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I just finished a 30-day free trial of MultiCharts, during which I tried the product extensively, including programming a simple strategy, using the backtesting feature, and paper-trading via Interactive Brokers API. I have intermediate trading experience, but am not an expert programmer, so I was drawn to MC because of the simpler syntax of EL/PL vs. NinjaScript.
From the trial, I am overall quite satisfied with the product, but as I've done additional research on this forum and elsewhere, there are a couple "red flags" that are giving me pause before I make the purchase (am looking to buy a lifetime license), so was hoping to get your thoughts.
1. From old forum threads, it seems like NT and MC were nearly neck and neck a few years ago in terms of popularity and reviews. However, it seems like these days the MC community has all but disappeared, and I noticed that all of their industry accolades are from a few years ago. Does anyone have any color on why this has happened and if it is a cause for concern for MC users? (in the most extreme case, is there any risk that the company goes away and stops providing customer support / software upgrades?)
2. I came across some threads about MC's unscrupulous actions relating to customer service (e.g., refusing refunds unfairly, censoring negative forum comments), as well as their questionable actions leading to them leaving futures.io (formerly BMT). For those of you who have used the platform for a while, were these anecdotal / one-off events, or is this characteristic of their customer service experience?
Also, does anyone who has knowledge of both MC and TradeStation have an opinion on whether MC is worth the additional money? (assuming that I would be making enough trades to waive TS' monthly platform fees).
Multicharts interface takes some time to get used to, but the platform is much more robust in my opinion. The charts load really fast and don't lock your system up when you change a range. MC doesn't just lock up in the middle trading for no reason like Ninja either.
There are many features in MC that Ninja doesn't even have. The only feature that MC lacks is a ruler. I use the ruler so many times a day in NT, and the lack of a ruler in MC is really a drag. I have asked them to add it in a future version and I hope they listen.
I think in the past, the need to actually purchase MC instead of the endless trial of NT was a real factor. Now that you can use the MC.NET version for free from AMP, it may make a difference.
The point is that it shows popularity, usefulness of said indicators is irrelevant - though "useless" is also your opinion. I wouldn't call any of the GOM or VP indicators rubbish, though I would definitely call MC.NET supporting VP "in the future" pretty rubbish to me.
You've made up your mind then, just use MC if it's your cup of tea.
I on the other hand would rather use what's most popular as the support from a wider user base is worth the short comings. Don't cry though when something in MC doesn't work and nobody answers your questions because the largest majority don't use it.
In the end - there are a lot of successful users of all platforms, regardless of shortcomings. A larger acceptance by the general population will just make your journey less painful when you run into the inevitable roadblocks.
Plus the fact that you already read opinions of issues with unscrupulous actions by MC but still question if you should use it, just tells me you are trying to justify it to yourself to keep using it.
If you want to talk about a serious lack of business ethics...look no further than Ninja Trader and their Brokerage.
They built their customer base utilizing the goodwill and clients of countless IB's. How do they repay it? Open a brokerage and start soliciting the customers of the same IB's when they contact NT support.
When I need an indicator or system I pay to have it coded exactly they way I want it done and then I control it.
Usually, anything that is free is worth exactly what you paid for it.
I don't question whether I should use it, I do use it. I even paid for the license. No need to justify anything.
There are many people using Sierra Charts, MultiCharts, Trade Station et. al. Just because NT is the most popular platform on this forum doesn't mean a whole lot.
Weren't you asking whether you should buy it, but you already have a license? Also didn't you just say you were drawn to MC for its simpler coding syntax, but you'll pay for someone to code it?
It does mean a whole lot - when you are coding your own indicators and you need support, the biggest user base is the path of least resistance. Since you'll pay for someone to do it, it probably won't matter.
I wouldn't blanket question the value of futures.io (formerly BMT)'s indicators, my assumption is you haven't being to the elite download section yet - being snarky and labeling everything as worthless is a bit misinformed. Though having said that I have already indicated the quality is of irrelevance, it is the programming support available when you need it of which you apparently don't.
It's a dog eat dog world, M$ started making their own hardware such as the Surface in direct competition with their hardware partners, it's just vertical integration - happens all the time. There's no loyalty when there's money to be made in business - if you can offer something better then you win.
I have a feeling that what goes around ..comes around. And with any luck it will happen to NT. They have made a lot of enemies with the way they have handled this brokerage issue. They have pissed off a lot of people with more money and power than they have. They may find that it is not smart to mess with some large sleeping grizzly bears.
