Day trading is one of the most interesting and profitable ventures one can explore in this day and age. However, in order to get the best experience out of every long or short move you make, it’s imperative to invest in a good charting software.
The two big names that easily come to mind as far as top forex software alternatives are concerned are TradingView and StockCharts. The two have been locked in a battle for popularity with pundits often concluding that the duel is so closely fought that it’s nearly impossible to determine the winner.
Having taken a closer look at the TradingView vs StockCharts comparison, we were able to identify quite a few similarities and a bunch of differences as well. Here’s a quick rundown of facts worth keeping in mind.
More about TradingView
TradingView was initially designed to be a standalone website but along the way, they remodeled it into a charting platform. As a browser-based platform, this site provides you with enhanced access to premium features – no matter where you may be. In addition, this charting and analysis tool comes with built-in social media integration complementing a fast-growing forum of dedicated traders that the website has come to be known of. Thanks to the fact that TradingView is cloud-based, you can access it using any device be it a Smartphone or computer from any part of the globe.
Besides accessibility, TradingView offers a great deal of flexibility covering forex markets, features and global equities alike. It’s easy to see why this is touted as the best browser-based charting platform in the world currently. Since its establishment in 2011, this site has grown by leaps and bounds to play host to 15 million global users.
Unlike other tools we’ve come across so far, this one steers clear from rumors, spam, fundamental analyses and individual opinions. Instead, it delimits itself to technical analysis and charting. The main advantage of taking this approach is that it helps weed out every shade of uncertainty that is typical on sites that play host to pump and dumpers.
So, whenever you make a decision based on the analysis gathered on this platform, you’re 100% sure that it’s critically analyzed based on facts, figures and market trends. No gimmicks!
More about StockCharts
Just like TradingView, StockCharts is a charting and analysis platform. As you’d expect out of such a platform, there are lots of charting tools for you here as well. As a newbie, though, it might be difficult to understand what to do especially when confronted with a barrage of options. Fortunately, the good guys of StockCharts operate a program known as Charting School where you can learn all the basics.
The platform has been in operation since 2009 and has so far built a good reputation for itself as one of the few stock trading portals capable of weathering all manner of challenges. Just like TradingView, StockCharts enjoys a relatively good reputation and has even been featured on Investopedia.
While the platform comes with a wide range of features, its key highlight is the charting functionality.
One of the outstanding charting tools has been christened Sharpchart and it basically comprises candlestick and bar charts all which are presented in a cute, easy-to-grasp layout. In fact, you can use this unique workbench to create charts for any of the 25,000+ indices, mutual funds and stocks on offer.
TradingView vs StockCharts – Key Differences
The two platforms offer three trading tiers. TradingView has a Pro tier which is basically a beginners’ level of trading and contains basic features which are just enough to give you a much-needed boost. StockCharts begins with Basic tier which offers you some basic charting features with historical price data points dating back to the 80s.
However, TradingView offers a cheaper package for beginners, going for $9.95 per month with a 30-day free trial. StockCharts, on the other hand, offers a pricier beginners tier going for $14.95 with a 30-day trial. We find that there’s absolutely no justification for the extra $4 required to join the latter platform since the two offer pretty much similar features.
TradingView seems to have a better layout than StockCharts. For instance, the former has a clean ad-free interface and this gives you an opportunity to only interact with the content that matters the most to you. That’s however not the case with StockCharts which looks quite crowded and frequently rolls out ads.
That said, both platforms have relatively straightforward signup pages. It only takes a few minutes to become a member. What’s more? You can get rid of the ads on StockCharts by simply paying up to become a premium member.
As far as features are concerned, the two platforms seem to be adequately armed with the latest technology. TradingView, for instance, comes with HTML5-based charts. These load fast and allow you to track the latest stock prices as well as price patterns. So, whether you’re looking for spread charts, PNF, Line Break, KAGI or even Renko charts, this system has got you covered. To top it all off, this platform comes with 50+ intelligent drawing tools to allow you to create a custom-made viewing experience.
StockCharts on its part comes with a wide range of charting tools including the SharpCharts which is dubbed an award-winning program. Pretty much everyone who signs up on this platform does so due to this handy feature. The charts are quite effective at providing a workbench for technical analysis. What’s more? There are quite a number of chart settings waiting for you to explore – and these can be customized to suit your unique trading style.
Another notable feature on this platform is the dynamic yield curve which comes in handy under certain economic conditions when traders need to exercise caution prior to opening new trades. This curve provides information on the market situation at a glance you can also explore historical yield curves, conveniently.
4. Stock Screening
Once again, as far as stock screeners are concerned – it’s a tie. TradingViews comes with a highly sophisticated stock screener which is loaded with a built-in filter that filters out stocks based on the metrics you specify. For instance, if you’d like to invest in the cheapest stocks from fast-growing companies, you’d only need to filter out based on the lowest P/E ratio. Another awesome attribute to using this screener is that you can work with it either on a separate page or directly on the charts you might be tracking.
Stockcharts, on the other hand, is no underdog as far as stock screening is concerned. The super-duper system comes with the ability to specify your technical criteria so you can zero-in to the trades you’d like to profit from. And to top it all up, there’s a possibility to create custom alerts. That means you can still benefit from market information that’s tailored to your specific needs either through web notifications, SMS or emails.
5. Value for Money
Of the two, which one offers the best deal? You might want to ask. Well, to this end, our research confirms that TradingView offers more bang for your bucks. You can opt for the $9.95 basic tier (Pro Tier) and this grants you access to 2 charts per layout. On top of that, you enjoy unlimited freedom to use indicator templates of your choice. You get pretty much the same package from Stockcharts but at $4 more. In fact, the only major difference between the two is that TradingView allows for 5 indicators per chart while Stockcharts allows for up to 25 per chart.
If you’re someone who understands trading, you know very well that loading too many indicators isn’t always a good thing to do. Experts across the world recommend that you should always keep your charts tidy. So, you really don’t need the 25 indicators anyway – in fact, 5 in our opinion would still be more than enough.
6. Market Commentary
Once again TradingView takes the crown as far as access to market commentary is concerned. As you might be aware, this was originally a forum where people would come to share trading ideas. So, the moment you join TradingView you ultimately join a community that has coexisted since 2011. Of course, that means you’ll never run out of options and that you can always count on other forum members to access real-time support.
StockCharts doesn’t seem to place much emphasis on collaboration but instead offers expert market commentary from Arthur Hill, Martin Pring, and John Murphy. While that can help you avoid information overload, it also limits the kind of information you access as well as how fast you can access it. An open-ended forum, such as the one TradingView allows you a better platform to grow since you can tag along with other newbies and encourage one another during the learning process.
Above all, this gives you an opportunity to pick a mentor whose approach best suits your individual preferences. You won’t get such a deal when you opt for StockCharts.
There’s no doubt that these two platforms offer a suitable launching pad for a successful trading career. However, when it comes to the specifics, TradingView offers what, by far seems like a better deal. It’s well-priced, feature-rich, and above all is backed up by a fast-growing forum. StockCharts, though popular, seems to lag behind in those three crucial aspects.