Choosing the best charting software

Tuesday, January 25, 2011

It is always difficult to choose between different options graphing. Almost certainly you will have to compromise between the three main factors: methodology, brokerage and data.

If you favor a particular methodology, then you should choose the best charting software that gives you access to all the tools you need to work on that method. There are a number of charts available platforms that have significant methodology calibrations, and there is one available for most tastes. Some of them have names that indicate negligence transparent what methodology is optimized for, like ELWave which favours the Elliott Wave.

If you are a trader of automated systems, it is essential that you have a charting and trading platform that connects with your preferred broker has the right to test tools to ensure that your systems operate, as you've set.

If you trade in a very specific market such as the Italian stock, you will need a data provider associated with the chart that you use software that will restrict your options a little. Some data providers chart their own software or have developed a relationship with a software provider.

The fourth kind of charting software leans toward a more modular approach. These platforms are designed to be extremely flexible with add-in/plugin functionality and API feeds that allow them to connect with many transactions and data. In choosing one of these "open" platforms, there are considerations must be done before choosing one to work with a number. One of them is, of course, whether the platform has the third-party software or extensibility that allows you to run the analysis you need. The accessibility of third-party tools are a function of the user base? applications that have a stronger user base is more attractive to developers and we will create a stronger Community tools created by the user.

Another important consideration when choosing any software package are operating costs. The price for the best charting software can vary greatly, as can the price and availability of data feeds. Depending on the cash flow, you can select different platforms: MetaTrader, for example, instead of commissions paid directly by the user, which reduces your starting costs, but can be created as time passes and you accumulate.

Ultimately you need to do some of your own research to make an effective decision, but I hope these thoughts will help you make more confident.


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