Examination of the stock market is essential for chartists and investors interested in efficiently monitoring an investment’s performance or identifying potential investment opportunities. A well-versed analysis of stock chart patterns leans heavily on the correct tools. In this respect, let’s dive into five invaluable tools that every investor should have at their disposal for analyzing stock charts.
1. **Trading View**
When considering online charting services, Trading View moves on the top of the list constantly due to its multifaceted approach to stock analysis. Primarily, it offers a plethora of securities including futures, forex, indices and cryptocurrencies along with stocks. This expansive catalogue aids investors in identifying the macroeconomic factors that could influence specific stocks.
Moreover, Trading View is a social network of sorts for traders and investors. This platform takes on a look similar to Pinterest’s and permits the pinning of charts for later use keeping investment strategies organized. With this social media-like feature, investors gain a vantage point on market trends following discussions with other users.
In terms of its direct charting capabilities, it offers multiple views such as line, candlestick, and bar charts with adjustable time-frames, from one minute to one month. Besides, users can apply and customize over 100 technical indicators, differentiating it from other online charting services.
2. **Finviz**
Short for Financial Visualizations, Finviz features a portfolio of free tools for chart analysis that are particularly attractive to beginners. It translates complex financial data into visual snapshots, simplifying the daunting task of understanding and interpreting masses of information.
Finviz’s highly accessible stock screener is a distinguishing feature that allows users to filter stocks based on a wide variety of criteria like sector, industry, P/E ratio, dividend yield, beta, and more. This can be extremely useful in quickly narrowing down potential investment opportunities.
3. **StockCharts.com**
StockCharts.com, as the name suggests, emphasizes charting capabilities. It’s one of the more elder online charting platforms that’s been assisting investors and analysts since 1999. It offers an endless selection of customizable chart styles, including CandleVolume, EquiVolume, Point & Figure, and Renko, in addition to the standard options.
One highlight of StockCharts.com is the service’s predefined scans. These allow you to quickly swipe through any number of criteria -new highs/lows, overbought/oversold conditions, strong volume- so you can quickly assess the state of the market.
4. **Yahoo Finance**
Yahoo Finance is known as one of the leading providers and a non-negotiable in an investor’s tool kit. The platform provides an extensive array of financial resources, including news, trending stocks, realtime quotes, and an exemplary charting service.
While it may not offer as many chart types or technical indicators as the others, Yahoo Finance excels in real-time data and provides a multitude of timescales, which are invaluable for short-term and long-term trading strategies.
5. **MetaStock
