	Financial analysis development	Dow publishes the first stock market average, tracking 11 stocks.	United States
1885	Publication	Dow presents the "market discounts everything" principle and discusses the rotation of bullishness and bearishness in his editorials.
1891	Market infrastructure	Johannesburg Stock Exchange (JSE). Launched during the Witwatersrand Gold Rush.	South Africa
1891	Market infrastructure	The Shanghai Sharebrokers' Association is established, marking the creation of China's first stock exchange. Initially dominated by local banks and companies, foreign institutions, particularly from Hong Kong and Shanghai, soon gains control over most shares. By 1904, the Association expands to Hong Kong. In 1920 and 1921, the Shanghai Securities and Commodities Exchange and the Shanghai Chinese Merchant Exchange would be founded, merging in 1929 to form the Shanghai Stock Market. Trading ceases in 1941 under Japanese occupation and again in 1949 after the Communist Revolution. Following economic reforms under Deng Xiaoping, the Shanghai Stock Exchange would reopen in 1990 alongside the Shenzhen Exchange.	China
1896	Stock exchange launch	Dow Jones Industrial Average launched. Represents performance of 12 industrial stocks; not a stock exchange itself, but highly influential.
1896	Index launch	The Dow Jones Industrial Average (DJIA) is launched.	United States
1897	Index introduction	Charles Dow introduces the Dow–Jones Averages, initially comprising two separate averages: one for 20 railroad stocks and another for 12 industrial stocks. These averages were designed to represent the general market trend and have since evolved, with the Industrial Average expanded to 30 stocks in 1928. Over time, stocks included in these averages have been adjusted to remain representative of their respective groups.	United States
1898	Analytical tool	The technique of Point and Figure (P&F) charting is first introduced by "Hoyle" in his book The Game in Wall Street. The method quickly gains popularity among traders as a way to visualize price movements, unlike traditional time-based charts. P&F charts use columns of Xs to represent rising prices and Os for falling prices, offering a simplified view of price action. Initially referred to as "fluctuation" or "figure charts," the method would evolve over time into a distinctive charting system. It would be further developed by Victor Devilliers in 1933 and popularized by Chartcraft in the 1940s, leading to its widespread use today.
1900	Theory introduction	Louis Bachelier publishes The Theory of Speculation, introducing ideas foundational to stochastic processes in markets.	France
1902	Theory introduction	Charles Dow considers the relationship between volume and price in The Wall Street Journal. After his death, his followers would expand on his ideas and develop chart-based trading strategies.	United States
Early 20th century	Speculative technique	Traders like Jesse Livermore use ticker tape to track market prices and anticipate market movements.	United States
1912	Stock exchange launch	Tokyo Stock Exchange (TSE). Suspended during WWII; re-established in 1949.	Japan
1922	Publication	William Peter Hamilton publishes "The Stock Market Barometer," formalizing and expanding on Dow's ideas. This work lays the groundwork for the Dow Theory, emphasizing the predictive power of stock market averages.	United States
1923	Publication	The first stock chart is published in The Wall Street Journal, aiding in visual market analysis.	United States
1932	Publication	Robert Rhea publishes The Dow Theory, a book that synthesizes and expands upon the market concepts developed by Charles Dow, the co-founder of Dow Jones & Company. Rhea, building on earlier works by Samuel Nelson and William Peter Hamilton, formalizes Dow’s observations into a coherent theory of market behavior. His work introduces key principles such as the three types of market movements (primary, secondary, and short-term trends), the discounting nature of stock indices, and the belief that market manipulation is only possible in the short term. Rhea also emphasizes that Dow Theory, while useful, is not infallible.	United States
1934	Financial governance	U.S. Securities Exchange Act creates the SEC, increasing demand for market transparency and data—fuel for technical analysis.	United States
1930s	Theory introduction	Edson Gould uses technical analysis to predict Dow Jones Index movements, gaining widespread recognition. Over the following decades, he would make accurate market predictions and develop indicators like the Senti-Meter, earning a reputation as a market wizard.	United States
1930	Publication	Richard W. Schabacker publishes Stock Market Theory and Practice, a comprehensive guide on stock market fundamentals, technical analysis, and risk management. Covering market history, trends, charting, and investment strategies, this book would remain a key text in understanding market intricacies and making informed investment decisions.
1932	Publication	Robert Rhea publishes The Dow Theory, providing further insight into Dow's work. In the following years, he would enhance the Dow Theory and popularize technical analysis through newsletters in his series Dow Theory Comments.	United States
