PROS / MadScan can perform criterion based scans, it can be downloaded to multiple computers and it provides streaming news using eSignal.
CONS / This stock software does not provide many charting options.
VERDICT / MadScan is good stock scanning software that can provide fast alerts; if you are mostly into criteria based alerts then you may want to check out this day trading software.
Editor's Note: This review has been removed from our side-by-side comparison because it no longer ranks as a top 10 product. The original review is below, but check out our current top 10 about Day Trading Software here.
MadScan does just what its product name implies; it scans like mad. It can scan stocks based on your set criteria and filter up-to-date trading news sources. This software can send out alerts based on an almost unlimited list of indicators and can scan over 10,000 stocks traded on NASDAQ, NYSE and AMEX (all priced separately).
This day trading software uses the popular and powerful eSignal for its data services and can provide tons of news including PR Newswire, Globe Newswire, CCN Mathews, Business Wire, and Canada Newswire.
MadScan has four versions: Standard, Elite, Auto Trader and Scans. MadScan software is available for about $65 to $300 per month. On their site they report that they offer seven-day free trials, but the downloads require contact and credit card information and you have to remember to cancel your account before your card is charged, which may make some uncomfortable.
MadScan day trading software does provide charting tools, though they are more focused on their scanning features. They do offer charts and chart customization options, but they cannot even come close to some of the more high-end chart tools available through products like MultiCharts or ProRealTime. We liked that MadScan supports the running of this software on more than one computer at a time using only one account.
This day trading software uses the well-known eSignal for their data feeds. eSignal provides real-time market data as well as up-to-date market news. Once this information is combined with MadScan software, it can create charts and lists based on set criteria and it can send out alerts once a certain situation is met.
Primarily, MadScan is designed to chart and scan exchange traded stocks including NASDAQ, NYSE and AMEX traded stock. Exchange fees for non-professional traders are $1 USD per trade per each type of exchange market. However, the MadScan website and support documentation do not list which trading services it is specifically compatible with, though you can purchase a MadScan API. With an API, MadScan will work with third-party trading services.
The MadScan day trading software website offers no trading information or resources; all they offer is product specific information.
You can contact MadScan by telephone, chat or email. However, they do not offer 24/7 support and every time we tried to use the chat support option it would not work.
In terms of online help they offer a user guide and definitions. Additionally, you can request a live training session.
We found MadScan a bit frustrating in terms of downloading the demo and we would have liked to have seen more product information posted on their website. We think they have a good scanning and alert product using the powerful eSignal data service for their information, but we do not think it is the best charting tool and it could use more support documentation.