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It is hard to discuss the best trade charting systems on the market without bringing up eSignal.
It was one of the first to market, and it is regarded as a true innovator in charting technology. Many people are turned off by the high price of eSignal, though.
In fact, it is one of the more expensive charting platforms around. Is it worth the cost? I think so. Although, I don’t think it should be the first charting system you use…mostly due to the high initial ‘buy in’.
What is eSignal?
eSignal is a charting platform. It is downloaded to your computer, and you are able to view data for stocks, options, Forex, and futures. It doesn’t do much more than that.
I know that there are a lot of products on the market which offer more than just charting. eSignal doesn’t. However, the charting is done incredibly well.
Who is eSignal for?
While eSignal is a piece of software which can be used by both beginners and experienced traders alike, I feel that the higher price point means that it is going to be the more experienced traders who will gravitate towards it.
How much will eSignal cost?
This is something which I normally keep to the end of the review.
However, I really do not think that there is any point in you continuing to read to the end if you do not have a large amount of cash to invest in the tools that you are using to trade.
It is my firm belief that, if you use eSignal properly, you will gain back everything that you spend on the monthly cost.
However, as you will be able to tell from the pricing, this is a system which really does lock out the people who are not that serious about trading, or maybe the newbies.
Classic Plan
This will set you back $52 per month. There is a discount if you opt for an annual subscription. If I were running eSignal, I probably would have had a free plan so that you can test out the features.
However, I doubt that eSignal really care about that. They have such a standing in the market for their charting systems that they probably do not need to have a free subscription.
With the classic platform, you will enjoy the following:
- 15-minute delayed chart for intra-day stocks, Forex, and futures
- Charting
- 200 Symbol limit
- Drawing tools
- Market screener
Signature Plan
If you are willing to part with $168 per month, then this is the package to go for. This is the one I would go for if I were into swing trading as you get real-time stock quotes.
500-symbol limit, and a market screener for three exchanges (you only get one with the classic plan). On top of this, you have 1-year historical data, and mobile app functionality.
I know that the $168 per month may seem like a lot, but you must remember that this is one of only a few charting systems on the market which actually provides real-time data on their charts. This comes at a cost.
It is highly beneficial, though.
Elite Plan
This is going to cost you $342 per month. You get more customization with this plan, and you even get access to a weekly mentoring session.
There is also a lot more historical data at your fingertips. I do not anticipate that many of my readers are going to go for this plan simply because of the high cost and the fact that it is targeted at the highly experienced traders.
You will need to be investing a lot each month to make back your $309, but if you use eSignal to its full capabilities, I have absolutely no doubt that you will make the cash back.
Maybe consider this for the future?
Downloadable Software
I think one of the biggest problems that I have with eSignal is that you can tell that the software has been kicking around for a while.
For starters; it doesn’t look that fantastic. In fact, it looks rather bland. I guess this is to cut down on the amount of system resources that the software saps.
But, it would be great if they gave it a spruce up over the coming years. But, to be honest, if it isn’t broke, why fix it? Plus, the simple nature of the software makes everything a little bit easier to read.
The major benefit of it being a software-based package is the fact that you are going to have a whole lot more customization over your windows.
Drag them around to your heart’s content. Although, of course, you are limited by the capabilities of your computer or laptop (including screen size).
I have noticed that as it is an older piece of software, it may have a couple of issues on newer computers (i.e. ones that run Windows 10.
However, to be honest, eSignal are pretty good at dealing with these issues so if there are any problems, they are ironed out pretty quickly.
You can easily run 6 charts per monitor over 4 monitors without any real issue. It doesn’t sap resources at all, unlike other competing platforms out there (TC2000 is probably one of the biggest competitors to eSignal).
The mobile system is not as great. Although, this is more down to the fact that you can’t really fit a whole lot of information on a mobile screen.
You are going to be limited to a chart or two at the most. It is probably not something that you are going to be using that often on your phone or tablet.
If you are, then there are probably far better charting packages out there for you.
Charting
Obviously, the heart of eSignal is the charting capabilities.