1935	Tool launch	W. D. Gann introduces his theory of Gann angles in The Basis of My Forecasting Method, where he describes the use of straight lines on price charts to establish relationships between time and price. The most crucial Gann angle is the 1x1, a 45° line representing a one-unit price change per one unit of time. Other angles, such as the 2x1 and 3x1, represent steeper slopes. Critics would question the legitimacy of Gann’s methods, pointing out that the positioning of the angles can be arbitrary and not scientifically grounded, though Gann’s approach would remain influential in technical analysis.
1935	Theory introduction	American accountant Ralph Nelson Elliott makes a significant prediction regarding the stock market's bottom using what would be known as Elliott wave principle. Based on his analysis of market price patterns, Elliott theorizes that markets move in predictable, repeating cycles influenced by collective investor psychology. His prediction of the market bottom that year demonstrates the practical application of his theory, which involves identifying wave patterns within price movements to forecast future trends. Elliott's work provides a foundation for technical analysis, as traders begin to apply wave principles to anticipate market shifts, solidifying his impact on financial forecasting and market analysis techniques.	United States
1938	Publication	H.M. Gartley publishes a series of detailed annotated charts aimed at educating readers on the common features and patterns found in market trends. These charts, presented in his influential book Profits in the Stock Market, analyzes recurring market movements and introduced what would later become known as the “Gartley pattern”—a specific harmonic pattern used to predict price reversals. Gartley’s work emphasized the importance of technical analysis and pattern recognition, offering traders tools to better understand and anticipate market behavior. His contributions lay foundational concepts for future developments in technical analysis and harmonic trading strategies.	United States
1938	Publication	Ralph Nelson Elliott publishes his theory of market behavior in The Wave Principle, where he introduces the Elliott wave principle, a method for analyzing financial markets by identifying patterns in price movements. Elliott proposes that market prices unfold in repeating cycles driven by collective trader psychology, moving between optimism and pessimism. His theory divides market movements into two phases: impulsive (motive) waves, which follow the trend, and corrective waves, which go against it. These patterns recur across various timeframes and exhibit fractal-like self-similarity, offering insights into market behavior and trends across different scales.
1946	Publication	Ralph Nelson Elliott publishes Nature’s Law: The Secret of the Universe, his final and most comprehensive work, just two years before his death. This book encapsulates Elliott theories on how social behavior and market movements are interconnected through predictable wave patterns. Elliott argues that these waves, governed by natural laws, reflect human psychology and can be observed across various fields, not just in trading. Nature's Law would remain a pivotal text for those studying market cycles, technical analysis, and the broader implications of Elliott's theory on human behavior.	United States
1948	Publication	Robert D. Edwards and John Magee publish Technical Analysis of Stock Trends, the first book to present a structured methodology for analyzing market behavior through technical analysis. The book would remain a cornerstone of investment literature. It introduces key concepts such as Dow Theory and Magee’s “basing points” procedure, and includes expanded material on commodity, short-term, and futures trading. Widely regarded as a classic, it continues to serve as an essential resource for technical traders, investors, and finance professionals navigating various market conditions.	United States
1949	Trading system development	Richard Donchian founds Futures Inc., the first publicly available managed futures fund, marking a pioneering moment in investment strategy and fund management. Donchian’s fund introduces diversified, trend-following strategies, which focus on identifying and capitalizing on long-term market trends across various commodity futures. This approach helps mitigate risk by spreading investments over multiple assets and highlighted the benefits of systematic trading rules. Donchian's work lays the groundwork for modern trend-following techniques and is considered foundational in the development of managed futures funds, significantly influencing the practice of technical analysis and the trading systems used in today’s financial markets.	United States
1949	Trade development	Alfred Winslow Jones establishes the first hedge fund, pioneering a new approach to investing by combining both long and short positions to hedge against market fluctuations. Jones's strategy involves leveraging his investments and using tactical short selling to mitigate risk while maximizing returns, which allows him to “surf” the market’s mood swings and capitalize on market inefficiencies. This innovative model sets the foundation for modern hedge funds, influencing future investment strategies focused on risk management and strategic positioning to achieve consistent returns, regardless of market conditions.	United States
