Top Technical Analysis Tools: Software for Trading

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Top Technical Analysis Tools: Software for Trading

The capacity to recognize trends in trading data is critical to a trader’s performance, particularly for those who trade often. Technical analysis approaches may help traders separate emotion from their trading decisions. A technical analysis system may provide buy and sell indications and assist in the identification of fresh trading opportunities. Technical analysis tools are now accessible to all internet traders because to advancements in software and the speed with which millions of data points may be accessed during the last 15 years.

Most of the top technical analysis tool websites also help novice traders toward a basic knowledge of the main ideas. Some of these resources are free or available as part of a broker’s platform, while others require a fee. We’ll look at technical analysis tools incorporated into brokers’ platforms as well as some separate sites. These are listed alphabetically and are not meant to be ranked.

Brokers Offering Technical Analysis Tools

Trading Central, a third-party supplier, is used by many of the brokers mentioned below. Trading Central, a Canadian firm, offers superb technical analysis tools that several brokers have included into their frequent trader platforms.

Based on standard technical analysis methodologies, Trading Central’s tools automatically evaluate price activity to detect and understand classic chart patterns and other crucial criteria. These Technical Event alerts provide traders with information about the strengths and weaknesses of the equities they are considering.

Individual investors cannot use these tools outside of brokerage systems, although their technology is embedded into many active trading sites.

Ally Invest

Trading Central powers the stock screener on Ally Invest’s brokerage platform. You may read Ally Invest’s review on Investopedia.

Charles Schwab

StreetSmart Edge, Charles Schwab’s frequent trader platform, includes Screener Plus, which employs real-time streaming data to let customers to screen stocks and ETFs based on a variety of fundamental and technical criteria, including Trading Central technical indications (Recognia).Traders may choose their most critical factors and then combine Screener Plus findings with their pre-defined watch lists. Trading Central (Recognia) pattern detection technologies are integrated into StreetSmart Edge’s customisable charts.

Charting on mobile devices contains a number of technical analysis indicators, but no sketching capabilities.

Read Investopedia’s review of Charles Schwab.

E*TRADE

The Current Action scanner on Power E*TRADE, the firm’s active trading platform, offers over 100 pre-defined screens that scan the market in real-time on live prices and analytical metrics based on technical, fundamental, earnings, mood, and news events.

The Oscillator scans incorporated into Live Action aid in the discovery of overbought or oversold stocks as well as the exploration of extra possibilities for a client’s portfolio. Many of the built-in displays on the Power E*TRADE platform are unique.

You may scan stocks using the Recognia scanner based on technical events or patterns, and create alerts when new criteria are satisfied. Power E*TRADE’s paper trading features may be used to test your technical trading strategy. E*TRADE’s evaluation on Investopedia may be found here.

Fidelity Investments

Fidelity’s downloaded trading interface, Active Trader Pro, provides a more comprehensive feature set than the online. Active Trader Pro starts with configurable charting capabilities and trading tools. The program may notify you of technical indications in equities you’re interested in, as well as notifications on open positions.

Trading Central’s technical patterns and events have been incorporated into Fidelity’s web-based charting. Web-based advanced charting allows you to see 30 days of intraday data, extended hours data, and more than 60 completely customisable technical indicators.

The Fidelity Learning Center, which contains articles, videos, webinars, infographics, and recorded webinars, has a technical analysis emphasis.

Fidelity also provides weekly online coaching sessions where customers may join a small group for in-depth talks about options and technical analysis. Fidelity’s evaluation may be found on Investopedia.

Interactive Brokers

On both Interactive Brokers platforms, charting is highly customisable and contains over 100 indicators and real-time streaming data. IB’s main trading platform, Trader Workstation (TWS), includes comprehensive technical analysis capabilities with over 120 indicators.

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TWS offers a demo version that enables traders to understand how the platform operates and test trading situations. In addition, you may connect your IBKR account to a third-party analytics platform. The Investors Marketplace has a comprehensive list of merchants that you may search. Investopedia has a review on Interactive Brokers.

Lightspeed

Lightspeed’s main platform, a downloadable tool called Lightspeed Trader, is designed for regular traders and includes a highly customisable live market scanner called LightScan, which may assist you screen for current trading opportunities.

LightScan scans the whole stock market for symbols that are sorted and filtered according to your choices. There are more than 100 search criteria that may be combined. The charting on the flagship platform is customisable.

For anyone interested in giving the platform a spin, there is a demo version available. Lightspeed’s review may be seen on Investopedia.

