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2 Data Analysis Software
Now that you know a choice of data feed providers, you need to have also decided which is the software that you will use to analyse the data. Now this is a function of whether you will be developing your own trading scripts or using scripts provided by others. There are software which allow you to do both, and there are some that have a good number of predefined analysis functions available. Lets look at a few of them.
2.1 Amibroker - www.amibroker.com
Amibroker is one of the most popular trading data analysis software in India and elsewhere and has a wealth of resources on the web with scripts called AFL (Amibroker Formula Language) which users can download and use apart from the several built in analysis functions. Costs from Rs 10000-15000 based on the version of the software that you choose to use. Make sure that your data source can update Amibroker (most can). You can create multiple databases with each storing data for different markets and market entities (stocks commodities,Forex etc).
2.2 Metastock - http://www.equis.com/whc/MS11.aspx
or http://www.viratechindia.com/
Metastock is another popular software which is offered on a subscription model. Again with a wealth of features and a range of scripts downloadble from the web. Most data providers provide update links that are compatible with this software.
2.3 AdvancedGet - http://www.esignal.com/advancedget/default.aspx or http://www.viratechindia.com/This is analysis software with a set of trading rules and practices that can be used as one comprehensive package. Its usage is much lower than that of Amibroker and Metastock, possibly related to the cost.Other lesser used software are Ninja Trader and Ensign. ThinkOrSwim is one more option, but dont know if there are data sources for Indian markets. MetaTrader is also there, but more popular in the Fx market. The software itself is free, but you will need to become an Fx trader to use it effectively. Your choice effectively comes down to using Amibroker or Metastock.
2.1 Amibroker - www.amibroker.com
Amibroker is one of the most popular trading data analysis software in India and elsewhere and has a wealth of resources on the web with scripts called AFL (Amibroker Formula Language) which users can download and use apart from the several built in analysis functions. Costs from Rs 10000-15000 based on the version of the software that you choose to use. Make sure that your data source can update Amibroker (most can). You can create multiple databases with each storing data for different markets and market entities (stocks commodities,Forex etc).
2.2 Metastock - http://www.equis.com/whc/MS11.aspx
or http://www.viratechindia.com/
Metastock is another popular software which is offered on a subscription model. Again with a wealth of features and a range of scripts downloadble from the web. Most data providers provide update links that are compatible with this software.
2.3 AdvancedGet - http://www.esignal.com/advancedget/default.aspx or http://www.viratechindia.com/This is analysis software with a set of trading rules and practices that can be used as one comprehensive package. Its usage is much lower than that of Amibroker and Metastock, possibly related to the cost.Other lesser used software are Ninja Trader and Ensign. ThinkOrSwim is one more option, but dont know if there are data sources for Indian markets. MetaTrader is also there, but more popular in the Fx market. The software itself is free, but you will need to become an Fx trader to use it effectively. Your choice effectively comes down to using Amibroker or Metastock.
2.4 More analysis platforms
There are several other analysis platform providers that traders may explore :
Bulls Eye Broker for point and figure charts
Ninja Trader
TradeStation
Updata
Interactive Brokers
and more. Some of these also include data services for overseas markets.
Traders may google these for more details.
There are several other analysis platform providers that traders may explore :
Bulls Eye Broker for point and figure charts
Ninja Trader
TradeStation
Updata
Interactive Brokers
and more. Some of these also include data services for overseas markets.
Traders may google these for more details.
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