Trading Software and Books Reviews

MetaStock Professional Review

Trader One

Firstly, I am completely new to MetaStock in general, not just this new version. I found the installation setup is a simple, standard and brief process. There is a tutorial offered when the program is first installed. This explains the very basics, and there are two PDF manuals under the Help menu which assisted in getting me up and running.

The process involved to open, customise and draw on the charts is simple to grasp, which meant that I was using the program within the space of an hour. There are many functions that the software can perform and this needed more time with the manuals. I put several hours of working through the “Power Tools” part of the manual with still more practice required. Nevertheless, the time spent was most rewarding, as the possibilities of these tools take some time for the newcomer to fully grasp. I did find the “MetaStock in a Nutshell” by Simon Sherwood helpful as it filled in a few blank spots I still had about the Explorer tool in particular.

The very long list of indicators are so quick and straightforward to use because of the drag and drop application method, this minimises clicks required. For any new trader your favorite tool will surely be the Expert Advisor which applies the rules of various indicator systems to the chart you are viewing and explains what is happening in the chart from the rules that apply to that system. Depending on your level, this tool either functions as a technical analysis tutor or becomes a source of confirmation for chart interpretation. I am also excited about the Explorer tool and the Enhanced System Tester which makes very complex tasks easy to operate and modify.

From the perspective of the new trader, there is a lot of room to grow with MetaStock, I would thoroughly recommend any new trader look into this program, it is a wonderland for technical analysis.

Trader Two

MetaStock has held a place as an industry standard charting package for many years. It has held its position as a market leader as it is one of the few commercially available programs that enable a user to create both custom indicators and user defined search (exploration) facilities.

MetaStock Pro extends upon these features by incorporating intraday functionality to the standard end of day package. At first glance, charting of time frames from tick values, through standard increments up to one hour seems to offer only a marginal advantage above what a sophisticated internet based broking house is able to provide. However, in integrating internet functionality, the creators of MetaStock have added a powerful and unique alert function that enables the user to integrate email/SMS real time system alerts based on custom indicators/criteria. This feature alone commands the attention of the serious trader.

MetaStock Pro is packaged together with QuoteCenter data as a download direct from the Equis website. However, in my experience, the process for downloading the software was slow and inefficient. Anyone purchasing MetaStock Pro would do well to order a copy on disk.

In general, I found the Reuters based QuoteCenter data to be quite clean and easy to use. It is understandably slow to initialise an intra-day chart, yet once loaded, price moved in sync with market moves without any noticeable delay. Needless to say, a broadband connection is a vital system requirement.

It would be remiss of me not to mention that there a large learning curve involved in proficient use of MetaStock. However, there are a number of commercial training programs available on both basic and advanced functionality. In addition, the Equis website (www.equis.com) offers a wealth of information on effective use of the MetaStock program.

Trader Three

MetaStock Pro is a software solution for advanced and professional traders. It is designed to assist trading in any financial instrument in any market accessible by Reuters. The companion QuoteCenter product offers real-time updates of financial instruments.

This is a package for experienced traders. The software and training manuals are supplied on CD, pre-registration is required for installation, which was smooth and easy. The documentation was professional and comprehensive, provided in .pdf format.

The MetaStock Pro charting system is second to none. The charting module is supplemented by trading analytics, trading systems and expert systems; the trader can also write their own trading strategies and test these against data from various periods. This testing is comprehensive and detailed, though I found it a little slower than other professional packages. Nonetheless, it is an extremely potent capability which I find essential for any professional trader.

I was most impressed with MetaStock’s event alert mechanisms, which allow for continuous market scanning and, if a trading system is applied, generate the trading signals. The abundance of trading functions enables the trader to select the most appropriate analysis of the market itself and the movement of the instrument in the market.

The package has a very intuitive design, helping professional traders focus on trading-useful shortcuts, templates and a systematic approach to building up trading strategies are all important features. It maintains a highly comprehensive level of detail, however, allowing traders to use as much or as little of its capabilities as their style dictates.

In my view, MetaStock is the ultimate trading software for experienced traders and research analysts. I would strongly advise the use of MetaStock’s trading system design capability to allow a unique, customised approach to the market dynamics when trading.

MetaStock is an excellent product, definitely on my list of top two trading products. I would recommend it to any professional trader.

MetaStock Response

MetaStock Professional is the real-time version of MetaStock and is now available to private traders.

Most users find installation a quick and easy process. There are, however, a plethora of avenues for assistance if required. The software is downloadable via email link or disk – your choice.

The support continues well past installation, with assistance available from an online forum, tutorials, manuals, live online training, phone and email support, to ensure you receive maximum benefit from the powerful features.

MetaStock Pro is sophisticated yet flexible, giving you the power to tailor it specifically to your own trading style – you can even create your own indicators!

Further unique features of MetaStock include:

* The scanning function enables you to scan thousands of securities based on any number of criteria in order to identify ideal trading opportunities

* Nine different chart styles

* A vast library of in-built trading systems; Alternatively you may create your own

* Enhanced system tester – create, test, optimise and compare trading systems

* Expert advice – create alerts based on price, volume and indicators to automate your analysis

* Indicator builder – utilise one of over 200 built in indicators and studies, or create your own

We recommend pairing MetaStock Pro with real-time data from QuoteCenter – an ultra-clean, reliable and comprehensive real-time feed direct from Reuters.

Any trader at any level can find features and functions within MetaStock Pro to increase profitability and reduce the effort required to design, test and implement a trading system.

The software is available from US$100 per month or a once off purchase.

This article was originally published in the Sep/Oct 07 issue of YourTradingEdge magazine (www.YTEmagazine.com). All rights reserved. © Copyright 2009, MarketSource International Pty Ltd.

2 Comments to MetaStock Professional Review

1. sir details please
avsr_gurunadham on November 19th, 2008

2. Meta stock isn’t worth a flip, seriously it’s ok but I’m not about to gamble my $$$ on some future teller.
joe on September 11th, 2010

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