Some of the Most Essential Software Applications and Tools for Traders
The goal behind making any investment in any asset is always to generate profits from that investment. However, there are always market risks involved when you make an investment, irrespective of where you are making that investment. Up next, we have a small list of types of tools and applications that will help you mitigate those market risks and boost your chances of success.
1. Stock Scanning and Screening Applications
A stock scanner, aka stock screener application, is a software tool that’s designed to scan for investing opportunities. Powered by AI, modern stock screeners are capable of scanning and screening through the entire stock exchange for investment opportunities that best fit your specific requirements, investment preferences, trading strategies, and several other mutable parameters.
In fact, the latest stock market screeners can complete scanning multiple stock exchanges across the world to help you find the right options for stocks in just a few minutes. For those interested in making international investments, that’s a big bonus. ZACKS, FINBIZ, and Stock Rover are three popular and highly capable stock screening tools to consider.
2. Options Order Flow Application
Tools like Flow Algo were developed specifically for options traders and as long as you have a decent understanding of how the trade works, an options order flow application can be invaluable. The algorithm works constantly to keep you updated in real-time with timely alerts about all relevant transactions that can affect your options trading strategy positively or negatively.
It keeps a tab on and delivers all critical data about usual and unusual transactions such as the order volume, size, frequency, etc. Most importantly, the software will analyze the data it captures and delivers, in addition to analyzing and finding patterns within those datasets.
The valuable insights generated from the analytics could be of immense importance to options traders, provided that they know what they are doing of course. In case you are relatively new to the options trade, you may want to brush up on your basics by reading an option selling guide by famous energy market analyst and options trading strategist, James Cordier.
3. Onboard Web Tools
Note that you can trade via both trading websites and mobile applications, but the web platforms tend to be richer in terms of available web tools that can assist you with trading online. Many of the features that you will find on the web platform will not be there on a mobile app. Integrated web tools are nothing to scoff at either since they have several of the features from standalone stock screeners and options order flow analyzers integrated into the cloud platform itself.
Nevertheless, standalone alternatives or paid web tools will generally offer a wider range of options, faster results, and better performance than what you are likely to get from integrated, free web tools. On the other hand, even rudimentary, free web tools belonging to the same platform are going to be more useful and feature-rich if you use them from a desktop, as compared to mobile apps.
