By Theresa W. Technical analysis techniques can remove emotion from a trading decision. A technical analysis system can generate buy and sell indicators and help locate new trading opportunities. With the improvements in hardware and the speed of accessing millions analytical trading points of data over the past 15 years, technical analysis tools are available to all online traders.
Most of the better sites that offer technical analysis tools also guide new traders towards a fundamental understanding of the core concepts. These are listed in alphabetical order and are analytical trading intended to imply a ranking.
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Brokers Offering Technical Analysis Tools Several of the brokers listed below utilize Recognia, a third-party provider. A Canadian-based company, Recognia by Trading Central, provides excellent technical analysis tools that many brokers have integrated into their frequent trader platforms.
These Technical Event notifications give traders insight into the strengths and weaknesses of stocks under consideration. These tools cannot be accessed by individual investors outside brokerage platforms, but you will find their technology built into quite a few active trader sites.
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Traders can set the parameters that are most important to them and then integrate Screener Plus results with their pre-defined analytical trading lists. StreetSmart Edge's customizable charts incorporate Recognia pattern recognition tools.
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Charting on mobile devices includes quite a few technical analysis indicators, though there are no drawing tools. Read Investopedia's review of Charles Schwab. The Oscillator scans built into Live Action help uncover overbought or oversold stocks and explore additional opportunities for a client's portfolio.
The Recognia scanner enables you to scan stocks based on technical events or patterns, and set alerts when new criteria are met.
Fidelity Investments Active Trader Pro is Fidelity's downloadable trading interface, offering a deeper feature set than is available through the website. Active Trader Pro provides customizable charting functions and trade tools upfront.
The software can alert you to technical signals in stocks you are following, and provide alerts on open positions. Fidelity's web-based charting has integrated technical patterns and events provided by Recognia. The advanced analytical trading on the web offers the ability to see up to 40 years of historical price data, 30 days of intraday data, extended hours data, and more than 60 fully customizable technical indicators.
Fidelity's Online Learning Center with content made up of articles, videos, webinars, infographics, and recorded webinars, includes a focus on technical analysis. Fidelity also offers weekly online coaching sessions, where clients can attend with a small group eight—10 attendees to have in-depth discussions around the topics of options and technical analysis.
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Read Investopedia's review of Fidelity. A full list of vendors can be analytical trading at the Investors Marketplace. Read Investopedia's review of Interactive Brokers. LightScan searches the entire universe of stocks to display symbols sorted and filtered based on your preferences. There are over possible criteria to search on, which can be combined. The flagship platform has customizable charting with 20 years of historical data available.
Read Investopedia's review of Lightspeed. Though the platform was initially designed for options trading, there are plenty of analytical tools for equity traders too. Thinkorswim allows traders to create their own analysis tools as well as use a built-in programming language called thinkScript. The desktop version of thinkorswim is the most powerful, but you can also use a web version or the mobile app.
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All include streaming real-time data powering more than technical studies. The acquisition is analytical trading to close in the 4th quarter ofand the platform integrations are expected to take another months.
Further Reading Technical analysis is the study of past market data to forecast the direction of future price movements. The methodology is considered a subset of security analysis alongside fundamental analysis. Here we look at how to use technical analysis in day trading. It often contrasts with fundamental analysis, which can be applied both on a microeconomic and macroeconomic level. Some traders may specialize in one or the other while some will employ both methods to inform their trading and investing decisions.
Read Investopedia's review of TD Ameritrade. TradeStation Technical analysis and statistical modeling of trading strategies is a key strength of the TradeStation platform.
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The brokerage grew out of technical analysis software development firm Omega Research, so technical analysis is in its DNA. The downloadable TradeStation 10 platform offers incredible charting capability based on tick data.
Automated technical analysis is built into the charting package, displaying technical patterns on the charts as they form. Web charting capabilities closely match TradeStation 10, including analytical trading new toolbar with access to adjust time frames, drawing tools, sessions, and styles.
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This is one of the best charting applications available from any broker, and it is especially notable for how well it is integrated with TradeStation's order management system. TradeStation users can also create and backtest a trading system based on technical events. TradeStation's trading simulator has all the tools you'll find on TradeStation 10 and includes a large historical database for backtesting strategies. Read Investopedia's review of TradeStation.
Tradier Analytical trading is an interesting beast, offering a brokerage-account management system, a trading engine, and some market data. Using an application programming interface APIfront-end designers can launch their own trading platforms, mobile apps, algorithmic trading systems, or other customized features for their customers.
Technical Analysis Sites eSignal ESignal is one of the venerable names in technical analysis, having launched in the mids.
The scanner lets you sort through over customizable technical indicators to find trading opportunities based on technical data.
Write as many scans as you want and analytical trading your favorites for quick access. MetaStock MetaStock is another one of the longtime players in the technical analysis industry having been founded in the late s.
It includes over indicators and line studies plus indicator interpretations that help you understand how to trade each indicator. For advanced users, The Indicator Builder lets you write your own indicators. You can build and backtest trading strategies on your own, or work through the strategies that are included in the package.
MetaStock can identify more than 30 candle patterns on a chart, giving you advice on how to interpret and use them. NinjaTrader NinjaTrader offers a trading environment that you can use to build, test, and simulate a trading system for equities, forex, and futures before investing real money analytical trading a live market. NinjaTrader itself is free to use for advanced charting, backtesting, and trade simulation but there are fees for some indicators built by third-party developers.
Slope of Hope Slope of Hope was founded in analytical trading creator and perma-bear Tim Knight sold his charting site, Prophet. It is now a destination for how to make money if nothing is missing analysis, trading ideas, charts, and discussions with traders of all stripes.
Top Technical Analysis Tools for Traders
Many of the features, including a very powerful technical charting package, are free to use, and rival the capabilities of much more expensive sites. A key feature of SlopeCharts is SlopeRules, which lets you create and test a trading system using technical rules.
Options traders will find some terrific analytical tools. Slope launched native mobile apps for iOS and Android devices in October,allowing access to all posts and a subset of the tools from the website. There are over technical market indicators and indexes, and real-time data coverage for a number of cryptocurrencies, including Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash.
The option and its types to do technical analysis on cryptocurrencies is relatively unique. Version 20 has Windows, Mac, mobile, and web platforms available, plus you can connect directly to Interactive Brokers to place trades through TC Brokerage.
TC combines charting, stock and option screening, and trading features, and you can use the practice version for free.
Analytical trading feeds incur additional charges. TickerTocker TickerTockerlaunched inoffers users a wide variety of trading services, including education, research, and automated trading resources. You can follow other members who are signed in as Leaders, analytical trading use the strategy creation tools to generate your own trading system.
You can backtest the strategies you've created with historical data to see how it would have performed. The charting system built in allows you to overlay price charts with analytical trading indicators. You can join and use many of the features at no charge, though there are fees for premium services and access to experts. TradeIdeas Trade Ideas LLC launched incounts among its subscribers investors, traders, and market professionals in over 65 countries.
The system has alerts and filters that include fundamental, technical, social media, and other non-structured data sets and identifies short-term and swing trading opportunities. Subscribers can also create their own formulas as indicators and build custom, dynamically updating watch lists and real-time alerts.