MetaStock Review 2023 | Is MetaStock Right for Me?
MetaStock aims to help all kinds of traders make more intelligent and well-informed trades. It does this by offering a powerful technical analysis and charting platform with over 300 charts and indicators.
If you are looking for a way to monitor end-of-day data, then MetaStock D/C may be a good option for you. If you are a day trader in need of real-time data, then MetaStock R/T is probably a better fit. You can also add Xenith to either service for real-time news and global screening.
MetaStock is undoubtedly a powerful service, but is it worth the cost? Read on to learn more about MetaStock, including how it works as well as its top features.
How Does MetaStock Work?
It’s important to recognize that there are two main versions of MetaStock: MetaStock D/C and MetaStock R/T. D/C stands for “Daily Charts,” and R/T stands for “Real Time.”
MetaStock D/C provides end-of-day data. Any combo of charts can be shown (i.e. daily, weekly, monthly, quarterly, or yearly). Since it provides end-of-day data only, MetaStock D/C is better suited for longer-term traders than day traders.
For access to the data behind MetaStock D/C, you’ll need to purchase Refinitiv DataLink as a separate subscription/add-on. DataLink offers extremely accurate signals, which gives traders an advantage over traders without access to such high-quality data.
MetaStock R/T is the more robust version of MetaStock, since it delivers real-time data. Having intraday information is essential for day and swing traders. For MetaStock R/T, Refinitiv Xenith provides the data. As with DataLink, this is also a separate subscription/add-on.
Xenith is a competitor to Bloomberg terminals, giving traders everything they need to trade intelligently, from global news updates to cross-asset data analysis.
MetaStock Features
MetaStock offers a variety of key features to help traders succeed, including the following:
- Charts – With MetaStock, you have access to six of the most popular charting styles: bars, candlesticks, candlevolume, equivolume, Heikin-Ashi, and line. There are also chart templates such as Bollinger Band.
- Indicators – Knowing the right entry and exit is crucial for trading success. MetaStock boasts more than 150 technical indicators, which gives you an edge on your entry/exit timing.
- Expert Advisor – One of the best features of MetaStock is its Expert Advisor feature. This tool offers trading signals, trends, and even commentary on trading conditions. There are a variety of preset trading systems to choose from, plus you can set up your own systems.
- Scanning and screening – MetaStock’s “Explorer” feature is a powerful tool for screening stocks, with over 250 presets. For example, you could isolate stocks by selecting certain chart patterns, 200-day moving averages, or any other number of technical analysis strategies.
- Backtesting – You can take a lot of the guesswork out of trading by using MetaStock’s “System Tester.” Backtesting is a great way to simulate trading scenarios and gain a better sense of how your trading plan would have succeeded (or not).
MetaStock Pricing & Plans
MetaStock offers both one-off fee plans as well as subscription services. This flexibility is nice, as many services only offer you one option or the other.
There are subscriptions for MetaStock D/C starting at $59 per month, while the one-off fee for MetaStock R/T goes as high as $1,395.
There is also a huge number of add-ons that can be purchased and/or subscribed to.
Is MetaStock Worth It?
MetaStock offers a powerful system for traders who want a robust technical analysis platform. With potent data sources from Refinitiv and global news coverage from Thomson Reuters, MetaStock delivers a professional-quality product at a fraction of the cost paid by institutional investors.
That said, MetaStock has some drawbacks. Beginner traders will likely find themselves overwhelmed, and there aren’t many tools or resources to assist with learning the software. The other big drawback is that the software has a very outdated look and feel.
To check out MetaStock for yourself, click here and see how it can benefit your trading.
