eSignal’s award-winning products offer competitive pricing, support that gives new meaning to “customer service”, access to comprehensive trading education resources and advanced charting and technical analysis tools that connect to 50+ brokers for seamless trade execution.
When it comes to finding the perfect charting software that suits your preferences, you are spoilt for choice. Some of the options out there include eSignal, TC2000, MetaStock, TradeStation, etc.
All the platforms have different characteristics that you could benefit from. There are those that are available for free while some cost a pretty penny. Some are web-based platforms, while others come in the form of downloadable software.
As you can see, it all depends on what you are looking for. In this article, we are going to do a detailed review of the eSignal platform so that you can see whether it has what you are looking for or not.
However, keep in mind that this program is not cheap. It’s probably designed for people looking for something extra in their charting software.
Let’s now see what this platform has for us and whether or not it’s worth the hype.
What is eSignal?
This is a charting platform that has been around since 1983. It was created with the traders who apply technical analysis in mind, and it features highly customizable charts and advanced analytical tools.
The platform is owned by Intercontinental Exchange, the firm that runs the NYSE and ICE futures exchange. This should give a hint of how reliable the data that this platform provides is.
Besides being a charting platform, eSignal is also a trading platform, and up to fifty different brokers are integrated into the platform. This allows you to use the platform to execute trades directly.
The main advantage of it being a dual-platform trading platform is that you enjoy access to real-time data.
Both beginner-level and experienced traders are likely to benefit from this program. For the newbies, all they need is some knowledge of coding and chart market changes.
Another thing that you may like is that the program is compatible with both Windows and IOS operating systems.
If you are wondering what you are going to find in this program, check out the next section, whereby we have analyzed the program’s main features.
We are now going to analyze the key features of this program in detail. They include advanced charts, watch lists, scanners, broker integration, among others.
This is the main feature that the program offers. It has highly customizable and easy-to-understand charts that you can easily link with multiple windows.
You are going to appreciate how organized the platform is and also how easy it is to resize and move the charts around the workspace.
The charting intervals that eSignal offers include time (seconds, minutes, months, years, etc.), Volume (the quantity of shares traded), Range (price movements), and Tick (number of trades executed).
As for the chart types, you have quite a lot of options to choose from, and they include candlestick, bar charts, histograms, line, a price break, area, and point & figure.
The eSignal platform has the Market Screener Plus, which you can use to scan based on fundamentals, values, or technical.
You can create your unique scans or choose from the predefined, customized, or purchased scans from the apps store. The number of scans you get depends on the free exchanges that your specific plan covers.
For additional exchanges, be prepared to pay more.
III) Technical Indicators
Another thing we liked with this platform is the full range of technical indicators available. From basic to advanced indicators, you are sure to appreciate the flexibility that you get on this platform.
Unlike other platforms that bunch up indicators and make everything more confusing, eSignal allows you to resize and move the charts around so that you can save time as you observe the market movements.
We believe that eSignal has one of the best news feeds that you may ever come across. It gives you access to COMTEX, Dow Jones Headline news, among other reliable third-party news providers.
If you are a news trader, you will appreciate the convenience that comes with using keywords to scan for catalysts as the day progresses.
V) Hot List
This is a unique aspect of this platform that provides detailed analyses of the top 100 market movers. On top of that, you can write your strategies, and you could always refer to some developer modules for help.
As soon as you have written the strategies, the software would trade for you once the conditions that you defined are met.
The learning process never comes to a stop, and that is why this platform allows you to access webinars and seminars. Here, you can learn new stuff from the pros on trading and strategies that could prove useful.
The other option you may like is how you can configure the platform based on various parameters such as price movements, market patterns, and metrics.
You could also configure the alerts through the watch lists or the charts, and this feature would enable you to diversify your trades so that you can know where you ought to place the most emphasis.
VIII) Order Entry
This platform allows you to place trades through the online brokers connected with the software. There are over 50 online brokerages connected with the software, and through them, you can trade in futures, forex, stocks, and options.
However, you cannot trade on this platform if you are from Africa, Europe, and the Middle East.
How It Works
This program’s main benefit is that it offers you current and accurate data, and the charts help you understand and predict market conditions.
If you are a technical trader, you will appreciate how you can set alerts on a specific indicator or price to enable you to make the right move at the right moment.
eSignal offers you three different subscription packages to choose from. Let’s see what they are about.
This is the basic plan, and it targets the casual trader who makes occasional trades in a month, although not every day.
It will cost you a monthly fee of $54, and you can check up to 200 symbols at a go.
However, you can expect some flaws with the package. For instance, it usually has a fifteen-minute delay, and if you want to avoid this issue, there are two more packages for you to think about.
The Signature plan is the next package, and the one that most users subscribe to. At $176 per month, you will get access to real-time data, and so you can forget about the delay generally experienced with the first package.
As an upgrade of the Classic plan, the number of symbols that you can check out slightly rises to 500 tokens at a time.
Besides that, you will get access to the eSignal learning center, a database that any newbie should take advantage of. This is because you can learn all the basics that would help you find your feet in trading stocks.
Not just beginners, but the veterans could also take advantage and improve on their already existing skills. They could also stay up-to-date by relying on market trends and reports to keep up with the changing dynamics in the trade.
This is the third and final option, which also happens to be the priciest. At $359 per month, the price may seem a bit steep, but you will get full value for your money, as you shall see.
In this package, there are a lot of features that you get access to, and they include real-time data streaming, one-on-one mentoring, and broader history access.
An outstanding aspect of this package is that you will get access to the Advanced GET technical analysis trading platform. Here, you can track the highest and lowest performing stock several categories, plus you can chart the forecasted earnings and trade directly on the eSignal site.
With the historical data, you do not have to spend real money in order to watch the outcomes of several markets and channels.
The eSignal Customer Support
It does not matter which of the three plans above you subscribe to, the kind of support that this program offers is one that you are going to appreciate. The support team provides round-the-clock service i.e., 24-hours a day, 7-days a week.
You could either go for a live chat with the customer support team or the Knowledge Base, which features previously answered questions and solved problems.
Note that the Knowledge Base deals with queries concerning the downloads, the Quotek Mobile (eSignal Mobile), and the symbol guides.
You can transfer all the live-stream data straight from the program to your smartphone or tablet with this feature.
The other features that you may find useful are the newsletter and the blog. Here, you can pick a few trading tricks while the historical valuations on the markets should help you gain a deeper understanding of high and low performing markets.
The performance may be for a day, a week, or a month.
Over the years, eSignal has picked up several awards in the business field. They include:
- Best Real-Time/Delayed data
- Best Stock Trading System
- Best End of Day Data
- Best Futures Trading System
Who Does the eSignal Platform Best Suit?
If you are an advanced trader who does not mind spending a lot on a standalone charting platform, this program is what you are looking for.
Active traders are most likely to go for the Signature Plan while the cash investor would be attracted to the Classic plan due to the scans and advanced studies it offers.
As for the technical analysts, the Elite Plan is likely to be more appealing.
Pros & Cons
eSignal is an amazing program that has its flaws. So, we are going to briefly touch on both the merits and demerits of this software.
When it comes to charting platforms, it is hard to dispute that this platform sets the bar. This is because it has everything that an active trader could ask for from such software.
It is very easy to use and highly customizable so that you can set to your personal preferences.
You may easily be put off by the high pricing, but it is worth every cent that you spend on the program.
The developer could always make some improvements to boost the program’s awesomeness. For instance, it could have allowed back-testing or introducing a traders’ chat room where different traders and investors would share their tips and ideas.
We hope that our article has helped you decide whether or not this program is worth investing in.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.