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charting software of choice
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charting software of choice

  #1 (permalink)
Trading for Fun
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charting software of choice

charting software for customising indicators and strategies - NT7, MT4 or MultiChart?

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  #3 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker/Data: Interactive Brokers
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kaywai View Post
charting software for customising indicators and strategies - NT7, MT4 or MultiChart?

MetaTrader has a lot of limitations. If you want proper tick, range or volume charts, it not an obvious choice.

Both NT7 and MultiCharts allow for customizing indicators and strategies and are good products that can be recommended.

NinjaTrader Pros: DOM, automated trade managment for discretionary trading, powerful scripting language.
NinjaTrader Cons: Reliability, CPU load

MultiCharts Pros: Reliability, RAM usage and CPU load, Library of Tradestation Indicators and Strategies
MultiCharts Cons: DOM and tools for discretionary trading still in its infancy stage, Easy Language concept limited

The beauty of both of them lies really in the eye of the beholder, there is none that can be recommended over the other one, but both are reasonable and good choices.


Last edited by Fat Tails; February 14th, 2011 at 03:24 PM.
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  #4 (permalink)
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kaywai View Post
charting software for customising indicators and strategies - NT7, MT4 or MultiChart?

Might consider adding SierraChart to your mix.

Pros - Reliability, RAM usage and CPU load, economical, many user custom studies (not as many as TS), DOM, advanced and intermediate scripting (excel/worksheets), many good data feeds, attentive support, auto-trading (i don't use), etc.
Cons - Some say there is a steep learning curve.

FWIW I'm biased, lol. I have used NT, never used MC nor MT4

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  #5 (permalink)
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Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
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The guy at emini-watch did a thorough analysis of different platforms, you might want to check his take on that:
Charting Software: What is the Best Charting Software?

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  #6 (permalink)
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trendisyourfriend View Post
The guy at emini-watch did a thorough analysis of different platforms, you might want to check his take on that:
Charting Software: What is the Best Charting Software?

This comparison is indeed well presented and complete. If you look for a charting software, watching those four videos can save you a lot of time.

Thanks again for the link!

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  #7 (permalink)
Trading Apprentice
Princeton, New Jersey, USA
 
Futures Experience: Intermediate
Platform: Tradestation, InfinityAT
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I liked most of the presentation. It was done intelligently and non-dogmatically. I have two criticisms:

1) there was no mention of the importance of customer and technical support. And here, some are definitely better than others.

2) Tradestation data feed is not rock solid. I am sorry, but that is not correct. I am not talking about catching every last tick. I am talking about the freezes followed by spurts of data trying to catch up. This is all very well documented in their own forums. I also base this on my own experience and on my discussions with their top data guy. It seems that part of the problem is that there is a bottleneck that exists between their data feed and their charting application. Since they did not bother to upgrade their system in any major way for years, the client just can't keep up with the data that is now being sent.

I am not completely knocking Tradestation, which has a lot of advantages, but I did want to correct some misconceptions.

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  #8 (permalink)
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Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
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Regarding Tradestation as a broker they are not licensed in Canada consequently we can't use their software.

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  #9 (permalink)
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as Barry from emini-watch stated, it is a personal choice... I would suggest you take the time to figure out what matters to you first, what are you looking for within a platform for charting... then create a score card.. and pick the ones that you want to review.. and go one by one evaluating each category on the score card and rank them according to your needs... and then pick based on whatever had the higher score... that is what I would do if I was on your position..

other than that...

for charting..

NT7 and MC have a free version, and there is also quotetracker for "free" ... there are quite a lot for charting platforms out there... it comes down to what you want from it.

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  #10 (permalink)
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sysot1t View Post
NT7 and MC have a free version, and there is also quotetracker for "free" ... there are quite a lot for charting platforms out there... it comes down to what you want from it.

I used QuoteTracker for a while, but it only is a nice little toy. You would not really want to compare cars and rollerblades.

QuoteTracker has no DOM, no Chart trader, no Scripting Language, no backtesting, no custom indicators, no commercial add-ons, no large user base. The free version can only load 2 days of intraday data. You better had not mentioned it here.


Last edited by Fat Tails; February 15th, 2011 at 07:45 PM.
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