1950s	Indicator creation	George Lane develops the Stochastic Oscillator, a momentum indicator that compares a security's closing price to its price range over a specific period. The indicator aims to predict price turning points by identifying overbought or oversold conditions.	United States
1960	Methodology shift	Chester W. Keltner introduces what would later become known as the Keltner Channel in his book How To Make Money in Commodities. Though he refers to it simply as the "ten-day moving average trading rule," the method lays foundational groundwork for systematic trading. His approach combines a 10-day simple moving average of the typical price—defined as the average of the daily high, low, and close—with channel lines set above and below based on the 10-day average trading range. The strategy aims to identify bullish or bearish momentum, and over time, it would evolve through modifications by later analysts like Linda Bradford Raschke.
1962	Indicator Creation	Richard Donchian introduces moving average trend-following systems, influencing future breakout strategies.	United States
1966	Indicator creation	Norman Fosback introduces the Money Flow Index (MFI), which uses both price and volume to identify overbought or oversold conditions in an asset, often called the "volume-weighted RSI".	United States
1967	Organization	A group of New York-based technical analysts founded what would become the CMT Association, establishing one of the earliest professional communities dedicated to advancing the discipline of technical analysis. Originally formed to share ideas and formalize practices in market analysis, the organization evolved into a globally recognized credentialing body. Headquartered in New York City, the non-profit association now serves over 4,500 members in approximately 137 countries. Its flagship offering is the Chartered Market Technician (CMT) designation, awarded to individuals who demonstrate advanced proficiency in technical analysis by passing a rigorous three-level exam series. The CMT credential is also recognized by FINRA.	United States
1967	Theory Development	J. Welles Wilder begins developing technical indicators such as RSI, ATR, and ADX.	United States
1969	Macroeconomic infrastructure	Data Resources Inc. (DRI) is co-founded by economist Otto Eckstein and financier Donald Marron with the vision of democratizing access to economic data and econometric forecasting tools. Based in Massachusetts, DRI quickly distinguishes itself by compiling vast datasets and building the largest private macroeconometric model of the U.S. economy. This model would be used to generate economic forecasts and policy simulations, influencing both private and public decision-makers. The company’s mainframe computing infrastructure, particularly Burroughs 6700 and 7700 systems, enables large-scale economic modeling. DRI’s software suite—including PRIMA, AID, and EPL—revolutionized data management and economic modeling. DRI became the go-to source for economic insights.
1970	Organization	The Market Technicians Association (MTA) is founded as a small group of technical analysts dedicated to advancing the discipline of technical analysis. Over time, it would become a leading organization in the field, serving as a hub for the exchange of innovative ideas and research. The MTA would play a crucial role in shaping industry standards and promoting professional development among technical analysts, ultimately influencing the broader financial community and the evolution of technical trading methods.	United States
1971	Technological advancement	The National Association of Securities Dealers Automated Quotations (Nasdaq) is established as the world’s first electronic stock market. This groundbreaking technological advancement transforms the way stocks are traded by replacing the traditional trading floor with a computerized system, allowing for faster and more efficient trading. Nasdaq introduces automated price quotations for over-the-counter stocks, increasing transparency and accessibility for investors. Its creation marks a significant shift in financial markets, paving the way for electronic trading and influencing the development of other global exchanges. Today, Nasdaq is known as one of the largest stock exchanges in the world.	United States
1972	Indicator creation	Larry Williams develops the Williams %R, a momentum indicator that measures overbought and oversold levels, similar to the stochastic oscillator.	United States
1973	Theory development	Fischer Black and Myron Scholes publish their groundbreaking paper, "The Pricing of Options and Corporate Liabilities," in the Journal of Political Economy, introducing the Black-Scholes model for valuing options. This model enables the calculation of implied volatility by equating an option’s market price with its theoretical value. Implied volatility reflects the market's expectation of future price fluctuations. For the VIX, this concept is applied to S&P 500 index options, calculating expected volatility over a 30-day period. The VIX, derived from these options, serves as a key gauge of market sentiment and risk, reflecting anticipated stock market volatility.
