MetaStock Review – Charting and Technical Analysis for Traders
MetaStock is a technical analysis powerhouse that’s been around since the mid-1980s. The company has refined its offering over the past few decades to become a top choice among active traders, from swing to momentum and day traders.
MetaStock offers a suite of charting and technical analysis tools to help you become more successful as you invest and trade the market.
The platform supports stocks, exchange-traded funds (ETFs), mutual funds, futures, options, bonds, and forex. Whether you’re trading in the stock market or the forex market, the service offers something of value.
MetaStock offers two core plans that can be combined or used separately. You can take advantage of a wide range of add-ons and upgrades. The company also offers a free 30-day trial on all plans.
MetaStock D/C is the company’s entry-level plan and is designed for traders who make their trades based on end-of-day market data. The plan costs $59 per month or $745 per year when billed annually (a savings of $83 per year). The package comes with:
- End-of-Day Market Data. MetaStock D/C provides market data from the closing bell that traders typically use to plan their next trading day. Market data comes from Refinitiv, the gold standard in the industry.
- Market Scanner. Scan the market to find the types of opportunities you’re looking for based on your customized criteria.
- Backtesting. Backtest your strategies to see how they would have performed against historical market data.
- Forecasting. Forecast how your strategy might work in the future based on historical events.
- Expert Advisors. Expert advisors are computer algorithms that look for the most advantageous entries and exits based on a specific trading strategy. You can overlay expert advisor data right on the chart to visualize entry and exit signals.
- Watchlist Monitoring. Monitor your watchlist to see when new opportunities arise and keep your eyes on the assets you trade.
- Monitor Options Chains. Keep your options chains in order with day-to-day monitoring of your positions.
MetaStock R/T is similar to D/C. The difference is timing. R/T stands for real-time, meaning you’ll have access to real-time data feeds with this package.
The real-time subscription costs $100 per month or $1,080 per year when billed annually (a savings of $120 annually) and unlocks intraday data for the most advanced traders.
You can add Xenith add-ons to any of the packages above to bring fundamentals into your market analysis. When you do, you gain access to:
- Real-Time News. Get the latest news on the stocks you trade.
- Fundamental Data. Dig into company filings, valuation data, and analysis.
- Fundamental Data on Chart. Mix fundamental and technical analysis.
There are dozens of Xenith data packages and add-ons cost anywhere from $110 per month to $165 per month, but you can save on the add-ons by choosing an annual subscription. The difference in price depends on the region you want the data from and what type of data you want.
For example, global forex data costs $110 per month while North and South American stock data is $165 per month.
The company also offers various branded MetaStock add-ons that unlock data from various regions and financial markets as well as technical addons that act as indicators — producing signals to buy or sell assets.
Keep in mind, there are hundreds of addons to choose from and adding them all would cost you thousands of dollars per month. So, choose the data you need based on the types of assets and regions in which you trade.
Successful online traders often tout MetaStock as the most robust technical analysis software online today. The platform is one of the original technology-centric analysis tools, and as a result its looks and functionality are a bit retro. But if you can get past the retro look and feel of the platform, there are plenty of features to be excited about.
MetaStock is arguably the most intuitive charting software online for stock traders. The charts are packed with technical indicators and drawing tools, and you can even choose your own custom time frames to match the chart to your strategy.
You may find the charts cumbersome at first if you’re a new trader, but it’s worth taking the time to learn because you’ll be hard-pressed to find more powerful technical analysis tools.
Backtesting & Forecasting
The most successful traders know it’s hard to predict how a strategy will perform in the market until you test it, no matter how great it seems. MetaStock offers some of the most robust trading strategy analysis tools online today.
Start by backtesting your strategy with the System Tester. Tune the system test to see all the trades the strategy would have resulted in over the time frame you set. You can see which trades were winners, which were losers, and profit and loss data for the strategy overall.
The company also offers a forecaster that uses events throughout history to show you how your strategy might do in the future. This tool shows you if your strategy has a strong probability of being profitable and what small changes could make big differences.
Use the results of the backtester and the forecaster to optimize your trading strategy before deploying it in the real world.
Expert advisors (EAs) are computer algorithms that analyze market data based on specific trading strategies to generate trading signals. There are several EAs to choose from based on a wide range of strategies and technical indicators.
Simply overlay the expert advisor over the chart and get a visual of the best possible entries and exits based on the trading strategy you choose.
Asset screeners are a trader’s best friend. After all, there are thousands of stocks on the U.S. market alone. When you add in international stocks, that number climbs exponentially. Trying to find a quality trading opportunity that meets specific criteria without a screener is like trying to find a needle in a haystack the size of a city block.
