The Top 7 Stock Analysis Software Platforms in 2024

In my early days trading, I remember searching long and hard for the best stock analysis software.

It seemed like every successful trader I came across had dozens of computer monitors on their desk, each one displaying a different piece of stock charting software.

But there wasn’t a lot of reliable information on which was the best stock trading software for beginners…

Now that I’ve spent 20+ years trading and trying out different platforms, it’s more clear to me why there are so many stock research tools available to traders.

The bottom line: trading isn’t easy and 90% of traders LOSE MONEY!

I’ve noticed that a major reason most traders fail is that they cannot separate their emotions from their trades.

This is why reliable stock analysis software is a critical item in a trader’s toolbox.

Strong charting software allows traders to visualize patterns and setups, which can also help remove emotion from the trade.

But with so many choices, I’m sure you’re wondering which stock trading software is the best for you.

Let’s look at some of the most popular platforms in the industry and see how they stack up against each other.

Which Software Is Used in the Stock Market?

When I first started trading, there were nowhere near as many stock software choices as there are today.

This is in many ways a good thing — it provides traders with a wide variety of options that suit many different trading styles. But it can also be overwhelming when trying to decide which trading software to use.

Before we dive into contenders for the best stock analysis app, you must understand the basic features that experienced traders look for in stock market software.

Stock Analysis Software: Features and Tools

In my experience, there are three really important functions you should be looking for in any top stock trading platform…

Charting

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If you ask someone with no experience to draw you a picture of what they think a trader does … they’d probably scribble a nerdy guy sitting at a desk with a bunch of screens displaying charts. Those charts are key…

Day traders rely on trading charts every day. Candlestick charts help traders visualize price action. Without them, we’d probably be looking at a massive spreadsheet of opening and closing prices each day.

Sounds tedious and annoying. It would also be nearly impossible to get a visual grasp of the stock’s action.

That’s why trading charts help so much … They tell a visual story and give insight into stock’s personality.

Successful traders work to be GREAT at identifying patterns and setups in trading charts.

They see certain patterns over and over. So when setups come along, they can give traders more confidence to pull the trigger — or not — on a trade.

See why charting software is important? So what should you look for in a software’s trading charts?

For one, clean and easy-to-read charts. The best stock analysis software has great features but isn’t overwhelming or difficult to use.

You want to break down charts into different time frames and layouts with a few clicks.

A toolbar is useful for basic technical analysis indicators (moving averages, MACD, RSI, Fibonacci retracements, etc.) on top of your trading charts.

From there, a lot of it comes down to personal preference.

Scanning

Another key thing to look for in stock trading software is the quality of the stock screeners or scanners.

What are stock scanners?

They’re search filters that help you sift through tons of tickers with specific criteria.

Say you’re backtesting a trading strategy that revolves around dip-buying … You want to search for stocks that are down 10% or more since yesterday’s close.

You can input these studies into your scanner’s filters and run the search…

Within seconds you’ll have a sortable list of stocks with nice, fat dips.

Searching the stock market can be overwhelming without scanners. They’re an important tool to help narrow down the avalanche of choices we have as traders.

But they also help traders discover names they may not know otherwise. AND … scanners can save traders A LOT of time.

Many newbie traders have full-time jobs and can’t watch eight monitors all day, waiting patiently for the perfect setup.

A clear and effective stock scanner can make all the difference for beginners and help them identify potential trades.

This is why the best stock analysis apps have built-in scanners.

But remember … even with the help of scanners and charts, you still have to do your homework.

And by that, I mean you need to study hard, develop reliable strategies, and learn to execute on them.

If you’re interested in learning more about charting, scanning, and trading, get into my 30-Day Bootcamp. It can help you understand my approach to trading FAST.

But back to our stock analysis software and my favorite thing to look for…

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Trading

At the end of the day, platforms all come down to trading. Only price pays.

You can analyze charts and scan stock tickers until the cows come home … but that won’t do you any good if you can’t take action and trade on your setups.

The best stock trading software ideally integrates your charts, scans, and trades all in one easy-to-use platform.

For instance, say you run your scans and decide on a trade, you should be able to trade right from the platform.

But even if you find your right platform, there’s a lot more to being a successful trader than software. You have to prepare and develop a trading plan.

And remember that there isn’t a single platform that will work for everyone. Do your research. Try some things. That’s the best way to figure out what works best for you. Don’t just listen to me!

The Top 7 Stock Analysis Software Platforms

Now, let’s take a look at some popular stock analysis software platforms and discuss their different pros and cons.

Top Technical Analysis Software for Day Traders: StocksToTrade

First let’s look at my favorite stock analysis software platform for day trading — StocksToTrade.

StocksToTrade is one of the most consistently well-reviewed trading platforms and for good reasons.