1975	System launch	The Philadelphia Stock Exchange (PHLX) launches the Philadelphia Automated Communication and Execution (PACE) system. This innovation allows for the electronic routing and execution of stock orders, significantly improving the speed and efficiency of trading. PACE links computers to automate transactions, reducing the reliance on manual, floor-based processes. This pioneering step not only enhances trading accuracy and speed but also positions PHLX as a technological leader among U.S. exchanges, paving the way for broader adoption of electronic systems in the financial markets.	United States
1976	Publication	The Elliott Wave Theorist is first published by Robert Prechter as a monthly newsletter, offering Elliott wave analysis of financial markets and cultural trends. Initially, Prechter uses it to express his market opinions while working at Merrill Lynch. After leaving Merrill in 1979, he would continue the publication on a subscription basis. The newsletter would gain significant attention in the early 1980s, especially after its bullish stock market forecasts, eventually attracting around 20,000 subscribers. Despite a decline in subscriptions in the 1990s, it would remain influential and would earn recognition in financial circles for its insights and controversial predictions.
1977	Tool launch	CompuTrac releases its first commercial version, marking a major milestone in technical analysis software. This tool is capable of reading large datasets, calculating technical indicators, and displaying them graphically. By 1979, CompuTrac would expand to offer real-time online analysis, paving the way for modern retail trading platforms.	United States
1978	Indicator creation	J. Welles Wilder publishes New Concepts in Technical Trading Systems, which introduces a range of powerful technical indicators that would remain widely used until today. The book presents tools such as the Relative Strength Index (RSI), Average Directional Movement Index (ADX and DMI), Parabolic SAR, and Average True Range (ATR). These indicators would revolutionized the field of technical analysis by providing new methods to measure momentum, trend strength, and market volatility.	United States
1978	Indicator creation	Wilder introduces the Parabolic SAR (Stop and Reverse), which is designed to identify potential reversals in market direction and place trailing stop-losses.	United States
1970s and 1980s	Popularization	Chart patterns such as head and shoulders, double tops and bottoms, and triangles, along with Fibonacci retracements, become popular.	United States
1980	Tool launch	First release of MetaStock, one of the earliest software platforms for individual technical analysts.	United States
1980	Indicator creation	Donald Lambert develops the Commodity Channel Index (CCI), originally intended to identify cyclical turns in commodities, but later widely applied to equities and other assets.	United States
1982	Organization	The Computer Asset Management Company (CAM) is founded with the goal of creating financial and technical analysis software tailored for personal computers. This marks a significant step in bringing advanced trading tools to individual investors and traders. At a time when financial software is primarily used by institutions, CAM’s vision helps democratize access to market analysis by leveraging the growing popularity of PCs. Their work would contribute to the early development of charting and analytical tools that would become standard in technical trading, laying the groundwork for future innovations in financial technology.	United States
1983	Tool launch	Interactive Data launches what would become eSignal, a groundbreaking charting platform tailored for active traders. Distinguished early on by its use of real-time financial data, eSignal delivers high-quality analytics, news, and decision-support tools through a streaming service—an innovation at the time. Designed for both professionals and individual traders, the platform stands out for its accessibility, requiring little to no coding or technical background. With intuitive charting and simplified data search features, eSignal enables users to interpret complex market information quickly. Its user-friendly interface and real-time capabilities help establish it as a trusted tool in global trading communities.	United States
1984	System launch	The New York Stock Exchange launches SuperDOT, an enhanced version of the DOT system that electronically routes orders to trading posts. This marks a key step in the computerization of financial markets. With fully electronic markets emerging, program trading becomes common, involving automated trades of 15 or more stocks worth over $1 million. It supports strategies like index arbitrage between S&P 500 stocks and futures, and portfolio insurance, which mimicks a put option using stock index futures. These strategies would be later implicated in the 1987 stock market crash, though their precise role would remain debated in academic circles.
