In my early days of investing, I used to believe that technical analysis tools are only for traders only who bet price fluctuations on a daily basis.
But I was wrong because, no doubt, the fundamental analysis is the key to getting the right stock for long-term investment purposes, but if you are good at technical analysis of market trends, you can buy an undervalued stock at the right time that would enhance your overall returns.
The market is full of technical analysis software but most of them are paid and require a considerable amount of money to buy them.
I have made a list of the 5 best free technical analysis software for the Indian market. I have personally used 2 of them, Tradingview and ChartIQ, and really liked both of them.
All major brokers in India such as Zerodha, and Groww, provide you with both charting platforms. Let’s discuss all the 5 best technical analysis software that is free in India.
Best Free Technical Analysis Software In India
TradingView is the overall best technical analysis software among traders, investors, and market analysts for its advanced charting capabilities, along with social features.
You may create unique chart layouts, add numerous indicators and overlays, and use a variety of drawing tools with TradingView’s advanced charting features. TradingView comes with 3 screeners:
You can evaluate market data in any of the asset classes with a great deal of customization and flexibility. Let’s discuss other important features of TradingView.
- ETF analysis – What I liked is the unique feature that you can also choose ETFs on top of the preferred stocks, which is a useful feature, not all technical analysis software provides.
- Multichart display – TradingView allows a split-screen with up to 8 charts in one window. with a large enough external monitor, it can be handy to keep an eye on several charts at the same time.
- Extensive indicator library – Another major feature of TradingView is its extensive library of technical analysis indicators including Moving Averages, Bollinger Bands, RSI, and more. These indicators can help you identify trends and patterns for making informed trading decisions.
- Community sharing – TradingView also offers social features to share your ideas and collaborate with a community of like-minded individuals, which can be a valuable resource for gaining a deeper understanding of the markets, especially for newcomers to get a handholding in your journey.
ChartIQ is focused on building HTML5 financial charting and data visualization platforms for technical analysis that works with desktops, the web, tablets, and smartphones. I feel ChartIQ visualizations are more appealing.
You can engage with financial data by accessing customized charts with a wide range of innovative data visualization making technical analysis fun.
ChartIQ has recently launched the Gonogo trends charting indicator that helps traders and investors take the guesswork out of making important trading decisions.
Other key benefits of ChartIQ are discussed below –
- Custom timeframe – Most of the technical analysis platforms offer you 15 predefined timeframes starting from 1 minute which goes up to 1 month. But ChartIQ allows you to customize the timeframe as per your requirements to show market trends at a desired time interval.
- Shortcut hotkeys – ChartIQ has recently introduced Shortcut hotkeys that can make it easier for you to navigate through the platform and access different features and tools quickly. It could be a big timesaver for a professional trader who spends lots of time onscreen.
- Export chart data to excel – You can export the table view of the chart into an excel sheet that contains the open, high, low, and closing prices of a stock or index your set timeframe. For example, if you have a set time frame 1-Day, you’ll get a table of stock price having multiple entries of open, high, low, and closing prices on each day of the whole month.
- Backtest the indicator – If you have a Zerodha account, your chartIQ will be linked with the Streak which will help you backtest any of your charting indicators to analyze your trading strategy.
- Tool tip – feature helps you know the historic data of a stock at a particular timeframe. When you activate the tooltip and place your cursor on any candle in the chart, a popup will be displayed containing the historical data of that share on that particular day.
You can also go through my latest list of 7 free demat account with no annual charges, which are specially curated for new investors who want to avoid paying any charges.
Investar is a window-based complete technical analysis software that offers a variety of tools, especially for intraday trading free of cost. However, you can buy their paid versions as well which offer much more tools for in-depth analysis.
Investar can be slightly overwhelming for a beginner with lots of tools and options to deal with.
The following are only a few of the platform’s key advantages:
- AI-based Auto support/resistance trendline (SRT) – Investar’s inbuilt Artificial Intelligence system draws support, resistance, and trend lines automatically based on the high/low and current direction of the asset helping you make an informed decision whether the price of any asset will rise or fall further.
- Risk reward ratio setup – You can easily set up a risk-reward ratio based on the stop loss value you put in the “Options” settings. Unlike other technical analysis software, where you have to run a script to use this indicator.
- Capturing trendline breakouts – Investar helps you capture trendline breakouts (uptrend or downtrend) to know when it is going to break down or uptrend so that you can enter or exit the market at the appropriate time.
The only drawback of investar is not available for Apple’s Mac OS, but you can only install it in Microsoft Windows, Android, and iOS.
Investar also offers multiple add-on services like Auto-Harmonic Pattern, which can help you analyze market trends deeply and make better trading decisions.
You can also read my two articles – the most expensive shares in India and top FMCG companies in India that would help you understand different sectors in the stock market.
#4. Ninja Trader
NinjaTrader is designed for experienced traders who not only trade in stocks but also trade futures and forex markets.
NinjaTrader has excellent charting tools. You can use 125 technical indicators to analyze the market trends precisely. The platform offers a wide range of features such as advanced charting, backtesting, and automation capabilities.
One of the key advantages of NinjaTrader is its flexibility, as it can be customized to fit the needs of individual traders.
- Paper trading – Ninja Trader provides a paper trading feature for simulating live trades without using real money. The software allows you to test and practice your strategies in a risk-free environment, as well as evaluate the platform and its tools before investing your real money.
- Algo trading – You can create automated trading strategies using its built-in strategy builder. These algorithms can automatically execute trades based on predetermined criteria, such as technical indicators, price action, and market conditions, without requiring manual intervention. That can help you to save time and make trades faster as well as more consistently.
- Advanced Trade Management – Ninja Trader provides Advanced Trade Management (ATM) features that allow you to manage your trades in a more systematic way and minimize potential losses. Some of the ATM features –
- Trailing Stop – Allows you to set a trailing stop order that automatically adjusts the stop-loss level as the trade moves in the desired direction.
- Break Even – Automatically moves the stop-loss level to the entry price once the trade reaches a certain profit level.
- Scaling In/Out – Enables you to enter a position in multiple stages, by automatically executing additional trades at predetermined levels.
The major con that I feel of Ninja trader is that top brokers like Zerodha, and Upstox doesn’t support Ninja trader with their platform. But you can connect NSE data to Ninja trader via portals like Truedata, or Accelpix and access the real-time NSE data in Ninja Trader for further analysis.
You can go through my guide of the 7 best commodity brokers in India if you want to open a demat account for commodity trading.
#5. Trend Analyser
Trend Analyser is another free technical analysis tool that is very efficient though not very popular. You get all standard chart types like OHLC, Candle, and Line charts,
- Inbuilt trading strategies – Trend Analyser also offers built-in strategies such as Trend Energy, Escala, TA Turtle, and C9 Reversal to help you identify a market trend for better decision-making.
- Sector index – enables you to compare the performance of various stock market sectors or industries. Despite the fact that you get data for several popular sectors such as IT, Pharma, FMCG, and so on.
- Trend picking – Trend analyzer uses “The Elliott wave principle” to predict trends by recognizing extremes in investor mindset, highs, and lows in prices. For example, you can identify an upward-trending wave, go long and then sell the position if the pattern completes 5 waves because now reversal is likely to happen.
TradingView is the best free technical analysis software with comprehensive features such as ease of use, a wide range of charting tools, and community sharing.
ChartIQ is my second favorite which has introduced some of the best features now like custom timeframe and backtesting the indicator. I also like the visual presentation of ChartIQ better than all the software in the list.
If you are into Algo trading, go for NinjaTrader if you want a robust, and snappy technical analysis tool with features like virtual trading, and an advanced trade management system.