Trading Software Review : Metastock
Read Best Technical Analysis Charting Software to get an overview on what is available.
MetaStock has been a favorite charting software with traders for more than a decade. Now at version 11, Equis International, the makers of this fine software, have retained the same standards that made MetaStock a household name among active traders and investors.
Currently, MetaStock comes in 3 versions, namely the End-of-Day version and the Real-Time version which is called MetaStock Professional and the Forex version called MetaStock Pro FX. All these versions need you to subscribe to a separate data-feed account, from Reuters DataLink, QuoteCenter, ProphetFinance or other compatible data vendor, in order to update the securities or other financial instruments that you intend to track. Some charting and data vendors like eSignal and Qcharts have optional price plans which allow you to use their data-feed with Metastock End-of-Day or Professional.
Metastock's Key Features
So what can Metatstock do that Microsoft Excel or some other charting program can't? Well here is a list:
- Firstly, if you are in the midst of developing a system, whether intraday or EOD, Metastock enables you to easily backtest your trading system on multiple securities. The programming language is relatively easy and is quite intuitive after some practice. There are also a few sites on the internet, for e.g. Daryl Guppy's Site, where you can get pre-programmed explorations and Metastock formulas based on popular systems discussed in trading books like Street Smarts by Linda Raschke.
- Once you have developed and fine-tuned a system, MetaStock allows you to scan your database of thousands of securities looking for your prime trading opportunity. For end-of-day analysis, MetaStock's scanning and backtesting capabilities are difficult to beat, although in recent years, newer software like Neoticker and Stockwatch Pro have made real-time analysis and scanning much easier, faster and more intuitive than MetaStock.
Here are some other notable features of MetaStock:
- A library of experts will help you with your specific trading situation, identify trends, highlight price bars, place symbols, set alerts, and identify 31 different candlestick patterns.
- Over 200 built-in indicators and line studies ensure you will find the indicators that work best with your trading style. This collection includes over 80 indicators for Broad Market analysis.
- Immediately start system trading with MetaStock's large library of built-in trading systems!
Read about Tradestation, a trading software which can be programmed to perform Automated Trading.