1984	Tool launch	Computer Asset Management Company (CAM) releases Market Mood Monitor, a software program designed for the IBM PC that marks an important advancement in market analysis tools. It focuses on helping investors interpret and chart overall market conditions, with a particular emphasis on sentiment, momentum, and monetary indicators. The software would later evolve into The Technician, becoming one of the early tools for technical analysis accessible to PC users. This innovation contributes to the growing use of personal computers in financial analysis, empowering individual traders with insights previously available mostly to institutional investors.	United States
1985	Tool launch	MetaStock 1.0 is released for the Apple II+, revolutionizing trading by offering charting and technical analysis tools for stocks, futures, and mutual funds. It works in both real-time and end-of-day versions, calculating financial metrics essential for trading decisions. This software quickly establishes MetaStock as a significant player in the trading industry, providing tools to analyze individual securities and streamline trading strategies.	United States
1985	Indicator creation	Jack Hutson formalizes the MACD Histogram, an extension of Gerald Appel's MACD, visualizing the difference between MACD and its signal line, used to anticipate crossovers.	United States
1985	Concept development	The term “dead cat bounce” makes its first known appearance in financial journalism when reporters from the Financial Times use it to describe a short-lived rebound in Singaporean and Malaysian stock markets during a severe downturn. The phrase, based on the idea that "even a dead cat will bounce if it falls from a great height," captures the essence of temporary recoveries in declining markets. Despite the brief uptick, both economies continue to decline before recovering later. The expression would gain traction in subsequent years, especially in the context of falling oil prices and equity markets, becoming a staple in financial and political discourse.
1986	Indicator creation	Marc Chaikin introduces the Chaikin Oscillator, which combines price and volume by applying an EMA to the Accumulation/Distribution Line, helping traders identify buying and selling pressure.	United States
1986	Indicator creation	Marc Chaikin introduces the Chaikin Money Flow (CMF) indicator, measuring the accumulation-distribution of money flow volume over a set period to gauge buying or selling pressure.	United States
1987	Market crash	Black Monday prompts debate over the limits of technical analysis during extreme volatility.	United States
1987	Tool launch	TradeStation releases System Writer, a software developed to emphasize the value of backtesting in trading. Recognizing that while past performance doesn't guarantee future results, backtesting can increase the likelihood of success in future trades, System Writer allows users to test their strategies using historical data. This tool enables traders to refine their trading ideas and gain confidence in their strategies by simulating how they would have performed in the past. The ability to backtest gives System Writer an edge in the trading software market, enhancing decision-making for traders.	United States
1988	Tool launch	Promised Land Technology introduces Future Builders, a groundbreaking network add-in built on Microsoft Excel. Initially designed for performance reporting and generating next-day buy and sell orders, it would later integrate with full trading system strategies. Future Builders introduces an innovative use of 30-year U.S. Treasury bond data to forecast moving average crossovers. This predictive capability is considered revolutionary in the trading community, offering a new level of foresight and automation for traders.	United States
1989	Stock exchange launch	Shenzhen Stock Exchange (SZSE). One of two main Chinese mainland exchanges.	China
1989	Indicator creation	Tushar Chande and Stanley Kroll introduce the Aroon Indicator, which measures the time since the last highs and lows, helping identify trend strength and potential reversals.	United States
1989	Tool launch	Omega Research launches System Writer, a pioneering software that allows traders to create, test, and refine trading strategies using historical data—a process known as backtesting. This innovation marks a major advancement in technical analysis, enabling users to assess the effectiveness of strategies before risking capital. By 1991, the software evolves and is rebranded as TradeStation, integrating more robust analytical features and greater customization.	United States
1989	Theory development	Menachem Brenner and Dan Galai introduce the idea of creating volatility indices, including one for stock market volatility, in a series of influential papers. Their work lay the foundation for the CBOE Volatility Index (VIX), which would later be developed by Bob Whaley in 1992. The VIX provides a measure of market volatility based on S&P 500 index options, offering insights into expected market fluctuations over the next 30 days. This concept of implied volatility, first discussed in the 1973 Black-Scholes model, is integral to options pricing and would since become a crucial tool for traders to gauge market sentiment and risk.
