PROS / Charts and other analytical tools are in real time so you can make the most informed decisions.
CONS / There is no automated trading option available.
VERDICT / Scottrade has some of the best tools for helping you navigate the stock market regardless of your level of trading experience.
Scottrade Elite is stock market analysis software that possesses many helpful tools. These tools allow you to scan the market, analyze securities and place orders within a single trading platform. Scottrade has advanced charting tools, technical indicators and stock screeners, although it’s missing a few important charts.
The platform allows you to have as many order entry windows open as you would like. You can make trades in one click easily from any site – Smart Order tickets assist you with this process. Execution reports are also available, detailing all transactions you make and exactly how the order was filled.
The Scottrade free stock market technical analysis software assists you in identifying opportunities. Trade Ideas is a real-time stock analysis software tool that filters the market based on a given set of criteria identified by you. This pre-trade analysis tool monitors every trade on NASDAQ, NYSE, AMEX and the Chicago Mercantile Exchange (CME). Once it locates stocks that meet the criteria, you can begin an analysis process to determine if a hypothetical investment was a wise choice. The stock analysis tool estimates market risk; identifies trends; and determines bearish, bullish or neutral-based trading strategies. This tool allows you to develop trading scenarios and determine your potential for earning a profit.
You can find advanced charts in the charts menu, where more than 23 technical studies are available. Trend lines can also be drawn directly onto the charts. You can view data through three-minute charting, as opposed to five-minute charting, over a period of five days.
While Scottrade Elite’s stock analysis tool certainly possesses the most popular charting tools, and the charting tools are user-friendly, it doesn't contain many of the older charting tools. Automated trading is also not available, nor is forecasting or risk vs. reward, which are available from the best stock analysis software. Additionally, only two option strategies are available through Scottrade, which is a low number in our review.
Blogs, newsletters, online forums and online support are all avenues that you can pursue to gain information with this software. You can find answers to stock-trading questions, tips on using the stock analysis tool and other investment-related inquiries through these group communication tools.
Scottrade Elite is available to individuals who have an account of $25,000 or more. Other solutions exist when opening an account with a $2,500 minimum balance; however, some functionality is not available with those options.
Scottrade's helpful free stock market analysis software can analyze information for you to save you time and money. Although some of the more advanced charts are missing when compared to other stock trend analysis services, Scottrade still has some of the best educational material to help you make informed investment decisions.