The 3 Common Types Of Technical Analysis Charting Software Tools

There are different types of technical analysis charting software tools developed to match your trading techniques and needs

. I have utilized a selection of these tools and I found them equally effective in building charts on future, stocks, bonds, commodities and options. Although, there is a type of charting tool that I prefer using, the accuracy of the results is mostly affected by the quality of market data-feeds.

This discussion aims to provide an idea on the type of charting tool that can satisfy your organizations specific needs. These types of technical analysis charting tools include Real-Time, End-of-Day and Algorithmic.

1. Real-Time Charting Software

The growing popularity of real-time is due to its capability in delivering data immediately after being collected. Users can acquire data without them having to experience delay.

These tools can provide a display of real-time and historical data from the data feeds. They authorize establishments to use their personal data feeds or external data. A number of these tools have a charting interface that can present multiple charts on a web browser.

2. End-of-Day Charting Software

End-of-day is perceived in the financial market as an indication of a trading days concluding stage or the time trading activities end. Markets know it as a point in time when only a few minutes are left before the closing of a specific trade and the time when traders orders are not accepted any more. This is the time when the market is going through merging with its primary cash market, a procedure known as Run to Cash.

These are the charting tools that are able to construct end-of-day charts of trends. It offers extra benefits such as the capacity to program trading systems as well as carry out back test against data on historical financial. These tools are made up of technical analysis indicators that can impress even the most serious traders.

3. Algorithmic Charting Software

Electronic platforms allow algorithmic or automated trading to encode trading orders. The algorithm selects and decides among the diversity of orders such as prices quantity or timing. These orders are usually executed without human interference.

These charting software tools allow their users to scan, in real-time, a wide number of securities so they can identify the securities that best fit the criteria of the programmed strategies and by studying these commands, these tools can efficiently control trades such as accumulating impeding loss, profit targets and trailing stops.

After choosing the technical analysis charting software that can best match your trading technique and needs, make sure that your data-feeds are accurate and reliable. A good source makes sure that real-time or end-of-day data feeds undergo careful screening and collection.

by: Johncoe

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