What is the best

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

•  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

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

* Making tools available for other platforms

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)

•  BracketTrader (IB add-on)

•  ButtonTrader (IB add-on)

* Possibly include TradeStation

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

•  Amibroker •  MultiCharts / MCFX

•  Ensign Windows •  Neoticker
•  eSignal * •  NinjaTrader
•  Investor RT •  Sierra Chart
•  Metastock * •  Tradecision
•  MetaTrader •  TradeStation

* eSignal & Metastock included in “Open”

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

•  Cost: $165 - $179 pm + exchange fees

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

•  Cost: $1,395 - $1,695 lifetime or $100 pm

+ data feed (~$90 - $135 pm) + ex. fees

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

•  Cost: Free program (paid by broker, commission)

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
–  ???

•  Cost: $1,497 lifetime or $66 - $99 pm

+ data feed (~$60+ pm) + exchange fees

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

•  Cost: $995 - $1,196 lifetime or $50 - $60 pm

+ data feed (~$60+ pm) + exchange

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

•  Cost: Free (10 round-trip contracts*) or $250 pm

+ data feed (~$25+ pm) + exchange
* $4.70 Emini round-trip is competitive

10 November 2010
 Cost is important but …
Software Per Month Demo Available

•  eSignal $165 30-day free trial

•  Metastock $235 No free trial adv.
•  MetaTrader Free Free
•  MultiCharts $156 30-day free trial
•  NinjaTrader $140 Free, pay live trading
•  TradeStation $25/$275 60-day free trial *
Per month excludes
exchange fees
* Via 3rd party partners

10 November 2010
 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

10 November 2010
 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

10 November 2010
Emini-Watch.com

10 November 2010