Stock Trading as we all know is a perfect play of numbers and to understand that we many a times need bit of an extensive research and analysis. Presently, there are many software platforms developed by brokerage firms, independent vendors or technology firms and equipped with countless functions for market screening, research, analytics, automated trading, charting, news, and alerts. Some of them are available on membership, as a package or offered without any cost. In this article, we look at what they are, how they work, and the top 5 stock trading software and applications available in India now.
What is a technical analysis trading software?
It is a program used for analyzing financial instruments such as stocks, options, commodities, cryptocurrencies, foreign exchange, futures, and exchange-traded funds. Its capabilities include fundamental the study, automated trading, order placements, informational resources, technical analysis scanners, forum exchanges, and so on.
How does it work?
The trading software is equipped with features that aid in assessing the market each day or over years, contributing data for accelerated yet informed decision making. The program computes extensive market data such as stock prices from the exchange, the volume traded at various prices, bids, asks to facilitate visual data for further evaluation and testing strategies. Sophistication in technology has also introduced traders to algorithms and programming their own systems.
5 best technical analysis trading software:
∙ Meta Stock trader:
A top popular platform with provisions for real-time charting, scanners, back-testing, indicator builder, multiple indicators, algorithmic trading, support or resistance to identify market reversals, alerts, system testing, expert advisories, live training, and so on. It also lets you write your own system, or the company can program one for you for a nominal fee. The MetaStock charts are rich in graphics and various customization features. Their products have received many awards, including PC magazine’s Editor’s Choice Award and the Reader’s Choice Award from Stocks & Commodities Magazine for numerous years. You can begin with a 30-day free trial and then choose from a couple options available.
∙ AmiBroker India:
The technology uses professional industry standard C++ and Microsoft foundation classes library. It offers portfolio back-testing, real-time charts, scanners, custom back-testing, ranking to find desirable trades, trading algorithms, flexible built-in stops, a formula language, and many more features. The Monte Carlo simulation helps prepare for challenging market conditions using statistical properties of the users’ trading system. You can also authenticate the strength of your method by examining it is out-of-sample performance after the in-sample optimization process. It is offered in the standard edition, professional edition, and ultimate pack pro.
∙ eSignal Platform:
Recognized for its fast, responsive, and steady platform. The application is acclaimed for its ceaselessly customizable charts, market outline, and analytical tools. Other features include volume assessment, real-time charting, market screeners, multiple technical indicators, email alerts, drawing tools, back-testing, GET technical analysis, and so on. ESignal is owned by Intercontinental Exchange, which operates the New York Stock Exchange. It was voted as the best forex technical analysis & software provider in 2014 by UK Forex Awards. You can choose from three memberships namely classic, signature, and elite.
∙ Ninja Trader:
One of the most popular research platforms, it offers option chain which helps to manage expirations with visibility to strike prices and quotes, actual-time assessment, add-ons from 3rd party developers, thousand apps, charts, alerts, news, back-testing, and indicators. It also lets developers build their own indicators, drawing tools, and automated trading plans. A great feature is the simulated trading which can be helpful for beginners practicing trades and getting used to the market. It is best for active traders who prefer several tools at their disposal. Ninja trader was recognized as the best trading software in the 2020 Readers Choice Awards of Technical Analysis of Stocks and Commodities magazine.
Preferred by short term traders to find the best entry and exit points, the application includes customizable search capabilities, algorithmic scanners, 40 indicators, alerts, Elliot wave projections, actual-time charting, data, portfolio study, and option to design your own trading system. It claims to scan 10,000 stocks in two clicks and covers equities, futures, options, funds, forex at the international level. ProfitSource received a Gold award in top ten reviews recent analysis of stock software for the second consecutive year.
To conclude, trading software offer retail traders’ tools which were only once available to major funds, investment firms to attain an extra edge in the stock markets. With numerous features these programs are re-defining the level of competitiveness, ease of access and rising professionalism among traders.