 Software
Tools for Share and Option Trading
If you use a Charting and Technical Analysis approach to share and
option trading then you will need to consider the range of software
tools available. There are some available on the web for free, or are
low in cost. Some of them will allow you to download and then give you
a free trial before you purchase. With others you must purchase before
you can use them.
There are many software packages on the market that can be used for
share and option trading, and your choice of package can depend on
several factors:
- your budget
- your country and data sources
- the level of sophistication you have
reached in your trading skills
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» Free Web Based
Packages
» US Software
packages
» Australian
Software Packages
» Data
Sources
» Forex
and Commodities
Here is a list of packages you may wish to explore:
Free Web
based Packages
Yahoo Finance Charts
Incredible Charts
Incredible Charts Australia
SpaceJock
US
Software Packages for Share and Option
Trading
There are many software packages available
in the US. Some established Names
are:
Metastock
Trade Station
Advanced GET
TeleChart 2007 by Worden
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Australian
Software Packages for Share and
Option Trading
Software I use and recommend:
I have been using Market Analyst
Software for several years now, beginning with Market Analyst 3, then
moving to Market Analyst 4 and last year upgrading to Market Analyst 5.
Initially I started with the Professional version and as I learnt more
about share trading techniques I became interested in the methods
developed by W D Gann. Market Analyst Software has been instrumental in
me learning more about these techniques and I was expecting the events
that occurred in 2008 as this fitted with Gann's analysis. Consequently
I recommend that any trader interested in using Gann methodologies
would find Market Analyst Software an ideal tool to assist them in
their charting studies for the Stock and Forex markets. The tools are
incredibly powerful but they are not mastered instantly. Like all
knowledge it is best gained through systematic application of proven
processes, and the software developed by Market Analyst has evolved
progressively to a very high standard. For more detailed information on
the features of this product go to:
shareandoptiontrading.com
recommends Market Analyst
This Australian software is in continuous development and now includes
a Trade Tracker and System Tester as well as Scanning facilities and
Portfolio Management. It is available in different packages according
to your level of Technical Analysis skills. The software has been
developed in conjunction with several Australian Educators and specific
tools are available for the strategies taught by them.
- Professional Edition
- Gann Analyst Edition
- Astrological Edition
This software offers tools to cover the
charting requirements for
Technical Analysts of many different styles, and is designed so that
you can tailor it to your personal requirements. A thirty day moneyback
guarantee is offered on the product.
The tools are supported by a comprehensive knowledge base that explains
each tool and its use, and provides a support base for the customer to
solve most common frequently asked questions. Anything not resolved
through the knowledge base help system can be submitted to Technical
Support for resolution of the problem. I have found them quick to
respond and resolve any difficulties that I have encountered.
The software team behind it introduced Market Analyst 5 in 2007 and
have continued refining this product. All
three editions are able to do charts in three dimensions, allowing
you many different ways of viewing your charts. To learn more go to: shareandoptiontrading.com
recommends Market Analyst
This Australian software is also in
continuous development and provides
periodically updated Fundamental Data on ASX stocks as well as a broad
range of indicators and tools. The point and click approach to applying
a broad range of tools to the charts is easy to master and enables the
user to get a quick appreciation of the technical position of the
stock.
It provides a Trade Planner that can be used to quickly calculate
expected profits from probable stock price movements in shares and
CFD's whether trading long or short. Special tools can be added such as
IC-Optimiser and the Elliss Big Money index to improve your stock picks
to trade.
Both Market Analyst and IC-Investor can provide data packages for their
software. Both offer data from the major stock exchanges. They can also
read data in Metastock format if you choose your own data supplier.
Using their individual data source will give you faster downloads and
processing. I like both packages and usually use them in parallel when
researching stocks for trading and investment. The strengths of each
package are complementary, and switching from one to the other provides
both technical and fundamental information on any stock on the ASX, and
the Trade Planner assists by automating calculations. Both incorporate
scanners to pick out stocks that meet specific criteria for analysis.
Data
Sources for Share and Option Trading
In Development
Forex
and Commodities
In Development
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