Where Find Reliable Charting Services

To boost their advantage in the market, option and stock traders should make use of all available tools that can aid them in coming up with the best possible trading decisions. Just like how looking at a photograph or a video clip may help one imagine and understand in vivid details how an incident has happened, looking at charts can give traders a clearer view of the market which can be of great help in setting up their next winning trades. In this regard, charts are essential in decision making and often, a chart is what separates trading from merely gambling.

Advantages of Charting

Creating a visually appealing stock chart helps traders through the following:

1.)    Charting provides a quicker way to visualize the market.

2.)    Major upswings and downswings can easily be spotted.

3.)    Trends and patterns are clearly observable.

4.)    Technical indicators can be conveniently drawn and compared with.

5.)    Charts are crucial in interpreting data and making swift reasonable decisions.

6.)    Charts are less boring which help traders retain their focus and attention when drawing analyses.

Charting Applications

The age of drawing charts with paper and pencil has long gone. Today, charts are drawn through the use of charting applications. Charting applications are programs that automatically generate graphs from a set of data from the stock market or from data that are manually entered by the user. Most charting applications are embedded with technical indicators and contain features that allow traders to change colors, titles and labels and to customize the graph to fit each trader’s unique trading style.

Availing of Reliable Charting Services

Finding and getting charting services is fairly easy. Charting applications can be purchased or availed of for free and all charting services are accessible in the internet. In fact, you might have not noticed it but you might have already used charting applications.

Below are the TOP 3 Charting Service Providers in our list:

MetaQuotes

Figure 01: Charting using MetaTrader

For MetaQuotes, the charting applications are already embedded in the trading platform MetaTrader. MetaTrader can be used to monitor and trade more than 40 currency pairs. Plus, the remarkable features of MetaTrader include its ability to:

a.)    Automatically set thresholds to stop losses and take profits

b.)    Integrate technical indicators in charts

c.)     Show real-time stock charts

d.)    Offer professional advice from experts

e.)    Quickly maneuver around different timeframes

f.)     Configure automatic trading

g.)    Be accessed from handheld devices such as smartphones

MetaQuotes provides a free demo platform. For the real trading platform, traders typically spend a flat fee of 30 USD and a fee of 0.01 USD for every spot trade. Interested to avail MetaTrader? Just click here.

FreeStockCharts.com

Figure 02: Charting using FreeStockCharts.com

Freestockcharts.com is a website that provides free charting services for traders. This website is easily accessible since the only thing that traders need to do is to go to the website, pick   their desired stock and begin charting. No installation or subscription fees are required. The features that are note-worthy of FreeStockCharts.com are its ability to:

a.)    Show real-time stock charts

b.)    Instantly zoom in and out of various timeframes

c.)     Display technical indicators

d.)    Display financial ratios

e.)    Update the trader with online business news

Freestockcharts.com is among the most appealing charting service providers because it provides high quality and dependable services for free.

Interested in using Freestockcharts.com? Click here.

ThinkOrSwim

Figure 03: Charting Using ThinkOrSwim

ThinkOrSwim is simply one of the gems in the pool of charting service providers. Its trading platform, thinkDesktop which already integrates its charting services, is straight forward and intuitive. ThinkOrSwim is operating under TD Ameritrade’s network which supplements the platform with support resources, research amenities and access to excellent investor education. Under thinkDesktop, traders may also use a feature that opens up a virtual platform called “paperMoney” allowing traders to practice before the actual trade. The other features that are worth mentioning are its capacity to:

a.)    Scan exchanges for stocks that meet user-set criteria

b.)    Display advanced technical indicators

c.)     Expand and aggregate chart periods

d.)    Modify and write scripts for customized studies

e.)    Collect trading suggestions from its trusted brokers

The thinkDesktop platform is free once a trader opens up account with ThinkOrSwim. Although opening an account may be expensive since it amounts to an amount of 3500 USD, the quality of service that you can expect from ThinkOrSwim is surely worth the cost. Furthermore, the advance features that you can only get from ThinkOrSwim as listed above guarantees you a competitive edge over other traders.

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