Need Software Advice

Discussion in 'Trading Software' started by wb1234, Dec 24, 2007.

  1. wb1234


    I'm currently using ScottradeELITE. But I need something more sophisticated

    1) For charts I use 3 months and intraday charts. Scottrade only allows variable scaling, so a stock that moves up 1/2% in a day will fill the screen just the same as a stock that moves up 20% in a day. What I need are charts with fixed scaling so that I can accurately compare the volatility of different stocks.

    2) Scottrade Trade-Ideas for real-time scanning is great, but I really need more of a query language and the ability to show the results of multiple scans realtime in a single window rather than the four windows I currently use to track my stocks, market stocks, market direction and volume hits.

    Any advice?
  2. When you say "more sophistication" - what do you mean? What features are you looking for? More indicators? Backtesting? What's missing from Scottrade that you'd like to have?
  3. wb1234


    1. Charts with fixed scaling, so comparing two stocks is easier. ScottradeELITE doesn't even show the scaling on charts. So every time I view a chart I have to calculate the scale by hand to figure out whether the stock is really moving, or nearly flat. This takes time.

    2. RT Scanning "Trade Ideas" where each rule has individual filters, and where multiple scans can be shown in one screen. ScottTrade has rules and filters, but all are combined, so you can't look for stocks moving down on low volume at the same time as stocks moving up on high volume. I use four scans, and it's hard to monitor all four windows at once. I'd rather all the info feed into a single notification window.

    I hope this is clear.
  4. mikehabit


    1) When it comes to charting I think the top 3 are CQG – Tradestation – eSignal. You can adjust scale to however you want on any of these systems. Obviously you would have to pay for these services and the data feed.

    2) Tradestation has something called a radar screen. You can write your own indicators or use any of the given indicators in the radar screen. Trade station uses “easy language” which extremely “easy” to learn if you want to create your own indicators or backtest strategies. You could scan all of your stocks and indicators in the radar screen(s).

    I am not familiar with the other programs. I am not sure how they handle quotes screens with indicators.
  5. A few things come to mind:

    - ThinkorSwim - charts match your criteria but I don't think they have the Trade Ideas.
    - Quotetracker with Trade-Ideas. Quotetracker is very cheap - you'd have to pay for data separately (or use, say, Interactive Brokers). I use this combo with IB although I don't use Trade-Ideas.
    - The following should be checked (I don't use them): Neoticker, Multichart

    The natural disadvantage of any of these systems is that they cost money, whereas Scottrade is provided free (rolled into the commission structure).