The best way to enter technical trades is directly from the charts that you’re using. Whether you use technical analysis partly or fully in your decision making, being able to enter orders while looking at your charts provides simplicity and speed. This is what chart traders let you do.
What’s a Chart Trader?
A chart trader lets you place orders while still looking at the charts that you use for technical analysis. There’s no need to switch to a specific trade action screen when placing buy and sell orders.
The benefits of a chart trader go beyond mere convenience. You can place orders more quickly so your decisions are promptly executed, and you can see live price action in case there’s a move that requires immediate action.
While the basic purpose of all chart traders — being able to place orders from the technical charts –is the same, it’s important to choose a chart trader that’s able to execute the types of orders you place.
Basic Chart Traders
The most basic chart traders usually have the technical chart alongside a trade management display. The display will have order entry buttons that let you place orders from that screen, and there are often some other features. For example, you might be able to set stop loss or profit taking orders based on an indicator.
NinjaTrader’s Enhanced Chart Trader
NinjaTrader’s Enhanced Chart Trader builds on these features, combining the essentials with other features that accommodate more advanced trading strategies.
NinjaTrader Basic Chart Trader
The NinjaTrader Basic Chart Trader is fairly limited, but does go beyond what other entry-level chart traders offer.
You get additional features, like setting orders per indicators, setting up market and limit orders quickly, and using multi-layered profit and stop orders. The tool understands one cancels the other (OCO) orders, so your multi-layered orders are executed correctly. A profit/loss display lets you see gains (or losses) with and without commissions accounted for. The Basic Tools Chart Trader is priced at $195.
Who It’s For: All chart traders are best for active traders who know technical analysis. The basic chart trader could be sufficient if you place fairly straightforward orders, even if they’re fairly quick trades.
For example, consider the Basic Chart Trader if you follow a simple and straightforward day trading strategy. Many will find a few features lacking even though this exceeds most basic traders’ features, however.
NinjaTrader Essential Chart Trader
The NinjaTrader Essential Chart Trader builds on the basic features with some important additional ones. Specifically, this adds:
- Position Sizing: Scale your orders according to a percentage or a flat amount. For example, take 50% of profits when you hit your price target, and let the rest run.
- Break Even: A specific button for your break-even price point makes it easy to get out if you need to. Quickly set your break-even point as a stop loss (if ahead on the trade), or immediately place the order yourself.
- At the Money (ATM): See how your trade setup relates to the current ATM price action, and immediately execute an ATM trade when needed. This is a more zoomed-in view for quick day trading that relies on small but fast movements.
- Display Time: Adjust the display time of your charts depending on your current trade. Set the chart to a daily chart, hourly chart, or even minute chart. You can also go with weekly or monthly view for longer-term analysis.
The Essential Chart Trader is $995. All Affordable Indicators tools come with lifetime customer support.
Who It’s For: This is probably the best option for most active swing traders and day traders. Being able to see ATM price action and your break-even point is extremely useful when making quick trades. It’s also helpful if you can easily size your orders without manually entering them. When seconds count, this has the essential features.
NinjaTrader Professional Chart Trader
The most feature-loaded option is the NinjaTrader Professional Chart Trader. This comes with several other modules, which each have their own additional features:
- Bracket Entry Orders: Place stop or stop limit orders with one click. Order types include limit(LMT), market if touched (MIT), stop limit (SLM) and stop market (STP) options. You can immediately safeguard your position if a news event or high volatility cause a big and fast move in price action.
- Close Bar Entry Orders: Set up orders in advance, so they’re placed when a price action bar closes. This lets you catch market moves automatically, and you can configure both the bars and the trades. You’ll most likely place buy, sell or more complex orders on short time frames. You could set up an order to close on a weekly bar, though, if you want to go on vacation during the holidays and sell at the end of the week.
- Iceberg Entry Orders: Break large entry orders into small ones, so that it’s less obvious when you’re going to make a move. This is essential if you’re a big trader whose orders would be otherwise noticed by market makers.
- Time Sliced Entry Orders: Further disguise your orders, by dividing them up at fixed or variable time intervals. You can break up orders by quantity size, set a variance between orders, or offset several ways.
The Professional Chart Trader is priced at $3,995. If your budget allows for that much on a trading tool, you probably need the features it offers.
Who It’s For: Professional traders who have built up a large portfolio can afford — and probably benefit from — the modulus that come with this most advanced option.
Find the Right NinjaTrader Chart Trader
Whether you’re starting out with a few thousand or have built up several million, there’s a NinjaTrader Chart Trader option that’ll provide what you need. Learn more about each option, and decide which enhanced chart trader has the features you need to expedite, upgrade and improve your technical trading game. Here’s to even better trade results.