Why Most Daytraders Use QuoteTracker for Charting & Technical Analysis
Read Best Technical Analysis Charting Software to get an overview on what other great TA software are available.
Update: Starting from 21 Sep 2009, the free version of Quotetracker will need to be registered in order to use datafeeds and integrated trading with US brokers.
Medved Quotetracker is an excellent example of a very high quality stock and futures trading charting software that can be acquired very inexpensively, and if you are a TD Ameritrade customer, you can have it for free. Those who are not familiar with Quotetracker may dismiss it as a "toy" and not for serious daytrading but don't let the price fool you. You are about to be exposed to a very powerful real-time trading charting software that is as capable, if not better, than other technical analysis charting software that cost an "arm and a leg".
So what's the secret behind Quotetracker's success? It definitely has a lot to do with the fact that the developer of the software, Jerry Medved, is very active in tending to his user's needs and problems. Send him any Quotetracker related question and Jerry will personally and promptly try to resolve your problem, normally within just a few minutes and rarely, if ever, over a few hours! You can also find Jerry very involved in discussions involving Quotetracker in major trading related forums like EliteTrader. Note: QuoteTracker was acquired by an affiliate of TD Ameritrade in 2006.
Wide Selection of Data Sources
Quotetracker is a real-time charting front-end that can accept data from many sources, including data feeds from brokers like Interactive Brokers, optionsXpress, Scottrade, Ameritrade, and dedicated datafeeds from data vendors like StockWatch and IQFeed (see full list of data sources). Most brokers however do not give out multi-day backfill data to fill out your charts in case your computer goes offline, so there may be a requirement to go with quote providers like IQFeed and StockWatch to fill the data gaps. These real-time quote vendors have very low cost packages, designed specially for QT users and which typically cost less than $20 per month, that integrate very well with QuoteTracker. As a note, Interactive Brokers (IB) offers free 10-day backfills to their customers, which may be sufficient for many investors and traders' needs. The caveat to using this solution is that IB's front-end Trader Workstation (TWS) needs to be started each time you want to run QuoteTracker. This 5-day backfill (subsequently increased to 10-days) by IB was rolled out in Jul 2005 so you will need to get QuoteTracker beta version 3.6.3d (or newer) and IB TWS version 848 (or newer).
Real-Time Charting and Extensive List of Technical Analysis Indicators
Quotetracker (QT) has very customizable charts. Most of the standard chart types like OHLC & Candlesticks, and basic technical indicators like Stochastics, MACD etc, are there. There are also some esoteric ones thrown in like Bressert DSS, Inverse Fisher Transform RSI, Twiggs Money Flow and Woodie's Pivots. It's been discussed in many trading forums about Jerry Medved adding indicators to QT based on user's requests. The other good thing about QT's charts are that they are free floating and can be dragged anywhere in your screen space, unlike QCharts, which have to be contained within the main QCharts' workspace. In addition, Quotetracker's charts are also very multi-monitor friendly as the program automatically remembers the last position of each individual chart and component so that your workspace is perfectly restored each time you restart QT. Find out more about Multi-Monitor Laptops and Multi-Monitor Desktops.
For index futures daytraders, you'll be happy to know that Pivot Points (which are used extensively by futures floor traders), are available in Quotetracker's standard indicator list. The user has a choice to get Monthly and Weekly Pivot Points over and above the standard Daily Pivots. This is invaluable for determining the various support and resistance levels, especially for traders who are day-trading the S&P 500 (ES) and Nasdaq 100 (NQ) e-mini futures.
Support for Integrated Trading within QuoteTracker
Quotetracker has tied up with a number of major brokerages to enable full Integrated trading from within the QT software. A trader has to just login using his broker's login information and Quotetracker will seamlessly enable trading through your own broker using QuoteTracker's direct access interface. It has been noted that order entry and transaction monitoring is drastically faster using QT's interface. Some of the brokers that support this feature include Interactive Brokers, TD Ameritrade, MB Trading, Cybertrader and TD Waterhouse.
Typical Computer System Requirements for QuoteTracker
Quotetracker is hardly a resource hog as compared to some other more expensive charting solutions out there. A typical Intel Core 2 Duo, AMD Athlon Dual-Core or even an older Intel Pentium 4 Single-Core system with 1 Gigabyte (GB) of RAM is more than sufficient to smoothly run QT without any problems. As an example, QT just consumes about 10% of the CPU resources when running on a 1.8 GHz AMD Athlon with 512 MB RAM with 20 charts opened, spanned across 2 monitors giving an effective workspace of 2560 x 1024 pixels. There's even enough juice left to run Interactive Brokers' standalone Java based TWS order entry platform and WinTV to monitor CNBC or Bloomberg. Read Best Stock Trading PC and Real-Time Trading Computer System Requirements for more information on configuring a real-time trading computer system.
In conclusion, Medved QuoteTracker is an excellent Windows based charting program that integrates smoothly with various datafeeds, brokers and financial sites to provide you with streaming real-time quotes, live intraday charts with technical indicators, level II quotes, time and sales, alerts, news monitoring, and everything else you may need to effectively trade in today's fast-moving market.
In terms of price and functionality, Medved Quotetracker is hard to beat.