If you are focused on technical analysis of your securities, then you understand the importance of EOD charting software. There are many commercial products and options available, so it is important to spend some time figuring out which one will work best. In most cases, they will offer a free trial to help you learn more about the product and how it can benefit you. However, there are other essential things you should consider when searching for technical analysis products that can chart end-of-day needs.
Interface
If you can’t understand the interface and use it quickly and easily, you won’t use it at all. Make sure it is easy to navigate and understand and everything else will likely fall into place. Otherwise, you may find it too difficult to use and may waste money and precious time.
Time Frames
There are going to be times where you’re making long-term and short-term trades, so it is important that you can switch between different time frames to get the information you need quickly. The product you choose should offer a broad range of options. The shortest time-frame should be at least three minutes though you are likely to find some that are in seconds, called real-time. They should go upwards through monthly, as well.
Chart Options
One single chart isn’t enough to see everything you need to see. You may want to switch between candlestick, HLCS, and point-and-figure options. If the product you choose doesn’t allow customization or various charts, you may be missing out.
Lines and Slopes
When setting parameters, you should have at least ten that are standard, which can include MACD, Bollinger bands, linear regression, stochastic oscillator, moving averages, and others. They should also allow you to draw unlimited amounts of lines using any slope.
Formulas
The algorithms used to analyze the data can be programmed into the product and in most cases, you’ll notice predetermined versions. However, you may want to customize the formula to fit a particular need, so make sure they allow this and offer it as part of the features of the product.
More About Trials
Most people are unaware that many products on the market provide a free trial, where you can test it out and use the full version for 30 days without paying. After the 30 days, you will be required to purchase it or remove it from your computer or network.
EOD charting software should allow you to customize it in many ways through charts, lines, formulas and more. Visit Spider today to learn more about their products or to start your free trial.
