Traders will have different preferences when it comes to stock screening software but they will all mostly want easy access to relevant and accurate data and timely news as a matter of priority. Most of the software tools available on the market will provide access to research and technical analysis tools across a number of different markets ranging from shares, forex and commodities.
When it comes to screening software you will want to be able to view data in different formats which in the case of shares might include their bets, P/E, ROCE..etc You’ll also want the functionality to compare different assets against each other and the ability to plot a wide range of technical indicators in graphical format. But let’s take a look at each of the different software providers that are particularly popular with experienced traders and investors:
Sharescope offers three software packages to suit the needs of different traders and professionals. Sharescope’s software subscription packages range from Gold (GBP20 per month or GBP220 on a yearly basis; the most popular), Plus (GBP40 per month or GBP440 on a yearly basis) or Pro (GBP99 per month or GBP990 per year). In addition there is a one-off membership fee of GBP79.95. On the Gold and Plus subscriptions you can also opt-in for Level 2 London Stock Exchange data at GBP16 a month (the Pro package includes live pricing and level 2 for UK and US stocks and indices by default). The software works on both windows and mac and is designed to make stock research easier.
What you get: A highly customisable and easy-to-use research and analysis package complete with customisable features, data and charting types. Sharescope also allows you to build portfolios, set filters and get information on financial results and analysts’ views and forecasts. Sharescope news is supplied by Dow Jones. The Pro packages not only includes real-time data for UK and USA shares and indices but also data for all the main foreign exchange pairs, main commodities, futures, covered warrants and ETFs. You can also get prices for unit trusts, Gilts, corporate bonds, commodities, open-ended investment companies and investment trusts. The Plus package offers the same although prices are delayed whereas with the Gold option data and prices are only updated on a daily basis. The Gold subscription doesn’t provide access to intraday charts and indicators.
eSignal is a USA data software company that tries to appeal to different traders and investors with different packages to suit individual needs. The software subscriptions start with a basic ‘OnDemand’ ($45 per month or $491/year), Premier ($145 per month or $1572/year), Premier Plus ($215 per month or $2340/year), and Advanced Get ($295 per month plus a one-time cost of $3995). The OnDemand and Premier subscriptions are the most popular with retail clients probably because they are more affordable. OnDemand prices don’t include Level 2 data and prices are delayed by 15min but you can opt for real-time prices if you want it. The other packages are included with real-time pricing data. Obviously, the more you pay over the basic OnDemand subscription, the more you can expect to get.
What you get: Access to data from global exchanges with the different subscriptions all encompassing shares, futures and forex. The software allows access to advanced charting functionality and the ability to place orders through charts as the software is directly integrated with a number of brokers (you will need to have an account with a broker whose platform is integrated into eSignal). The ability to create and monitor watchlists is included as well as historical data, filters and alerts. Backtesting is available on the real-time subsciptions but not onDemand. Newsflow is possible as an additional option with the Premier, Premier Plus and Advanced Get solutions although this costs extra.
Vantage Point is another USD based data provider that offers a number of packages for different asset classes. These include futures and commodities, exchange traded funds, foreign exchange as well as UK, USA, Australian, Canadian and Indian shares. The software is based on ‘neural network technology’; a form of artificial intelligence that claims to predict the future direction of a market with up to 86% accuracy. The software cost tag starts at $2900 which includes the analysis for three markets and goes up the more markets you want to access up to $8900.
What you get: The software looks for patterns and markets correlations to forecast trend direction and market strength. The software includes a number of filters to identify trades. For instance, the predicted neural index tool compares a current three-day moving average with a predicted three-day moving average, forecasting whether a given asset’s price will be up or down in a couple of days’ time. However, the software is not a trading platform and you will still need to decide on how, when and why to trade.