Navigating Stock Market: Best Charting Software in India

Hard work is not the sole requirement for success, hard work combined with smart work is. Previously, traders used to analyze conventional candlestick chart patterns and trade accordingly. But, this simple pattern identification is not enough, in-depth technical analysis is required to be safe from the trap of false signals. To gain higher accuracy in technical trading, advanced charting software has been introduced, which has made work of traders seamless. 

Improved software eases the process of technical trading and allows the use of several reliable tools that make the research more enhanced. 

With the increased interest in trading and investing, online trading software has surged. But, with so many options, traders and investors are often in a dilemma. They don’t know which is the best charting software for them. Are you also finding it difficult to choose an online broker or charting software? Don’t worry, by the end of this blog you’ll find what you are looking for. 

Also Read: Technical Charts

What is Charting Software? 

Charting software is the heartbeat of trading. They equip traders and investors with price movements of the stock, commodity, and indices. Be it conventional traders or advanced traders with unique approaches, they all need charting software. In the end, the traders take positions based on a certain candlestick chart pattern which align with their technical analysis study. 

Charting software significantly helps traders identify patterns, do trend analysis, and make informed decisions based on previous price movements. The recurrence of patterns helps in predicting future movements of the price. 

But, one needs to check charting software thoroughly before relying completely on it. There are several criteria that a trader must look into the charting software for a seamless trading journey. The software should not only give traders valuable insights regarding price movements but should also act as a great add-on to the trader’s study. 

The Role of Charting Software in Market Analysis

With the rapid growth of price movements and the fluctuations in the prices of products and merchandise, software has been developed which has made the lives of traders and investors much easier. The prime purpose of the charting software is to allow users to analyze price movements, spot trends, and make crucial decisions about when to buy and sell stocks. For what reasons has the software proved to be important for market analysts or businessmen?

Analyzing Market Trends with Charting Tools

Markets always operate on patterns, and learning the pattern is essential in opening and closing trades profitably. Charting software lets traders see price action, adds technical indicators, and pinpoints support and resistance levels. These tools ease the pain of reading market behavior for beginners and advanced traders alike.

Key Features That Make a Difference

Nowadays, modern charting software makes trading observation more efficient with both beginner and advanced modes. These include real time updates, self-adjusting indicators, advanced drawing, and automated alerts. Other platforms even add AI insights to enhance trading strategies.

Why Every Trader Needs Charting Software

In the stock market, relying on hunches does not end well. The probability of success is based on solid analysis coupled with historical data and current trends. There is always room for subjective judgment, but with Charting software, the guesswork is gone and traders can carry out their strategies with confidence.

Understanding Different Types of Charting Software

Charting software is important in price review and chart analysis since it allows traders to track and analyze price changes. There are various forms of charting software that different traders and analysts utilize to satisfy their diverse needs.

These softwares are browser oriented to facilitate ease of access: 

1. Web Based Charting Software:

With these, users will no longer need to download and install these applications as they are meant to run on a browser. As long as there is internet, these can be accessed on any device. 

• Examples: TradingView, Investing.com 
• Best For: Traders who prefer flexibility and access across multiple devices. 

Desktop Based Charting Software:

As these are downloaded and installed on a single computer, they are preferred by professionals and institutional investors due to their high speed and extensive tailoring options. 

• Examples: MetaTrader 4 (MT4), MetaTrader 5 (MT5), AmiBroker 
• Best For: Tools that need sophisticated analytics and are meant for high frequency traders. 

Broker Integrated Charting Software:

Most analysis tools come with an in-built charting tool which enables straightforward order placements within a technical framework. Such tools are convenient for traders who need to place an order and do an analysis at the same time. 

• Examples: Dhan, Sharekhan, Zerodha Kite, Upstox Pro, Angel One 
• Best For: Order execution and chart analysis together.

Mobile Charting Apps

Mobile charting apps are ideal for traders that are always on the go as they allow users to track prices and carry out technical analysis in real-time. Although they might not have the most up-to-date features, they ensure that users are up-to-date with current market shifts.

• Examples include: Dhan, TradingView Mobile App 
• Best For: Smartphone investors and traders that prefer to handle their trades through mobile applications.

Algorithmic & Customizable Charting Software

This type is perfect for traders who prefer algo trading, backtesting and integrating with API since it allows users to automate their strategies using a readily programmed system and test it on historical data.

• Examples: AmiBroker, NinjaTrader 
• Best For: Quantitative and algorithmic traders as well as those needing significant customization.

Key Features to Look for in Charting Software

Finding the right charting software can boost or destroy your trading. With so many options in the market, it is important to know which features actually matter. Here are some of these factors to look for before selecting one:

1. Real-Time Data & Speed

Your charts should be as fast as the moving market, so check for software that does real-time data updates with little to no lag. This way, you won’t miss an important price movement.

