Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.


Multicharts---how do they stack up?

Recommended Posts

Hello all,

   Just a simple question: how does Multicharts stack up against other platforms such as Tradestation, Thinkorswim, Ninjatrader, Metastock, etc?

  Multicharts has a year-end deal: a thousand bucks for Lifetime License (and another discount for TWO licenses---why would you need two? does a single license only work on one computer???)---just wondering if it's worth it. Right now, I'm using Tradestation, but it might be nice, and potentially helpful) to have an alternate. 

    Now, Tradestation is both a software platform and a broker, but isn't Multicharts just software, like Ninjatrader, so you'd need to pay for a broker as well to actually use Multicharts--have I got that right?

   Anyway, any help much appreciated here.

Thanks, Tasuki

Share this post

Link to post
Share on other sites

I'm with Multicharts right now. Mine is a 3 component set-up:

1) MC software installed locally (not web-based) 
2) DTN IQFeed for data
3) Interactive Brokers Profile - both live and test

Multicharts is very stable and efficient. It's running on my old laptop which has a quad-core intel processor that's about 5 years old.
Rarely does the CPU spike above 50% with several Emini futures tick charts running.
IQFeed is very stable and efficient as well. There are never any gaps in the intraday bars....so no data is ever lost.

Now, the bad news is the quirks and error messages emanating from MC are not good....in fact they are misleading. Their Symbol Mapping feature needs a lot of work. Mapping is required when you have a broker profile and third party data feed. You must re-map ever time the front month of the futures changes....quite a pain. With some work on their part, they could do this automatically.

Tech support is superb...as they will take control of your machine when required to debug a problem.
The automated feature is OK. Their code editor is weak because it cannot handle a large library of source code very well....there is no search feature.
However, the code editor is excellent when importing Easy Language code....it flawlessly compiled over 10k lines of EL for me....with no error. Now that being said, MC's code editor does NOT support the newer object-oriented syntax of Easy Language.

All in all, it's a good platform....that could be even better with some enhancements.

Share this post

Link to post
Share on other sites

syswizard, Wow, thanks for the excellent review. One question: what does "re-mapping" mean? I suppose I should know, but the term's unfamiliar to me. 

Oops, another question: what is a "broker profile"? If you have MC and DTN IQ, what more does IB do for you?



Share this post

Link to post
Share on other sites

A broker profile establishes the connection parameters to the Interactive Broker's Trader's Workstation or Interactive Broker's Gateway. You can have several profiles. For example I have one for my paper-trading account and another one for my live account. You can trade both at once if you prefer.

The gateway is most commonly used with Multicharts because the trade orders emanate from there and nowhere else. On any chart that has a trade chart panel showing, you can select the account, and then place the order....limit, stop, market, etc. Multicharts will pass this order along to Interactive Brokers via their API. This order either rests on the Interactive Broker's servers or with the exchange servers. When executed, multicharts gets this confirmation from the source and then indicates on the chart the price at which the order was executed.


Share this post

Link to post
Share on other sites


Syswizard’s assessment/comparison is good .   I’ve always had Tradestation from first version... hard ware lock number in the double digits.  And I’ve had MC since just after it first came out.  I still run MC to IB on a dedicated machine but don’t trade with it much. I don’t think you would be making a significant improvement with a move from TS to MC.  Both platforms simply share too many limitations... and there are many! 

re; "Thinkorswim, Ninjatrader, Metastock," etc.  They are all adequate.  The important thing is does a platform fit your 'taste' and needs... like if you test drove 7 different SUV's, you could immediately build a preferential order from your initial experience of them and, for the most part, that original order would likely stand the test of time

:offtopic: If looking for ‘retail’ replacement for TS also look at MetaTrader

jmo... hth


Share this post

Link to post
Share on other sites

The big problem with MC is the lack of ability to send automated signal trades thru to the broker's servers. It can be done, but you've got to use this DLL called TWSLINK and write all of the buy/sell logic yourself using PowerLanguage and calls to the TWS API. This is a big job.

Also, there is no way to specify an OCO order in it's programming language (PowerLanguage). So for automated trading, you've got to write the both the set-up and cancellation logic yourself....another big job. Their Chart Trading panel allows for OCO orders which do pass thru to the broker's servers (not all brokers are supported), but these can only be specified manually on the screen.

Still, MC is rock solid, never crashes and it's very easy to rapidly test new strategies and ideas with PowerLanguage. Also, their tech support is just superb....they will even take over your machine to debug a problem.

