Stock Market Analysis Tools Free
So, you’re looking for stock market analysis tools free? Of course, everybody wants the best stocks software. There are hundreds of sites that give you free stock charts. I know many traders are looking for these free technical analysis software with buy sell signals but are not sure what to choose. You may have tried out some of them, or perhaps all of them!
But the fact is most of them haven’t proven themselves yet. Which is why so many people are still looking for the best stock market analysis tools.
Extensively customizable charting is offered on all of Interactive Brokers’ platforms and includes hundreds of indicators and real-time streaming data. Trader Workstation (TWS), IB’s flagship trading platform, contains advanced technical analysis tools with over 120 indicators and more than 30 years of data.
There’s a demo version of TWS available that allows traders to learn how the platform works and to test trading scenarios. In addition, it’s possible to attach a third-party analytics platform to your IBKR account. A full list of vendors can be searched at the Investors Marketplace.
Read Investopedia’s review of Interactive Brokers.
Intended for very frequent traders, Lightspeed’s flagship platform, a downloadable program called Lightspeed Trader, has a highly customizable live market scanner called LightScan which can help you screen for current trading opportunities.
LightScan searches the entire universe of stocks to display symbols sorted and filtered based on your preferences. There are over 100 possible criteria to search on, which can be combined. The flagship platform has customizable charting with 20 years of historical data available.
There’s a demo version of the platform available for those who want a test drive.
Read Investopedia’s review of Lightspeed.
Thinkorswim (TD Ameritrade)
TD Ameritrade’s advanced options-focused platform, thinkorswim, allows traders to customize the platform with their favorite tools and a trade ticket. Though the platform was initially designed for options trading, there are plenty of analytical tools for equity traders too. You’ll find drawing tools, technical indicators, and data visualization tools.
Thinkorswim allows traders to create their own analysis tools as well as use a built-in programming language called thinkScript. The desktop version of thinkorswim is the most powerful, but you can also use a web version or the mobile app. All include streaming real-time data powering more than 400 technical studies.
Charles Schwab, which is in the process of acquiring TD Ameritrade, has announced that the thinkorswim trading platforms will continue to operate once the two companies merge. The acquisition closed in the fourth quarter of 2020, and the platform integrations were expected to take another 18–36 months.2
Read Investopedia’s review of TD Ameritrade.
Technical analysis and statistical modeling of trading strategies is a key strength of the TradeStation platform. The brokerage grew out of technical analysis software development firm Omega Research, so technical analysis is in its DNA.
The downloadable TradeStation 10 platform offers incredible charting capability based on tick data. Automated technical analysis is built into the charting package, displaying technical patterns on the charts as they form. Web charting capabilities closely match TradeStation 10, including a new toolbar with access to adjust time frames, drawing tools, sessions, and styles.
This is one of the best charting applications available from any broker, and it is especially notable for how well it is integrated with TradeStation’s order management system.
TradeStation users can also create and backtest a trading system based on technical events. TradeStation’s trading simulator has all the tools you’ll find on TradeStation 10 and includes a large historical database for backtesting strategies.
Read Investopedia’s review of TradeStation.
StockRover – Best Overall
- Advanced comparative analysis
- Recommendations with supporting data
- No installation required
- Available on PC, Mac, Smartphone and Tablet
- Incredible reports on specific stocks generated in real-time
- Could be improved by more technical indicators
StockRover integrates with almost every large broker, including Fidelity and Firstrade. Although you won’t be able to trade from charts, it will look after the profit and loss reporting and offer recommendations on portfolio rebalancing
This software is most suitable for long-term investors and those looking to optimize their portfolio income. A high-point of the software is its stock scanning, filtering, and of course, its fundamental watchlists. The premium service offers traders more than 150 thoughtfully pre-built screeners, including a favorite, Buffettology screener.
Pricing and Plans
A free version of StockRover is available, and it is impressive. But the premium plus service unleashes the real potential of the software. Moreover, it comes in at a competitive price point of $27.99 per month. The analysis software runs on smartphones, Mac, PC, and tablets, with no installation necessary.
For news and social media integration, StockRover shows information from Benzinga News and Yahoo Finance. Yahoo Finance has a lot of great articles and news regarding the fluctuation of the stock for example StockRover could predict that Microsoft stocks are great to be bought or if NVIDIA shouldn’t be bought right now. While they are not real-time, this shouldn’t be an issue for any long-term investors.
Using technical analysis and reading stock charts are crucial parts of trading. If these are a priority for you then it is worth noting that StockRover focuses on charting the fundamental financial strength indicators. In comparison, TradingView and MetaStock focus on hundreds of technical analysis indicators.
Now we know that StockRover is different from other software vendors, we can understand why it offers over 10 years of scanning possibilities and information—this is far better than almost all other stock screening packages.
For usability, the software can be set up within 15 minutes with no installation needed and no data feeds that need configuring. Even better, the software offers so many screeners and portfolios ready to be imported so that you can get started instantly.
For the long-term investor, there’s no better option than StockRover.
