April 29th, 2024

Who Should Use base.report, Why and How

Shan – better known by his online name, ‘e0’ – is a full-stack web developer and machine learning enthusiast.

He’s also the founder and developer of base.report: a research platform for traders of US stocks and ETFs.

We’re sitting down to chat with Shan about:

  • The idea behind the platform
  • Who base.report is intended for
  • What problems the software solves
  • Benefits and limitations of base.report
  • His future plans and vision for the platform

What was the inspiration behind base.report?

At first, I was just building something for myself. I felt that I could create something way better than alternatives out there – at least, to suit my needs. And those of people in a similar situation, and trading in a similar style, to myself.

With that, I wanted to eventually share that software with others, at an affordable price. That’s the point we’re at now.

And I genuinely believe that many swing traders will really like this! Our conversion rate is pretty high – once people try it out, they often upgrade to paid.

Who is base.report intended for?

Aside from my personal needs, Qullamaggie’s Discord server was a big reason I started this. I’ve learnt so much from that community about trading and dedication. So, I wanted to give back by building something for the traders there. Also, now that I’m a moderator there, I feel even more strongly about wanting to help them.

So, I primarily built base.report for swing traders with average holding times of a few days to a few weeks.

More specifically, I’ve optimised it for Kristjan’s breakout and parabolic [long and short] setups. But base.report also works well for any swing trading setup that doesn’t rely on intraday or pre-market data.

The platform also offers value to position traders and retail investors, but I have to admit that I didn’t develop base.report with them in mind.

What problems does base.report solve?

For one, it massively cuts down scanning time. I think most traders apply their filters to end up with hundreds of charts. They then manually go through those hundreds of ideas to find a handful of actionable ones.

In base.report, I can sort charts by resemblance to my ideal chart pattern [the walkthrough below teaches you how]. I also use the ‘Charts’ layout, which displays multiple charts at a time. Combined, I can find setups I like in just a couple of minutes.

Honestly, I’m not the most patient of people, and although I have a genuine interest in trading and the stock market, I don’t prefer it over web development. So, I wanted to build something that allows me to do my scans quickly and effectively.

Technically speaking, the results may not be as good as if I’d gone through hundreds of charts every night. But I’m more than happy with the outcomes I get, particularly given the time spent.

Also, consistency is always more important than a perfect process. It’s easy to stick to a process as simple and short as this – particularly over a long period of time, no matter what else may crop up.

How else do you use base.report?

Another big feature is the ‘Market overview’ page. This helps identify current market conditions, hot sectors and strong industries. I’m actually looking to improve this to include sector rotation and possibly an automated news articles style report that captures the current market conditions.

Situational awareness is, of course, massively important to trade successfully. You need the wind in your back for trades to have follow-through, particularly with breakouts.

As such, I look at the ‘Industries ranking’ [bottom of the ‘Market overview’ page] each day to help identify the leading themes.

Industries ranking

How else do you use base.report in your daily routine?

I use the ‘Today’s Big Movers’ scan to track and build a watchlist of the most explosive stocks of the day.

I also go through the ‘Breakout Candidates’ scan, using the chart similarity filter, plus a few extra metrics:

  • ADR [average daily range] of at least 3%
  • At least a 30% move in the past 50 sessions
  • Average dollar volume of at least $10 million

These filters enable me to find the stocks with the best consolidation – i.e. the best risk-to-reward.

What are the strengths of base.report?

Saving time and effort – particularly if you trade part time – are two of the big ones, for the reasons I explained earlier.

That aside, I also think it’s just a great tool to use outside hours. As they say: plan your trade, trade your plan. I’ve generally found it best to prepare a watchlist or shortlist before the market opens, then only focus on those.

Regardless of whether you prepare that list the night or morning before the open, this just makes for a far less frantic routine, in my experience. I’ve also found that preparing outside hours helps avoid FOMO and reactionary decisions.

What are the limitations of base.report?

The obvious one is that we update the market data only once a day, about 50 minutes after the US market closes. But, again, I think it’s actually better to be forced to do your research after the market closes.

That said, because we lack time-sensitive data, base.report isn’t great for trading EPs [episodic pivots]. I therefore use TradingView for those.

More generally speaking, base.report lacks strong charting capabilities. I didn’t think I could significantly improve existing tools like TradingView or TC2000. To make up for that, the platform has screener export options to both TradingView and TC2000. That’s where you can draw trendlines, set alerts, and generally watch the market while it’s open.

You’re very forthcoming!

That’s always how I like to approach things. Just present things for what they are, so people know what they’re getting. I understand my own software’s cons, like poor charting abilities and no intraday data.

But I also genuinely feel like the pros could be game changers for some people.

Do you have any future plans for base.report you can share with us?

I really just want to keep improving a tool that I’d want to use myself. I want to be proud of my work and enjoy the process as much as possible. So, maybe to my detriment, I don’t have a specific ‘success’ goal for base.report.

That said, I’m working on a new study focusing on when to sell. This is an area that I’m curious about and want to improve at.

I want to look into things like maximum potential gains after a breakout and correlation to the market conditions at the time. This lines up well with a planned revamp of the market overview page, including market rotation visualisations.

So these studies are not just for pure research. The findings inform new features for base.report.

We’ve got a precedent for this: the work and findings of our previous study, Do Chart Patterns Matter?, inspired the functionality of screening by chart similarity.

Try base.report for free

Are you ready to give base.report a go? You can use our screener right away here – no strings attached.

If you also want to start building watchlists and saving scans, sign up for free here. You’ll get full access to all features for 30 days. We won’t ask for a credit card, so your trial won’t auto-renew.

Give us your feedback!

We’re always looking to improve base.report. Many enhancements are a direct result of user feedback. And we incorporate most feedback within weeks, if not days!

Please email us at [email protected] or join us on Discord. Whether you want to share feedback or have a question, we’re always happy to help!