2. Advanced Technical Indicators

A good charting tool should have a range of technical indicators that cover from moving averages to Fibonacci retracements. Having customizable indicators is always a nice feature. 

3. Multiple Chart Types & Timeframes

With several types of charts available, including candlestick, line, bar and Renko, traders are able to study price action more effectively. It is also crucial to switch between different timeframes, whether it be 1 minute, daily or weekly.

4. Drawing Tools & Annotations

Sophisticated drawing tools improve analysis and trade planning. No matter if it is about marking demand and supply zones, support and resistance, drawing trendlines, or noting important price points.

5. Custom Alerts & Notifications

Set price alerts and notifications for trendline breaks or volume spikes in order to be prepared for changes in the market. A good charting software is able to let you set these alerts to turn so you do not have to sit in front of the screen every day.

6. User Friendly Interface

Busy interfaces lead to wasted time. You should use software that is effortless to operate so that you can concentrate on performing analysis instead of fiddling with the configuration.

7. Historical Data & Backtesting

With the help of backtesting, traders gain an understanding of how a certain strategy would have worked in the past. It is essential for software to have access to historical data so that a traders strategy can be tested.

8. Compatibility Across Devices

The market does not rest and neither can you. Pick an option that efficiently and effectively works on desktops, cell phones, and tablets that enable trading from any location at any time.

9. Brokers Integration and APIs

The trader will have a greater level of efficiency and cohesion if the trade can be executed automatically and there is a direct connection to the brokers for trading.

10. Affordability & Subscription Plans

Some tools offer free versions with limited features while premium ones provide advanced capabilities. Evaluate your trading requirements before going for a premium subscription.

Common Mistakes to Avoid When Using Charting Software

Albeit charting software is an essential tool for every trader, it is easy to make mistakes. This is especially the case for those who are not highly conversant with all its features. Here are some common errors traders make when using charting software and the ways to avoid them.

Overreliance on a Single Indicator: This is commonly referred to as “cherry-picking.” Having no set criteria for selection of indicators leads to high chances of missing out on crucial ones while having too many of them will create an unmanageable mess for the trader.

Ignoring the Bigger Picture: Don’t get snagged in the minute sculpted pieces (short-term charts). Always take a look at the long-term market moods for keeping the broader picture in mind.

Overcomplicating With Too Many Indicators: Too many indicators can cause analysis paralysis. Advisors recommend simplicity: stick to the essential ones and develop a strategy around them.

Support and Resistance Levels Misuse: Support and resistance levels are essential in dictating trends in the market. They must be used correctly to avoid positions that could cause harm.

Lack of Strategy Backtesting: Never start trading live without putting your strategy to the test using historical data. Always backtest before execution.

Failure to Adapt: Flexibility is key, adjust your charts to the ever-evolving mood of the market.

Overlooking Alerts and Notifications: You will never miss crucial market movements by setting price alerts.

Overcomplicating Chart Setup: Messy setups foster poor returns, make your chart neat without unnecessary frills.

Volume Analysis Obsession: Volume is key in determining market power and judging the sentiment so don’t neglect it.

Not Updating Software Often Enough: It is advisable to constantly update your software so that you can benefit from new features that will enhance your analysis.

With these setbacks in mind, you can stay one step ahead and avoid beginners’ mistakes. No tool is perfect so keep in mind, keep your strategy simple and yet thorough. 

How to choose the best charting software for trading? 

We all tend to seek perfection, but do we really know the meaning of perfection? When it comes to traders choosing adequate charting software, the human tendency remains the same. Traders seek the look for perfect charting software without knowing the definition of perfect. To select the charting software for your trading journey, here is what you should consider: 

1. Know your Goal: Never lie to yourself about your aim for trading. When you sit on your desk to find trades, your aim for finding trades should be clear. This aim refers to whether you want to be a part-time trader by doing swing trading. On the contrary, you want to be a full-time trader who actively indulges in intraday and scalping. 
2. Chart features: Different traders use different types of chart patterns to study price movements and take positions. Always go for advanced charting software with different chart features. These features are advanced indicators, different time frame data (monthly, daily, weekly, yearly), and drawing tools. 
3. Customizable Option: When you learn to mold the study according to your experience, you win the game of trading. To achieve this, you need to use charting software that gives you the option of customizing charts. Be it adding some features or removing some features. Every trader has a different trading style, one might find an indicator important and reliable, whereas another might not. So, the charting software should give you the option to adjust your requirements accordingly. 
4. Customer Support: When you trust a broker with your money, you should seek a broker who is ready to take responsibility for your money. Always go with charting software and broking software that has an excellent support team. In the time of technical glitches, the excellent support teams come to the rescue for traders. Always go for the broker who is willing to provide valuable service. 
5. User Interface: Trading is already complex, but trading software shouldn’t be. Choose a charting software with an easy to understand user interface. It will save a handful of time if it aligns with your knowledge and trading goals. 

