TradingView Alternatives For Budget Conscious Traders

· How big is the problem: what users are saying
· TradingView Alternatives
∘ 1. cTrader
∘ 2. MetaTrader 4 and 5 (MT4/MT5)
∘ 3. GoCharting
∘ 4. Thinkorswim
∘ 5. TC2000
∘ 6. NinjaTrader
∘ 7. TradeStation
∘ 8. QuantConnect
· TakeProfit.com: A Differentiator
∘ Indicators Marketplace
· Conclusion

How big is the problem: what users are saying

TradingView’s decision to limit certain features on their free and lower tier plans has upset users. One trader says:

“What are some tradingview alternatives that does not require me to pay for features like replay and alerts” asks u//Bloodedparadox on Reddit

“Since they changed it from 5 alerts to 1 on basic, it’s been a bit of a hassle. I can’t justify paying $20 a month for features I used to get for free.” — replies another TradingView user.

This has sparked the search for a better value platform.

Key Features Traders Want:

1. Replay
2. Multiple alerts
3. Advanced charting
4. Real-time data
5. Backtesting

TradingView Alternatives

1. cTrader

cTrader is a solid player in the trading platform space, known for its great charting and replay feature where you can backtest strategies by replaying historical data. It’s only available on Windows but its accessibility and free replay feature makes it a popular choice among traders. cTrader has a user friendly interface and is loved for its depth of market (DOM) feature which is a must have for short term traders.

Pros of cTrader:

1. Great charting capabilities
2. Free replay feature for backtesting strategies
3. User-friendly interface
4. Depth of Market (DOM) feature, beneficial for short-term traders
5. Popular among traders due to its accessibility

Cons of cTrader:

1. Only available on Windows, limiting its accessibility for users of other operating systems

2. MetaTrader 4 and 5 (MT4/MT5)

MetaTrader platforms are known for their many features including robust alert systems and the ability to “hijack” the visual backtester to perform full replays during backtesting. These platforms support algorithmic trading through Expert Advisors (EAs) and have a large library of custom indicators and trading tools. While MT4 and MT5 are very versatile they require a learning curve to use them fully.

Pros of MetaTrader 4 and 5 (MT4/MT5):

1. Feature-rich platforms
2. Robust alert systems
3. Ability to perform full replays during backtesting
4. Support for algorithmic trading through Expert Advisors (EAs)
5. Large library of custom indicators and trading tools
6. High versatility

Cons of MetaTrader 4 and 5 (MT4/MT5):

1. Steep learning curve to fully utilize all features

3. GoCharting

GoCharting is a web based platform that’s a good alternative for traders looking for charting tools. It has features for technical analysis and is gaining popularity because of its simplicity and ease of use. It may not have all the features of some of the other platforms but its web based nature makes it very accessible.

Pros of GoCharting:

1. Web-based platform, offering high accessibility
2. Good alternative for traders focused on charting tools
3. Features for technical analysis
4. Simple and easy to use
5. Growing in popularity

Cons of GoCharting:

1. May lack some features found in more comprehensive trading platforms

4. Thinkorswim

Thinkorswim, a TD Ameritrade platform, is known for its powerful trading tools and real-time data streaming. It has an advanced suite of charting tools and technical indicators making it perfect for serious traders. But it’s not available in all regions like the UK so it’s not accessible to all users.

Pros of Thinkorswim:

1. Powerful trading tools
2. Real-time data streaming
3. Advanced suite of charting tools
4. Extensive technical indicators
5. Well-suited for serious traders

Cons of Thinkorswim:

1. Limited regional availability (e.g., not available in the UK)
2. Potentially complex for beginners due to its advanced features

5. TC2000

TC2000 is a professional trading platform with advanced charting tools and features. While it’s more expensive it’s a feature rich environment for professional traders who need all the tools for technical analysis. TC2000’s scanning and custom indicators are a big plus for experienced traders.

Pros of TC2000:

1. Professional-grade trading platform
2. Advanced charting tools
3. Feature-rich environment for technical analysis
4. Powerful scanning capabilities
5. Custom indicators
6. Well-suited for experienced traders

Cons of TC2000:

1. More expensive compared to some other platforms
2. Potentially overwhelming for beginners due to its advanced features

6. NinjaTrader

NinjaTrader is a cheap option that has free historical data, good backtesting and optimization features including genetic algorithms. It’s cheap and has good tools so it’s a popular choice for traders who want lots of analysis without the cost.

Pros of NinjaTrader:

1. Cost-effective option
2. Free historical data
3. Good backtesting capabilities
4. Optimization features, including genetic algorithms
5. Robust analytical tools
6. Popular among cost-conscious traders

Cons of NinjaTrader:

1. Potentially less comprehensive than some higher-end platforms

7. TradeStation

TradeStation is a full featured platform for algorithmic trading via their API. It has all the tools to develop and execute trading strategies. It has a learning curve but TradeStation is a good environment for traders who want to automate their trading.

Pros of TradeStation:

1. Full-featured platform for algorithmic trading
2. Robust API for strategy development
3. Comprehensive tools for developing and executing trading strategies
4. Suitable environment for traders interested in trade automation

Cons of TradeStation:

1. Steep learning curve
2. Potentially complex for beginners or traders not focused on algorithmic trading

8. QuantConnect

QuantConnect is a quantitative trading platform where you can develop algorithms in Python. It’s gaining popularity for its collaborative environment and large data library that supports backtesting and live trading. QuantConnect is flexible and supports multiple asset classes so it’s good for algorithmic traders.

Pros of QuantConnect:

1. Quantitative trading platform with Python support
2. Collaborative environment
3. Large data library
4. Supports both backtesting and live trading
5. Flexible platform
6. Supports multiple asset classes
7. Well-suited for algorithmic traders

Cons of QuantConnect:

1. Potentially challenging for traders without programming experience
2. May have a learning curve for those new to quantitative trading

TakeProfit.com: A Differentiator

TakeProfit stands out from other trading platforms because of its innovative features and accessibility. One of the platform’s advantages is the Indie™ programming language based on Python where you can develop and customize your own technical indicators. This flexibility allows you to tailor your tools to your strategy so you have an edge.

Indicators Marketplace

Another advantage of TakeProfit is the Indicators Marketplace where you can publish and monetize your custom indicators. This marketplace allows you to share your developments to a wider audience and create a collaborative environment that benefits both the creators and users. The subscription based model allows you to earn money from your creations and users to access various innovative tools.

Global Payments

TakeProfit allows global transactions through Stripe and PayPal so you can access and use the platform and receive payouts anywhere in the world. This global reach makes the platform more accessible and you can do business anywhere.

Conclusion

TradingView is a popular choice for many but there are many other options that offers unique features and advantages for different trading styles and preferences. cTrader, MetaTrader and TakeProfit.com has powerful tools and features that makes it more accessible and helps traders to achieve their goals. TakeProfit.com stands out with its Indie programming language and Indicators Marketplace where traders can innovate and succeed in the trading world.