Best Technical Analysis Tools of 2022
Technical analysis involves understanding data such as stock price patterns and is used to estimate future price movements. There are many technical analysis websites available, which can make it difficult to know which to use. We searched for the 6 top technical analysis tools of 2022 to determine which offers the best value.
We identified six leading technical analysis tools:
1. TipRanks
2. Trading View
3. StockCharts
4. TradeStation
5. Trade Ideas
6. Trend Spider
Is Technical Analysis Useful For Investors?
Technical analysis, which involves using charts and graphs to understand a stock’s future potential, can be beneficial when combined with fundamental analysis. Fundamental analysis considers a business’s financial well-being within the current economic climate.
We have shortlisted the six best technical analysis websites to discover which offers the best value.
Which Platform is Best for Technical Analysis?
These six websites offer the best technical analysis, with the most reliable data and accurate analysis.
1. TipRanks
TipRanks provides easy-to-use stock research and idea-generating tools, including technical analysis tools.
Most of the technical analysis tools on TipRanks are available for free. Their charts and tools are interactive, with a superior layout that is user-friendly and easy to understand. You can easily navigate between charting tools, such as Bollinger bands, average directional index, moving averages, Relative Strength Indicator (RSI), etc.
Interestingly, the TipRanks chart shows one-minute price movements, including on a candlestick chart. The data goes back to 2009. Using the chart, you can see how any stock has responded to specific events. These events can be analyst ratings, earnings announcements, or dividend activity.
For additional ease, you can easily navigate to different groups of stocks. This way you can quickly analyze the most popular stocks, your portfolio or watchlist stocks, the losers, and more.
One of the most appealing aspects of TipRanks is that it offers fundamental analysis. This includes unique data, such as analyst rating consensus, news sentiment, hedge fund, and insider activity, risk factors, and more. In addition, you have access to earnings, dividend, and other essential data.
The platform also has idea-generating tools. For example, you can see daily stock ratings, stock screeners, news & analysis, stock comparison tools, and more. What’s more, you can sync TipRanks to your brokerage for unique insights into your holdings.
TradingView
TradingView offers a range of more than 100 pre-built indicators, 100,000+ community-built indicators, drawing tools, trading alerts, and others.
The platform enables users to create and publish studies, giving you access to a large volume of content. TradingView accounts also have an option to be linked to a brokerage account.
While some features are free, TradingView has a paid subscription service that gives you access to additional features and data. TradingView tools come under three plans: Pro, Pro+, and Premium.
Its basic plan, Pro comes at $29.16 per month. It offers only 5 indicators per chart with 2 charts in a window. It also gives out 20 server-side alerts and volume profile indicators. However, saved chart layouts are not available under this plan. The Pro+ plan costs $29.95 per month and Premium Plan is priced at $59.95 per month.
One of the drawbacks of this platform is that it has an overwhelming range of data tools under one roof. New traders or novice investors with limited technical analysis knowledge may feel lost in the whirlpool of charts and features.
StockCharts
StockCharts provides intraday, daily, weekly, monthly, quarterly, and yearly price charts, point & figure charts, seasonality charts, relative rotation graphs, and other tools.
While some tools are free many charts, indicators, and analysis tools come at a price. Alerts, studies, and historical data are available in their monthly subscriptions that range from $14.95 to $39.95 per month.
Founded in 1999, StockCharts’ interface has not been significantly updated. This makes it difficult for the platform to match up to the latest cutting-edge trading tools available on other websites.
TradeStation
TradeStation is a trading platform for stocks, ETFs, options, futures, and cryptocurrencies. It provides trading products and advanced tools like Automated technical analysis and statistical modeling.
TS GO offering does not have a minimum investment requirement. However, most of its popular features require additional financial outlay or subscription fees. Its premium service, TS Select plan requires an initial investment of $2,000 and comes with advanced tools and some free trades.
TradeStation has several plans with complex pricing, which can get confusing. Although it has access to more than 2,000 mutual funds, they come with additional transaction fees. Further, an annual inactivity fee of $50 is charged for inactive accounts.
Trade Ideas
Trade Ideas’ technical analysis tools include real-time simulated trading, chart-based visual trade assistant price alerts, and more. The platform also provides a free live trading room and trade suggestions for crypto traders.
The platform has a relatively high subscription fee. It’s also worth noting that it is not available on mobile apps. Further, its software can get complicated and may take time to learn.
TrendSpider
TrendSpider provides interactive charting tools like candlesticks, bars, raindrop charts, etc., and automated analysis.
The Market Scanner feature allows users to create watch lists from 1 minute to 1 month. There are many other scanners available with an option to design one too. Scans can be done on various financial assets including the cryptocurrency market. Further, there is an option to save the scans and watchlists you can view later on.
Which is the Most Trusted Technical Analysis Website?
Our preferred choice is TipRanks as it has the best of both worlds: fundamental analysis and technical analysis. To see if the platforms’ users agree with this conclusion, we looked at how each platform is rated on TrustPilot.
According to Trustpilot:
1. TipRanks tops the list with a score of 4.4 with an Excellent rating based on 195 reviews.
2. Second on the list is Trade Ideas with a score of 3.6 (7 reviews)
3. Third on the list is TrendSpider with a score of 3.0 (5 reviews)
4. StockCharts comes in fourth, with a score of 2.6 (5 reviews)
5. Fifth on the list is TradingView with a score of 2.5 (479 reviews)
6. Finally, TradeStation has a score of 1.7 based on 137 reviews
