I have been purchasing books on trading for many years and recently it was suggested that I could find more detail on the RSI in Wilder's book so I purchased it. The book is dated - basically written before PCs were available for charting the indicator so much of the book goes through the manual calculation of ADX and RSI indicators which is fine. What is suprising is the lack of depth in setting the parameters which is understandable since all of the work in the book was manually calculated. Several "system" approaches are described but in modern terms I don't see them as very effective. Basically the book served the purpose of describing the indicators but in reflection the book is much to dated to recommend. You can find the same info on the Internet for free at some trader's website with some searching.

As other reviewers have pointed out, many of the techniques first described in New Concept in Technical Trading have filtered into common practice, as well as most charting software.

In spite of its influence, many of Welles Wilder's ideas outlined in this book still haven't been discussed much. This lack of discussion is by no means a reflection of their usefulness.

For example, how often do you see systems like the reaction trend system, that has a default setting of trading short term swings in counter trend fashion, but also has the capacity to shift gears, and follow the trend, should one arise? As the markets have become tougher, having a system like this (in reality, 2 systems in 1), is essential.

Or how about the swing index, which provides an alternative formula and chart to objectively identify the concept of a price "swing", useful in finding appropriate places to set stops?

This is a great book for the technician interested in developing a system.

DMS is the best system I ever known and works well for me
Thank you Mr Wilder.

it will be useful if you want to go into details and step by step development of indicators developed by Wilder.
However, the book does not add much to the experienced analysts.

I bought this book mostly for the Directional Movement System. I have been trying to figure out the best way to use this system for some time, and could not get a handle on how to effectively trade with it. I found the explanation of the way the system is constructed to be very helpful. There is not a lot of text explaining how to use the different systems. but,if you understand the concept of what is being measured and how the indicator got there, the rules of applying the system is quite easy. Only time will tell if I am on the right track, but today I feel more confident when making a decision on when to take a position.

Anyone that would ever give a negative rating for this classic of trading literature, doesn't have the slightest clue as to what they have just read. This is "THE" single most innovative trading text to hit the public's bookshelves in the last 30 years. This book single-handedly revolutionized the technical analysis of financial markets. I am almost speechless that someone could write a negative review of this book....

You'd have to appreciate that nearly every method or tool in this book is almost common knowledge. RSI, ADX, DMI, Parabolic, volatility breakouts, pivot point reversals and so forth are all commonly used nowadays. However, back in 1978 when it was hand calculated and charted.. Wilder probably had no idea how revolutionary his work has become.

Parabolic SAR, Relative Strength Index, Directional Movement Index (ADX) -- developing even just one of these would constitute an important contribution to technical analysis. Yet all of these popularly followed indicators and more were the work of this one man and were first popularized in this single 1978 classic.

But this book merits more than mere admiration. For traders looking for carefully presented formulas, clear discussions of their logic, and helpful discussion of indicators' interpretation straight from the horse's mouth, this book is a great asset.

I would acknowledge that for discretionary traders who do little if any backtesting or who pay no more than scant attention to indicators other than price, volume, and maybe some moving averages, this book probably won't hit your hot button.

But as a systems trader, I'm especially appreciative, since nowhere have I found a better or more authoritative discussion of ADX and ADXR, two especially potent indicators whose multi-stage calculations haven't been consistently represented in various secondary sources I've examined.

Finally, for traders who tend to enjoy tinkering with the development of their own novel indicators, Wilder's discussions of his conceptual starting points in developing each of his indicators will probably prove very stimulating.

Parabolic SAR, Relative Strength Index, Directional Movement Index (ADX) -- developing even just one of these would constitute an important contribution to technical analysis. Yet all of these popularly followed indicators and more were the work of this one man and were first popularized in this single 1978 classic.

But this book merits more than mere admiration. For traders looking for carefully presented formulas, clear discussions of their logic, and helpful discussion of indicators' interpretation straight from the horse's mouth, this book is a great asset.

I would acknowledge that for discretionary traders who do little if any backtesting or who pay no more than scant attention to indicators other than price, volume, and maybe some moving averages, this book probably won't hit your hot button.

But as a systems trader, I'm especially appreciative, since nowhere have I found a better or more authoritative discussion of ADX and ADXR, two especially potent indicators whose multi-stage calculations haven't been consistently represented in various secondary sources I've examined.

Finally, for traders who tend to enjoy tinkering with the development of their own novel indicators, Wilder's discussions of his conceptual starting points in developing each of his indicators will probably prove very stimulating.

This expensive book has little to offer even for beginning technician, let alone those who are familiar with various oscillators already.

It's very thin and has little to teach you. ....

This is where it all started & many authors after this have adapted or re-worked the ideas presented here. This is a classic text, a must-have.

Many books are written about the subject. Technical Analysis and its attractive concern on trading and winning, makes such books magical. But only thing thats important is that you must have your own system. Your loss and risk tolerance. Also your necessary "take gain" point. In this case tools are important, not whole systems which belongs to their owners! This book is that tool box and I think; one and only! Understand the tools for your own systems design... There is no right system, but yours !!!