Tools For Technical Analysis

Top 5 Tools For Technical Analysis

Thu Mar 18 2021 05:24
A trading toolkit is important for any trader. But the most important thing is to set up the right trading tools. There are various trading tools used by traders in various markets. Here we are talking about technical analysis. There are many tools used by traders for technical analysis. You are open to choose any tool for your trading toolkit but which one is the best? 

Choosing the right tool is important because it will help you achieve that level of accuracy in technical analysis. Without being serious about the technical analysis tools, you cannot succeed in technical analysis. So here we are with the best and top 5 technical analysis tools. These top five tools will help you achieve your goals in technical analysis.  

Deep dive into top 5 tools for technical analysis 

Other than the list of top 5 technical analysis tools we have something more important for you in this post. Here we will let you know about the ways to use these tools and how to make a trading toolkit that helps you. 

So this post is not just about the top 5 technical analysis tools only. Rather than a list, this post is about making a useful trading toolkit and then using that toolkit in various trading markets. 

What Are These Technical Analysis Tools? 

Technical analysis tools are used by traders to make the technical analysis more simple and accurate. Without using tools, you cannot get success in any trading market. You will find that technical analysis tools are very useful because they make complex things simpler for traders.  

Why Are They Important? 

As we have mentioned above that technical analysis tools are used to conduct technical analysis. There are various types of technical analysis tools used by various traders. 

Some traders use beginner-level tools, while some use advanced-level tools to analyze the assets or markets. So all these technical analysis processes are important for traders. Because not only they provide convenience but also they help them to generate profits out of their trading.  

Top 5 Technical Analysis Tools Offered By Brokers 

There are several different types of technical analysis tools available in the market. But here we are going to mention the top 5 technical analysis tools offered by brokers. No matter which broker you have used to open a trading account. You can switch to a new broker anytime. So it depends upon you to decide which tool is useful for you. 

If you find any tool useful for you, then you can switch to that broker anytime. So let's get started with these top five technical analysis tools offered by brokers.  

#1. Active Trader Pro 

Active Trader Pro is a commonly used technical analysis tool & this tool is provided by Fidelity Investments. Many stock traders and even forex traders have active trader pro as their first choice. Talking about its features, this tool is more useful than any other one available in the market. 

It has various features, but the best feature is extended historical data. You can see historical data for up to 30 years for an asset. This tool is available in both modes, the web-based user interface, and the downloadable user interface. The web-based interface of this tool has some limitations.  

#2. Lightspeed Trader 

This tool is also a brilliant one available in the market. This tool is very useful for novice traders. However, it is not providing more than 20 years of historical data. From volume to price movements and pullback details, everything you will get here in the Lightspeed Trader tool. 

The other brilliant feature that this tool has is customization. You can easily customize almost every single list. You will be shown assets and their information according to your preferences.  

#3. ThinkorSwim 

ThinkorSwim is an advanced trading tool provided by TDAmeritrade. This tool is not particularly developed by technical analysis. But technical analysis is one of its features. The amazing thing about this technical analysis tool is that this tool has many supporting tools. 

So rather than saying that ThinkorSwim is just a technical analysis tool, we can see it as a complete trading toolkit. Because it has many features from technical analysis to data visualizations. So you don't need separate tools if you have ThinkorSwim. 

#4. Screener Plus 

Whether you need a tool for technical analysis or you need it for fundamental analysis, you can use screener plus. There are some tools made for both kinds of analysis and screener plus is one of them. This tool is provided by Charles Schwab and is compatible with their trading platform known as Street Smart Edge. 

The best thing about this tool is that it provides customization with the help of filters. So you can filter to make useful data available on your screen. 

 #5. Trader’s Workstation

This technical analysis tool is provided by Interactive Brokers. Interactive brokers are one of the most reputed brokers available in the market. And this tool provided by Interactive Brokers is also being used by many traders in different financial markets.  

Top Web Tools For TA 

Along with brokers' technical analysis tools, there are many web-based tools for technical analysis. These tools can also be useful for you as a beginner-level trader. Following are some top technical analysis tools available in the web-based version.  

#1. Ninja Trader 

If you want to test your trading strategies, technical analysis, and the whole trading system that you have developed, then use NinjaTrader. This amazing web-based tool is very helpful for many traders.  

#2. Esignal 

Esignal is one of the oldest technical analysis platforms provided for traders. In its initial days, it was just a web-based platform. But now this platform is also available for traders in a format of the individual downloadable user interface. It is all up to you which one you use for technical analysis. 

#3. MetaStock 

Talking about old technical analysis tools and not mentioning MetaStock is not a good idea. This tool is also useful for stock traders and forex traders, those who are looking for the best technical analysis tools.  

#4. StockCharts 

Useful for stock traders, this tool provides advanced level charting features required for technical analysis. The stock traders can use this tool as a supportive tool or they can also use it as an individual trading technical analysis tool.  

#5. Market Gear 

Market Gear is also an advanced charting tool available for technical analysis. This tool provides you with a list of more than a hundred technical indicators. This tool makes it very easy for traders to analyze the market technically. 

Summary - Tools for technical analysis 

Choosing a tool depends upon various factors. You can choose a tool that is suitable for your trading style or your trading behavior. Also, your trading experience matters a lot while choosing the right tools for you. However, it is very easy to switch from one tool to another if you find other tools useful. 

Also, some advanced traders use multiple technical analysis tools for their trading journey. So it depends upon you, which tool you use for your technical analysis. Not choosing the right tool won't be helpful for you to get the best results out of the technical analysis. 

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