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Are you looking for the most suitable stock trading software to help you with stock market analysis and find good trading opportunities?
So, what should you look for in a stock trading software?
What is the best stock trading software in the market right now?
How do you decide which one is best for you?
In this stock trading software review, I am going to share with you everything that I’ve learned after trying almost all the stock trading software out there and help you make an informed decision.
What Is Stock Trading Software? (& Why You Need It)
Stock trading software is also called technical analysis software.
It gives you the research and analysis tools such as advanced charting and trading indicators to help you find good trade ideas.
There is a difference between stock trading software and stock trading platform.
Stock trading platform is usually provided by your broker.
It is the software that allows you to place trades and monitor your trading accounts through your broker.
Most of the time, your broker also provides you with simple charting and technical analysis tools on the stock trading platform.
So, why is it you might still want stock trading software for stock analysis?
First of all, the charting tools provided by most brokers are very primitive and also offer very limited functions.
There is also very little incentive for brokers to invest more money to improve their charting software because they don’t charge their clients for the charting software.
In fact, I have quite a few existing trading accounts with different brokers to trade specific financial instruments.
For me, I find most of their charting not user-friendly.
Sometimes, it’s very difficult to zoom in or out.
Also, you have to open a new tab for every chart, and you cannot compare a few charts in the same window.
Most importantly, I prefer to just open my stock trading software TradingView to check on the stock market, forex market, and futures market without having to log in to each one of my trading platforms.
It’s quick, simple, and very convenient.
On top of that, you can do so much more with stock trading software to perform advanced technical analysis, create custom indicators, back-test your trading strategy, receive trading alerts based on your pre-defined criteria, follow and interact with other professional traders and etc.
Currently, there are quite a number of stock trading software you can choose from.
So, how do you choose the right one that suits your style of trading and also helps you achieve trading objectives?
What To Look For In A Stock Trading Software
So, what are the factors you should consider while choosing the right stock trading software?
Before we get to that, you should first ask yourself what is your purpose of getting a stock trading software.
Are you using it to screen stocks?
Are you using it to do advanced technical analysis?
Are you using it to help you automatically scan the stock market for trade setups and get real-time trading alerts?
Are you using it to design and back-test your trading strategy?
Are you using it to follow and interact with other professional traders?
Are you using it to automate your trading strategies and have them execute directly through your broker?
Depending on what you are using the stock trading software, you will weigh the following factors differently.
So, below is a list of factors that you should consider:
- Ease of use (i.e. is it every easy to use the software, or it there a steep learning curve when it comes to using the trading software?)
- Markets (e.g. stocks, forex, futures, etc)
- Stock screener and scanner (i.e. does it offer a wide range of filters to help you scan the stock market and find the stocks that meet your pre-defined criteria?)
- Trading indicators as well as the ability to create your own indicator
- Design & backtest your own trading strategy
- Trade Automation
- Social trading community
- Real-time market news
- Integration with brokers
Best Stock Analysis Software For Trading – TradingView
TradingView is my No.1 choice when it comes to trading software for stock analysis.
It’s very user friendly, and the design is very intuitive and visually pleasing too.
Unlike some stock trading software that has a steep learning curve, you will find TradingView very easy to use even if you are just a beginner trader.
Next, it covers a wide range of markets such as stocks, futures, bonds, forex, cryptocurrency, and indices.
So, if you are trading more than one market, you will find TradingView very useful because you can do your trading research and analysis all in one place.
How convenient is that!
Personally, I use it to analyze stocks, forex, and indices charts.
It really saves me a lot of time switching between different brokers’ trading platforms.
Bear in mind that, some stock trading software only caters to the stock markets in specific countries.
For TradingView, it covers almost all the international stock markets.
Whether you are trading the US stock market, the HK stock market, or the Indian stock market, you can simply input the stock symbol to retrieve the stock charts and all the other relevant stock information.
Now, when it comes to trading analysis for stocks, stock screeners are essential.
Inside TradingView, you can choose from quite a number of filters such as
- Stock market by country
- Most capitalized
- Volume leaders
- Top losers
- Top gainer
- All-time high
- All-time low
- New 52 week high
- New 52 week low
- Earnings this week
What is cool is that it also allows you to choose from a huge number of different column setups to compare and analyze the stocks.
For example, if you want to look at the fundamentals of the stocks, you can select valuation, income statement, margins, or balance sheets.
If you want to look at the technical analysis of the stocks, you can select from all the available indicators.
Speaking of indicators, TradingView has a wide range of technical indicators that you can use to do your technical analysis.
If that is not enough, you can create custom indicators and run them on its servers using TradingView‘s very own scripting language called Pine Script.
What if you want to design and backtest your own trading strategy, you can use Pine Script to do it, too.
Another cool feature of TradingView is that it has a huge and engaging traders community where you can follow the top traders or chat with fellow traders.
Lastly, you can trade through TradingView because it integrates with a lot of brokers such as Oanda and TradeStation.
When it comes to functionality, the only downside is that TradingView does not allow you to auto-trade, unlike MT4 where you can use Expert Advisor to auto-trade.
Now, how much is TradingView?
The good news is that it has a FREE plan which allows you to use most of its powerful charting tools.
If you are a new trader or investor, this FREE plan is perfect for you.
But, if you are already an experienced trader, then you might want to check out its paid plans for the additional features such as “more indicators per chart”, “multiple charts in one window”, “alerts” and “more data on charts (20K bars)”.
