Top Technical Analysis Tools for Traders

Introduction

• Technical analysis tools are essential for traders to evaluate patterns in trading data effectively.
• These tools help remove emotion in trading decisions.
• They generate buy and sell indicators and assist in locating new trading opportunities.
• Significant improvements in software and data access enhance tool availability.

Brokers Offering Technical Analysis Tools

1. Ally Invest

• Includes a stock screener powered by Trading Central.
• Offers insights and reviews via Investopedia.

2. Charles Schwab

• StreetSmart Edge platform provides Screener Plus with real-time data.
• Integrates Trading Central's pattern recognition tools.

3. ETRADE

• Power E*TRADE offers Live Action scanner with over 100 pre-defined screens.
• Recognia scanner helps identify technical events or patterns.*

4. Fidelity Investments

• Active Trader Pro downloadable interface offers customizable charting.
• Provides alerts on technical signals and weekly coaching sessions.

5. Interactive Brokers

• Trader Workstation platform offers advanced technical analysis tools.
• Features a demo version and third-party analytics platform attachment.

6. Lightspeed

• Lightspeed Trader platform has LightScan for screening trading opportunities.
• Offers customizable charting and demo version.

7. TradeStation

• Known for technical analysis and statistical modeling.
• TradeStation 10 offers automated technical analysis and backtesting.

8. Tradier

• Offers brokerage account management and trading engine.
• Provides a platform for third-party trade execution.

Standalone Technical Analysis Sites

1. eSignal

• Offers downloadable software with technical analysis studies and global data.
• Price ranges from $64/month to $440/month for different versions.

2. MarketGear from iVest+

• Provides charting, customizable indicators, and trading connections via APIs.
• Starts at $75/month.

3. MetaStock

• Offers real-time trading data, over 150 indicators, and backtesting capabilities.
• Subscription starts at $100/month.

4. NinjaTrader

• Free to use for charting and backtesting; fees for third-party indicators.
• Connects via APIs to brokers for live trading.

5. Slope of Hope

• Free tools with premium memberships for advanced analytical capabilities.
• Known for a powerful charting package.

6. StockCharts

• Offers various chart types and analysis on cryptocurrencies.
• Subscription plans range from $19.95 to $49.95.

7. TC2000

• Known for charting and option screening capabilities.
• Subscription for advanced features starts at $29.99/month.

8. Ticker Tocker

• Offers strategy creation tools and backtesting.
• Includes a trading TV channel and connects to multiple brokers.

9. Trade Ideas

• Provides alerts and filters for trading opportunities, AI-driven insights.
• Premium services offer enhanced trading capabilities.

10. TradingView

• Features over 100 indicators and a proprietary scripting language.
• Offers a paper trading system and integration with brokers.

11. TrendSpider

• Advanced tools for trade planning and timing with historical data.
• Subscription plans range from $53.50 to $223.50/month.

Conclusion

• The accessibility and variety of technical analysis tools have increased significantly, offering traders numerous options to enhance their trading strategies.