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Best Charting Software - What is the Best Charting Software. Discussion of pros and cons of leading charting software programs.
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10 November 2010
What is the best Charting Software?
10 November 2010
Caveats • Charting software is a very personal decision
– Forgive my personal biases – Apologies if I offend you with my comments – Everyone has a “horror story” & traders are demanding
• Over 50 charting programs mentioned – Could well have some details wrong – Only have personal experience of 12
• Not trying to change your mind, only help if you’re starting out or thinking of changing
10 November 2010
Compromise between 3 biases
Methodology Broker
Data
10 November 2010
Methodology bias: in-built tools
• AdvancedGET * • ASCTrend * • Auto. Pattern Search • Dynamic Trader • ELWave • Fibonacci Trader • Market Club (INO) • MT Predictor *
• NeuroShell Trader • OmniTrader (Nirvana) • OptionVue • TradeNavigator (Genesis) • VectorVest • VSA (TradeGuider) * • Wave59 • Wizetrade
* Making tools available for other platforms
10 November 2010
Broker bias: execution & easy
• TraderWorkstation (IB) • QuoteTracker / ThinkOrSwim (TD Ameritrade) • Wealth-Lab (Fidelity) • MBT Navigator (MB Trading) • J-Trader / Strategy Runner (Advanced Futures)
• BracketTrader (IB add-on) • ButtonTrader (IB add-on)
* Possibly include TradeStation
10 November 2010
Data bias: coverage & quality
• AIQ / myTrack (TrackData) • Bloomberg • CQG • DTN.IQ • eSignal / Qcharts • IQ Chart • Thomson Reuters / Metastock
10 November 2010
4th Option = “Open”
Methodology Broker
Data
10 November 2010
12 “Open” Charting Options
• Amibroker • Ensign Windows • eSignal * • Investor RT • Metastock * • MetaTrader
• MultiCharts / MCFX • Neoticker • NinjaTrader • Sierra Chart • Tradecision • TradeStation
* eSignal & Metastock included in “Open”
10 November 2010
Large user base = Development + 3rd Party Tools
• Amibroker • Ensign Windows • eSignal • Investor RT • Metastock • MetaTrader
• MultiCharts / MCFX • Neoticker • NinjaTrader • Sierra Chart • Tradecision • TradeStation
10 November 2010
eSignal Pros & Cons • Pros
– Integrated charting & data feed – Most complete data feed coverage + news – Extensive 3rd party tools (GET, Ehlers, Arps, Kase, etc.) – Active forum & investing in platform
• Cons – Interface not particularly user-friendly – Script language (EFS) not particularly easy – Some users complain of latency & resource hogging
• Cost: $165 - $179 pm + exchange fees
10 November 2010
Metastock Pros & Cons • Pros
– Range of 3rd party tools (ETS, Bressert, etc.) – Extensive data feed coverage + news (only 2 options) – Active forum
• Cons – More focused on EOD & equities – Not investing in platform & falling behind
• Cost: $1,395 - $1,695 lifetime or $100 pm + data feed (~$90 - $135 pm) + ex. fees
10 November 2010
MetaTrader Pros & Cons • Pros
– Automated trading with Expert Advisors (EAs) – Fast charting & execution – Integration with many (small) brokers
• Cons – Forex, Futures, CFDs only (equities with MT5) – Limited timeframes & in-built indicators – Script language not easy, programmer focus
• Cost: Free program (paid by broker, commission)
10 November 2010
MultiCharts Pros & Cons • Pros
– Script language (Easylanguage) & active forum – Mix symbols & timeframes, second & year timeframes – Integration with many data feeds & brokers – Portfolio back-testing, genetic-optimization & fast
• Cons – ???
• Cost: $1,497 lifetime or $66 - $99 pm + data feed (~$60+ pm) + exchange fees
10 November 2010
NinjaTrader Pros & Cons • Pros
– Integration with many data feeds & brokers – SuperDOM & advanced trade management – Extensive 3rd party tools (Jurik, MTPredictor, Kase, etc.) – Active forum
• Cons – Script language (NinjaScript, C#) not particularly easy – Personally don’t like look of charts – Automated trading & back-testing heard good & bad
• Cost: $995 - $1,196 lifetime or $50 - $60 pm + data feed (~$60+ pm) + exchange
10 November 2010
TradeStation Pros & Cons • Pros
– Integrated charting & data feed (incl. volume @ bid/ask) – Integrated broker & automated trading – Script language (Easylanguage) & active forum – Extensive 3rd party tools (300+)
• Cons – US-centric data feed (now fundamental, COT & Euro) – Mixing symbols & timeframes, portfolio back-testing – Expensive if not using TradeStation brokerage service
• Cost: Free (10 round-trip contracts*) or $250 pm + data feed (~$25+ pm) + exchange
* $4.70 Emini round-trip is competitive
10 November 2010
Cost is important but … Software Per Month Demo Available
• eSignal $165 30-day free trial
• Metastock $235 No free trial adv.
• MetaTrader Free Free
• MultiCharts $156 30-day free trial
• NinjaTrader $140 Free, pay live trading
• TradeStation $25/$275 60-day free trial * Per month excludes
exchange fees * Via 3rd party partners
10 November 2010
Before making final decision • Check out the individual Forums
• Read EliteTrader.com & Trade2Win.com reviews
• Read trader magazine reviews
• Google search: platform + review/problem/issue
• Demo to test your markets/charts setup & needs
10 November 2010
Summary • If you have a Methodology bias then your options will
be simpler/more limited & may well change/evolve
• If you have a Broker bias & simpler charting needs then focus on pricing & functionality
• If you have a Data bias & simpler charting needs then focus on market coverage & ease-of-use
• If you want sophisticated charting & more flexibility: – eSignal: Integrated full data + charting + your broker – MultiCharts: TradeStation with bells + your data & broker – NinjaTrader: Trade management + your data & broker – TradeStation: Integrated data + charting + broker $25pm
10 November 2010
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