1990	Theory development	Eugene Fama and Kenneth French introduce their influential three-factor model, arguing that stock returns can largely be explained by market risk, size, and value factors. Building on this, Mark Carhart proposes an enhancement in 1997 by adding a fourth factor—momentum—resulting in the Carhart four-factor model. This model acknowledges that stocks with strong past performance tend to continue outperforming in the short term, capturing a critical anomaly in asset pricing. Known in practice as the Monthly Momentum Factor (MOM), it would become a widely adopted tool in mutual fund evaluation and active portfolio management, helping investors better assess risk-adjusted returns.
1990	Regulation	The Chartered Market Technician (CMT) designation is introduced by the MTA.	United States
1990s	Methodology shift	Steve Nison popularizes Japanese candlestick charts in the United States with a series of articles and books.	United States
1991	Stock exchange launch	National Stock Exchange of India (NSE). Introduced electronic trading, rivaling BSE.	India
1991	Indicator creation	Tom DeMark publishes the DeMark Indicators, including the TD Sequential and TD Combo, which identify potential trend exhaustion and reversal points based on price and time.
1992 (July)	Tool launch	MetaStock RT is released, introducing real-time capabilities by receiving live market quotes through Data Broadcasting’s Signal. This advancement marks a major step forward for technical analysis software, enabling traders to analyze and act on market data as it happens. The integration of real-time data allows for faster, more responsive trading strategies, further establishing MetaStock as a key player in the financial software industry.
1992	Methodology shift	Robert E. Pardo introduces Walk Forward Analysis (WFA) as a method to optimize and validate trading strategies. WFA divides historical market data into two sets: in-sample (used for optimization) and out-of-sample (used for validation). The process involves repeatedly shifting the in-sample window forward and testing on the subsequent out-of-sample segment, helping assess the system’s robustness over time. WFA minimizes overfitting and simulates real-market performance more accurately than static backtests. Today, it is widely considered the gold standard in trading system development and is crucial for evaluating the consistency and adaptability of trading strategies in dynamic market conditions.
1994	Publication	Martin Pring publishes Technical Analysis Explained, becoming a standard textbook for traders and students worldwide.	United States
1994	Indicator creation	Tushar Chande also introduces the Stochastic RSI, which applies the stochastic formula to RSI values rather than price, making it more sensitive to market momentum shifts.	United States
1994	Tool launch	MetaStock releases a new trading system development tool called Predict, designed to help individual traders build and test strategies.	United States
1995	Stock exchange launch	Euronext. Europe (cross-border). Merged markets from France, Netherlands, Belgium; now includes several others.
1995	Indicator creation	John Ehlers presents the Hilbert Transform-based indicators, introducing signal processing methods from electrical engineering into technical analysis to reduce lag and improve cycle detection.	United States}
1995	Indicator creation	John Ehlers develops the Fisher Transform, which converts prices into a Gaussian normal distribution to identify price extremes and potential reversals.	United States
1996	Indicator creation	Daryl Guppy introduces the Guppy Multiple Moving Averages (GMMA), a system of two groups of moving averages that reveal the behavior of short-term traders versus long-term investors.	Australia
1997	Indicator creation	Alexander Elder publishes his Force Index, combining price movement and volume to assess the power behind a price move.	United States
1998	Tool launch	Launch of StockCharts.com, offering free online charting tools and education on technical indicators.	United States
1998	Theory development	Bob Farrell, the retired Chief Market Analyst at Merrill Lynch, publishes a list of ten "Market Rules to Remember" in a report. Initially overlooked, the rules would gain prominence after the dot-com bubble burst in the early 2000s. They would since become iconic in financial circles, frequently quoted by financial advisors and investors. The rules cover key market principles, such as the inevitability of market corrections, the dangers of market excesses, and the influence of investor sentiment. Farrell's insights on market behavior would remain highly relevant, with his rules continuing to guide investors decades after their original publication.
1999	Education	Chartered Market Technician (CMT) program is launched to certify professional technical analysts.	United States
2000	Stock exchange launch	Deutsche Börse (Xetra). Launched modern digital trading system.	Germany