Tradier is an interesting beast, offering a brokerage-account management system, a trading engine, and some market data. Account settings and market data are based in the cloud, so customers can log into and trade from any of Tradier’s developer partners.
Using an application programming interface (API), front-end designers can launch their own trading platforms, mobile apps, algorithmic trading systems, or other customized features for their customers. The ability to attach a third-party platform to one’s online brokerage account isn’t new—quite a few of the brokers mentioned above can do it too—but Tradier is the first broker to make it the center of its business model.
We will note in the next section whether a standalone technical analysis site can be bolted onto Tradier’s brokerage management platform, enabling transactions while using analytical tools.
StockwareLite is a free stock analysis software for Windows. It can be used for stock market analysis and portfolio management. It uses Franklin Oscillator as a technical indicator for stock market analysis.
In this stock market analysis software, all the main tools are available on the main interface itself. To analyze market data, you can choose a database from the index list (NYSE Composite, Euronext 100, BSE Sensitive, FTSE 100, etc.) and select a stock exchange (NYSE US, NSE-ALL, AMEX US, ASX Australia, KLS Malaysia, OSLO Norway, etc.). Now, choose a stock market from the stock list as per the selected stock exchange.
For example, for NYSE US, you can perform stock market analysis for ALCOA, ABB LTD, Eaton Corporation, BlackRock, Black Hills Corporation, Cascade, Comerica Incorporated, etc. As you click on a stock market, you can see a graph with wave patterns with close value, Exponential Moving Average (EMA), Zero Line, etc. in different color schemes. Franklin trend, last date, last trade, day open, day high, etc. information are also shown.
You can also read the latest stock market news by clicking on News headlines button.
Other features of this stock market analysis software:
- By right-clicking on the chart, a context menu opens up. Simply go to Change Plot > Change Period option to change the time period for data you want to view, like 1 month, 3 months, 6 months, 1 year, 2 years, etc. Or, you can change plot to Price Rate of Change, Stochastic Oscillator, Aroon Oscillator, etc.
- You can add a stock to watchlist with date and its latest price. Also, you can add a stock to the portfolio with stock’s date, purchase price, and purchase quantity.
- It lets you edit and manage your watchlist and portfolio.
- You can see the status of your watchlist and portfolio in the form of graph or table.
- Also, you can see the tradebook status.
Many of features in StockwareLite are disabled because those features require an upgrade to its paid version named StockwarePro. These functions include Start Stock Filter, Intraday Charts, etc.
MetaStock: Best Runner-up
- Robust scanning and analysis tools
- A wide range of customization features
- Interface is easy-to-use
- Enables you to code indicators and trading systems
- Some plans are priced higher than competitors
Metastock is a staple in the world of stock analysis software—and for good reason. Released way back in 1985, this powerful tool has stood the test of time—and it still offers so much value that it easily earns the #2 position in our list.
MetaStock’s range of products offers all the tools needed to research stocks like a pro—with both technical and fundamental analysis. The MetaStock Xenith offers fundamentals, real-time news from Reuters, as well as data, analytics, and commentary from industry experts.
Traders can utilize the Daily Charts to get some after-market analysis, while MetaStock will assist real-time traders to reach their goals. The Refinitiv DataLink for MetaStock also includes historical data that reaches back all the way to 1980.
A powerful charting software pulls stats at the end of the trading day from exchanges around the globe. Traders can buy separate plug-ins and add-ons for functions and customization.
MetaStock supports over 300 technical indicators and covers a wide range of assets, including ETFs, derivatives, mutual funds, equities, futures, forex, and commodities. And though MetaStock offers a wealth of data, it isn’t overwhelming, as it is quite easy to filter exactly what you need.
The core of MetaStock’s functionality are its proprietary PowerTools. This suite of pre-built systems allows you to backtest strategies, scan and filter the markets, generate buy and sell signals, and even utilize complex patent-pending technology to get a forecast of the probable future performance of securities.
To make things even better, all of these tools are customizable—but takes a bit of know-how. While the wide array of tools is no doubt powerful, they do have a bit of a learning curve—thankfully, mastering these powerful features is well worth it.
Something important to note is that MetaStock software is only compatible with Windows. Unlike StockRover, which is most suited to long-term traders, MetaStock is best suited to short-term traders who want to do stock market analysis after the market closes, or during trading hours.
Pricing and Plans
The software is available to buy as a once-off, or you can buy a monthly or annual subscription. The monthly subscription fees range from $69 to $300. On top of that, MetaStock offers a free 30-day trial.
MetaStock reigns supreme when it comes to technical analysis. Though some might say that it isn’t particularly user-friendly, that isn’t really the case—it’s more of a case that it offers so many tools that it can seem overwhelming to beginners.
At first glance, MetaStock might seem a tad expensive when compared to the competition—but it’s worth every penny. If you have the necessary knowledge and enough time to master this venerable piece of software, it will pay off in a big way.
“Is there any free stock market analysis tools?” A simple question with a simple answer “Yes!” There are many free software’s available to help with technical analysis and other related tasks. I’m going to introduce you to some of these applications that could ease your research and analysis.