Its app is available both on Andriod and IOS.
But, if you don’t want to download and install any app, TradingView also has a web-based version.
Try TradingView For FREE
Best Artificial Intelligence Stock Trading Software – Trade Ideas
Trade Ideas is one of the leading artificial intelligence trading software that covers the US and Canadian stock markets.
Specially designed to help serious day traders scan through the market to look for their favorite trade setups constantly, you can be assured that you would not miss any good trading opportunity.
So, what exactly can Trade Ideas do?
It has very powerful tools to help you scan the market and watch every trade of every stock continuously in real-time and notify you immediately of any trading opportunities based on your pre-defined filtering requirements and also event trigger settings.
When it comes to stock scanning, Trade Ideas has a wide range of both fundamental and technical filters (i.e. over 200 filters) for you to choose from.
Here are just a few examples of the filters:
- Market cap
- Below high of the day
- Above low of the day
- Consecutive up days
- Consecutive down days
Now, what is an event trigger?
An event trigger refers to a particular condition or a set of conditions being met.
Here are just a few examples of event trigger settings:
- 20 period SMA crossed above 200 period SMA (15 minute)
- 5 minute opening range breakout
- Head and shoulders
- Double bottom
- Double top
When the specified event is triggered, you will receive an alert in real-time.
So, you won’t miss any of your trade setups.
The difference between TradingView and Trade Ideas is that the former is very powerful charting software while the latter is specifically designed to help you identify trading opportunities as fast as possible as well as help you auto-trade your strategy.
There are a few features that are quite unique to Trade Ideas.
Feature #1: OddsMaker
OddsMaker is a tool that allowed anyone, including traders with no programming experience, to backtest any trading concept to see if it had a statistical edge.
So, how does it work?
If you suddenly have a trade idea for the next trading day, you can use OddsMakers to test your strategy.
What is cool is that you can use a lot of its built-in filters and built-in alerts to “program” your strategy without coding.
For example, let’s say you want to test if the odds are in your favor when you want to short a stock that has fallen quite a bit today when it would break support the following day.
So, you can simply use the built-in filters like “previous day change” and built-in alerts like “support break” to create your strategy in a few clicks.
Once you are done, you run it using “OddsMaker”.
At the end of the back-testing, it will give you an equity curve to show you if the strategy has a good probability to work out or not.
What is more, you can use “OddsMaker” to optimize what parameters can change to further improve trading strategy results.
Feature #2: Holly A.I.
Holly A.I. is Trade Ideas‘s built-in Artificial Intelligence that uses the same OddsMaker tool every day on a number of A.I. trading strategies.
What OddsMaker does is that it will run over a million trading scenarios overnight against these A.I. strategies.
Early the next morning, it will present you with only the trading strategies that have the highest probability to work out on that day in the “A.I. Strategies Window”.
So, Holly A.I. is very useful if you are looking for high probability trade setups.
Feature #3: Trade Automation
If algorithm trading is what you are looking for, then there is no better trading software than Trade Ideas to help you do that.
With Trade Ideas, it’s very easy to design and test your own strategies without any coding.
You can simply use its built-in filters and alerts to help you do that.
Once you have tested and optimized your strategy, you can auto-trade your strategies directly through your Interactive Brokers account.
So, who is Trade Ideas right for?
It is right for two types of traders:
- Serious day traders who want to find their trade setups quickly
- Traders who want to do algorithm trading.
Try out Trade Ideas for FREE
Best Stock Trading Software For Trend Trading – MarketClub
MarketClub is web-based trading software, created by traders, for traders.
It covers penny stocks, stocks, ETFs, futures, forex, and precious metals markets in both US and Canada.
So, what exactly does MarketClub do?
MarketClub is specially designed to help you find the trading opportunities with the highest winning probability in the market through its proprietary “Smart Scan” and “Trading Triangles”.
So, how does it work exactly?
Smart Scan allows you to choose from 24 different scans which are all specifically designed to find stocks with the strongest trend.
“Trade Triangles” is one of MarketClub’s proprietary trading tools that provides entry and exit signals to help you identify profitable trading opportunities.
When the Trade Triangles are green, it indicates an uptrend.
When the Trade Triangles are red, it indicates a downtrend.
So, how do they generate trading alerts for when to buy and sell?
What’s their strategy behind it?
First, let me ask you this.
If the short term trend for a particular stock is an uptrend and the intermediate trend is also an uptrend, then how likely would you say that the stock is going to go on an uptrend?
Quite likely, right?
Now, what if the short-term, intermediate and long-term trend for this particular stock is an uptrend, then how likely would you say that the stock is going to go on an uptrend?
I would say this is highly likely.
So, how do you tell what the short-term trend, intermediate trend and long-term trend will be?
If you have been trading for a while, you must know that there are different time-frames in the price charts.
For MarketClub, it analyzes these three time-frames:
- Daily charts (i.e. this is good to help you determine the short-term trend)
- Weekly charts (i.e. this is good to help you determine the intermediate trend)
- Monthly charts (i.e. this is good to help you determine the long-term trend)
When the Trade Triangles for more than one time-frame match, then it’s a strong confirmation of an upcoming trend.
For example, let’s say the Trade Triangles are green for both daily chart and weekly chart of a particular stock.
What that means is that the stock is very likely to embark on an uptrend.
Try out MarketClub For Free Now