A Brief Comparison of Various Charting/trading Platforms.

[TheNegotiator 13]

As this is perhaps one of those things which is a real pain for traders to research and then switch if necessary, I thought it'd be good to share with you some of my experiences with various charting and trading platforms.

 

The various different considerations have to be:-

 

Functionality

Reliability

Speed

Cost

Computing resource requirements

Data feed compatibility

Ability to trade from it(I know this is a function)

 

Firstly I'll just tell you which programs I have used in the past to various degrees. These are:-

 

CQG Integrated Client

CQG Trader

ESignal

Linnsoft Investor/RT

Multicharts

Market Delta

Ninjatrader

Trading Technologies X-Trader Pro

 

Next I'll tell you what I believe I need and what the ideal setup is:-

 

Dedicated trading PC

Charting/Internet PC

Charting Programmability

Depth-of-Market Ladder - DOM

Good Market Profile, Volume Profile and Volume Data Type Indicators

 

The first thing you have to note is that using two PC's means having two data feeds. This costs money. If you use a single PC but want a different charting package to your execution platform, you'll need two data feeds. This costs money.

 

So here's a quick rundown of a few pros and cons of each of the platforms I have mentioned.

 

CQG Integrated Client

 

Excellent platform which I have used extensively in the past. You can do most things with CQG and if you can't do something, there is usually some solution. It's solid, you can trade from it and the data is reliable and on tap. Feed is included. Very good. Very expensive. Last time I checked, it was £400/$800pcm. Really, it offers way more than most traders require.

 

CQG Trader

 

Usually free or built into the brokerage costs. Robust and good data as with CQG IC. Good DOM which can be altered to some extent for how a user wishes to use it. Can open multiple side by side DOMs. No charting as far as I am aware, so you must have an additional data feed to chart as well as use CQG Trader. No SIM unless you do the free trial. So there's no messing about if you are a first time user. You make a mistake, you lose.

 

ESignal

 

Not used this in a long time. At the time it had a lot going for it. Lots of features, lots of symbols. Feed included. Reliability had been an issue for me in the past so I just have avoided it. Not that cheap but I think they have different options now.

 

Linnsoft Investor/RT

 

Does a lot very well at a very reasonable price. Excellent for the charting features which I require. Makes you work hard to do things. Symbols really annoy me. Should be flexible as it is, but be much more straight forward when trying to load charts with common symbols. You have to pay for an additional data feed and they generally aren't cheap. However, if you do most of your analysis out of hours, DTN Market Access is perfect as it's only $15 pcm and gives you(I believe) access to all the symbols which DTN covers. It has a trading ticket I think but no DOM. Programmable for advanced indicators (I don't program but I often use indicators others have written). Lots of indicators on offer. No free trial offered.

 

Multicharts

 

I'm not too familiar with Multicharts. I believe they have just done a major release. I have looked at the free version and honestly, there is nothing I can see that differentiates it from something like Ninjatrader. So unless I see or hear of something that changes my mind, I wouldn't chose to look at it further. I know plenty of people are out there who use it, so it must have something to offer.

 

Market Delta

 

Market Delta is driven by the same engine as Linnsoft Investor/RT. Linnsoft I believe license it out to Market Delta. It has the same basic functionality as IRT and anything you do is done in pretty much the same way. It needs a data feed which you must pay for. It does however go further than IRT with the amount of volume type indicators you can set up out-of-box so to speak. The biggest benefit to me is that you can chart a "delta footprint" and a chart displaying volume traded at price per bid and ask. It's expensive imo. It costs $129 right up to $249 pcm. They do offer a 1 month free trial.

 

Ninjatrader

 

Really useful for beginners. Usually 'free' with costs built into brokerage commissions. You don't get the ability to use automated strategies or use the chart trader function(unless you were grandfathered in with chart trader). To use automated strategies and certain types of orders, you'll need the full version which I beleive you can lease ($50pcm I think) or buy for $1000 one off fee. Very flexible and can do pretty much anything. Not enough indicators which are useful to me. The more custom indicators you install and use, the more the system resources are put under pressure. DOM is very poor. No way of customising it. The way the volume data is displayed makes it very difficult to 'read the tape'. There's no scrolling back on a time & sales window either. Good that charting and trading are in one package though.

 

Trading Technologies X-Trader Pro

 

TT still have imo the benchmark platform when it comes to DOM (or MD as they term it) trading. They originally designed and patented it and in the past there have been issues with different software vendors because of this. It is the fastest, slickest, most robust and useable DOM platform I have used. It now comes with a degree of charting too I believe although I don't actually use it anymore. It is very expensive. Needlessly so imo. It used to be something like £800 per month for Pro. I needed it at the time, but I think there was a standard version which offered the ability to have fewer different contracts up at the time and no advance features for about half the price. I think this is probably the version which brokers offer for 'free' but built into commission structure. I haven't checked but maybe will at some point in the future. The autospreader was very good too. T&S excellent and very useful position window. They also have something called "Orders and Fills Window" which "Combines Order Book, Fill Window, Trade Book and Fill Recapper functionality into one new window. An order toolbar provides one-click order actions along with the ability to uptick, downtick and repeat orders." apparently! Very good product. The platform of choice in arcades.

 

I'd just like to finish off by saying that these are the products I have used and for the features I need, these are my opinions. There are loads of other products out there, good and bad, so feel free to add your comments on what I have written or on your thoughts of other platforms. One thing I may do is take another look at TT at some point and perhaps take a free trial of Sierra Charts. I'll report back when/if I do.

[peterjerome 10]

...I thought it'd be good to share with you some of my experiences with various charting and trading platforms.

 

ESignal

 

Not used this in a long time. At the time it had a lot going for it. Lots of features, lots of symbols. Feed included. Reliability had been an issue for me in the past so I just have avoided it. Not that cheap but I think they have different options

 

eSignal update...eSig user for 14 yrs. eSig's data feed has excellent reliability... one of the most reliable available. cost averages < $100 mo. the cost is a business expense.

question: if the trading profits cannot cover the cost of the platform, would switching to a cheaper platform solve the problem?

peter.

[TheNegotiator 13]

eSignal update...eSig user for 14 yrs. eSig's data feed has excellent reliability... one of the most reliable available. cost averages < $100 mo. the cost is a business expense.

question: if the trading profits cannot cover the cost of the platform, would switching to a cheaper platform solve the problem?

peter.

 

Peter,

 

Thanks for sharing your experiences of esignal. I had a different experience and generally I prefer other platforms over it. Value clearly has more to do with what is offered to you and whether it facilitates trading profits when compared to the competition. Trading/charting platforms are a business expense indeed and therefore must be evaluated in terms of value. So a $100p/m platform might be expensive and a $1,000p/m platform might be cheap. Regardless of profitability. Of course if you are a rookie trader who is learning the ropes, paying $1000+ per year is pretty pointless unless it offers you something you can't get for less somewhere else.

[NYCkopp 10]

Could anyone chime in with MB Trader vs. TOS?

[TheNegotiator 13]

Honestly I'm not sure, but I don't think TOS is particularly special put it that way. Don't know about MB Trader.

[Tams 20]

Could anyone chime in with MB Trader vs. TOS?

 

if you are an option trader, the TOS platform is peerless.