If you're curious about what tools can help you become a better trader look no farther than these top contenders. BigTrends analysts and staff have tested all components to ensure the 'free' claim is warranted and the value is tangible. As an options trader there aren't too many free resources available but BigTrends is always looking for the resources that help you progress as a trader while growing your mental capital.
MetaStock is not available for Mac but there are plenty of alternatives that runs on macOS with similar functionality. The most popular Mac alternative is JStock, which is both free and Open Source.If that doesn't suit you, our users have ranked 19 alternatives to MetaStock and 14 are available for Mac so hopefully you can find a suitable replacement. TradingView (Free) Available In The USA. TradingView is an amazingly powerful yet easy to use.
Look for more in-depth reviews of the top options tools in the coming months. As part of our new website we'll be delivering trader tech reviews monthly on anything and everything for traders. We'll be reviewing trading platforms, options tools as well as anything our readers want to see. Start the blog roll now and place your comments below, what do you want to see reviewed?
1. OptionsOracle- The most comprehensive (free) options trading tool out there, Options Oracle, can help traders screen for and visualize options strategies. SamoaSky, the creator of Options Oracle sums up the software well..
Elevator Pitch: OptionsOracle is free tool for stock options trading strategy analysis, built for options traders.' What I like most about OptionsOracle is its ease of use and customizable interface. The software uses Yahoo! Finance as the data feed by default but you can integrate your brokers live data with a little work. Here's a quick rundown of the best features for options traders
• OPTIONS TRADING SCREENER
• VOLATILITY ANALYZER
• OPTIONS GREEKS CALCULATOR
• PORTFOLIO MANAGER
• STRATEGY ANALYSIS
• OPTIONS PAIN ANALYSIS
• VOLATILITY SMILE GRAPH
2. TrixyCharts - These free interactive charts on the new BigTrends.com are incredible and include stocks screens and artificial intelligence that matches stocks based on patterns. The great innovators over at Vestly Software have created a masterpiece in non-software based (browser based) charting with Trixy, but they've also got another tool well worth the mention called StockFetcher.com. You can find a more in-depth review of TrixyCharts from a previous Daily TrendWatch in options tools.
We provided a full review of TrixyCharts on BigTrends.com earlier this year, you can check out the full review here. Price Headley uses TrixyCharts for the Weekly Market Outlook Video found in BigTV.
3. TradeLogger - Many traders lack the money management component in their trading plans. As a BigTrends coach I see this as the major weakness far too often, TradeLogger is a great resource for traders to help minimize portfolio drawdowns while mitigating the psychological draw downs that accompany periods of system inefficiency. TradeLogger uses the equity curve of your portfolio value to signal when to paper trade or live trade. Equity curve management is covered as a part of our 50 course coaching program, but you can get a jumpstart by using this awesome tool today.
Elevator Pitch: An all-in-one trade recorder and equity curve money management system. In its simplicity, TradeLogger keeps a record of your current trading performance and advises you when you should stop trading with live capital, and when to resume trading live.
4. Optionistics.com - If you're in the no-software camp and are looking for a great resource look no further than Optionistics.com. There's some overlap here with OptionsOracle but there is one significant outlying tool that I use. The options price history charts are very useful, just type in the symbol for your option strike and receive a free historical price chart. This is incredibly helpful for two reasons, first it's the only way to retrieve accurate prices for system testing and second its a great way to visualize specific options that are accelerating in value. Overall Optionistics deserves and entire review unto itself, the amazing tools are vast, from Strike Peggers to Open Interest % Change tools. Don't fret though we know you're a chart fanatic (visual learners unite)..here's more visual candy to get the point across.
5. Finviz.com- Rounding out the top five free tools for options traders is a phenomenal stock screener. Finviz (Financial Visualization) provides an unrivaled screener and cool heat maps on the market. From a trading perspective Finviz helps with the FOCUS factor in trading. Many traders seek to trade certain types of stocks based on three main categories; Descriptive, Fundamental or Technical.
The screener options are second to none. I use the Finviz screener to maintain a core group of stocks and ETFs using a mix of six different conditions. Here's a list of the screens you can start using now.