Thinkorswim (TD Ameritrade)

Thinkorswim, TD Ameritrade’s sophisticated options-focused platform, allowing traders to personalize the platform with their preferred tools and a trade ticket. Despite the fact that the platform was originally created for options trading, there are lots of analytical tools for stock traders as well. There are sketching tools, technical indicators, and data visualization tools available.

Thinkorswim gives traders the ability to construct their own analytical tools as well as utilize a built-in programming language called thinkScript. The desktop edition of thinkorswim is the most powerful, but a web version and a mobile app are also available. All feature real-time streaming data that powers over 400 technical investigations.

The thinkorswim trading platforms will continue to function after the two firms join, according to Charles Schwab, who is in the process of purchasing TD Ameritrade. The deal was projected to finalize in the fourth quarter of 2020, with platform integrations taking another 18-36 months. Investopedia has a review on TD Ameritrade.

TradeStation

The TradeStation platform’s core strength is technical analysis and statistical modeling of trading techniques. Because the brokerage sprang from the technical analysis software creation business Omega Research, technical analysis is in its blood.

The TradeStation 10 platform, which can be downloaded, has outstanding charting capabilities based on tick data. The charting tool includes automated technical analysis, which displays technical patterns on the charts as they develop. Web charting features are similar to those of TradeStation 10, featuring a new toolbar that allows you to change time frames, drawing tools, sessions, and styles.

This is one of the greatest charting programs available from any broker, and it stands out in particular for how effectively it integrates with TradeStation’s order management system.

Users of TradeStation may also design and backtest a trading strategy based on technical occurrences. The TradeStation trading simulator features all of the capabilities found in TradeStation 10 as well as a big historical database for backtesting techniques. You may read TradeStation’s evaluation on Investopedia.

Tradier

Tradier is a unique beast that provides a brokerage-account administration system, a trading engine, and market data. Customers may log in and trade from any of Tradier’s developer partners since account settings and market data are stored in the cloud. They also have a desktop version that may be downloaded.

Front-end designers may use an application programming interface (API) to establish their own trading platforms, mobile applications, algorithmic trading systems, or other customized features for their clients. The ability to connect a third-party platform to one’s online brokerage account isn’t new—many of the brokers listed above can do it as well—but Tradier is the first to make it the centerpiece of its business strategy.

In the next part, we’ll see whether a standalone technical analysis site can be linked to Tradier’s brokerage administration platform, allowing trades while utilizing analytical tools.

Technical Analysis Sites

eSignal

ESignal is a well-known name in technical analysis. eSignal 12, the most recent edition, is a downloadable Windows-based software package that includes technical analysis studies, backtesting of trading methods, customisable charting, and data from worldwide exchanges.

Users may trade with a number of brokers through API, including Tradier and Interactive Brokers. The Classic edition, which utilizes 15-minute delayed data, costs $56 per month. The Signature edition, which uses real-time data and includes a slew of sophisticated capabilities, costs $183 each month. The Elite plan is $378 per month.

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MarketGear from iVest+

Charting features in Market Gear enable you to study customisable indicators, evaluate your transactions, create permanent trendlines, review prior trades, and choose from a variety of time periods.

The scanner searches over 100 customisable technical indicators for trading opportunities based on technical data. Make as many scans as you want and save your favorites for easy access.

APIs link Market Gear to TD Ameritrade, E*TRADE, ChoiceTrade, and Ally Invest. The monthly fee begins at $75.

MetaStock

MetaStock, created in the late 1980s, is another long-standing participant in the technical analysis market. MetaStock R/T, which uses real-time trading data from your choice of exchanges, is the most helpful version for regular traders.

It contains over 150 indicators and line studies, as well as indicator interpretations to assist you understand how to trade each one. The Indicator Builder allows advanced users to create their own indicators. You may create and backtest trading strategies on your own or use the techniques supplied in the program.

MetaStock can recognize over 30 candle patterns on a chart and advise you on how to understand and apply them. A monthly membership to Metastock R/T costs $100; data feeds are extra. MetaStock communicates with internet brokers through API.

NinjaTrader

Before investing real money in a live market, you may use NinjaTrader’s trading environment to design, test, and simulate a trading strategy for stocks, FX, and futures. NinjaTrader is free to use for sophisticated charting, backtesting, and trade simulation, however certain indicators created by third-party developers are not.

The basic package includes 100+ technical indicators, as well as fundamentals, charting, trade diary, and research tools.

You may integrate NinjaTrader with TD Ameritrade, Interactive Brokers, FXCM, and other brokers through API, or trade using NinjaTrader’s own brokerage service.

Slope of Hope

After inventor and perma-bear Tim Knight sold his charting site, Prophet.net, to TD Ameritrade, he decided to share charts and trading experiences with a select of his admirers and established Slope of Hope in 2005. It is now a hub for technical analysis, trading ideas, charts, and conversations among traders of all shades.

