To get an advantage in the stock market you need a solid education, experience, patience and also the best tools. This stock market analysis software review compares 10 highly rated software offerings from industry giants to new entrants.
Note: This is our 2016 Review – If you would like to see the results for our Updated 2017 Review please go here.
The 2016 Review
Updated for 2016, it is an exciting year for stock market investors with a greater wealth of powerful stock analysis solutions than ever before. We reviewed over 25 different vendors, the top 10 this year is all good quality.
Movers and Shakers for 2016
Congratulations go to MetaStock and TradeStation who tie for the number 1 position this year.
MetaStock has invested heavily with the highly acclaimed MetaStock XIV, the edge they have is global market access, excellent news services, expert advisors and system development, with a huge range of indicators and powerful scanning. The edge this year is the introduction of forecasting and improved backtesting, these are serious moves by the MetaStock Team.
TradeStation has a huge feature set rivaling MetaStock in most areas, but it truly excels with the broker integration. Trading from charts and live P&L portfolio management.
New Entrants to the Top 10 for 2016
We have 3 new entries in the Top 10 this year.
Straight in at number 5 is QuantShare with a low overall cost and excellent feature set, the sharing aspect of the tool enables thousands of users to directly and free of charge share systems, watchlists and tools. Improvements in the user interface, data downloading experience could take it further in future years.
New entrant Market Analyst is a more expensive solution but packs a serious punch with unique Gann features, touch screen enablement, excellent sector mapping and even astrological charts, it misses news integration which cost it a place higher. The developers have a seriously slick easy to use interface that is well thought out.
ChartSmart new at at position 9 has a good feature set but struggles to compete with the best on price and market access.
Special Note on the Ratings
What you need in a software package is essentially down to how you trade and what information you use in your trading style.
If you are a day trader you may need real-time news, real-time scanning and level II streaming quotes. If you are a long term fundamental investor you may be looking for strong economic and company fundamentals scanning. If you want to develop your own automated trading systems that are back tested and place trades automatically you will be looking for this functionality.
Rating these packages side by side can give the impression that one package is better than all the rest, but the key is what software suits you and your trading style the best. Please read the “Recommended For” section in the reviews to understand the unique offerings that each vendor provides. No two software packages are identical, each provides a unique price and feature point.
Also Liberated Stock Trader has forged relationships with many of the Top 10 vendors to allow you to get a discount or bonus if you decide to buy one of these great packages, simply click on the logos to go to the vendor that best suits your needs.
Stock Market Vendors Feature Comparison Table
Dear Readers/Vendors- this review was established to the best of our abilities with no intended inacuracies. There are over 550 data points in this review if you spot any inaccuracies within this content please contact us here to have it corrected immediately.
TOP 5 Winners Reviews
As stated previously, no two products are identical, there are many strength that are designed into each product to suit specific needs. As such most of the packages can be recommended to a specific audiance based on there strengths. In the following summary reviews we looks at the benefits of each package.
Review Score 8.9/10
Recommended for those who need excellent real-time news, access to a huge stock systems market and powerful technical analysis with global data coverage all backed up with excellent customer services.
The latest release of Metastock XIV has been a big hit with improvements across the board. with huge improvements in Scanning, Back Testing and Forecasting making this one of the best offerings on the market.
Pricing and Software 10/10 – MetaStock is one of the biggest fish in the sea of stock market analysis software. Backed up by the mighty Thomson Reuters you can expect excellent fast global data coverage and broad market coverage including equities, futures, Forex, ETF’s and options.
Trade Management 4/10 – MetaStock does provide broker integration but the execution of trades from charts and live integrated P&L analysis is limited.
Fundamental Scanning and Screening 10/10 – Using Eikon you can see a really in depth analysis of company fundamentals from debt structure to top 10 investors, including level II. Excellent watch lists featuring fundamtentals and powerful scanning of the markets gets a perfect 10
News 10/10 – MetaStock 12 has full Eikon integration with institutional level news, analysis and outlook. This is be the fastest global news service available on the market including translations into all major languages.
