Looking for the best technical analysis software, that is free? Let’s discuss the key features and what makes a software free!
What does free analysis software mean?
There are multiple levels of free softwares:
- free version can have limited functionality as long as it is not paid for
- maybe the sofware is free in the trial period only
- free, but advertisements are shown
- the chart solution is free, but it is embedded in the trading system, so you pay for it through the fees of trading
- some requires registration (which may include advertisements, too)
We also have to mention that there are softwares where the free version contains quite annoying ads, or other popups. It is up to you which free plan you prefer.
Most important features
To be able to choose the best software, there are some key features first:
- technical analysis:
- What kind of indicators does it know? Can indicator paremeters be fine tuned?
- Does it contain pattern recognition?
- Does it have any backtesting feature?
- Can you create scripts eg.: for your own buy-sell signal?
- Is it integrated in a trading system, or do you have to place your orders separately?
- platform: some technical analysis softwares work in a browser (which is more or less platform independent), some are desktop applications (meaning, it may matter, if you are using Windows, Mac or Linux), some are working on mobile devices, too
- maintenance: among free softwares we may often find ones, that are not maintained any more, and some are not prepared for the modern environments.
- can it handle stock data of your target country?
- does it contain any additional features, like fundamental data, alerts, news, etc.?
Finding the best one
There is no single best technical analysis software even among the free ones. It actually depends on your current needs, which will fit you the best. Before choosing one, you also have to answer a couple questions, like:
Which features are important for you, and what do you need the analysis software for?
- are you learning stock trading?
- are you an active trader? Are you a daytrader, or are you a longer term investor?
- do you need charts for your thesis work / essays only?
- do you need charts because you are a financial blogger / journalist, and you need illustrations for your work?
Options to consider
If you already know which features are essential for you, you may decide easily, which one to use. We do not publish features of particular softwares as we may skip something that is important for you, or maybe developers add something you need after this article is created.
But here’s a list of softwares which may be a good starting point: Trading View, StockCharts.com, Yahoo! Finance, CNN money, and our free technical analysis software, Chartoasis Chili.