MultiCharts is a technical analysis software program designed to assist users in entering and exiting markets at opportunistic times. The professional version provides users with an automated trading platform, but is pricey. For our purposes, we tested the free version, MultiCharts DT, which allows you to perform your own technical analysis but does not provide a trading platform.
The program provides a main workspace, which can contain multiple windows. You can open new tabs at the bottom to create additional workspaces. Charts populate the windows in each workspace. There are no limitations to the number of windows that can be opened in each workspace, but only one is active at a time. The active window is where changes will be applied. There are six toolbars, which can be moved anywhere on the screen. These toolbars present all the commonly used commands.
Numerous chart types are available, including open-high-low-close and candlestick charts. You are also able to customize the time frame by zooming in and out. If you click on any area of the window, the data provided will be shown in numerical form. For instance, in an open-high-low-close chart, clicking in the window will provide the open, high, low and close. You can click and drag the cursor, and the data will automatically update. If you click on the chart itself, you can drag the cursor to change the time frame to show older or newer data. The program also enables you to chart multiple symbols and timeframes in the same window.
Several drawing tools are available, including tools for drawing arcs and Fibonacci Retracements. Over 160 technical indicators and over 100 technical signals are offered by the program. Each of these indicators or signals can be inserted into any of the charts, and there is no limitation on the number of indicators and signals that can be drawn.
MultiCharts allows you to set alerts on instruments of interest. The alert can be audio or visual, and the notification is triggered when market conditions meet the criteria specified. The program also allows users to set email alerts.
MultiCharts DT is one of the more powerful technical analysis software programs provided free of charge on the Web. The program offers the ability to build and test a strategy. Users who are very involved in trading can opt for one of the paid versions, which include back-testing capabilities and the ability to import indicators and strategies or create your own.
System Requirements (Recommended): 3GHz or Dual Core processor; 1 GB RAM; 1GB hard disk space; Windows XP or newer
Price: Free; paid versions of Multicharts start at $797 per year, or you can pay $297 per quarter for a quarterly subscription