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Every trade starts from deep market analysis and forecasting. But the problem is that this stage requires too much time and energy, especially if one is busy at another work the bigger part of the day. Hence, we recommend you save the effort and delegate that work to a special program. Which one? Find the names below.
Yet, we believe that, before mentioning any exact names of software products, we must provide the major arguments for their use:
- Convenient backtesting. You can use such software to see whether the strategy developed is effective enough on the basis of past market conditions and movements.
- Adoption to your personal needs. You can insert the parameters of your strategy into it.
- Generation of signals. If needed, it can send you notifications when the market conditions are optimal for making a trade (in compliance with your settings).
- Regular updates and improvements by developers.
- User-friendly instructional functionality.
- A free trial. So, you will have an opportunity to evaluate its features and effectiveness without paying any money.
Here is our rating of the most beneficial technical analysis software products based on the selection of indicators and functions, procession speed, reliability, efficacy, price, users’ feedback, and other details. Sure, we understand that, to familiarize yourself with all the programs from the list, you will have to spend a few hours. That is why, to save you time and effort, we will provide short prompts on their major features:
- Stock Rover — a versatile choice for any broker service and any trader, especially for long-term investors and those interested in effective portfolio diversification;
- MetaStock— comprehensive functionality for both technical and fundamental analysis;
- TC2000 — a leader among free-of-charge products;
- TradingView— an all-in-all program, which allows analyzing technical data, performing trades, monitoring results, and coping with other trading activities via a single interface;
- TrendSpider— an excellent option for those who are interested in extended charting features;
- Finviz.com — an advanced screener tool, which can be accessed for free;
- NinjaTrader — the best choice in terms of automation;
- Bloomberg — a number-one recommendation for those, whose main focus is on the quality of real-time data;
- Scanz — the most advantageous choice for day trading.
In sum, we believe that using such a program is a need for every trader as it helps to check and evaluate the market situation quicker and, therefore, to optimize the trading routine.