Ever heard of the not-so-old saying that “A trader is only as good as their charting software?” And even though that’s debatable, there’s no doubt that a day in the life of a trader involves the need to analyze multiple data sources.
Therefore, no matter your level of experience, style of trading or account size, chances are that you’ll need a tool or software for the job. And in the following few lines, we’re going to talk about some of the best ones that day trading enthusiasts from all walks of life love to use.
Top Software Programs For Day Traders in 2023
1. Trade Ideas
This is a standalone stock scanner which heavily relies on the power of artificial intelligence. The platform is designed to be a one-stop source for, you guessed it right, a continuous flow of ideas.
TradeIdeas has carved a niche for itself with the ability to attract a wide and savvy clientele. And so far, they serve more than 50,000 traders drawn from more than 19 countries.
What Trade Ideas does is crunch thousands of stocks and carry out the background research for you. It then presents you with actionable alerts which enable you to make informed trading decisions without having to spend long hours studying the markets.
Trade Ideas is available in free, standard, and premium plans. The standard plan goes for $1068 per year while the premium plan costs $2268.
If you’re looking for a stock charting and analysis software, you’ve got to give TradingView a shot. If anything, it’s available in both free and paid options meaning you can use it without spending a cent and only upgrade it if you’re satisfied with what the site has to offer.
One thing we like about this platform is that it makes it possible to view a wide range of price charts and track different asset classes ranging from cryptocurrencies to commodities, currency pairs, bonds, futures to stocks. What’s more? You can use this system to follow multiple assets including commodities from the overseas markets e.g. crude oil features, Nikkei futures, Euro/Dollar currency pair, and BTCUSD.
This service is available in four different tiers. The first tier is the free plan which enables you to easily sign up with your Google or Facebook account. Then there is the Pro Plan which goes for $9.95 per month.
There is also the Pro+ which will require you to fork out $19.95 per month. And lastly, you’ll find the premium package which retails for $39.95 per month.
3. Benzinga Pro
In a world full of new developments, the best way to succeed as a trader is by keeping your finger on the stock market’s pulse. The Benzinga Pro program is all about that. It provides you with exclusive analyses along with insider CEO comments. This gives you with all the background data you need to always be one step ahead of the major announcements.
This service has been around since 2010 and within that period of time has managed to stand out as a go-to platform for anyone looking for an easy access route to the latest happenings in the financial markets.
Three tiers are available under the Benzinga Pro menu with the most basic package going for $99 per month. Then there is the Essential Package which is priced at $147. The highest tier, known as the Enterprise Plan, is only available on request meaning you’d need to call the company to discuss.
Charting is an important part of every successful trader’s life. How else would one be able to determine the trends adopted by certain stocks? How else would one load their indicators for some custom alerts?
eSignal is, no doubt, one of the oldest charting platforms in the industry. And thanks to their many years of service, they’ve been able to set up a really powerful system. In fact, they provide 24/7 customer support during all trading days.
This makes eSignal a wonderful option for anyone looking to learn the ropes. And best of all, their built-in system enables you to link directly to over 50 different brokerage firms. So, if convenience is your craving, this would be a good platform to use.
The company provides three product plans. The basic tier is the Classic Plan which is priced at $52 per month. Besides that, there’s the Signature Plan which retails at $168 per month and the Elite Package which is currently priced at $342 per month.
All packages come with a 30-day money back guarantee along with the option to make use of a 30-day free trial window.
TC2000 is more than just any other charting platform. In addition to it presenting you with some easy-to-use charts, it also provides you with proprietary analysis tools along with screeners.
Indeed, the service which was established by the Worden Brothers some 24 years ago has been aging like fine wine. And it’s no wonder they were once voted the best analytical software by the Stocks & Commodities Magazine.
There are three pricing options to choose from under the TC2000 package. The first one is the Silver package which goes for $9.99 per month. Then there is the Gold package which costs $29.99 per month along with the Platinum package which is currently priced at $89.98 per month.
6. TAS Market Profile
What if all you are looking for is market intelligence that’s based on technical analysis? TAS would be a perfect launching pad for your career. This system automatically gathers insights for you effectively generating market centric derivatives which make it easy to make informed decisions.
What’s more? TAS provides you with 4 indicators which include Advance/Decline Line, Breadth Ratio, Trin and Tick. The four rely on stock volumes and provide important information on stock movement patterns.
One thing you have to note about TAS is that they have a pretty large menu of options. Their “The Edge” platform goes for $1197 on an annual basis. Their scanning tool goes for a similar price to what you’d get The Edge for. And lastly, the TAS charting indicator is available from as low as $7 per month (Market Map).
If you like to keep up with all the chatter from the penny stock world, Scanz might be the only service you’ll ever need to sign up for. It’s a subscription-based platform which presents you with tons of tools which can help you become a better investor and trader.
Once the system has been set up and activated, it does a good job of scanning stocks and delivering alerts. What’s more? You also get a dozen easy-to-customize features which ensure that you only access the alerts that matter to you.
Besides that, the software is connected to a long list on online brokers. But just to be sure, it’s important to double check if your broker appears on the list or inquire if they’re compatible
In our view, the scanner alone makes Scanz worth its salt. It may not be perfect but it certainly does what is expected of it, and then some.
We really like the fact that Scanz has a rather straightforward pricing formula. You can enjoy a free 14-day trial before you decide which US Exchange option to settle for. Afterward, you can consider upgrading to the OTC markets group for $130 per month. You can also get NASDAQ for $135.
8. FinViz Elite
FinViz is one of the stock scanning tools that have maintained a firm grip of the market. They’re known for providing some great charting tools along with a steady supply of market news.
And because the system is capable of generating loads of data at any given time, they’ve provided some filtering tools to streamline the data. On top of that, you also get some awesome heat maps which you can use to get a quick overview of the markets.
In our view, FinViz*Elite is a one-stop-shop for anyone looking to identify investment opportunities in Forex, futures, and stocks. What’s more? You also get access to real-time and pre-market quotes, all under-one-roof.
FinViz is available for free, with limited features or under the FinViz*Elite plan which goes for $39.50 per month. Compared to other services with almost similar features, we think that FinViz Elite is one of the best-priced tools on this review.
Each one of the tools reviewed above has their fair share of merits and demerits. So, you need to look closely enough and while keeping your unique needs in mind go ahead to settle for the best tools and software for day trading.
In our view, there’s nothing like a one-size-fits-all platform for day traders. But if we were to choose some favorites, we’d go for Trade Ideas for market intelligence, FinViz for stock scanning, TC2000 for charting and Benzinga Pro for insider news.
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