2001	Tool launch	MetaStock releases 3000 Xtra, a version of its software designed for the Reuters electronic trading platform. This product enhances MetaStock's offerings by integrating advanced charting and technical analysis tools with the Reuters platform, providing traders with real-time data and improved analysis capabilities. The release of 3000 Xtra allows MetaStock to expand its presence in the electronic trading space, offering a more robust solution for professional traders and market participants.	United States
2001	Indicator creation	Eric Lefort develops the Zero-Lag MACD, aiming to address the delay in traditional MACD signals by smoothing input data without introducing significant lag.	France
2002	Indicator creation	Sylvain Vervoort creates the SVAPO (Short-Term Volume And Price Oscillator), integrating volume and price volatility to detect short-term market turning points.	Belgium
2004	Indicator creation	Vitali Apirine introduces the Smoothed RSI, aiming to reduce false signals by smoothing the RSI with a moving average.	United States
2005	Educational platform	BabyPips.com is launched with the goal of educating retail forex traders, especially beginners, on the fundamentals of trading with a strong emphasis on technical analysis. The site quickly gains popularity due to its accessible, engaging, and often humorous content, which breaks down complex financial topics into easy-to-understand lessons. Its flagship "School of Pipsology" offers a structured, self-paced curriculum covering everything from forex basics to advanced trading strategies.	United States
2007	Stock exchange launch	Dubai Financial Market (DFM). Aimed at boosting Gulf capital markets.	United Arab Emirates
2010	Tool launch	Nirvana Data Services releases Options Trader, an options trading module. This platform uses charts of underlying securities to automatically identify and display the most suitable options strategies. A key innovation is its ability to show which strategy can yield the highest returns and whether the option is likely to hit its target price under current market conditions.	United States
2011	Tool launch	TradingView is founded by Russian entrepreneurs Konstantin Ivanov, Denis Globa, and Stan Bokov with the vision of creating a web-based platform that combine financial charting tools with a social network for traders. Headquartered in New York with European operations in London, TradingView would quickly gain popularity for its intuitive interface, advanced charting capabilities, and open community where users can share trading ideas and strategies. The platform attracts early attention by joining the Techstars accelerator in 2013 and signing deals with Microsoft and CME. Over the years, it would grow into a leading global financial analysis platform, securing major venture funding and a multibillion-dollar valuation.
2012	Indicator creation	John Carter popularizes the TTM Squeeze indicator, which identifies moments when volatility contracts (Bollinger Bands within Keltner Channels), predicting potential breakouts.	United States
2014	Cryptocurrency adoption	Technical analysis begins widespread use in Bitcoin and crypto markets, where fundamentals are less established.	Global
2016	Organization	MTA changes its name to the CMT Association to reflect global and professional focus.	United States
2017	Mobile integration	Trading platforms like TradingView become dominant, offering real-time mobile charting and social sharing of TA ideas.	Global
2019	Market automation	A study reveals that approximately 92% of Forex market trading is conducted by algorithms rather than humans, highlighting the dominance of algorithmic trading. This method uses automated, pre-programmed instructions to execute trades based on variables like time, price, and volume. Initially favored by institutional investors such as hedge funds and banks, algorithmic trading had also become accessible to retail traders. Strategies include market making, arbitrage, trend following, and high-frequency trading (HFT), which relies on rapid, automated decisions. The rise of algorithmic trading had significantly reshaped market structures, liquidity provision, and introduces new complexities to global financial systems.
2021	Social trading event	The GameStop short squeeze is driven in part by retail traders on Reddit using technical analysis patterns and sentiment.	United States
2023	AI Integration	Algorithmic trading sees increased integration of machine learning, particularly deep reinforcement learning (DRL) and directional change (DC) algorithms. DRL enables trading systems to adapt dynamically to shifting market conditions by learning through simulations, optimizing strategies by balancing risk and reward, and outperforming static models in volatile markets. Complementing this, DC algorithms mark a shift from fixed time intervals to detecting core market events, such as subtle trend transitions and reversals. A 2023 study by Adegboye et al. highlighted DC’s effectiveness in improving trade timing and profitability by aligning with natural market rhythms, enhancing precision in unstable trading environments.	Global
Recent years	Real-time Computation	The values of the Dow–Jones Averages are now computed in real time and are available over the Internet. These hourly and daily figures are published in The Wall Street Journal and other financial media, reflecting the modern necessity for real-time data in options and futures trading.	Global