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Topics

  • Posts

    • This is simply one part you have defined here. lack of knowledge and awareness is also another part than needs to be consider before starting trading. 
    • The theme over this last trading week has been one of remarkable resilience. After breaking down from key resistance levels, it seemed that a period of consolidation would follow. But, globally, markets instead rallied with conviction to retest their highs. I have been sceptical about the sustainability of the rally this year. But one of the most fundamental axioms of surviving the markets is to trade what you see, not what you believe. And what I am seeing is markets that seem to want to push higher across the board, with individual stocks holding up well even when faced with bearish news. S&P 500 (credit: chart from Sigma by Hydra X) The S&P closed the week strongly at 2,822.48, up 0.5% on high volume, and on the back of its biggest weekly gain since November 2018. US markets seem insistent on forging a path higher despite the overhang of earnings, macro economy news, North Korea, and ongoing China trade talks. I still wait for price to break and close clear of the congestion zone around 2,800 before entering longs, but this looks increasingly like a environment where the only rational positions to take are either to be flat or long. MICROSOFT (credit: chart from Sigma by Hydra X) Gains this week were led by tech, with the sector surging 4.9%, and also becoming the best performing sector of 2019. I find MSFT interesting, having completed a bullish inverse head and shoulders pattern, rallying in a tight rising channel, and strongly testing resistance (and also its all-time highs) on high volume. But a spinning top candlestick in the midst of overhead resistance, and a bearish stochastic crossover which in overbought territory could translate into a pullback, which could provide interesting entries for longs. TESLA (credit: chart from Sigma by Hydra X) A good litmus test for market sentiment is how stocks behave on news. Tesla has held on to $275 support despite its Model Y unveiling event underwhelming analysts; BAML, CFRA Research and Canaccord Genuity all issued cautionary notes. If it gets there, $260 looks to be strong support for a countertrend rally. BOEING (credit: chart from Sigma by Hydra X) Boeing continued to suffer the aftermath of the latest tragedy, ultimately having to suspend its entire fleet of 737 MAX planes when the FAA finally followed the lead of global aviation authorities in grounding the plane. Deliveries of the 737 MAX have also been paused. The beleaguered company faces an indeterminate outcome from investigations, bills from airlines affected by the grounding of the plane, as well as potential suits from the families of victims. On Thursday, the US Air Force joined the party. It launched a blistering attack on Boeing, saying that the company has a ‘severe situation’ after flawed inspections of their KC-46 air refuelling tanker aircraft, and questioning the company’s ‘culture of discipline for safety’. [https://www.cnn.com/2019/03/14/politics/air-force-boeing-refueling-plane/index.html] Despite all this, the stock has proven remarkably well supported at $370, repeatedly rallying from those levels on high volume. FACEBOOK (credit: chart from Sigma by Hydra X) No company has had a worse week than FB, even within the context of its bad year. The week started with a proposal by Senator Elizabeth Warren to break up FB, was followed by a network outage affecting its Facebook, WhatsApp and Instagram services, and then announcements of a widening federal criminal probe into its data sharing practices. Two key executives, Chris Cox and Chris Daniels also announced their departures from the company. A nadir was reached when its Facebook application was used to livestream the hate-driven massacre of 49 people in New Zealand. Technically, the stock has broken below the bottom of its ascending channel, and key overhead resistance in the $170-173 region looks daunting. There is also a huge gap from Feb 2019 waiting to be closed. Yet in spite of the weak technical picture and the deluge of negative news, FB closed just 2.13% down for the week, and ended the trading session on Friday well above the lows of the day, forming a bullish hammer. While I have been waiting for a clear break in one direction or the other for a while, as rising channel met overhead resistance, I choose to stay as interested spectators for now. EUR/USD (credit: chart from Sigma by Hydra X) Finally, last week I noted the technical breakdown of key support levels in the EURUSD, in conjunction with fundamentally bearish news in the form of Draghi’s dovish speech. However, I was keen to stay on the sidelines, given past experience of how crowded trades tend to turn out. EURUSD didn’t disappoint, as it promptly rose in a stop-hunting rally, which would have trapped any short entries in a very uncomfortable position.
    • Learn the concepts of options first and do demo trading, that is the only tips that anybody can give you. Your knowledge ans skills are going to help you for options trading.
    • It was good article for options knowledge but the fact is that many traders actually see it like it is gambling and somehow it also works like gambling. So working with options in real money is more risky.
    • $EVER (EVER) EverQuote stock bull flag breakout watch above 8.04, large upside price gap,analysis https://stockconsultant.com/?EVER
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.