As I mentioned previously; the eSignal software has been so well-designed that you are not going to run into any issues having a multitude of charts running on your computer at once.
In fact, the only time I really experienced any slowdown was when I was hitting 40-50 charts running.
Yeah I know, to be honest, it is unlikely that you are ever going to need to run anywhere near this amount. It would be hard to focus on.
Most people are going to be running at the 10-15 figure (at a push) while doing other things on their computer. eSignal is going to be fine for this.
As I mentioned before, one of the major benefits of downloadable software, and something that you do not get with online systems, is the customization.
You can move the windows around and you can also have a huge amount of control over the size of the windows.
One of the things that I loved about eSignal is just how responsive it is when you resize the windows.
An issue which I often run into when I am using online charting platforms is that resizing windows on your screen will often lead to scaling issues.
This means that all the data gets squashed up and it gets tough to read, and can lead to poor trading decisions if you are looking at it quickly.
The charts look good. I am not going to lie and say that they are the prettiest charts in the world, but they are functional.
You will be able to tell what the charts say. I doubt that eSignal are going to be updating the look of their charts. There is no need to. They work.
Plus, you are trading to make money. You aren’t trading to look at pretty charts (unless the charts show a constant rise in the value of your stock, of course!).
Technical indicators
You have a lot of technical indicators that you can add to your charts to give you a better idea of how you can use the data.
This includes simple technical indicators such as moving averages all the way through to the more complicated Gann fans.
Again, the scaling is going to be of some benefit here.
I don’t know how often you have tried to fit a ton of technical indicators onto the same chart before, but you will know that it is a hellish experience.
Often, all the data is squashed up and everything becomes a whole lot trickier to read.
I don’t know how they have managed it, but eSignal have made the scaling nigh on perfect.
You can get the window pretty small, and still be able to clearly read the technical indicators on the charts.
It is no wonder that this is a platform which is firmly favored by some of the more experienced traders out there.
News
I don’t normally tout about the benefits of ‘news’ on a charting system.
Mostly because charting systems are pretty basic with the news that they offer, and it is more there as filler than to be anything useful.
I am not going to lie and say that the news options that eSignal are going to be the best in the world. You will probably still need to use another platform to get your news.
However, eSignal is probably one of the best companies when it comes to news curation.
It always seems to grab the most important news stories of the day, and it makes it incredibly easy for you to see the stories which may impact you.
There are some news stories here that you will only be able to see with an extra subscription plan on some other websites.
Scanners
You have a lot of options at your disposal when it comes to scanning markets for potential trades which may be right for you.
However, do bear in mind that you are only going to be limited to a single market. This is why I wouldn’t really use eSignal as my sole stock scanner.
Sure, it works, but there are far better stock scanners out there.
This is something which you are really going to be using if you are in a rush and don’t have the time to load up your normal stock scanner.
It works, but you are probably not going to be relying on it a lot.
Alerts
You also have a full featured alert system in place. eSignal sends through alerts quickly, so you will always be on the ball with your trades.
Over 50 Brokers are connected to eSignal
You heard that right! You can place trades directly through the platform with over 50 brokers, with more being added all the time. I can’t think of another charting platform with this many available.
Is eSignal recommended?
This is actually the hardest summary I have ever had to write. This is because I do think that eSignal is brilliant, but it is going to be tough to recommend to my readers.
eSignal only brings charting to the table. Sure, there is the ability to set up alerts and screen stocks if you want, but it is all about the charting.
There are so many other systems on the market which do a lot more than this, albeit at a far lower price than what eSignal is offering.
This means that if you are a newbie to the world of trading, you may actually want to look at one of the cheaper solutions out there.
It is going to be money well-spent as it means that you will get a lot more tools for your money.
Granted, none of the charting tools with any of those platforms are going to be as good as what eSignal brings to the table.
If you want straight charting software, and charting software which you would not find out of place being used by a professional, then eSignal is the way to go.
It is one of the best charting platforms I have ever used (if you opt for signature plan or above).
The real time data is absolutely fantastic, and the customizability is second-to-none.
However, I really feel that you are going to need to be a more experienced trader to start to justify the almost $200 per month for the platform.
