The foundations of the theory of behavioral finance and quantitative analysis borrow their existence from stock market technical analysis. It is a method of security analysis carried out with the aim of predicting and forecasting the future price movements. The process is carried out by scrutinizing the past data in the realm of price and volume.
The exercise of technical analysis is not an easy task, and there are a lot of intricacies involved in this process. Initially, the study of price and volume was carried out manually by using various tools of the stock market technical analysis. However, with the passage of time, the advancements in technological field resulted in the automation of the process, technical analysis being no exception.
The stock markets of the modern times are characterized as technologically advanced entities. It is because of this reason; the stock market analysts started using various stock market technical analyses trading software. This is done with the intention of making the perplexing task of anticipation easy, thereby, ensuring the process is free of errors and mistakes, as humans are most vulnerable to errors, and so is their manual analysis.
A technical analyst is mainly responsible of charting, analysis and reporting functions. Software that automates these three processes, instrumenting the analysts to review and predict financial markets is commonly known as technical analysis software. The markets are today hailed with a variety of diversified software, each with different specifications, sufficing the needs of different investors. Sometimes, it becomes difficult to make a choice between the available lot.
In lieu of this, the article will present some of the most pronounced stock market technical analysis software that can assist analysts in choosing the right one, in accordance to their needs. Have a look at the list below to make a choice!!!!
MetaStock Traders is one of the most popular software applications. The software is equipped with more than three hundred indicators to perform the analysis. In order to complement the technical indicators, the software has built in drawing tools like Fibonacci retracement. Apart from this, the added features include integrated news, basic data screening and filtering criterion, and global market coverage across various assets. The estimated price for this software is $499.
Worden TC2000 is a suitable option to use if the investor is interested to deal with the stocks of USA and Canada. The most prominent offering of this software application include watch lists, charts, instant messaging news, alerts, scanning and sorting. Having more than ten drawing tools, the software has the capacity to operate on more than seventy technical indicators, offering fundamental data coverage. The most distinguishing factor that makes Worden the number one choice among the investors is it’s easy to use trading interface with back testing on historical data. However, the limitations of this software can be witnessed in terms of lack of automated trading tools and the use of technical indicators on limited asset classes including stocks, funds and ETFs. The price bracket for this application ranges from $29 to $1619.
eSignal is a technical analysis trading software that gives opportunity to operate across various asset classes including bond, stocks, funds, forex and derivatives . Along with providing global coverage, eSignal is ranked among the tops in stock market technical analysis, as it supplements trade management interface with news and fundamental figure coverage. The application offers different packages, having varied features, providing research capabilities. However, the potential issue with this application is its inability to provide a vast number of technical indicators.
NinjaTrader is a customized application offering integrated solutions. End to end solution is the most pronounced feature of this software, providing assistance from the phase of data entry to execution, equipped with customized development options. Apart from supplementing the usual technical features, technical indicators (number exceeding more than a hundred), fundamentals, charting and research tools, investors through the use of this software are also instrumented with the availability of trade simulator. Trade simulator is the feature that enables a risk free trade learning for both, potential and promising traders. The quoted price for eSignal lies in range of $45 to $295.
Vector Vest is customized software in a sense that it provides trading and research packages based on country offerings. The group includes Hong Kong ,US, UK, Australia, Singapore ,Canada, , Europe, India and South Africa. The application is designed to account for vast coverage, thriving on common technical indicators, across two major types of asset classes, stocks and funds. Apart from this, the other notable features include back testing, customization, real time filtering, watch lists and charting tools. The charges for the one month subscription of the software is available in $129, while the one year subscription worth $ 1,295.
There are a lot of software applications available to brokerage firms and independent vendors in an attempt to help traders in stock market technical analysis. Making a choice when analyzing the suitable option should depend on the criterion of a strategic fit between the product functionalities and the customized needs of the traders. If you are a novice or experienced trader, it is suggested to make a choice by keeping in mind the cost benefit analysis.