Much of a stock trader’s job revolves around the interpretation of data on a screen. For this reason, stock trading software plays a key role in day trading. Most brokerage firms offer trading software to their clients when they open an account. Many firms will claim to have the best software available in an effort to gain you as their client. However, because of the diversity in markets, trading strategies, and personal preferences, there really isn’t a single best stock trading software.
Stock Trading Software: Which Is the Best?
Although there is not a “best” stock trading software, the following are 12 of the most commonly-used stock trading software on the market:
- Ninja Trader
- EquityFeed Workstation
- INO MarketClub
- Ally Invest
- TD Ameritrade
MetaStock is one of the most popular stock trading software programs out there. It has over 300 technical indicators, integrated news, and built-in drawing tools for its technical indicators. Its fundamental data can be screened and filtered making it easy to find exactly what you’re looking for without having to sift through copious amounts of information.
Another feature is that it covers many types of assets across global markets. These assets include the following:
Traders can choose between the MetaStock Daily Charts Subscription or its MetaStock Real Time packages. While the MetaStock Real Time packages are designed more for day traders, both options include the program’s well-reviewed stock charting software.
Yewno|Edge is known for its ability to minimize the amount of information that’s typically thrown at investors. It operates on an AI-driven platform that gathers both alternative and fundamental data so investors only receive applicable analyses and information. With this stock trading software, you’ll spend less time sifting through copious amounts of data and articles, and more time investing and earning.
Another benefit of using Yewno|Edge’s platform is its ability to evaluate a company’s exposure to things like autonomous vehicles and data privacy, and then to design strategies based on those concepts. Investors who use this stock trading software can also set up personalized notifications and perform more in-depth research that breaches the surface level of a company’s reportings.
The stock trading software, eSignal, is another software program that is toward the top in popularity rankings. The features of eSignal vary based on the specific package that is purchased. Typically, eSignal offers global coverage on many different asset classes including bonds, forex, funds, derivatives, and stocks. Its trade management interface is a key tool that many traders find extremely helpful. It also offers customization for its stock charting software. Although it has a limited number of technical indicators, they do come with optional alerts and backtesting.
When it comes to market analysis, TradingView is by far one of the most advanced stock trading software programs. This software offers more than 100 technical indicators as well as over 5,000 custom-built indicators. Using the software’s programming, investors can develop their own studies and signals rather than simply running generic, pre-established processes.
Another bonus of TradingView is that it not only provides fundamental data on companies, but also analyzes and compares domestic and global economic data. Many investors enjoy the social capability of TradingView. It offers chat forums and applications so that individual traders can easily share their analyses with others. With TradingView, investors from all over can network and grow together.
Another widely-used research and trading platform is NinjaTrader. It offers solutions from start to finish using customized options and third-party libraries. It has the usual features such as technical indicators, charting, fundamentals, and research tools. However, what makes NinjaTrader unique is its trade simulator. With this feature, investors can practice their trading strategies in a risk-free environment. Another bonus of NinjaTrader is that traders can use its backtesting, advanced charting, and trade simulating features for free.
6. EquityFeed Workstation
EquityFeed Workstation is a popular stock trading software because of its stock finding tool known as “FilterBuilder.” It allows investors to filter and choose stocks based on their desired criteria. Many users claim that this tool is the best stock screening software available; however, it has a very limited amount of technical indicators and does not offer backtesting or automated trading.
VectorVest is a stock trading software tailored to the intercontinental investors. Its analytics software and trading platforms cover many geographic areas including the U.S., Canada, Europe, Australia, United Kingdom, Singapore, South Africa, Hong Kong, and India. With its extensive coverage using technical indicators on major funds and stocks around the world, investors will stay in the know regardless of location. VectorVest also provides real-time filtering, backtesting, watch lists, customization, and charting tools.
ProfitSource focuses on short-term, active traders who have their entry and exit strategies perfected. Its claim to fame are its detailed technical indicators with a backtesting feature offering over 40 built-in, automated technical indicators. This stock trading software covers a variety of assets all around the world including forex, futures, equities, options, and funds.
9. INO MarketClub
If you’re looking for a great stock trading charting software, then you might like INO MarketClub. This software provides trend lines, filtering capabilities, technical indicators, and quantitative analysis tools. Its charting and trading systems cover stocks as well as forex, ETFs, futures, and precious metals.
10. Ally Invest
Ally Invest is consistently voted as one of the best stock trading software for online brokering. Its stock and ETF trading prices are quite low compared to other brokerages, and its options trading is competitively priced.
Ally Invest’s software platform offers quotes, market snapshots, historical data, and charts that are available on any device. It also provides an online banking service if you’re looking to consolidate your investments with other accounts. You can even open a retirement account or have them manage your funds. Ally Invest is a well-rounded software that does a little of everything.
11. TD Ameritrade
Whether you’re new to the stock market or an expert investor, TD Ameritrade is a solid stock trading software. It offers every tool and service you need for a successful stock market experience. The brokerage provides third-party research, news streaming through Yahoo! Finance, real-time quotes, social sentiment analysis, and planning tools.
Its trading platform, Thinkorswim, is also an investor favorite. It offers access to advanced features such as the thinkManual, market scans, and tutorials.
E-Trade is another stock trading and brokerage platform. It’s considered one of the best stock trading software because of its real-time data, research, and analysis that is available for its investors. When you have access to historical and real-time information, you can discover and act on the best stocks in the market.
You can also use their educational resources like blog posts, news articles, and webinars to continue learning and strengthening your trading skills. Although E-Trade is not as competitive when it comes to pricing, many traders find the cost of this stock trading software worth the investment.
How to Choose the Best Stock Trading Software
If you’re looking to branch out from the free trading platforms by investing in a stock trading software, you want to make sure you choose the stock trading program that best meets your particular needs. A great way to determine this is by utilizing the free trial periods that many software programs offer.
Many beginners prefer a stock trading software that has a solid reputation, basic tools, and is financially managed through a monthly subscription. If you’re an expert trader looking to access more information, then you might want to look into individual stock trading software that can be purchased separately. Going this route allows you to better meet your trading requirements.