Technical Analysis 10/10 – Forex forecasting based on sentiment is feature that is absolutely exceptional. Never mind the broadest selection of technical analysis indicators on the market today. MetaStock is the king of technical analysis warranting a perfect 10.
Stock Systems and Back Testing 10/10 – Another area where MetaStock excels is what they call the expert advisors. MetaStock harnesses a huge amount of in-built systems that will help you as a beginner or intermediate trader understand and profit from technical analysis patterns and well researched systems. This is really a key area of advantage. The biggest addition to the MetaStock arsenal is the forecasting functionality which sets is apart from the crowd.
Ease of Use 8/10– MetaStock still has the feel of a collection of separately developed applications that require user’s education to make them work together. However with the huge selection of automated expert advisors you can deploy on the selection of stocks in your purview make MetaStock well worth the investment.
Review Score 8.9/10
Recommended for full broker integration, trading off charts and frequent traders. A great price point of FREE for brokerage clients.
TradeStation are a leading brokerage house with excellent execution and low comissions but did you know they have great software also. Joint winner in the review TradeStation offers enough in its software and broker integration to stand tall with the other vendors.
Pricing & Software – 9/10 – With a price point of Free for Brokerage clients and awards from Barrons for the software TradeStation is a force to be reckoned with. Excellent customer service, good training and global market data coverage warrant the highest rating in this category.
Fundamental Scanning & Screening – 10/10 – TradeStation offers an excellent array of choice and flexibility in market screening and filtering, but not just on volume but a host of fundamentals, including excotic data such as commitments of traders, insider traders and even number of company employees. You can literally screen on anything you think will get you an edge in the market. You also get what they call radar screen which is really fast with integrated alerting.
News – 8/10 – TradeStation has real-time news which is an excellent service but only fails to score top marks here because it does not provide market commentary or a chat community. But do you really need that? Some people do, its a factor to consider.
Technical Analysis 9/10 – With over 145 different technical indicators TradeStation packs a big punch in the technical analysis space. The charts could be a little more intuitive to use which is why it does not score a perfect 10.
Stock Systems & Back Testing – 8/10 – TradeStation have also cultivated a systems and strategies market place called the “Strategy Network” where you can purchase stock market systems from an ecosystem of vendors or even contract someone to develop your system for you in the “Easy Language” code. No perfect 10 in this round as you will need to learn code to develop your own system.
Ease of Use 8/10 – TradeStation is easy to use, but extremely powerful also. It is probably due a facelift to make it more intuitive to use, but none the less a good score of 8/10 is warranted.
TradeStation were ranked Best by Barrons:
- Best for Frequent Traders
- Best for International Traders
- Best Trading Experience and Technology
eSignal Review – Interactive Data Inc. – 8.4/10
Recommended for those who like great charts, scanning, broker & chart trading integration and an easy to use yet powerful and elegant interface.
Pricing and Software 10/10 – eSignal offer a quality product that is well developed, looks great and has beautiful charts. It will run on your PC, Mac, Tablet or Smartphone. Not only that they have global data coverage for all stock exchanges, very fast data speeds and cover all markets in the review from equities and ETF’s to futures and Forex.
Trade Management 10/10 – Sporting Broker integration with TD Ameritrade, Interactive Brokers and 10 other brokers eSignal has one of the best integrations of any software vendor. You can place trades from charts and the live profit and loss (P&L) analysis is well developed. Another top score for eSignal.
Fundamental Scanning and Screening 8/10 – eSignal allows you to setup real time scanning and screening of the markets with live updating watch lists. eSignal could offer more in the form of scanning for fundamentals however you can list a huge array of fundamentals in your watch list columns.
News 8/10 – News feeds and more importantly real time news feeds are important to traders, eSignal offers a solid news stream which should not let you down. A lack of trader and community chat or market commentary mean eSignal does not score a 10/10 for this section.
Technical Analysis 8/10 – For the hardcore technical analyst eSignal might not offer enough indicators for your liking, but how many is enough. eSignal has 22 indicators it calls “Studies” and they work quite effectively. However for the drawing tools and the indicators full real time alerting is integrated meaning you do not need to miss the action even if you are not looking at the chart.
