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Online Investing Hacks by Bonnie Biafore

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Hack #53. The Best Tools for Technical Analysis

Technical analysis tools range from online tools that display charts and indicators to software applications that offer technical screening and trading strategies.

Because technical analysis tools come in a variety of shapes, sizes, and price tags, you should take the time to identify the features you want before you begin shopping. These days you can choose from numerous web sites if you want to create charts, view technical indicators, and screen investments based on technical measures. However, to obtain a robust set of technical indicators or to use or create a trading system that identifies buy and sell signals, you’ll want a technical analysis software package. With technical analysis web sites, the data comes with the site. When you purchase a technical analysis software application, you must consider your source and the cost of data. Some applications act as self-contained systems that include the software and data you need to perform your analyses. Other applications use data from third-party data providers, although each application and even versions of the same application might support different data feeds. Here’s a shopping guide to help you sort out your choices.

Online Trading Tools

With online tools, you won’t spend as much for technical analysis features. Many web sites offer several types of charts and a dozen or more technical indicators at no charge. In most cases, you can obtain end-of-day data or even delayed intraday ...

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