What is the best Charting Software?

Transcription

1 What is the best Charting Software?

2 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

3 Compromise between 3 biases Methodology Broker Data

4 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

5 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

6 Data bias: coverage & quality AIQ / mytrack (TrackData) Bloomberg CQG DTN.IQ esignal / Qcharts IQ Chart Thomson Reuters / Metastock

7 4 th Option = Open Methodology Broker Data

8 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

9 Large user base = Development + 3 rd Party Tools Amibroker Ensign Windows esignal Investor RT Metastock MetaTrader MultiCharts / MCFX Neoticker NinjaTrader Sierra Chart Tradecision TradeStation

10 esignal Pros & Cons Pros Integrated charting & data feed Most complete data feed coverage + news Extensive 3 rd 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

11 Metastock Pros & Cons Pros Range of 3 rd 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

12 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)

13 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

14 NinjaTrader Pros & Cons Pros Integration with many data feeds & brokers SuperDOM & advanced trade management Extensive 3 rd 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

15 TradeStation Pros & Cons Pros Integrated charting & data feed (incl. bid/ask) Integrated broker & automated trading Script language (Easylanguage) & active forum Extensive 3 rd 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

16 Cost is important but Software Per Month Demo Available esignal $ day free trial Metastock $235 No free trial adv. MetaTrader Free Free MultiCharts $ day free trial NinjaTrader $140 Free, pay live trading TradeStation $25/$ day free trial * Per month excludes exchange fees * Via 3 rd party partners

17 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

18 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

19 Emini-Watch.com