Numerical and visual data

Google Trends

This chart below tracks global interest in "technical analysis" from 2004 to 2024. Interest is highest in the early 2000s but steadily declines until around 2016. After that, a moderate resurgence occurs, with peaks around 2021—likely reflecting increased retail trading during the COVID-19 pandemic. Interest remains lower than early levels but relatively stable. Regionally, Taiwan and Iran show the highest relative interest, followed by Nepal, Italy, and Singapore, indicating notable engagement with technical trading in both developed and emerging markets. The heat map confirms strong regional variation in popularity, with limited interest across much of Africa and Latin America.

Google Ngram Viewer

The chart below shows the frequency of the term "technical analysis" in published books from 1800 to 2019. The term remained virtually unused until the early 20th century, began to appear modestly around the 1920s—likely reflecting the growth of financial markets—and then declined slightly mid-century. A sharp increase occurs after 1960, with notable peaks around 1980, the early 2000s, and a high point around 2010, possibly corresponding to rising public interest in stock trading and financial speculation. The post-2010 decline may reflect shifting terminology or changes in publishing trends. The term remains significantly more frequent than before 1960.

Wikipedia Views

The chart below displays Wikipedia pageviews for the term “Technical analysis” from 2016 to 2025, segmented by platform. The data reveals a major spike in late 2017, likely driven by heightened interest during the cryptocurrency boom, with total views briefly exceeding 60,000 per month. Desktop access is dominant early on but declines over time, while mobile-web usage remains relatively steady, reflecting changing user habits. A resurgence occurs between 2020 and 2021, possibly tied to increased retail trading during the COVID-19 pandemic.

Meta information on the timeline

How the timeline was built

The initial version of the timeline was written by Sebastian.

Funding information for this timeline is available.

Base literature:

• The Evolution of Technical Analysis: Financial Prediction from Babylonian Tablets to Bloomberg Terminals, by Andrew W. Lo and Jasmina Hasanhodzic.

Feedback and comments

Feedback for the timeline can be provided at the following places:

• FIXME

What the timeline is still missing

• Technical analysis

• https://www.linkedin.com/pulse/technical-analysis-quantifiedstrategies-hc4dc/
• https://ftmo.com/en/technical-analysis-who-is-the-father-of-modern-technical-analysis/
• https://www.lgt.com/global-en/market-assessments/market-view/what-is-technical-analysis--199742