MetaStock offers one of the most robust forex and stock screeners online today. You can use fundamental and technical criteria to screen for the exact types of opportunities you want to find. The screener uses data from Refinitiv and Thomson Reuters, so you can rest assured it’s some of the best data in the business.
MetaStock’s screener lets you quickly dial down potential assets to trade from thousands to a handful, giving you more time to capitalize on market trends.
You can also add trading systems and signal services from professional traders to your MetaStock account. Each add-on has its own price tag, typically ranging from around $100 per month to a couple of thousand dollars per year. Some add-ons even come with lifetime prices.
Some of the most compelling add-ons on the platform include:
- Anne Marie’s Target Rich Trades. This add-on uses a wide range of technical indicators to create accurate and very specific buy and sell trading signals. The service has a one-time fee of $499.
- Bollinger Bands System. The Bollinger Bands System is a reliable mechanical trading system that uses Bollinger bands to generate trading signals. The add-on comes with a one-time fee of $299.
- Chart Pattern Recognition. Chart Pattern Recognition lets you identify the most commonly used chart patterns to speed up the technical analysis process. The add-on comes with a one-time fee of $299.
- Fulgent AI. Fulgent AI is an artificial intelligence developed specifically for trading. The AI uses hundreds of different technical indicators and cross-market measurements to produce accurate trading signals. The service costs $149 per month or $1,609.20 per year.
Stock analysis isn’t something you learn in school, and for most people it doesn’t come naturally. The best traders hone their skills with years of experience and plenty of hiccups along the way. However, it’s possible to smooth out the learning curve with quality tools and education.
MetaStock wants you to be successful and take full advantage of the software it provides. The platform offers a series of live webinars as well as recorded videos and written tutorials on how to best use its tools.
Although there’s quite a bit to learn, the tutorials on the platform make it possible for even the most novice traders to make their way over the learning curve and start grabbing the bull by its horns.
MetaStock has become a top choice among expert traders and is quickly becoming a go-to choice for beginners. There are plenty of advantages to signing up for the platform.
- Expert Advisors. Trading on your own can be a cumbersome process. MetaStock’s Expert Advisor algorithms make it easy to spot solid entry and exit signals based on some of the most popular technical indicators and trading strategies.
- Advanced Charting Capabilities. The charts on MetaStock are complete with all the drawing tools and technical indicators Wall Street bigwigs use when they trade.
- Education. Education is one of the most important aspects of becoming a successful trader. Although the educational materials at MetaStock all revolve around using the company’s tools to succeed in the market, if you follow along step by step, you have a high probability of success.
- Strategy Optimization. Your trading strategy will make you or break you in the market. MetaStock offers backtesting and forecasting software to ensure your strategy is up to par before you risk your first dime in the live market.
- Customer Support. Trading is a complex process, and you’re going to have questions from time to time. The MetaStock support team is knowledgeable and eager to answer your questions. They’re available from 7:00am to 5:00pm Mountain Standard Time.
Although there are plenty of reasons to be excited about signing up for MetaStock, the service isn’t perfect. There are a few drawbacks you should consider before diving in.
- Cost-Prohibitive. You’ll pay at least $250 per month to get the most out of MetaStock as an active trader. The price can climb substantially depending on the add-ons you’re interested in. Although we believe the value is more than worth the price tag, we also understand the service may be cost-prohibitive for new traders.
- Outdated Design. When you load the website, you get a flashback of the good ol’ AOL days. The downloadable platform is only designed for Windows and has an old-school retro appeal — which may not impress some people used to slick user interfaces. You’ll have to look past the retro UI to get to the meat and potatoes of the service.
- The Learning Curve. MetaStock offers advanced trading tools, which take a bit of time to learn how to use if you’re a beginner.
TradingView is MetaStock’s largest competitor. Here’s how the two compare:
|Price||$59 per month and up, depending on the data and add-ons you want access to.||Free to $59.95 per month depending on the package you sign up for.|
|Advanced Charting Capabilities||Yes||Yes|
|Forecasting||Highly intuitive, accurate forecasting.||Worth using, but not as accurate as MetaStock.|
|Pattern Recognition||Available as a $299 add-on.||Standard with all packages.|
|Stock Screener||Technical screener comes standard. Must have the Xenith add-on for fundamental screening.||Screen with 100+ fundamental and technical metrics, standard with all packages.|
|Educational Features||In-depth webinars, videos, and tutorials.||Few to none.|
No matter what job you do, you need tools to make it more efficient. That’s the case when you decide to build a house and when you decide to trade stocks.
MetaStock is one of the most advanced pieces of trading software available to the average trader. Although the graphics and retro Windows approach to design could use a refresh, there’s no arguing the value that having MetaStock in your trader toolbox provides.
If you want to trade like a pro with the indicators and technology the pros use, you should strongly consider signing up for a free 30-day trial with MetaStock.