I’m a huge fan of Worden’s charting software, and I’ve been a user of it for 8 years. During that time, Worden’s product line has expanded and they’ve continually improved the product I started out with, TeleChart. I’ve tried products from other vendors and just haven’t found them to be any easier to use, more affordable, or better than what Worden offers. Worden strives to improve their software and service at all times, which is something I can definitely relate to! Worden also has something on the way which has the ability to do just about anything you’d ever want it to do – I know because I’ve been using it for several months. Needless to say, I’m not going anywhere!
So let’s take a look at some of the features of Worden’s charting program.
Worden’s basic charting package is called TeleChart 2005 or TeleChart Gold. It is $29/month and offers 20-minute delayed data, which is ideal for the end-of-day user or those who are swing trading based on daily charts. It comes with a host of canned features, such as:
- Entire stock market on your PC. You will literally have the entire market on your PC, with the ability to see every stock traded on the major US exchanges (bulletin board stocks or penny stocks not included). Every index is included too.
- Sectors. Seeing a stock on the move leaves traders like me looking for others in the same group which will move in sympathy. TeleChart allows you to see what sector a stock is in and then view all other stocks in the same industry or sub-industry.
- Component Watchlists. Ever wonder if a certain stock is in the Dow or S&P or NAZ 100? TeleChart keeps a current list of all stocks in these major indexes as well as many others, so the next time you’re wondering if that small-cap favorite is in the Russell 1000 Index, you’ll quickly be able to find out.
- Sorting. TeleChart allows you to sort by almost any criteria you can think of, right ‘out of the box.’ This is such a valuable feature, and the ability to sort a huge list of stocks with the click of a mouse is a tremendous time-saver. Among the limitless sorts are Volume, Beta, Capitalization, Float, Symbol, etc. The list goes on and on and you can even create your own.
TeleChart offers a host of charting possibilities as well:
Chart Templates. You can have unlimited chart templates, which are kind of like pages of charts which each have their own properties. Say you look at moving averages for trending stocks but you don’t want to see them otherwise – you could set up a chart template and with the push of one button instantly have those moving averages displayed. Maybe you sometimes look at candlesticks and other times you look at bar charts. Set up a different template and you can have them both anytime you want them.
Chart Customization. You can set up your charts to look however you want them. Make the bars or background whatever color you want. Add or remove gridlines. Add indicators (and custom indicators) to the chart window or down below, colored however you want them. Resize the charting area or indicator panes, or put indicators in panes above the prices.
Indicators. TeleChart comes pre-installed with just about any indicator you can think of. Whether you want moving averages, stochastics, Bollinger Bands, or almost anything else, it’s right there waiting for you to use it. You can even create and use your own.
EasyScans. EasyScans are appropriately named, as they’re a cinch to set up and they allow you to scan the entire market instantly for whatever you want. Let’s say you want to create a new watch list looking for all Nasdaq stocks which are above $5.00 but below $25.00 and have an average daily volume of 100,000 shares or greater. An EasyScan will let you do that and it will take you just a couple of clicks and you’ll have that list in seconds. Even better, once you have the list, you’ll be able to sort it by whatever criteria you want. It’s really amazing.
PCF’s. Personal Criteria Formula’s (PCF’s) are formulas which you write that add a new sort and scan criterion to the program. This is an advanced feature but a formula wizard can walk you through creating PCF’s. An example PCF would be if you wanted to be able to sort your stocks by something like “Price Percent Change last 50 Days.” This advanced feature has unlimited possibilities, which makes it a valuable function to many users.
TCNet. TCNet is the real-time version of TeleChart, also called TeleChart Platinum. TCNet is $99/month and provides real-time streaming charts, news, and live chat with other TCNet users. TCNet also offers alerts, which are an excellent feature if your trading platform doesn’t offer them. The alerts can be set for stocks you’re monitoring, and it can notify you via pop-up, email, or pager. The alerts are real-time, which is great in a fast-moving market compared to other providers of free alerts which are on a 20-minute delay.
Whether you go with Gold or Platinum, you’ll have the exact same charting program with either one, the main difference is real-time vs. delayed data. If your trading platform has a real-time data feed and you do your intraday charting with it, then the delayed TeleChart Gold should serve you well. However, if you want to be able to do all of your charting in one place and you want the alerts, news (including Briefing.com’s InPlay), live chat, and the ability to share your charts with other users, then TeleChart Platinum or TCNet is the one for you. It’s an amazing product and I won’t trade without it – I haven’t for 8 years now.
Take a free 30-day trial of TeleChart and check out what all it has to offer. I’m betting you won’t find anything that offers you an easy way to perform so many functions, especially at the price.
(By the way, Worden has a ton of help/tutorial videos on their site which will walk you through how to do virtually anything. Once you’re there, click the “Training” link at the top of the page.)
President, The Stock Bandit, Inc.
[tags]Trading Software, Stock Trading, Stock Market, Stock Chart[/tags]