Efficiency analysis with technical analysis indicators: Anapplication in Borsa Istanbul

The aim of this study is to compare the effectiveness of technical analysis indicators used by savings investors who want to invest in the stock market while making investment decisions on BIST30 and BIST100 indices. For this, price movements were analyzed using technical analysis indicators on a daily, weekly, and monthly basis, based on the last 500 bars on the BIST30 and BIST100 indices. In this study, the technical analysis indicators; MACD, Momentum, Moving Average, Price Oscillator, and Trix Indicator were used. The number of profitable and unprofitable trades and the return rates provided were calculated by analyzing the indicators one by one with the aforementioned indices on a daily, weekly, and monthly basis and taking into account the trading decisions. Additionally, daily, weekly, and monthly calculated return rates have been compared with traditional investment returns. Consequently, was observed that the Moving Averages in the BIST30 index reached the best return percentage on a daily basis, while the Momentum indicator reached the best return percentage on the other ones. When analyzed in the BIST100 index, it was observed that the moving averages achieved the best results on a daily basis. It has been observed that the Momentum indicator reaches a good return percentage in the BIST100 index, as in BIST30, on a weekly and monthly basis. Saving investors who will make investment decisions using technical analysis in the stock market can seize investment opportunities with higher returns by evaluating the results of the application in financial markets and share certificate.