We have 4 winners with 10 out of 10, but another 3 with 9 out of This means whichever package you choose you will be well covered with any of the first 7 on the list. MetaStock will also help you develop your own indicators based on their coding system. Finally, MetaStock racks up a perfect score on the drawing tools section, which includes Gann and Fibonacci tools. TradingView has over different indicators, covering everything you could possibly need and a lot more.
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Also, the user community has developed indicators as exotic as Moon Phase see the final bell review below for more details. With this selection of charts, you have everything you will need as an advanced trader. Plus, with the Premium membership , you also get Level II insight, fully integrated.
Well done TradingView. It does not have the most chart drawing tools or the most indicators or even stock chart types. But what it does have, has forced us to create a new category of advanced features for technical analysis, TrendSpider is doing something completely different.
They have also introduced live alerts which you can configure to email or pop up if an indicator or trend line is breached. Very useful indeed. Another perfect 10 for Optuma. Also included are Elliott Wave and Darvas Box in fact, the full set of exotic indicators are present. To top it off they have also implemented an excellent astrological analysis suite as an upgrade for those of you who believe in that sort of thing, yes commodity traders I am talking about you :. There is a big contrast between the competition in this round, with 1 clear winner MetaStock with its excellent forecasting functionality.
The difference in ratings is largely down to whether you need Robotic Trade Automation and Execution. However, TradeStation does have robotic automation possibilities and is worthy of consideration.
Also notable, although not a clear winner is NinjaTrader who also specializes in automation. Another area where MetaStock excels is what they call the expert advisors. MetaStock harnesses a huge number of inbuilt systems that will help you as a beginner or intermediate trader understand and profit from technical analysis patterns and well-researched systems.
You can even use artificial intelligence like functionality to test a set of variables within your backtesting. You could for example test if price moves above the moving average 10,11,12,14,16,18 or 20, in a single test to see which of the moving averages best work with that stock. We have a great video on this in the MetaStock detailed Review. Also, the newest and most innovative addition to the MetaStock arsenal is the forecasting functionality which sets it apart from the crowd.
Being able to forecast forward is unique and you can also set and test the parameters of the forecasting.
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The biggest addition to the MetaStock arsenal is the forecasting functionality which sets it apart from the crowd. You are then presented with an interactive report which enables you to scan through the many predictive recognizers which help you understand the basis for the prediction and the methodology. TradingView has an active community of people developing and selling stock analysis systems and you can create and sell your own with the Premium level service.
They have implemented backtesting in a very simple and intuitive way. You can also tweak the parameters of the strategy, as you can see above, and observe the results.
Reporting is good, the tabs show you the profit performance of the strategy. I am not a developer, but the Pine Script language is so easy anyone can do it. TradingView also has a market replay functionality which enables you to play through the timeline and shows you the chart scrolling and the trades executed, it is so simple and yet powerful to use.
All buy and sell orders are drawn on the chart and highlighted. All in all, a great package and the backtesting is actually included in the free version. The only things you cannot do is forecast and implement Robotic Trading Automation, but that is typically what broker integrated backtesting tools perform. TrendSpider takes a different approach to backtesting. Because the platform is built from the ground up to be able to automatically detect trend-lines and Fibonacci patterns, it already has an element of backtesting built into the code.
The highest probability trend-lines are automatically flagged and you can adjust the sensitivity of the algorithm that controls the detection, so show more or fewer lines. Adding to this, they have implemented a strategy tester that allows you to freely type what you want to test and it will do the coding for you. It is a slick and simple implementation which had me up and running in minutes. You can jump into coding if you want to, but the key here is that you do not HAVE to.
Optuma has a well-implemented backtesting and system analysis toolset. Best in class up there with MetaStock, QuantShare, and NijaTrader as the industry leaders, but unlike the others, you do not need a Ph. So the quality of the testing tools is first class. Beginners need software that is intuitive and easy to use. There are big differences in the user experience between the different analysis software packages.
While we have two clear winners in this section, I need to mention that TradeStation, EquityFeed, and Optuma are all excellent in this area. Optuma only scores lower because you will need a very powerful machine to run it well, so you need to invest in extra hardware. Click on the TradingView logo on the left and it will be instantly running. It does not get easier than that. Even better is the fact it is already configured for use.
All controls are intuitive and the charts look amazing. It is quite a feat that it is so easy to use considering TradingView has so many data feeds and backend power.
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Stock Rover is up and running with a single click of the login button. TC is easy to use and yet very powerful. The interface design strikes the right balance between looking great and being instantly useful. A heavy focus on watchlist management, flagging stocks, making notes and powerful scanning make is easy to use and master. The software setup is completed in a few minutes, but it also runs perfectly across devices. Trendspider is also an HTML5 application, which means it works on any connected device, requires zero installation, zero data stream or data download configuration.
This appeals to me a lot because with a single click you are up and running. Also, considering the complexity of the automatic calculations, the application runs swiftly taking just a few seconds to complete an entire analysis. Finally, the last winner in this section is EquityFeed.
After installation, this software is so intuitive to use you will waste no time getting stuck into research and wielding the excellent news service they offer. This has been a big improvement over the last few years. This list is the software with the most powerful technical chart analysis, indicators, charts, and studies. Recommended for professional frequent trading investors, who value a slick touch-enabled interface that operates well with Bloomberg feeds and terminals adding premium features and the best Gann Analysis toolset on the market.
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Optuma has been in the market for almost 20 years and they cater to individual investors as well as to fund managers. A fantastic array of technical indicators and drawing tools. Also included are Elliott Wave and Darvas Box, the full set of exotic indicators are present.