Our StockCharts review delves into this charting platform. To be successful as a day trader, you must have the right charting software. It’s akin to running a marathon; you won’t get too far running in flip-flops.
Luckily, though, StockCharts has a program called Charting School. And this is where you can go to learn all the basics. We also have online trading courses for you to take a look at as well.
In a nutshell, StockCharts is a web-based charting and analysis platform. The site’s popularity can be attributed to StockChart’s free services. Since its inception ten years ago, the platform has built a good reputation and even featured on Investopedia. They even have a Charting School to help you learn the trading basics.
As you’d expect from StockCharts, many charting tools are available. This can be a double-edged sword, as newbies can be easily overwhelmed by the sheer number of options.
A major downfall of StockCharts is that you deal with images instead of a dynamic chart. You can’t quickly zoom in/out or enable/disable indicators.
Whenever you want to change the time frame, say 1 to 5 minutes, or add an indicator like VWAP, you must change all the settings and generate a new chart image.
Suffice it to say this might not be adequate for momentum day traders who sometimes need to change chart settings on the fly.
Outside of their standard candlestick charts, StockCharts has some very interesting chart types for doing market analysis.
The most useful, especially for momentum traders, is their Relative Rotation Graph chart. It shows the relative strength of a group of stocks compared to a given benchmark over a given period.
I’d be amiss not to mention the dynamic yield curve, which gives you instantaneous market information at a glance. This is handy for new traders so they can exercise caution before entering new trades.
Pros
- A wide variety of charts at your disposal
- Ability to write your scan criteria
- Superb marketing scanning tools
- A 30-day free trial is available
- Many sentiment indicators (AAIIBULL/BEAR, SPXA50R/200R, BPSPX, ETC)
Cons
- Charts are not dynamic and clunky
- Delayed data
- Inability to zoom in and out
- It has a clumsy interface loaded with ads if you are on the free version
StockCharts Pricing Review
- StockCharts Basic (Casual Charting) – $14.95 per month
- StockCharts Extra (Most Popular) – $24.95 per month
- Premium (Full-Power Charting) – $39.95 per month
- One month trial
Free vs Premium
The most glaring difference between the Free and Premium subscription options is the availability of real-time data and the bare-bones functionality of the charts.
Unfortunately, the data on the free charts is delayed, and you need to refresh your browser to see the most current price action. Other free plan limitations include limited historical data, alerts, scanners, intraday charts, etc.
This is unsurprising, though, as many platforms charge for real-time data. On the flip side, their main competitor, TradingView, allows free real-time charts.
However, the free version would be sufficient for most swing traders and investors. This is because they don’t need the instantaneous data that day traders need.
StockCharts has three paid plans: Basic, Extra, and Pro. Each tier is quite similar, but functionality increases with the more money you spend.
It is no surprise that the paid plans have faster data. But unlike most charting packages on the market, none of the paid plans are truly real-time data. Basic refreshes automatically every 15 seconds, Extra every 10, and Pro every 5 seconds.
This surprised me as I would have thought I would have instantaneous data by paying the higher fee. If you plan on momentum day trading, a 5-second delay can make or break your trade.
Regarding functionality, the paid plans allow you more technical indicators and overlays per chart, larger chats, more historical data, members-only commentary, and other features.
Value for Your Money
The Basic Tier for $14.95 allows up to 25 indicators per chart. Once you’ve been in the industry for a while, you’ll know that more isn’t necessarily better in some instances.
I like to keep my charts clean. And by clean, I mean no more than five indicators per chart. It’s up to you how much money you want to spend.
But, if you’re looking to keep costs down, TradingView, StockChart’s biggest competition, would suffice as they have some decent pricing and a free plan.
Best Trading Tools
StockCharts Screening Review
As far as stock screeners are concerned, StockCharts shines in this arena. Their scanner is syntax-based, which means you can write your scanning criteria. Thousands of different scan combinations are possible and all at your fingertips.
You can specify your technical criteria to nail down the set-ups and trades to make you money. Moreover, you can create custom alerts based on your specific criteria. These alerts can be received either through web notifications, SMS, or emails.
Stock trading works best with great scanners. However, we offer stock alerts to our members with entries and exits.
Market Commentary
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 and how fast you can access it.
An open-ended forum, such as TradingView, provides a better platform for growth since you can tag along with other newbies and encourage one another during the learning process.
Above all, this allows you to pick a mentor whose approach best suits your individual preferences. You won’t get such a deal when you opt for StockCharts.
Final Thoughts: StockCharts Review
There’s no doubt about it; StockCharts has merit but it all depends on what type of trader you are. It would be much better for swing traders and investors as the second to second market fluctuations don’t matter. Honestly, I don’t think it fits day traders well because the charts are not real-time or dynamic.
If you’re aspiring to be a day trader, your money is better spent elsewhere. I like speed and clean, responsive charts. Therefore, StockCharts is not for me. At Bullish Bears, we love the ThinkorSwim platform. With its dynamic charts, modern feel, built-in scripting language, it is the Nike of platforms. And with just $500 down, you can have access to their platform and real-time data, free of charge.
Frequently Asked Questions
Investors cannot purchase shares of StockCharts because the company is privately held.
