Technical analysis tools are required for any trader that uses a technical analysis approach to their trading and investing strategy.
Traders use software and tools to help find chart patterns and apply technical indicators in various financial markets.
These technical analysis tools help traders to make buying and selling decisions and analyze the overall health of the market.
If a new trader is looking for good technical analysis tools, there are both free and paid tools available to use.
Most of the technical analysis tool providers listed offer education on applying technical indicators and chart patterns so there is also this added bonus to help new traders get started.
Free Technical Analysis Tools
Below are a list of free technical analysis tools traders and investors can use. These tools are offered by trading brokers and charting software websites.
The best free technical analysis tool providers are:
- TradingView (free version)
- StockCharts (free version)
- Investing.com
- ThinkorSwim (TD Ameritrade)
- NinjaTrader (free version)
- Slope Of Hope (free version)
These are the best free providers of technical analysis tools. While some on the list also have a paid version, the free options are more than enough to get started.
TradingView
TradingView is a charting and technical analysis software tool that is popular amongst traders and investors.
While there is a paid version, the free version provides more than enough technical analysis tools for any trader.
The free TradingView option offers traders:
- Access to over 110 technical indicators like Volume, RSI etc.
- Access to TradingView’s custom scripting engine which allows traders to create their own technical analysis indicators or modify existing technical indicators
- Access to technical analysis in multiple markets from stocks, commodities, bonds, cryptocurrencies, forex, indexes, futures etc.
- Ability to backtest technical analysis based trading strategies
These benefits offered by TradingView make it a very useful technical analysis tool and the free offering is more than enough to get started with.
StockCharts
StockCharts is a useful technical analysis and charting software tool that helps traders perform technical analysis of various price charts of stocks, commodities and currencies.
While the free version offers limited features and functionality, it is a good tool to practice applying technical analysis.
The free version of StockCharts offers traders:
- Access to over 60 technical analysis indicators and overlays
- Access to daily and weekly timeframe price charts of various markets
- Ability to easily print or download charts for their records
StockCharts has many beneficial features in their free version for new traders to use for applying technical analysis.
However, keep in mind that it’s main focus is on stocks and the paid version offers much more than the free version.
Investing.com
Investing.com provides technical analysis and price charting tools for new traders and investors.
The investing.com technical analysis charting tool offers traders:
- Access to multiple price chart types from line charts to candlestick and point and figure charts.
- Access to many technical analysis indicators like Fibonacci retracements, drawing tools, Bollinger Bands etc.
- Access to multiple timeframe charts from 1 minute to daily, weekly and monthly charts
The free version of investing.com offers everything a new trader would need to practice using technical analysis.
ThinkorSwim (TD Ameritrade)
The ThinkorSwim charting and technical analysis tool is owned by TD Ameritrade and offers traders a great suite of trading indicators and general technical analysis tools.
To use the tool, new traders will need to register for an account with them (completely free).
The ThinkorSwim tool offers traders:
- Access to price charts in many markets from futures, stocks, bonds, indexes, currencies and commodities.
- Ability to create their own technical analysis tools through their bespoke thinkScript programming language
- Access to a large list of technical analysis indicators and overlays
- Access to a mobile charting and technical analysis app
- Access to social sentiment tools to analysis the sentiment of a market
These benefits make the ThinkorSwim tool a great option for new traders.
NinjaTrader
NinjaTrader is a charting and technical analysis tool provider that helps traders to visualize the market and analyze the order flow.
There is a free version of NinjaTrader that is ideal when starting out using a technical analysis tool.
NinjaTrader offers traders:
- Access to real time advanced price charts in many financial markets
- Access to research tools, trade journalling and trade simulated trading
- Ability to backtest technical analysis trading strategies
- Access to a market scanner
- Ability to develop technical indicators with the custom NinjaScript programming language
- Access to 1000’s of add ons from third party providers (some add ons have fees to use them)
These benefits make NinjaTrader another great free technical analysis tool for traders to try out.
Slope Of Hope
Slope of Hope is a charting and technical analysis tools provider that has been in operation since 2005.
The free version of Slope Of Hope has many advanced technical analysis features and price charts for traders.
The free version membership package is called “Sloper”.
The free version of the Slope Of Hope charting and technical analysis tool offers traders:
- Access to 100’s of technical indicators and technical studies e.g. Chaikin Oscillator, Average True Range etc.
- Access to various price charts in many markets from equities to options and futures
- Access to the SocialTrade chart database
- Daily data of up to 2 years in price history
- Access to different price chart types from candlesticks to line charts
These features make Slope Of Hope a useful technical analysis tool for traders to use.
