Editor's Note: This review has been removed from our side-by-side comparison because it no longer ranks as a top 10 product. The original review is below, but check out our current top 10 about Day Trading Software here.
MultiCharts creates 3D charts, performs automatic trades, works with 17 data feed services and delivers a powerful backtesting tool. This software can even develop a chart with information collected from more than one data source. This day trading software excels at everything, but falls short of eSignal because it does not work with nearly as many trading services as eSignal and it does not offer mobile tools. MultiCharts easily reaches beyond NinjaTrader since it works with additional data services, has a more powerful charting tool and provides more customer support options. This software can perform automatic trades with several popular trading platforms including Interactive Brokers, Zen-Fire, Trading Technologies and Patsystems. In terms of data feeds, it can collect and analyze data from many popular market data feeds including Barchart, eSignal, Interactive Brokers, IQFeed and GlobalServer.
MultiCharts comes in two versions, one for the individual and another for pros. A lifetime license of MultiCharts is less than $1,500 and comes with free upgrades forever. The Pro version includes, in addition to the standard version, premium support, portfolio backtesting, an unlimited number of instruments and limited free PowerLanguage programming. They also offer a version specifically for FOREX trading called MCFX that can be subscribed to by the month.
MultiCharts has the ability to compose many charts at once. For example, utilizing a quad-core processor, it will run four threads and four charts at once. This results in super fast chart creation. In addition, this software can be spread across numerous monitors. It also has a helpful tool called the Load State Gauge, which displays an indicator reflecting streaming data feed speed, so traders can easily know if the data is real-time or a bit delayed. Basically, MultiCharts provides many powerful technologies to ensure fast charting using up-to-the-second accurate data.
This day trading software is ideal for those who desire a high level of chart customization, the ability to utilize multiple data streams and automatic trading options. MultiCharts day trading software beats out nearly all of its competition in almost every area when it comes to charting. This software comes with powerful drawing tools, hundreds of pre-programmed strategies, backtesting tools, alerts and data management tools.
In terms of chart customization, you can alter the appearance including color, width, grid color, background color, grid styles, vertical axes, font styles and curser style. In addition, you can change the visual order of indicators, session breaks, empty periods and more. Charts can be created based on constant volume bars, constant range bars, seconds, tick bars (up to 1,000,000 ticks per bar), volume bars (up to 2,000,000,000 contracts per bar), quarter bars and year bars.
MultiCharts can collect data from multiple symbols and multiple data providers. In addition, if you want to import your own data to chart it can work with ASCII, TXT and CSV file types. It can even combine tick-based and time-based resolutions within the same chart. MultiCharts charting abilities are highly customizable and modules can be moved across many screens.
This day trading software also provides advanced analytics and custom alerts. In fact, MultiCharts provides over 200 pre-designed studies utilizing popular trading concepts and indicators. In addition, you can program the software to run customized strategies, tests and backtesting.
MultiCharts offers a free 30-day trial version that is well-worth trying out for commitment free investigation of one of the most powerful charting tools available.
This stock charting software works with a variety of free and subscription based data feed services including:
Conveniently, MultiCharts provides a helpful chart describing which data services they support as well as links to set up tutorials on their website. A few of the free data services they work with can provide some historical data or EOD data for backtesting and other testing scenarios. This software can also, in many cases, use data feeds provided by a compatible broker as well.
MultiCharts can be configured to automatically trade through Interactive Brokers, Zen-Fire, Trading Technologies and Patsystems. Most often, market position information can be obtained via the broker. This software offers two types of automatic trading, synchronous and asynchronous. Synchronous auto trading plots entry/exit arrows on the chart after order execution. Asynchronous auto trading plots entry/exit arrows on the chart when the price value meets a specific strategy position. We liked that MultiCharts provides two choices to traders, so they can select what works best for them.
This software not only supports market orders, but it can also support limit, stop, bracket and one-cancels-other (OCO) orders. This day trading software also makes it easy to turn off or on automatic trading.
For FOREX traders, MultiCharts offers a tool called MCFX that works automatically with FXCM, which is a 24-hour online FOREX trading platform. Unlike the other charting tools, this product can be subscribed to by the month.
Online MultiCharts hosts numerous tutorials, mostly related to creating charts and importing data; they do not offer general trading information. In addition, their forum only provides MultiCharts information; it does not support general trading information or strategy discussion.
MultiCharts can be contacted by email, chat or telephone for customer and technical support. They also provide remote support utilizing a remote desktop connection. They also host a current discussion forum with thousands of posts.
The software comes with help files, a feedback link and the ability to check for updates, which, if the software is purchased, updates are free for life.
MultiCharts is one of the most customizable and fast stock charting programs available, with the ability to work with a good assortment of data feeds, even more than one at once. It also supports a variety of automatic trading options directly from the software that can be turned on and off in a matter of seconds. It provides more than 200 time-tested studies on top of the ability to run any kind of customized scenario desired.
We recommend MultiCharts to those who are using or want to use one of the trading services supported by this software. If you use a different online stock trading service or brokerage, you may want to look toward eSignal, which supports numerous popular trading platforms.
They provide easy to use, powerful charting software and support many market data services.
We would like to see MultiCharts support more trading platforms and offer monthly pricing.
MultiCharts provides flexibility and automatic trades; it is well worth investigating.