TradeStation is a discount broker which allows to trade for a small fee and provides an excellent real-time charting platform. Here is my review of their charting platform.
When I first started with trading equities, I was not sure which charting platform to use. I used Esignal, Scott Trade, Yahoo Realtime, TradeStation. After using these 4, I decided to stay with TradeStation because I loved their charts for their smoothness and some other cool features that the others did not provide. They charge $ 99.95 per month for their charting platform but is free if you trade 5000 shares per month.
TradeStation has bar charts, ticks charts, candlestick charts. They have over a hundred indicators, show me, paint bars. You can code your own strategies, indicators, show me, using their ‘Easy language’ which is easy if you are into coding. If you are not one, just like me, there is help available on their forums.
TradeStation provides real-time data for the exchanges you subscribe. They provide data of over 18 years of domestic intraday Equities data. this is very helpful is you want to backtest your trading strategy and see it’s success rate in all kinds of market – bull, bear, ranged.
Trades can be executed both automatic and manually. The execution is almost instant for liquid stocks and the fill is quite good. TradeStation provides custom order entries. One of the cool feature that I personally like is their Order Cancels Order (OCO). This works great when you want to go long when price takes off a certain level or would like to go short when price break a certain price level. You can place both the orders. When one of the order if filled, the other order is automatically cancelled. Another convenient feature, if you are an active trade with many open positions at a time and want to exit all position without filling out diff. order forms for all, just click ‘Exit All Long Positions’ or ‘Exit All Short Position’.
One of the feature that makes TradeStation’s charting platform stand out from other brokers is their ‘Radar Screen’. You can scan for a particular criteria in real-time on any time frame chart that you like. For example, if you want to be alerted when the stocks hits RSI of 70 on 15 min. chart, simply insert that criteria in your radar screen and whenever the criteria is fulfilled, it will show the price in the column and you can take necessary action. The only drawback is that you can insert only up to 100 stocks in the radar screen to be scanned in real-time. Also, there is a fee of $59.95 per month in addition to the trading platform fees but if you trade 5000 shares per month, it’s free.
If you are an active trader, you may want to try TradeStation. They do offer their platform free for a couple of months when the account is funded with a specified amount.