Es Emini Trading: Charting Software

ES Emini Trading: Charting Software

ES Emini Trading: Charting Software

Every trader has preference for a software charting package, and their are multitudes of software packages out there from which to choose. A good charting software package should have an excellent feature set (which we will get to later) and a history of reliability.

(Note: I have no financial relationships with any particular charting software packages and my comments are for instructional and informational purposes only)

I believe the first variable to consider when choosing a charting package is the quality of the data feed that supplies the raw data for the charting software to operate. Many of the current data feeds are based upon antiquated 1990s style technology and do not render data as some of the more modern feeds. Now, let me tell you that no broker is going to admit that they are using an inferior data feed, you are going to have to do the research for yourself. There is a wealth of information on Google critiquing data feeds and I invite you to do your research to determine which ones are up to your standards. Of course, I have my favorite and will mention that choice at the end of this article.

It goes without saying that you are going to need a real-time feed to trade as opposed to the horde of 15 minute delayed feeds out there. If you are fifteen minutes behind the market, well, you are fifteen minutes behind what is really occurring on the Chicago Mercantile Exchange. I know of no methodology to trade a fifteen minute feed effectively, you are simply in left field without real time quotes. And thats where the data feed issue comes into play. The question that is in constant dispute is how fast does real time data translate to movement on your chart. Its usually measured in nanoseconds. The reason for all this concern is a slow feed will get you out of a trade late, especially on a closely timed trade, or can be the culprit in slippage, which is a situation where you place and order at a certain price and you dont get filled at the price chosen.

Traders detest slippage in their accounts.

The next variable traders evaluate in a software charting package is the variety of options available to assist them in their trading. All software packages should have a full compliment of common indicators and you should be able to adjust those indicators to your own specifications. I also like my charting software to have the ability to be programmed with some of the proprietary indicators I have developed myself. A software charting package with just a few indicators is of little value to a serious trader.

I like my chart to layout in a certain fashion, and I want my software to have the ability to allow me to layout my charts in the manner I feel comfortable. Some packages do not have this ability, as they have a standard layout you have to live with. I wont use such a program.

Finally, and most importantly, does the charting software have an effective customer service department. One of the cheapest charting software programs, and it is of good quality, has zero customer service. Basically, if have problems, its like communicating with someone in a black hole. Who know when you will get an answer, or if you will get an answer?

I suppose you are wondering which package I use, so I will tell you. I am very fond of Ninja Trader and using the Zen-fire data feed. I have had a wonderful relationship with this program and highly recommend it.

Other good programs, in no particular order:

1. TradeStation

2. ESignal

3 Multi-Charts

4. Sierra Charts

You usually can get a 30 day free trial with charting programs and I encourage you to take advantage of that offer to see if you are comfortable with the chart layout and features.

by: David S Adams

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