In the fast-paced world of financial markets, having access to reliable and powerful trading tools is crucial for traders and investors. Overcharts, as advertised on their website, aims to provide a comprehensive platform for analyzing and trading the markets. In this review, we will delve into the key features and functionalities of Overcharts, examining its setup process, connectivity options, trading capabilities, and various tools that it offers for technical analysis.
Download & Install Overcharts
The initial setup of a trading platform can often be a daunting task for traders. Overcharts, however, strives to make this process as straightforward as possible. Users can easily download and install the platform, with the website indicating that the initial configuration takes only a few minutes. This ease of setup is a significant advantage, especially for traders who want to get started quickly.
Create a new account
Creating a new account is a standard procedure for most trading platforms. Overcharts follows suit, allowing users to create an account easily. While the website doesn’t provide specific details about the account creation process, we can assume that it’s a user-friendly and intuitive process, given the platform’s focus on simplicity.
Configure the connection/s to your brokers
One of the critical aspects of any trading platform is its ability to connect seamlessly to brokers. Overcharts claims to offer this functionality by allowing users to configure connections to their preferred brokers. What’s notable here is that it requires only a username and password, simplifying the connection process further. However, it’s important to note that the website does not provide a list of supported brokers, which may be a concern for some traders.
Choose your favorite Instruments
Overcharts offers flexibility in instrument selection, allowing users to choose their preferred trading assets. Whether you’re interested in stocks, futures, commodities, options (coming soon), or forex, this platform promises to cater to your needs. The ability to customize your trading experience by selecting your favorite instruments is a significant advantage for traders with specific preferences.
Open a new Workspace
Overcharts provides a feature that many traders will find valuable: the ability to open multiple workspaces. This feature enables traders to organize their trading activities effectively. Each workspace can contain different tools, such as DOMs, Watchlists, Time & Sales, Charts, and more. This level of customization enhances the user experience and streamlines trading operations.
Trade with trusted brokers on international exchanges
Overcharts emphasizes the importance of trading with trusted brokers on international exchanges. This is a crucial factor for traders who want assurance regarding the security of their funds and the reliability of their trading environment.
DOM and Chart trading
The platform offers both Depth of Market (DOM) and Chart trading options. DOM trading is particularly useful for traders who rely on order flow analysis. Chart trading, on the other hand, is a common preference for technical analysts. The inclusion of these features caters to different trading styles and strategies.
Simultaneous Connections to Multiple Brokers & Data-Feeds
One standout feature of Overcharts is its ability to handle simultaneous connections to multiple brokers and data-feeds. This flexibility allows traders to switch between brokers without altering their trading and analysis methods. This is particularly valuable for traders who diversify their portfolios or have accounts with different brokers for various purposes. The ability to maintain separate broker connections for each instrument is a convenience that traders will appreciate.
Overcharts prides itself on being a user-friendly platform. Its simplicity and intuitive solutions make it accessible to traders of all experience levels. This ease of use is crucial, especially for newcomers to the trading world who may find complex platforms intimidating.
The platform’s cloud-based settings storage is a significant advantage. It ensures that users can easily restore their settings and switch between devices without any hassle. This feature enhances the overall user experience by providing a seamless transition between different devices, such as desktop computers and mobile devices.
4K Ultra HD
Overcharts supports 4K Ultra HD monitors, taking the graphical experience of trading to a higher level. This level of visual clarity can be a game-changer for traders who rely heavily on chart analysis. The ability to see market data with exceptional clarity can lead to more informed trading decisions.
The promise of continuous development and frequent scheduled releases is a positive sign. It indicates that Overcharts is committed to improving its platform and adding new features over time. This commitment to development ensures that traders will have access to the latest tools and technologies to stay competitive in the market.
Overcharts offers a comprehensive tick/volume analysis package that includes several essential indicators and tools for understanding market movements in advance. Some of the key tools and indicators in this package include:
The Volume Profile is a powerful tool that shows the volume traded at specific price levels. It helps traders identify areas with significant buying or selling interest, which can be crucial for making informed trading decisions. Overcharts provides various types of Volume Profile, including intraday, session, composite, range, day, weekly, and monthly profiles. Having access to these different profiles allows traders to analyze price and volume data from multiple perspectives.
Similar to Volume Profile, the TPO Profile (Time-Price-Opportunity) focuses on price distribution during specified time periods. It highlights price levels where the market has spent the most time. TPO Profile is often used in conjunction with Volume Profile to identify key support and resistance levels more effectively. This tool can be particularly valuable for traders employing market profile strategies.
The Volume Ladder, also known as a footprint chart, is a critical component of order flow analysis. It consolidates volume, bid/ask data, delta, and other volume statistics within each price bar. This differs from traditional bar or candlestick charts, as it combines price, volume, and order flow information into a single chart. Traders can gain insights into acceleration, deceleration, absorption, bid/ask volume levels, delta, and more. The Volume Ladder is a must-have tool for traders who focus on order flow analysis.
Market Depth Map
Market Depth Map is an indicator that has gained popularity among traders for volume analysis. It helps identify potential support and resistance levels by visualizing order book data. The coloration of price levels in the Market Depth Map changes based on the number of orders at each level, creating a heatmap effect. This color-coded visualization is efficient for spotting areas of interest in real-time trading. However, it’s worth noting that this indicator requires real-time data from the limit order book (DOM) and may not display historical data initially.
Overcharts offers the advantage of organizing trading and chart analysis into multiple workspaces. This feature is particularly valuable for traders who monitor multiple instruments or markets simultaneously. With intensive multi-threading for chart calculation and refresh, each workspace updates independently and simultaneously. Traders can place different workspaces on separate monitors, allowing for efficient multitasking. The ability to customize each workspace with various tools and data feeds enhances the platform’s usability and adaptability to different trading strategies.
Overcharts provides a robust chart analysis environment with a 4K Ultra-HD graphics engine. Traders can choose from various chart types, including Candlestick, Bar, Line Equivolume, Candlevolume, Point & Figure, Kagi, Renko, Three Line Break, Heikin Ashi, Dot on Close, Volume Bar, Range Bar, Reversal Bar, and Trend Hollow Candlestick. This extensive selection caters to traders with diverse charting preferences.
Furthermore, Overcharts supports the plotting of common technical indicators on charts, offering a comprehensive set of tools for technical analysis. Additionally, traders can overlay charts of different instruments on top of existing data, enabling cross-market analysis. The platform’s ability to handle up to 100 million bars on a 64-bit operating system ensures that traders have access to historical data for in-depth analysis.
Advanced drawing tools, such as Trendlines, Fibonacci retracements, Elliott Wave patterns, Pitchforks, and various types of channels, are available to aid in technical analysis. Measurement tools and other features further enhance the chart analysis experience, making Overcharts a versatile platform for both novice and experienced traders.
In conclusion, Overcharts appears to be a robust trading platform that offers a wide range of features and tools for traders and investors. Its user-friendly interface, support for multiple brokers and instruments, and advanced charting capabilities make it a compelling choice for those looking to analyze and trade the markets. The platform’s commitment to continuous development and frequent updates also suggests a dedication to staying at the forefront of trading technology.
Additionally, while the tick/volume analysis package is impressive, some indicators may be limited by the availability of real-time data from the limit order book (DOM).
Ultimately, the suitability of Overcharts will depend on individual trading preferences and requirements. Traders looking for a versatile and customizable trading platform with a focus on technical analysis may find Overcharts to be a valuable addition to their toolkit.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.