Descriptive: Exchange, Market Cap, Earnings Date, Index, Dividend Yield, Average Volume, Sector, Float Short, Relative Volume, Industry, Analyst Recommendation, Current Volume, Country, Optionable, Shortable, Price
Technical: Performance, 20/50/200 Day SMA, 20 Day high/low Beta, Average True Range, Volatility, 1 Year high/low, Gaps
Fundamental: Price/Earnings, Forward P/E, Price/ Cash, ROE, ROI, PEG, P/S P/B, EPS growth this year, next or five year, Current Ratio, Quick Ratio, Payout Ratio, Net Profit Margin, Insider Ownership, Insider Transactions, Institutional Ownership and more..
Today's Heatmap for SP500
What are you waiting for, start using these tools now to become a better trader tomorrow!
Andrew Hart - Portfolio Manager
A few readers have accused me in the past of being a sadist who wants them to do the dirty work of analyzing companies on their own, instead of simply recommending stocks like so many other blogs do.
Topics for mac. But I’d rather give you a compass instead of a map, for you can confuse map with territory and lose your life’s savings walking that path!
In this pursuit of handing you another compass, here is Version 2.0 of my Stock Analysis Excel Sheet that you can download on to your computer, and analyze not just the past performance of a company but also arrive at its approximate intrinsic value.
If you have been into financial modelling in the past, this excel file may seem like a child’s play. But, if my fourteen years of experience as an analyst is anything to go by, this is most of all you require to “quantitatively” analyse stocks…not models running into hundreds of rows and tens of sheets.
I have personally tried my hands at both the kind of models – the simple one that you can download below, and the complex ones that most analysts use in their doomed pursuits of finding the elusive target prices.
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Anyways, this excel file has the following sheets:
- First Page: This sheet contains some basic data of the company and a lot of warnings and disclaimers.
- Checklist: Most important sheet! It contains a simple Buffett checklist that will help you a lot in your overall decision-making.
- Balance Sheet: Enter the balance sheet numbers here (only the ones in red font).
- Common Size Balance Sheet (New): All numbers in this sheet are automatically generated using values you entered in the ‘Balance Sheet’ sheet. This is one insightful way to analyze the Balance Sheet, as it helps investigate the different items as a percentage of a common figure. For assets, using Total Assets as the denominator and every other category as a numerator item helps look at it in percentage terms. Once these figures are calculated, you can compare them over time for a single company.
- P&L Account: Enter the income statement numbers here (only the ones in red font).
- Common Size P&L Account (New): All numbers in this sheet are automatically generated using values you entered in the ‘P&L Account’ sheet.
- Cash Flow: Enter the cash flow numbers here, and also calculate the free cash flow (only the ones in red font).
- Ratios: All numbers in this sheet are automatically generated using values you entered in the previous three sheets. Don’t touch a formula in this sheet, until you want to modify as per your own understanding. I have explained most ratios here. You just need to hover the mouse on a term to know its definition.
- Valuations: This sheet calculates the stock’s valuations using two methods – discounted cash flow or DCF, and an Expected Return model.
- Quarterly Analysis (New): Use this sheet to analyze the most important numbers from the company’s quarterly reports.
In all the sheets, you just need to fill out the values shown in red font, while leaving every other calculation as it is.
Apart from these sheets, the new version also includes small trend charts alongside the most important numbers to tell you quickly the trend in those numbers over years.
(This excel won’t work for banking and financial services companies.)
Click here to download the excel sheet.
Words of warning!
Before you get down to using this excel, remember six critical things…
- It’s just a compass, and not a map. So take your next step carefully.
- Don’t look for perfection. It is overrated.
- Focus on decisions, not outcomes.
- Look for disconfirming evidence. Avoid falling in love with the numbers.
- Remember Charlie Munger who said, “All I want to know is where I’m going to die, so I won’t go there.” Depending just on this excel for decision-making can really kill you (financially)!
Let me know if you found this excel helpful.
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Sims 4 self harm. I will try to improve upon this in the future based on your feedback.