Selecting A Metastock Data Provider That Is Right For You

Metastock charting software has long been the standard for stock analysis

. It is a full featured stock charting software and analysis program that will help you make trades or investments based on your own custom criteria. In addition you have access to scenarios developed by dozens of experts. As powerful a tool as Metastock is, it is useless with data. In other words, the metastock analysis program is the engine and the Metastock data is the fuel. Because Metastock is the industry standard stock charting software an entire industry has grown to support its data needs. In fact, you will find a wide range of companies that are in the business of providing Metastock data. So how do you decide which provider is right for you?

The first step in selecting a data provider is to think about exactly what type of data you need and what your working style is like. Keep in mind that the provider must either provide the data in Metastock format or you will have to convert the data. This can be a big consideration since converting the data, while not difficult, does add an additional layer of complexity to the process. Next, you can think about exactly what data you want. Do you need to analyse data that covers multiple markets segments (i.e. Forex, stocks, commodities, futures, and options) or do you need a single data set or two? The same applies to geographic markets. Does your provider offer a variety of financial markets or do you even need this?

You will quickly find that you are faced with the choice of whether to subscribe to a pay service or go with a free provider. There are many arguments over which approach is best. Most experts recommend pay Metastock data provider due to the tendency of free providers to skimp on data updates. This may or may not be the case depending on the service. It is up to you to test out the providers to see if what they have will meet your needs. In many cases, free is "good enough." If, however, you want to be sure that your stock charting software is accessing up-to-date and accurate data you may want to turn to a subscription service.

In evaluating individual Metastock data providers you want to evaluate features such as speed of download, ability to automatically update your database, and their capabilities with regard to customizing the data for you.

Finally you want to make sure that your data provider will be there for the long term. This is not an easy task in this day and age. Even with the big name providers you have some risk that the company will disappear due to economic reasons. You can however take a look at their track record and get an idea of whether or not the company appears to be solid.

Determining which stock charting software package is right for you can be a challenge. Even more difficult, however, is the process of selecting your Metastock data provider. With a little homework and lots of patience you will find the provider that is right for you.

Selecting A Metastock Data Provider That Is Right For You

By: Malcolm Nguyen

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