It has the cleanest charts, built-in scans, broker integration, and up-to-date news feeds. It has tons of great add-ons, like Breaking News Chat and Small Cap Rockets.

To me, it’s the crown jewel of stock analysis software platforms.

Full disclosure … I helped design the StocksToTrade platform, and we built it specifically for penny stock day trading.

So, yes, I think the platform is great, but don’t just take it from me … Try it out for yourself! Get 14 days of clean charts and powerful scans for only $7!

Top Free Trading Software: thinkorswim

These days it’s not hard to find trading software offering commission-free trades on U.S. stocks and ETFs.

Ever since one particular app came out, commission-free trading is all the rage…

If you’ve read any of my other posts, you probably know that the elephant in the room — Robinhood — isn’t my favorite trading app. They recently got slapped with a $70 million fine for “significant harm suffered by millions of customers.”

If that doesn’t raise some red flags, I don’t know what will.

When looking for alternatives, I think it’s impressive how much functionality you can get out of Schwab’s thinkorswim trading platform without spending a penny.

(Thinkorswim used to be exclusive to TD Ameritrade, before the broker merged into Schwab.)

All you have to do is create a Schwab account and download the desktop platform … All of thinkorswim’s top-tier features will be available to you.

Top Stock Trading Software for Beginners: Webull

If you want no-cost trading software in a less complex setting, maybe check out Webull.

It has zero commissions or account minimums, and a lot of traders seem to like it.

It’s also not overly complicated, which I think makes it a logical choice for some beginners.

Like most free trading software, Webull restricts OTC penny stocks trading, which are my favorite stocks to trade. It’s frustrating. But hey, you get what you pay for!

Top Stock Analysis App: TradingView

Another stock charting software platform to consider is TradingView. Its interface is clean, slick, and, most importantly, simple.

The charting portion of the platform is also free, which is always a plus.

The app provides a social media community, charting, and individual screeners for stocks, forex, and crypto.

But if you want to trade, you’ll need to use a separate platform entirely. TradingView is a pure stock analysis app, not a trading platform itself.

Top Stock Prediction Software: VectorVest

VectorVest is an interesting platform that takes a slightly different approach to stock analysis software by giving users trade suggestions through a predictive algorithm.

Unfortunately, it isn’t free. You have to be willing to cough up some dough to use the service.

VectorVest gives its users trade ideas based on a proprietary analysis of the stock’s market value and current market conditions.

While I wouldn’t personally put my trust in an app to pick my trades for me, the reviews around this feature seem positive. Take that for what it’s worth.

Top Stock Chart Analysis Software: freestockcharts.com / TC2000

If you’re looking for a platform with deep functionality like thinkorswim, an alternative could be freestockcharts.com, which is now a part of TC2000.

TC2000 has been around for decades, and many top professionals in the industry use it.

I hear traders talk about the technical analysis capabilities on freestockcharts in particular, but many of its features look sleek and on par with thinkorswim, functionality-wise.

A word of caution to Mac users … TC2000 was made for Windows, and while they do have a Mac version … let’s just say it leaves a little to be desired in the speed department.

Top Stock Analysis Software for International Traders: InteractiveBrokers

If you’re a frequent international traveler, you may want to look into InteractiveBrokers.

InteractiveBrokers prides itself on being used by clients in more than 200 countries and being “the #1 stock trading app for international trading.”

InteractiveBrokers is also commission-free for U.S. listed stocks and ETFs with no activity fees or account minimums, making it a popular choice among retail traders.

Another reason it’s GREAT for traveling is that its mobile app has the full functionality of the desktop app.

So, if you’re on the go and trading on your phone, you won’t miss out on any features you may need at a moment’s notice.

The Bottom Line on Stock Analysis Software

Now you have my thoughts on the top stock analysis software platforms in the industry, how do you determine which one is right for you?

Unfortunately, I can’t make that decision for you … And there are no shortcuts.

You have to spend time researching to see which one fits your particular trading style.

It’s also important to remember that no stock analysis software will turn you into a successful trader…

I’ll say it again: You still have to do your homework. Study, study, study!

If you’re interested in learning the 7-step framework my students and I still use today, you should check out my “Pennystocking Framework” DVD (which still works 10 years after I recorded it.)

After all, I’ve turned $12,415 into $7.6 million trading penny stocks by following this very framework … and I created the DVD to help traders study.

The bottom line: you need to find a platform you like and you also need to study hard … Get to work!

What do you think is the best stock analysis software? Let me know in the comments … I LOVE hearing from my trading students!

Stock Analysis Software FAQs

What Key Features Should a Technical Stock Screener Have?

A technical stock screener should include key features such as advanced technical indicators, custom query options, and interactive charts. These features allow traders to apply complex stock screening criteria and use detailed stock screening to find tradeworthy stocks. Additionally, incorporating fundamental metrics and financial instruments can help make more informed decisions.

