Basic
charting software generally comes with many data
feeds, including eSignal and Qcharts. As a trader
becomes more advanced in his/her studies, the next
step is to commonly purchase advanced charting
software that allows them to test and create
systems that fit their style of trade. Some
traders use charting software to turn their system
into a completely technical approach, while others
use them solely to help identify trades. Below is
a list of software we have used or reviewed for
both beginner and advanced traders.
CHARTING
SOFTWARE
MetaStock Professional 8.0
MetaStock
Pro™ 8.0 offers powerful, high-speed
explorations that scan thousands of
securities to uncover optimal trading
situations, expert advisories so you know
what top experts think of your trading
scenario, over 150 indicators and line
studies, nine charting styles for
ultra-revealing charts, buy-and-sell signals
so you know when to get in and out of a
trade, pager and email alerts based on the
conditions you specify. The program has consistently
received high reviews. A draw down to the program
is the inability for the system to do auto scans.
Price: $1,695.00 Data Feed: eSignal -
Qcharts
System Requirements:
Windows 98/ME/NT/2000/XP Home/XP PRO
(Win95 no longer supported) - Pentium
Processor (300 mHz min., 450 mHz
recommended - 64 MB RAM
Stock
Watch Pro
Stock
Watch Pro™ is an extensible, flexible, and
easy to use software package, which provides
an unmatched set of capabilities for both
day-traders and long-term investors. Such
powerful tools as Formula Wizard, Custom
Alerts Manager, and Screener are only a
small subset of Stock Watch Pro's many
features. The product is an excellent tool
for the active trader that utilizes comprehensive
scanning throughout the day. The program is
not bug free, but the developers work hard
at resolving each issue quickly.
Price: $39.95 month Data Feed: Qcharts
System Requirements:
Windows 98/ME/NT/2000/XP Home/XP PRO
(Win95 no longer supported) - Pentium
Processor (300 mHz min., 450 mHz
recommended - 64 MB RAM
Wealth
Lab Developer
Wealth-Lab
is an interactive trading system development
laboratory. The program allows traders to develop
and back test stock market trading systems,
and explore the systems contributed by other
members via the web. The program is an excellent
tool for back testing systems. We recommend
Qcharts or Erlanger quote if you are looking
for a more intraday aggressive trading
platform.
Price: $650.00 Data Feed: eSignal -
Qcharts
System Requirements: Windows
98/NT/2000/XP with at least 256 meg
RAM. Windows 2000 recommended if
opening numerous real-time chart
windows
NeuroShell
Day Trader
The
NeuroShell Trader, trading software assists
traders in building market strategies. Choose
from traditional analysis techniques and
state-of-the-art artificial intelligence
technology (fast neural network software for
predictions and efficient genetic algorithm
software for optimizing trading rules and
indicators). Add-ons include fuzzy logic and
cluster indicators for pattern recognition.
Use the NeuroShell Trader to build your
model, then back test your trading system
prior to entering the market. The software
is extensive and designed for the serious
trader who are willing to get over the
learning curve. The program has mixed
reviews, but is hyped by some well known
traders.
Price: $2,295.00 Data Feed: Qcharts
System Requirements: Windows
98, 2000, ME, NT (Service Pack 3 or
Higher) or XP - Pentium (or
equivalent) 400 MHz - 64 MB - 20 MB
(additional space will be required for
data file storage)
Erlanger Quote
Erlanger Quote
was built for users of Qcharts who were not
able to accomplish everything that they
wanted to within the Qcharts environment. Erlanger Quote
has a comprehensive math language that
allows user-defined custom formulas and
alerts on charts, hot list and quote sheet
cells. This makes the software suited for
creating complex real time alerts based on
formulas. Erlanger quote indicators
include a comprehensive math language that
allows user-defined custom formulas on
charts, hotlists, quote sheet cells and
columns. It includes a powerful Do-All Color
Study Plug-in, 3 Point Break chart, P&F
Chart, MACD Trend bar, DMA oscillator,
advanced portfolio features, Option Greeks,
Historical and Implied Volatility, Gate
workspace sharing, and much more.
Additionally, equity short interest ratios,
equity specific put/call and call/put ratios
can be plotted in charts or inserted into
quote sheets. There are a host of breadth
indicators on 139 industry groups and 18
sectors.
The software
is an excellent tool with many features. If
the product is too pricey, then Stock Watch
Pro should be looked at. Stock Watch Pro contains
fewer tools, but will likely be enough for
the majority of traders.
Price: $79.95 month Data Feed: Qcharts
System Requirements: Windows 95, Windows 98, Windows NT 4.0,
or Windows 2000 - Pentium 233 MHz or
better - 64 MB of RAM - 20 MB of hard
disk space - Microsoft Explorer
Browser 5.1 or higher
MetaStock
Pro™ 8.0 offers powerful, high-speed
explorations that scan thousands of
securities to uncover optimal trading
situations, expert advisories so you know
what top experts think of your trading
scenario, over 150 indicators and line
studies, nine charting styles for
ultra-revealing charts, buy-and-sell signals
so you know when to get in and out of a
trade, pager and email alerts based on the
conditions you specify. The program has consistently
received high reviews. A draw down to the program
is the inability for the system to do auto scans.
Stock
Watch Pro™ is an extensible, flexible, and
easy to use software package, which provides
an unmatched set of capabilities for both
day-traders and long-term investors. Such
powerful tools as Formula Wizard, Custom
Alerts Manager, and Screener are only a
small subset of Stock Watch Pro's many
features. The product is an excellent tool
for the active trader that utilizes comprehensive
scanning throughout the day. The program is
not bug free, but the developers work hard
at resolving each issue quickly. 
Wealth-Lab
is an interactive trading system development
laboratory. The program allows traders to develop
and back test stock market trading systems,
and explore the systems contributed by other
members via the web. The program is an excellent
tool for back testing systems. We recommend
Qcharts or Erlanger quote if you are looking
for a more intraday aggressive trading
platform.
The
NeuroShell Trader, trading software assists
traders in building market strategies. Choose
from traditional analysis techniques and
state-of-the-art artificial intelligence
technology (fast neural network software for
predictions and efficient genetic algorithm
software for optimizing trading rules and
indicators). Add-ons include fuzzy logic and
cluster indicators for pattern recognition.
Use the NeuroShell Trader to build your
model, then back test your trading system
prior to entering the market. The software
is extensive and designed for the serious
trader who are willing to get over the
learning curve. The program has mixed
reviews, but is hyped by some well known
traders.
Erlanger Quote
was built for users of Qcharts who were not
able to accomplish everything that they
wanted to within the Qcharts environment. Erlanger Quote
has a comprehensive math language that
allows user-defined custom formulas and
alerts on charts, hot list and quote sheet
cells. This makes the software suited for
creating complex real time alerts based on
formulas. Erlanger quote indicators
include a comprehensive math language that
allows user-defined custom formulas on
charts, hotlists, quote sheet cells and
columns. It includes a powerful Do-All Color
Study Plug-in, 3 Point Break chart, P&F
Chart, MACD Trend bar, DMA oscillator,
advanced portfolio features, Option Greeks,
Historical and Implied Volatility, Gate
workspace sharing, and much more.
Additionally, equity short interest ratios,
equity specific put/call and call/put ratios
can be plotted in charts or inserted into
quote sheets. There are a host of breadth
indicators on 139 industry groups and 18
sectors.
