Best technical analysis software

Looking for the best technical analysis software? We help you to find it. Check out our list to pick the best one!

Key features

Technical analyis support

Of course, what we await from a technical analysis software, is to support technical analysis. Techincal analysis covers a wide range of software tools, like:

  • indicators: The more supported, the better. It is even better if the parameters of indicators can be fine-tuned.
  • pattern recognition, like expanding triangle, symmetrical triangle etc.: some software can recognize these automatically, which can facilitate work a lot
  • backtesting: it is a lot cheaper to test a strategy on past data than risking actual money, so this is also an important feature
  • scripting: people with some programming skill can implement a strategy, which can make decisions a lot easier with buy and sell signals – others can use scripts written by programmers. One can go even further, and make the algorithm trade for them. However, to do this one must be clear about the risks, and again backtesting is essential.
  • can it be used in your target area? What kind of countries and instruments are supported?
  • complementer features, like alerts, stock screening, news, fundamental data etc.
  • is it an integrated in a trading system, or do you have to place orders in a separate interface?

Other important features

  • price: if you can not afford a software, it does not matter that it is perfect.
  • support: problems do occur, and if you use a commerical software, you must have some level of support, so this is important, too
    • How can you contact support? (Telephone, chart, e-mail only – is your preferred way available?)
    • How helpful they are? Can they solve your problems, even if you do not express it clearly? (Worth to be tested with a couple questions, or check reviews of others before starting the actual use)
    • What is the response time?
  • it it going to work on your platform? Does it support the operating system / mobile device, that you have?

Which one is the best?

The best technical analysis software varies with personal needs. When choosing the best one for you, you should consider a lot of things, like:

  • What is your current situation?
    • Are you
      • a daytrader (watching intraday charts 8 hours a day),
      • a long term investor (reallocating capital a couple times a year, and only EOD charts are important)?
    • What features are essential for you from the ones listed above?
  • What price can you afford?
  • Which features are essential for you?

Softwares worth to consider

There way too many technical analysis softwares out in the market, and any description may skip features that you need. Besides that, softwares are constantly changing – so articles may never be 100% accurate about the capabilities of a particular software.

The best is to check a couple for the important features, and try them yourself, before you choose that fits best your needs.

Here are couple softwares that are worth to consider: MetaStock, Worden TC2000, eSignal, NinjaTrader and our free technical analysis software, Chartoasis Chili. (Latter works in browser, also on mobile, and thanks to the intelligent data loader, it can be used for stocks all around the world.)