Top Stock Analysis Software Choices
Stock investing software and phone apps help you manage your portfolio
Stock analysis software won't make you an investment pro overnight, but it can improve success in the market whether you are a long-term investor or a stock trader. Both desktop and online stock analysis software packages are available, and the benefits of using such software include:
- Real-time stock market simulation to help you to learn how to adapt to market fluctuations
- Backtesting, to test trading strategies using historical stock market data
- Designing a stock trading or investing plan
- Help with avoiding decisions made based on emotions
In MetaStock's popular family of products, you'll find all the tools you need for both technical and fundamental stock market analysis. MetaStock Xenith gives you real-time news and data, fundamentals, economic reporting and analytics in a single destination. MetaStock Daily Charts provide tools for after-market analysis, while MetaStock RealTime is designed for real-time traders. DataLink is a powerful charting software that pulls data from exchanges all over the globe. Additional functions and customization can be added with plug-ins and add-ons, sold separately. Highlights include:
- MetaStock products come in Home, Pro and Enterprise versions for Windows 7 and higher, as of 2018. No Mac version is available.
- It is best for short-term traders who want to do stock market analysis during trading hours or after the market closes.
- Cost: Ranges from $59 monthly to $635 annually.
- No refunds are available for subscription downloads.
Worden TC2000 offers stock market software for charting, scanning, sorting, and technical analysis for U.S. and Canadian stocks and funds. You'll find charts, watch lists, alerts, instant messaging, news, scanning, and sorting features. Fundamental data coverage is included in addition to a back-testing function on historical data. There are no automated trading tools, and its asset classes are limited to stocks, funds, and ETFs. Highlights include:
- Worden TC2000 runs on Windows, or you can access its Web platform.
- It features more than 70 technical indicators with 10 drawing tools and an easy-to-use trading interface.
- It is known for its ease of use and speed, with charts that are easy and fast to scan, sort, tweak, and browse.
- Apps are available for Apple iPhone, iPod touch, iPad, Android phones, and Kindle Fire. Android tablet users can access TC2000 via its Web platform.
- Cost: As of 2018, the gold plan is $29.99 per month, and the platinum plan is $89.98 per month.
TradeStation offers stock-trading strategy testing tools with support for unlimited custom trading strategies, back-testing, paper trading, and automatic trade execution based on custom buy and sell rules. Additional features or services can be added with hundreds of idea-generation applications and customizable analytics. Highlights include:
- TradeStation software is compatible with Microsoft Windows 8 and above. Mac users can access TradeStation tools through its Web platform. A mobile app is compatible with iPhones, iPads, and Android phones.
- Years of historical intraday data is available for equities, options, and futures.
- It is best for high-activity traders meeting a minimum balance to reduce costs.
- Cost: Software is free, but the price for trades ranges from $5 per stock trade to $14.95 for mutual funds or bonds.
eSignal is a rich software tool that is available at multiple levels of complexity and multiple price points. It's essentially a one-stop shop for charting, trading, and generating trade ideas. It incorporates options, Forex, futures, and stock trading. It is, however, a complex and relatively expensive program for those just starting out in investment. Depending upon your level of expertise, eSignal may be worth a look; you can try the product for 30 days for free, and its least expensive ($50 per month, as of 2018) option includes:
- Intraday data (15 minutes delayed)
- Advanced charting with customizable studies
- Stocks, futures, Forex
- Free online education and customer support
- View up to 200 symbols at a time
Additional features are available in plans that cost $160 per month and $325 per month.