Table of Contents
Introduction
Best Stock Market Analysis Tools
In today’s fast-paced trading environment, being able to effectively analyze patterns in trading data is crucial for a trader’s success. Technical analysis tools play a vital role in this process, helping traders evaluate market trends and make informed trading decisions. Here are some of the best stock market analysis tools that can remove emotion from trading decisions and generate buy and sell indicators, as well as identify new trading opportunities. Over the past 15 years, advancements in software and access to vast amounts of data have made technical analysis tools readily available to all online traders. In this article, we will explore some of the best stock market analysis tools available to traders.
Brokers Offering Technical Analysis Tools
Many brokers now offer technical analysis tools as part of their trading platforms. These tools are often powered by third-party providers and offer a range of features to help traders analyze market data. Here are some brokers that provide excellent technical analysis tools:
Ally Invest
Ally Invest’s brokerage platform includes a stock screener powered by Trading Central, a renowned technical analysis provider. This screener allows traders to filter stocks based on a range of fundamental and technical criteria, including signals from Trading Central. Ally Invest’s platform also offers customizable charts that incorporate Trading Central’s pattern recognition tools.
Charles Schwab
Charles Schwab’s frequent trader platform, StreetSmart Edge, offers Screener Plus, a tool that uses real-time streaming data to filter stocks and ETFs based on various fundamental and technical criteria. This tool includes technical signals from Trading Central, allowing traders to identify potential trading opportunities. StreetSmart Edge also provides customizable charts with Trading Central’s pattern recognition tools.
E*TRADE
ETRADE’s active trader platform, Power ETRADE, features the Live Action scanner, which scans the market in real-time for trading opportunities based on technical, fundamental, earnings, sentiment, and news events. The platform also includes the Recognia scanner, which allows traders to scan stocks based on technical events or patterns and set alerts for when new criteria are met. Power E*TRADE also offers paper trading capabilities for testing technical trading systems.
Fidelity Investments
Fidelity’s downloadable trading interface, Active Trader Pro, offers customizable charting functions and trade tools. The platform provides technical analysis tools with integrated patterns and events from Trading Central. Fidelity also offers a range of educational resources, including articles, videos, webinars, and coaching sessions, with a focus on technical analysis.
Interactive Brokers
Interactive Brokers offers extensively customizable charting on all its platforms, with over 100 indicators and real-time streaming data. Trader Workstation (TWS), the flagship trading platform, includes advanced technical analysis tools with over 120 indicators. Traders can also attach third-party analytics platforms to their IBKR accounts for additional features.
Lightspeed
Lightspeed’s flagship platform, Lightspeed Trader, is designed for frequent traders and offers a highly customizable live market scanner called LightScan. This scanner allows traders to screen for current trading opportunities based on their preferences. Lightspeed Trader also includes customizable charting capabilities.
Thinkorswim (TD Ameritrade)
TD Ameritrade’s advanced options-focused platform, thinkorswim, provides traders with a wide range of technical analysis tools. The platform offers customizable charts, drawing tools, technical indicators, and data visualization tools. Traders can create their own analysis tools using the platform’s thinkScript programming language.
TradeStation
TradeStation is a brokerage that specializes in technical analysis and statistical modeling of trading strategies. The TradeStation 10 platform offers powerful charting capabilities based on tick data, with automated technical analysis built-in. Traders can also create and backtest their own trading systems based on technical events. TradeStation’s trading simulator allows users to test their strategies using historical data.
Tradier
Tradier is a unique brokerage that offers a brokerage-account management system, trading engine, and market data. Traders can connect their Tradier accounts to various third-party platforms for trading and analytics. The platform supports the attachment of standalone technical analysis sites, allowing traders to access analytical tools while executing trades.
Standalone Technical Analysis Sites
In addition to broker-provided tools, there are several standalone technical analysis sites that offer comprehensive tools and resources for traders. These sites cater to different trading styles and provide a wide range of features. Here are some notable standalone technical analysis sites:
eSignal
eSignal is a well-established name in technical analysis, offering a downloadable software package that includes a wide range of technical analysis studies, customizable charting, and backtesting capabilities. The software provides data from global exchanges and allows users to trade with several dozen brokers.
MarketGear from iVest+
MarketGear offers advanced charting capabilities, customizable indicators, and a scanner that allows traders to sort through over 100 technical indicators to find trading opportunities. The platform connects to various brokers, including TD Ameritrade, E*TRADE, ChoiceTrade, and Ally Invest.
MetaStock
MetaStock is a long-standing player in the technical analysis industry, offering software that provides real-time trading data, over 150 indicators and line studies, and the ability to build and backtest trading strategies. MetaStock can identify over 32 candle patterns on a chart and offers a range of features for both equity and options traders.
NinjaTrader
NinjaTrader is a popular trading platform that allows traders to build, test, and simulate trading systems for equities, forex, and futures. The platform offers advanced charting, backtesting, and trade simulation features. Traders can also connect NinjaTrader to various brokers, including TD Ameritrade and Interactive Brokers.
Slope of Hope
Slope of Hope is a comprehensive technical analysis site that provides charts, trading ideas, and discussions with traders. The site offers powerful charting capabilities, including the ability to create and test trading systems using technical rules. Slope of Hope also includes an integrated virtual trading system for practice trading.
StockCharts
StockCharts offers a wide range of charting capabilities, including intraday, daily, weekly, monthly, quarterly, and yearly price charts. The platform also provides point & figure charts, seasonality charts, and relative rotation graphs. StockCharts allows users to create customized indicators and watchlists, and offers real-time data coverage for cryptocurrencies.
TC2000
TC2000 is a popular technical analysis platform that combines charting, screening, and trading features. The platform offers customizable charts, stock and option screening tools, and the ability to backtest trading strategies. TC2000 also provides a practice version for free, and users can connect the platform to Interactive Brokers for trading.
Ticker Tocker
Ticker Tocker offers a range of trading services, including education, research, and automated trading resources. The platform allows users to follow experienced traders, create their own trading strategies, and backtest them with historical data. Ticker Tocker also features a charting system with technical indicators.
Trade Ideas
Trade Ideas provides a comprehensive set of tools for traders, including real-time alerts, custom formulas for indicators, and a simulated trading environment. The platform offers a wide range of technical analysis tools and allows users to create and backtest trading strategies. Trade Ideas also offers AI-powered trading assistance through its HOLLY AI.
TradingView
TradingView is a popular platform that offers over 100 technical indicators, intelligent drawing tools, and a wide range of charting capabilities. The platform supports global stocks, currencies, and cryptocurrencies, and allows users to create and share their own scripts and indicators. TradingView also offers a paper trading system and can be linked to various brokers for live trading.
TrendSpider
TrendSpider is a relatively new player in the technical analysis space but offers a comprehensive set of tools for traders. The platform includes a market scanner, customizable watchlists, and dynamic charts. TrendSpider also offers backtesting capabilities and real-time market data.
In conclusion, there are many excellent stock market analysis tools available to traders, both through broker platforms and standalone sites. These tools offer a range of features, including charting, scanning, backtesting, and trading simulation. Traders can choose the tools that best suit their trading style and needs to enhance their technical analysis capabilities and improve their trading decisions.
