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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
10 November 2010
Compromise between 3 biases
Broker
Methodology
Data
10 November 2010
Methodology bias: in-built tools
• AdvancedGET * • NeuroShell Trader
• ASCTrend * • OmniTrader (Nirvana)
• Auto. Pattern Search • OptionVue
• Dynamic Trader • TradeNavigator (Genesis)
• ELWave • VectorVest
• Fibonacci Trader • VSA (TradeGuider) *
• Market Club (INO) • Wave59
• MT Predictor * • Wizetrade
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)
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”
Broker
Methodology
Data
10 November 2010
12 “Open” Charting Options
10 November 2010
Large user base =
Development + 3rd Party Tools
• Amibroker • MultiCharts / MCFX
• Ensign Windows • Neoticker
• eSignal • NinjaTrader
• Investor RT • Sierra Chart
• Metastock • Tradecision
• MetaTrader • 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
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
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
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
– ???
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
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
10 November 2010
Cost is important but …
Software Per Month Demo Available
10 November 2010
Before making final decision
• Check out the individual Forums
10 November 2010
Summary
• If you have a Methodology bias then your options will
be simpler/more limited & may well change/evolve
10 November 2010
Emini-Watch.com
10 November 2010