Stock Systems and Back Testing 7/10 – eSignal has developed a good ecosystem of stock market system developers who can sell you their systems or develop yours for you. However because there is no point and click system development or back testing you will need to pay for the services.
Ease of Use 8/10 – One of the easiest platforms to use, the interface is intuitive and very reactive.
Telechart 2000 v17 Review – Worden Brothers Inc. – 8.4/10
Recommended for US Investors with a fundamental bias who need powerful screening and excellent charts on all platforms.
Telechart has long been one of my favorite tools, I have been a subscriber for over 15 years and find the latest release 17.x to be a huge step forward. Endlessly customizable and scalable the platform offers nearly everything an investor may need.
Pricing and Software 8/10 – Telechart is a big hitter when it comes to software and pricing. Telechart runs on everything – your iPhone your Tablet, your Mac and your PC. It is priced very reasonably with a simply pricing structure. Why does it not score a striaght 10/10? Only because it’s data coverage is U.S. and Canada only and it does not cover options, futures, forex or bonds. However, it was not designed to cover those. If you trade U.S. Stocks, ETF’s or Mutual Funds, then this may be a good solution. Wordens also provide live weekly training seminars which are of a very high quality.
Trade Management 7/10 – Currently Telechart is only integrating with TD Ameritrade, but if you are using TDA as your broker then the portfolio integrations and trading from charts works well.
Fundamental Scanning and Screening 10/10 – Make no mistake about it, if you want fundamentals screened in real-time layered with technical screens all integrated into live watchlists connected to your charts telechart is a power player.
News 7/10 – While telechart does not have a perceivable Real-time news element, it does have integrated news, but what sets it apart is it has a daily Market Commentary from Pete Worden and a very active community sharing trading ideas and banters in a live chat window. It certainly provides some entertainment while your stocks are moving sideways.
Technical Analysis 9/10 – Telechart has an excellent array of technical indicators and drawing tools, all the big ones are there, from OBV, RSI and Bollinger Bands to Fibonacci Fans and Andrews Pitchfork. with over 70 different indicators you will have plenty to play with. They have also introduced live alerts which you can configure to email or pop up if an indicators or trend line is breached. Very useful indeed.
Stock Systems and Back Testing 8/10 – Worden Brothers also have a little secret when it comes to developing backtested systematic approaches to trading. With a platimum membership to telechart you also receive a tool called Stock Finder. Stock Finder is one of the single most powerful intuitive point and click system development tools on the market today. No programming required. That is saying something because it is up against some very stiff competition in this space. Although Stock Finder cannot be used to automatically place trades, it’s ease of use still warrants a 8/10 rating, despite deveopment on the tool being halted. My request to Worden Brother is to integrate the GUI aspects of Stockfinder directly into TC2000 and improve the P&L analysis in the backtester.
Ease Of Use 10/10 – One of the easiest to use and most powerful packages available places the icing on the cake for the Worden Brothers.
QuantShare – 7.7/10
Recommended for investors with a who do not need real time data feeds but value a huge selection of use generated systems, watchlist and powerful technical analysis tools.
QuantShare was new to me and I was pleasantly surprised with the feature set.
Pricing and Software 8/10 – An extremely cost effective solution with integration into new social media outlets like StockTwits.
Trade Management 7/10 – While QuantShare enables some features in this space, they probably do not cater for your broker
Fundamental Scanning and Screening 8/10 – There is certainly a huge selection of fundamentals to be able to scan against, the usability could be improved. Watchlists can be tricky to set up. Further development required here.
News 7/10 – Including news and the StockTwits integration save the day here for QuantShare, the news is not real-time but certainly does add value.
Technical Analysis 9/10 – With the largest selection of technical indicators to choose from (520+) this package leads the way in the chart analysis stakes.
Stock Systems and Back Testing 10/10 – There is a huge selection of shared systems and the ability to back test them.
Ease Of Use 6/10 – This software package is not the easiest to use and the interface requires serious development effort. The learning curve will take a time investment on your part.