How Can Customizable Screens Improve Stock Screening Strategies?

Customizable screens enable traders to tailor their stock screening strategies to specific needs, using a wide range of filters like regime filters, advanced filter customization, and dynamic markets. By adjusting these parameters, traders can identify stocks with specific characteristics, such as unusual volumes or strong earnings growth rates. This flexibility enhances the precision and effectiveness of stock screening.

How Do Technical Filters Aid in Finding Undervalued Stocks?

Technical filters help identify undervalued stocks by applying criteria like standard deviation, Bollinger Bands®, and linear regression channels. These filters analyze historical performance and current price trends to highlight stocks that are trading below their intrinsic value. Using technical filters, traders can develop a stock screening strategy that targets undervalued opportunities.

What Role Do Financial and Fundamental Indicators Play in Stock Screening?

Financial and fundamental indicators, such as earnings per share (EPS), book value per share, and earnings ratio, are crucial for evaluating the financial health of a company. These indicators help in screening filters to identify stocks with strong fundamentals. Combining these with technical analysis allows for a comprehensive evaluation, aiding in making informed trading decisions.

How Can Advanced Filter Customization Enhance Trading Strategies?

Advanced filter customization allows traders to create highly specific screening criteria, including custom queries and formula expressions. This level of customization enables traders to focus on stocks that meet precise requirements, enhancing the effectiveness of their trading strategies. By using advanced filters, traders can better navigate complex stock markets and identify lucrative opportunities.

Why Is It Important to Consider Different Trading Periods in Stock Screening?

Considering different trading periods, such as daily periods, weekly periods, and intraday periods, is important for aligning stock screening with trading strategies. Each period provides unique insights into stock performance and volatility. For instance, intraday periods are crucial for day trading, while extended periods offer valuable data for long-term investments.

How Do Stock Screeners Integrate Technical and Fundamental Analysis?

Stock screeners that integrate both technical and fundamental analysis provide a holistic view of stock performance. This integration allows traders to assess financial health through fundamental indicators and price movements through technical analysis. Using such screeners, traders can make well-rounded investment decisions based on a comprehensive analysis of both technical and fundamental data.

What Benefits Do Interactive Charts and Customizable Screens Offer?

Interactive charts and customizable screens provide dynamic visualization of stock data, allowing traders to track performance metrics, apply technical filters, and adjust screening criteria in real time. These features enable a more in-depth analysis of stock trends and help in identifying optimal entry and exit points for trades. Customizable screens enhance the trader’s ability to adapt to changing market conditions and refine their strategies accordingly.

How Can Integrated Hardware and Software Enhance Stock Screening?

Integrated hardware and software solutions streamline the stock screening process by providing seamless access to powerful tools and advanced features. These integrated systems can handle complex queries, process large volumes of data, and deliver accurate signals. By leveraging integrated solutions, traders can improve their efficiency and effectiveness in identifying and capitalizing on market opportunities.

How Do Pre-Configured Screens and Formulaic Expressions Help in Stock Screening?

Pre-configured screens and formulaic expressions simplify the stock screening process by providing ready-made criteria and customizable formulas. These tools help traders quickly apply proven strategies and adapt them to their specific needs. Pre-configured screens save time and effort, while formulaic expressions allow for precise customization, enhancing the overall effectiveness of stock screening.

What Is the Importance of Monitoring Trading Volume and Market Capitalization?

Monitoring trading volume and market capitalization is crucial for understanding stock liquidity and market dynamics. High trading volume often indicates strong investor interest, while market capitalization provides insights into a company’s size and stability. These metrics are essential for evaluating stocks and making informed trading decisions.

How Do Online Stock Screeners and Brokerage Firms Support Trading?

Online stock screeners and brokerage firms provide essential resources for traders, including access to stock screeners, pre-market data, and opinion of analysts. These platforms offer tools and information necessary for executing trades and managing portfolios effectively. Preferred brokerage firms often provide additional services, such as premium features and support, enhancing the overall trading experience.

What Are the Benefits of Using Technical Indicators Like Donchian Channels and Sharpe Ratio?

Technical indicators like Donchian Channels and Sharpe Ratio help in assessing stock performance and volatility. Donchian Channels provide insights into price trends and potential breakouts, while the Sharpe Ratio measures risk-adjusted returns. Using these indicators, traders can develop more informed trading strategies and identify stocks with favorable risk-reward profiles.

How Do Advanced Technical Indicators and Screening Filters Aid in Stock Selection?

Advanced technical indicators, combined with screening filters, enhance the stock selection process by providing detailed insights into price movements and market trends. Indicators like Bollinger Bands® and Signal Line Momentum help identify trading opportunities, while screening filters refine the search to meet specific criteria. This combination allows traders to make more precise and effective stock picks.