Dubbed as “the most efficient C# trading software,” MultiCharts offers a high-quality alternative to the popular NinjaTrader. The “MultiCharts.NET” framework is an affordable option for those who like developing automated trading strategies. If you don’t know how to trade stocks, you can try the free demo of the software. When you gather the required courage, you can open a funded brokerage account or make an outright purchase.
How Does MultiCharts Work?
MultiCharts operates on a powerful professional platform that many external brokerage trading services use. It supports both live and simulated trading, which is an excellent opportunity for people to learn how to trade stocks. The software has lots of rivals like TradeStation, but people often compare it to NinjaTrader. Although they share many similarities, MultiCharts is slightly more comfortable to use. It offers features like multi screen functionality, customizable charts, tool properties, plus an on-chart order execution and modification.
Furthermore, the platform comes in 2 versions – a standard MultiCharts.COM version and MultiCharts.NET. In short, the first one has a user-friendly programming language ideal for novices paired with some decent third-party add-ons. The latter is a version tailored for VB .NET and C# users. Ideally, the best application for the .NET framework is for the development of custom strategies. What’s more, you can effectively use it as a backtesting software.
Of course, not everyone has extensive experience in programming. Fortunately, MultiCharts is here to help. The platform provides built-in tools that can issue stock rankings and suggestions. The proprietary charting and analytics system may send you alerts that you can follow. Another advantage is that both systems are available online and offline.
How to Manage Your Portfolio?
With MultiCharts, traders have great flexibility that allows them to send orders quickly and accurately. You can employ more than one broker, tool, or data feed. Moreover, you can get a comprehensive summary from the Order and Position Tracker. The Quote Manager manages local data while a third-party feature updates the charts automatically.
On top of that, you can easily import and export data without worrying about the formatting. There are pre-configured session templates, and you can further customize them to your liking.
Backtesting in MultiCharts
As previously mentioned, Multicharts.NET provides an effective solution as a backtesting tool. The tick-by-tick engine takes multiple factors into account. You can also simulate the OCO (One Cancel the Other order type, stop, limit, and other types of orders. Ultimately, you can use the realistic backtesting instrument to take a considerable chunk of the guesswork. The reports and the Market Data Playback may allow you to optimize your strategies without risking money.
How to Scan with MultiCharts?
Listing trade stocks is relatively easy. Thanks to the multifunctional platform, you can either use the observing method or a machine. For beginners, it may be better to use a real-time scanner. It carries out a set of standard operations for stocks that you may want to follow more closely.
However, those who already know how to trade stocks may use the traditional approach. Looking at a chart with your own eyes has its limitations, though. On the other hand, you can always find stock ideas in the trading room.
How to Use the Charting?
Virtually, there’s no trader in the world without a chart. Because charts are essential, MultiCharts have worked overtime in perfecting that aspect of their platform. As a result, traders can fully personalize their tables. Moreover, users can employ multiple data series and symbols to create up to 20 sub-charts within one general. As for the interface, you can easily drag and drop various elements. All in all, you’d be amazed at the endless number of options suitable for traders of all stripes.
How to Trade Stocks with Discretionary Trading
If you are good at keeping a cool head, you can try a platform with quick entries and exits. In this case, one of the primary goals of MultiCharts is to make the market analysis more accessible. This feature allows traders to make decisions faster and execute trades at the click of a mouse or using hotkeys.
For those who are into intuitive manual trading, the platform offers simple visual charts. Ideally, traders may place orders and change positions rapidly using the Chart Trading Panel. The icons, the drop-down list, as well as various additional features, are all about the smooth operation. Discretionary traders may find the Compact Mode, the Trader’s Calculator, and Symbol Mapping to be valuable tools.
Automated Trading
Last but not least, among the most significant advantages of the software has to be automated trading. Manual trading may require a lot of time and effort. So, it may be a good idea to make a plan and stick to it using a slew of algorithms. You can automate your trading by creating and sending orders to the broker without intervening.
Of course, this method requires proper scripting to work correctly. Thankfully, Multicharts.NET pairs with multiple scripts like EasyLanguage and Visual Builder. Moreover, you can get your hands on over 250 pre-built strategies, which you can further customize.
Bottom Line
Finally, MultiCharts is an excellent trading platform, which may even beat NinjaTrader in some aspects. Whether you’re learning how to trade stocks or you have considerable experience, MultiCharts has it all. You can choose from the two versions and the myriad of add-ons and customizable elements. Don’t forget to find suitable hardware that can provide optimal performance. If you still haven’t found a suitable trading laptop and PC provider, Trading Computers is the best place to get you started.