Best Charting Software in India 

In India, as the interest in trading has increased, the demand for advanced trading software has proportionally increased. That is actually necessary to excel in a trading career. Today, traders are given ample options to choose their online broker, but very few good options in charting software are there. 

We have made a list of the Best Charting Software in India to make your work a little easier: 

1. Trade Tiger by Sharekhan

Sharekhan is one of India’s leading as well as veteran brokerage firms. As time has passed, Sharekhan has offered exceptional services to their users compared to new brokerage firms. Its proprietary software Trade Tiger, is known for its user-friendly interface and advanced features. A Plethora of experienced traders use the trade tiger for their research. Here’s how Trade Tiger is an exceptional charting software: 

• Technical Analysis Tools: It identified the need for advanced technical tools before it was actually a thing among conventional traders. Trade Tiger provides comprehensive technical analysis tools like multi-timeframe data, advanced indicators, drawing tools, trendlines, patterns, and automated trade options. 
• Seamless Integration: TradeTiger software is directly integrated with Sharekhan, it allows traders to take positions based on their study directly on the Sharekhan platform without any hassle. 
• Easy to place bulk orders: Trade Tiger software is integrated with Sharekhan and is designed especially to place seamless bulk orders. Whether it is a beginner or an expert level trader it is suitable for both with minimal maintenance and brokerage. 
• MTF is easy: Margin Trade Facility (pay later) is easily accessible in Sharekhan. It makes it easy for traders to get good gains without putting in much capital.  
• Support for Users: The Sharekhan team is relentlessly answering queries of their investors and traders to make their experience seamless and easy. Individual support and technical assistance help traders get familiar with the platform. 

2. Dhan Trading App

Dhan is relatively a newbie in the trading market of India compared to Sharekhan. The charts of the Dhan trading app are integrated with Tradingview and provide built-in charting services.  Here’s how dhan is widely used by traders of all levels despite it being a new trading app: 

• User Interface: After Sharekhan, the Dhan trading app provides a good and user-friendly interface to its users. Especially, beginner traders find it extremely easy to use the Dhan trading app and to carry out their research. 
• Mobile Convenience: Very few charting software are accessible on mobile, and the Dhan Trading App is one of them. Dhan allows traders to access charts on their mobile which makes it easier for traders to analyze price movement at any time without worrying about big screens. 
• Support and resources: The Dhan reading app has an excellent support team, they make sure their users’ queries never go unanswered. They offer support guides, educational resources, and tutorials on their social media handles to empower their users. Additionally, constant support to understand messages and calls is provided by expert teams. This makes it easy for traders and investors to understand the platform. Followugnly, excellent R&M support is provided to the investors to give them immediate market insight and make their portfolios strong. 
• Advanced technical tools: The charts are affiliated from the trading view in the Dhan trading app. These charts have advanced technical tools that traders can use for enhanced accuracy. The ease in trading comes from different accuracy indicators, that’s what Dhan offers here. Following, the charts offer an analysis of the stocks, derivatives, and commodities in different time frames. It makes it easier to analyze how prices reacted in different circumstances. 

Best Computer for Trading

When it comes to trading, having a reliable and powerful computer is essential. A high-performance computer ensures smooth operation of charting software, quick data processing, and efficient multitasking. For the best trading experience, consider investing in a computer with a fast processor, ample RAM, and a high-resolution monitor. Our top recommendation is the HP OMEN , which features a cutting-edge Intel i7 processor, 16GB of RAM, and a 4K display, providing the speed and clarity needed for effective trading. Click here to learn more about this trading powerhouse.

In a nutshell 

Finally, when it comes to selecting the best charting software for trading in India, there are several noteworthy solutions that cater to various trading demands. Sharekhan’s TradeTiger and Dhan Trading App are well-known for their dependability and user-friendliness. Sharekhan has built a solid reputation as a reliable brokerage service by providing the user-friendly TradeTiger, which is a fantastic alternative for individuals who value a comprehensive set of technical analysis tools and features. The Dhan Trading App, on the other hand, offers a mobile-first approach and is praised for its convenience, real-time data, and user-friendly design, making it an appealing choice for traders who like trading on the go.

Finally, the decision between Sharekhan and Dhan Trading App is based on your trading style, experience, and preferences. Each of these platforms has its own set of advantages, making them dependable choices for traders and investors in the volatile Indian market.

There are a lot of trading apps in the  market apart from thee two, you can chose any of them that fully cater to your trading style and goals. 

Frequently Asked Question