Good charting software is the foundation of technical analysis. The right platform helps you spot patterns, identify trends, and time your entries and exits with precision. With dozens of options available, choosing the best one for your needs can be overwhelming. This guide breaks down what matters most.
Why Charting Software Matters
Your charting platform is where you spend most of your trading time. It affects how quickly you can analyze stocks, how many indicators you can use, and ultimately how well you can execute your strategy.
Key insight: The best charting software is the one that fits your trading style. A day trader needs different features than a swing trader or investor.
Essential Features to Look For
Chart Types
At minimum, your platform should offer:
- Candlestick charts: The standard for technical analysis
- Line charts: Useful for seeing the big picture
- Bar charts: Traditional OHLC representation
- Heikin-Ashi: Smoothed candles for trend identification
Timeframes
Look for flexibility in timeframes:
- Intraday: 1-minute, 5-minute, 15-minute, hourly
- Daily: The most common timeframe for swing trading
- Weekly and monthly: For longer-term analysis
- Custom timeframes: Some traders prefer 3-minute or 45-minute charts
Technical Indicators
Your platform should include standard indicators:
- Moving averages (SMA, EMA)
- RSI (Relative Strength Index)
- MACD
- Bollinger Bands
- Volume indicators
- Fibonacci retracements
Drawing Tools
Essential drawing capabilities:
- Trendlines
- Horizontal support and resistance lines
- Channels
- Fibonacci tools
- Text annotations
Popular Charting Platforms
TradingView
Best for: Most traders
Pros:
- Beautiful, intuitive interface
- Massive library of custom indicators
- Social features and idea sharing
- Works in any browser
- Excellent mobile app
Cons:
- Free version has limitations
- Real-time data requires subscription
Price: Free basic, $15-$60/month for premium
Thinkorswim (TD Ameritrade)
Best for: Active traders with TD Ameritrade accounts
Pros:
- Completely free with TD account
- Professional-grade tools
- Excellent options analysis
- Paper trading built in
- ThinkScript for custom indicators
Cons:
- Steep learning curve
- Can be overwhelming for beginners
- Desktop application required
Price: Free with TD Ameritrade account
TC2000
Best for: Stock and options traders focused on scanning
Pros:
- Powerful scanning capabilities
- Clean, fast interface
- EasyScan for non-programmers
- Good customer support
Cons:
- No futures or forex
- Subscription required
Price: $10-$90/month
Finviz
Best for: Quick analysis and screening
Pros:
- Free for basic features
- Excellent stock screener
- Heat maps and visualization
- Clean interface
Cons:
- Limited charting features
- No real-time data in free version
Price: Free basic, $40/month for Elite
Choosing Based on Trading Style
Day Traders Need:
- Real-time data (no delays)
- Level 2 quotes
- Time and sales
- Fast chart loading
- Multiple monitor support
- Hotkey trading integration
Swing Traders Need:
- Daily and weekly charts
- Good scanning tools
- Alert capabilities
- Watchlist management
- Mobile access for monitoring
Options Traders Need:
- Options chain integration
- Greeks display
- Probability analysis
- Strategy builders
- Implied volatility charts
Setting Up Your Charts
Once you choose a platform, set it up for efficiency:
Create Chart Templates
Save your favorite indicator combinations as templates. Common setups include:
- Trend following: Price + 20/50/200 EMA + volume
- Momentum: Price + RSI + MACD
- Volatility: Price + Bollinger Bands + ATR
Organize Your Layouts
Create multiple layouts for different purposes:
- Scanning layout with multiple small charts
- Analysis layout with one large chart and indicators
- Trading layout with chart, order entry, and positions
Set Up Alerts
Use price alerts to notify you when:
- Stocks hit key support or resistance
- Indicators reach certain levels
- Volume spikes occur
Free vs Paid: Is It Worth Upgrading?
Start with free options to learn. Upgrade when:
- You need real-time data for day trading
- Free limitations slow down your workflow
- You want advanced features like custom scripts
- You need more charts or alerts
Pro tip: Many platforms offer free trials. Test several before committing to a paid subscription.
Analyze Your Charting Performance
Pro Trader Dashboard tracks your trades and shows which setups and patterns lead to profits. See if your chart analysis translates to real results.
Summary
The best charting software depends on your trading style, budget, and technical requirements. TradingView is excellent for most traders with its intuitive interface and social features. Thinkorswim offers professional tools for free if you have a TD Ameritrade account. Start with free options, learn the basics, then upgrade when you hit limitations. Remember that the platform is just a tool - your analysis skills matter more than fancy features.
Learn more: What is technical analysis and how to read stock charts.