Many of the features, such as a highly capable technical charting package, are available for free and match the capabilities of much more costly services. SlopeRules, a crucial element of SlopeCharts, allows you to develop and test a trading strategy based on technical principles. Drag and drop the rules you want to apply on a chart, test them, and then set up an alert to notify you when the criteria are satisfied.

There is an integrated virtual trading system accessible that begins with a $100,000 account to assist you learn how to enhance your trading abilities. Options traders will discover some excellent analytical tools.

Premium membership tiers ($14.95-$79.95 per month, with two months free with an annual subscription) provide access to more data, advanced options analysis, and unique trading ideas.

Slope has released dedicated mobile applications for iOS and Android smartphones, enabling users to access all content and a portion of the website’s capabilities.

StockCharts

You may use StockCharts to build intraday, daily, weekly, monthly, quarterly, and annual price charts, point-and-figure charts, seasonality charts, relative rotation graphs, and more. They support 10 distinct ticker symbols on the same chart and provide real-time data coverage for a variety of cryptocurrencies such as Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash.

The capacity to do technical analysis on cryptocurrencies is unusual. A limited set of services are available for free; monthly membership options that allow for more technical investigations and historical data cost from $14.95 to $39.95.

TC2000

TC2000, originally TeleChart, is another well-known brand in the area of technical analysis. Version 20 is accessible on Windows, Mac, mobile, and online platforms, and you may connect directly to Interactive Brokers to make trades through TC2000 Brokerage. The free practice version of TC2000 includes charting, stock and option screening, and trading tools.

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To utilize the scanners, you’ll need a Gold or Platinum level membership ($29.99-$89.98 per month); Platinum subscriptions enable you to scan the market for certain circumstances on any date that has accessible data, merely to see how well a custom indication you’re constructing would function. Data feeds are subject to extra fees.

Ticker Tocker

Ticker Tocker, which debuted in 2018, provides consumers with a broad range of trading services, such as education, research, and automated trading tools.

You may either follow other people who have joined up as Leaders or create your own trading system using the strategy building tools. You may test your plans against historical data to see how they might have fared. The integrated charting system enables you to overlay price charts with technical indicators.

Ticker Tocker TV, Ticker Tocker’s in-platform and syndicated trade TV channel, is also available on the site. Interactive Brokers, E*TRADE, TD Ameritrade, Tradier, Fidelity Investments, and TradeStation are all supported by the platform.

Many of the features are free to use, however there are payments for premium services and access to professionals.

Trade Ideas

Trade Ideas, which was founded in 2003, has investors, traders, and market experts among its subscribers. The system features 310 alerts and 253 filters that identify short-term and swing trading opportunities using technical, social media, and other non-structured data sets.

Subscribers can also create their own formulas as indicators and build custom, dynamically updating watch lists and real-time alerts. These trading systems can then be back-tested and traded in a simulated trading environment.

Premium plan subscribers with connectedInteractive Brokers accounts can send live trades via the Trade Ideas platform. The Trade Ideas platform links with most trading and charting platforms. The majority of Trade Ideas subscribers now leverage TI’s HOLLY AI, an artificiallyintelligent trading assistant to identify trades derived from continually optimized strategies that are demonstrating a consistent performance edge in the market.

Trade Ideas is downloadable to Windows platforms and also offers a web version for access on any device. A standard subscription is $118 per month ($1068 per year), while the premium services are $228 monthly ($2,228 per year).

TradingView

TradingView has over 100 indicators combined with intelligent drawing tools that cover global stocks, currencies, and cryptocurrencies.

The proprietary Pine Script language lets you change existing indicators or create anything from scratch. The public script library contains thousands of scripts published by other TradingView members.

A limited set of functions are available for free; subscriptions with access to more features and data range from $14.95 to $59.95 a month. There is a built-in paper trading system, or you may connect TradingView to a brokerage account with a variety of brokers, including TradeStation.

TrendSpider

TrendSpider, which was founded in 2016, features an incredible assortment of technical analysis tools to help you identify, plan, and timing your trades with more efficiency and accuracy.

The Market Scanner, which can scan over time intervals ranging from 1 minute to 1 month, may be used to construct dynamic watch lists. There are several dozen built-in scanners, or you may create your own. Real-time market data and over 20 years of historical data are provided at no additional cost.

The platform is web-based, and your changes are kept in the cloud. The charting package offers the opportunity to backtest your techniques (for Advanced and Elite clients).

Subscriptions vary from $44 to 131 dollars per month, with savings available for prepaid yearly subscriptions.

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