Metastock vs Thinkorswim

In the world of online trading, having access to powerful and feature-rich trading platforms is essential for investors and traders alike. Metastock and Thinkorswim are two popular platforms that offer a wide range of tools and functionalities to help users analyze the markets and execute trades efficiently. In this article, we will compare Metastock and Thinkorswim across various aspects to help you make an informed decision about which platform suits your trading needs best.

Metastock vs Thinkorswim
Metastock vs Thinkorswim

Introduction to Metastock and Thinkorswim

Metastock

Metastock is a renowned charting and technical analysis software that has been serving traders for over three decades. It provides a wide range of tools for charting, scanning, backtesting, and exploring market data. Metastock offers both end-of-day and real-time data options and caters to traders of all experience levels. It is highly regarded for its powerful technical analysis capabilities and its ability to customize and save indicators, perform backtesting, and identify trading opportunities through its robust scanning feature.

MetaStock
MetaStock

Thinkorswim

Thinkorswim, on the other hand, is a comprehensive trading platform offered by TD Ameritrade (now part of Charles Schwab). It provides advanced features for trading equities, options, futures, and forex markets. Thinkorswim is highly regarded for its powerful charting capabilities, advanced order types, and extensive research tools. It offers a user-friendly interface, customizable charts with a wide range of technical indicators, and the ability to create and backtest custom studies and strategies using its thinkScript feature.

Thinkorswim
Thinkorswim

User Interface and Navigation

The user interface plays a crucial role in a trading platform’s usability and efficiency. Let’s take a closer look at how Metastock and Thinkorswim stack up in this aspect.

Metastock

Metastock offers a clean and intuitive user interface. The platform allows users to customize their workspace, arrange windows, and set up multiple monitors. The charting interface is highly flexible, enabling users to apply various technical indicators, draw trendlines, and perform in-depth analysis. However, the learning curve can be steeper for beginners due to the abundance of features and options.


Thinkorswim

Thinkorswim boasts a modern and user-friendly interface that is highly customizable. The platform provides an extensive range of charting tools and studies, making it ideal for technical analysis enthusiasts. Thinkorswim’s interface is well-organized, and users can easily navigate between different modules, such as watchlists, trade grids, and analysis tools. The platform also offers a flexible and customizable order entry interface, allowing for quick and efficient trade execution.

Verdict: Both Metastock and Thinkorswim offer user-friendly interfaces, but Thinkorswim’s modern design and easy navigation give it a slight edge in terms of usability.

Charting and Technical Analysis

Comprehensive charting capabilities are vital for traders who rely on technical analysis to make trading decisions. Let’s compare Metastock and Thinkorswim in terms of their charting features.

Metastock

Metastock is widely regarded as a powerhouse for technical analysis. It provides a vast library of built-in technical indicators, including moving averages, oscillators, and volatility bands. The platform allows users to create and save custom indicators, perform backtesting, and apply advanced drawing tools. Metastock also offers a robust scanner for identifying trading opportunities based on specific criteria.

Thinkorswim

Thinkorswim excels in charting capabilities as well. It offers a wide range of technical indicators, drawing tools, and advanced chart types. Thinkorswim’s thinkScript feature enables users to create and backtest custom studies and strategies. Additionally, the platform integrates social sentiment analysis, displaying real-time social media data on the charts, providing unique insights for traders.


Verdict: Both Metastock and Thinkorswim provide powerful charting and technical analysis tools. The choice between the two platforms may depend on specific preferences or the need for advanced features like social sentiment analysis.

Market Data and Research

Access to real-time market data, news, and research can significantly impact trading decisions. Let’s evaluate the data and research offerings of Metastock and Thinkorswim.

Metastock

Metastock offers end-of-day and real-time data subscriptions from various providers. The platform provides access to fundamental data, economic calendars, and news feeds. Metastock’s robust scanning capabilities enable users to screen stocks based on fundamental criteria, technical patterns, or custom formulas. However, the research offerings are not as extensive as Thinkorswim’s.

Thinkorswim

Thinkorswim stands out in terms of research offerings. The platform provides real-time data, news, and analysis from leading financial institutions like Morningstar, CFRA, and Thomson Reuters. Thinkorswim’s tools include company profiles, earnings analysis, advanced options statistics, and social sentiment indicators. The platform also offers access to live CNBC streaming for up-to-date market coverage.

Verdict: Thinkorswim provides a more comprehensive range of market data and research tools compared to Metastock, making it a preferred choice for traders who heavily rely on research and news.


Trading Capabilities

The ability to execute trades swiftly and efficiently is a crucial aspect of any trading platform. Let’s compare the trading capabilities of Metastock and Thinkorswim.

Metastock

Metastock is primarily focused on charting and technical analysis, and it does not offer direct trading capabilities. However, users can connect Metastock to compatible brokerages using the MetaStock External Server feature, allowing for order execution from within the platform.

Thinkorswim

Thinkorswim provides a comprehensive trading experience with advanced order types, including conditional orders, trailing stops, and OCO (One Cancels Other) orders. The platform offers direct market access to stocks, options, futures, and forex markets. Thinkorswim’s order entry interface is highly customizable and allows for quick order placement.

Verdict: Thinkorswim clearly takes the lead in terms of trading capabilities due to its direct access to multiple markets and advanced order types.

Support and Education

Having access to reliable customer support and educational resources can significantly enhance the trading experience. Let’s compare the support and education offerings of Metastock and Thinkorswim.


Metastock

Metastock provides various support channels, including email, phone, and live chat. The platform also offers a knowledge base and online documentation to help users navigate the software and its features. Additionally, Metastock hosts webinars and provides educational materials to assist traders in mastering technical analysis.

Thinkorswim

Thinkorswim offers customer support through phone, email, and live chat. The platform also provides extensive educational resources, including video tutorials, articles, and webinars. Thinkorswim’s Education Center offers a wide range of educational materials for traders of all levels, covering topics such as trading strategies, options, futures, and more.

Verdict: Both Metastock and Thinkorswim offer reliable customer support and educational resources. The choice may depend on personal preferences or the specific type of assistance required.

Conclusion

Metastock and Thinkorswim are both powerful trading platforms that cater to different trading styles and preferences. Metastock excels in providing robust charting and technical analysis tools, while Thinkorswim offers a comprehensive trading experience with advanced order types, extensive research tools, and a user-friendly interface.

When deciding between the two platforms, it is important to consider your trading needs and priorities. If you heavily rely on technical analysis and customization, Metastock may be the preferred choice. On the other hand, if you require a platform with comprehensive research tools, advanced trading capabilities, and a modern interface, Thinkorswim may better suit your needs.


Ultimately, it is recommended to try out demos or trial versions of both platforms to get a firsthand experience and determine which one aligns best with your trading style and preferences.

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