Paid Technical Analysis Tools
Below are a list of paid technical analysis tool providers that traders can use. The providers listed are both trading brokers and charting software websites.
The best paid technical analysis tool providers are:
- eSignal
- ProRealTime
- MarketSmith
- TC2000
- E*Trade
- TrendSpider
These paid technical analysis tools are some of the best tools used by traders.
eSignal
eSignal is a professional technical analysis and charting software tool provider that many professional traders use to perform technical analysis studies.
They offer various products including “eSignal Classic”, “eSignal Elite” and “eSignal Signature”.
The cost of using eSignal ranges from $58 per month or $576 per year for delayed price charts to $391 per month or $3,772 per year for their most advanced option.
eSignal offers traders:
- Access to real time price charts of many markets
- Advanced charting with customizable studies
- An app store with 100’s of technical indicators
- Advanced drawing tools
- APIs to easily connect with multiple brokers
- Ability to backtest technical analysis strategies
- A live once a week technical analysis education mentoring session
- Multiple technical indicators
- Trend analysis tools
- Extended market price history
- Exclusive technical indicators
These features make eSignal a great charting and technical analysis tool for traders to use.
ProRealTime
ProRealTime software is a technical analysis and charting tool provider with over 980,000 users worldwide and 21 years of experience.
The pricing of using the ProRealTime charting software ranges between $20 – $40 per month depending on the sale they are running or the time of year.
ProRealTime software offers traders:
- Access to real time price charts and technical analysis in multiple markets from stocks, futures, forex, CFD’s, options, commodities and bonds.
- Ability to create trading systems without the need to code and test the trading system in real conditions.
- Access to over 100 technical analysis tools, market scanners, tick and volume data and market alerts.
- Technical analysis educational videos provided to users for further education
These features make ProRealTime a great technical analysis tool for a trader to use.
MarketSmith
MarketSmith is the technical analysis, charting and stock research platform offered by Investor’s Business Daily.
The MarketSmith software tool has 3 pricing tiers, a trial priced at $19.95 for the first 3 weeks, a monthly pricing of $149.95 per month or an annual pricing tier which costs $1,499.00.
MarketSmith is particularly popular amongst stock market swing traders with many top and well known swing traders using the platform including Mark Minervini and David Ryan.
The MarketSmith technical analysis and charting tool offers:
- Access to different chart types from OHLC, line charts, candlestick charts and point and figure charts
- Access to stocks fundamental data like revenue, sales growth, eps etc.
- Access to bespoke scanners like the William O Neill scan or the Minervini scan
- Chart pattern recognition in real time
- Access to the Growth 250 which is a curated list of high-potential stocks delivered to you before they break out
- Access to a mobile app so you can use MarketSmith on a cell phone
TC2000
TC2000 is a charting, brokerage and technical analysis tool offered by the TC2000 Software Company.
They offer 3 packages, “Silver” “Gold” and “Platinum”. The Silver package costs $9.99 per month, the Gold package costs $29.99 per month and the Platinum package costs $89.98 per month.
TC2000 is particularly popular with stock traders.
TC2000 offers traders:
- EasyScan® stock and option screener
- Chart drawing tools
- Graphs of sectors
- Pre-market/Post-market charts
- Technical analysis indicators
- Customizable charting layouts
- Multiple timeframe charting
E*Trade
E*Trade is a trading broker, charting and technical analysis tool provider located in the United States Of America. It is owned by Morgan Stanley since October 2020.
E*Trades charting and technical analysis offering is called the “Power E*Trade Platform”
E*Trade offers traders:
- Charting tools that automatically populate charts with technical analysis patterns and information
- 100’s of technical indicators
- 145+ chart studies
- Multiple bespoke scanning presets for finding price charts within predetermined rules
- 30+ drawing tools for price chart annotations and trendline drawings
- Risk/Reward probabilities calculator
- A mobile app to easily do technical analysis on your phone
TrendSpider
TrendSpider is a top technical analysis tool provider founded in 2016. They have 3 membership packages.
The 3 pricing packages are “Premium” priced at $44 per month, “Elite” priced at $87 per month and “Advanced” priced at $131 per month.
TrendSpider offers traders:
- Assets insights feature
- Backtesting technical trading strategies capabilities
- Market scanners
- Technical analysis indicators
- Multiple timeframe charts
- Ability to create technical analysis indicator alerts
- Drawing tools
- Heatmaps
- Trendline detection system