If you are looking for the best technical analysis website for charts, trading strategy ideas and a whole range of features, there are some things you need to consider. Here we will mention some of the main things you might want to consider before making one your favorite.
Free Versus Paid
Firstly, when looking for the best free stock screener for technical analysis, most people would opt for Google finance. Mainly because it’s easy to access, most people already have a Google account, but it’s limited on what it can do. You don’t get much in the way of technical analysis, only fundamental data (and basic at that!).
Most free stock screeners offer limited access to a certain amount of screens or features. In this world you get what you pay for, so if you’re serious about finding the best technical analysis website, you might end up having to pay a small monthly fee if you need the ability to save settings on charts, build your own filters, back test strategies and so on.
Features You Should Get
Charts and Settings. You should get the ability to add indicators, draw trend lines and be able to save your settings so that each time you revisit you can add your favorite analysis in a single click. For instance inside StockMonitor you can save unlimited “profiles” and quickly apply them to a chart every time you login.
Watch Lists. You should be able to set unlimited watch lists, maybe as you do your research there is the need to set watch lists for certain sectors, like metals, energy stocks, home builders, or stocks that are constant losers. Inside StockMonitor you can do this easy with one click, and the best feature? Above the chart you can select any stock from your watch list to view, with your favorite settings already applied.
Build You Own Indicators or Filters. Does the platform you are looking at give you the option to build your own versions of indicators? Maybe you’d like to combine some price action with a moving average cross? (Example. 2 down close days after a 10MA crossed above 20MA). In StockMonitor you can easily combine patterns from anything, and save as a custom filter. Then you select the filter from a list above your chart and it will highlight the days which your pattern occurred on.
Drawing Tools. Trend lines are essential. Another technical analysis drawing tool that is used a lot are Fibonacci retracements. Some platforms offer many different types of drawing tools, such as Gann fans, Pitch Forks etc. Whilst many are advanced and some are not widely used, decide whether you need such a feature.
So, you now understand what is needed from the best technical analysis website. You can go and sign up free here and test us out and see if we are the correct platform for you!