Scottrade Releases SmartText Analyzer
Scottrade recently released its newest tool that allows for quick and easy to understand analysis called SmartText.
SmartText is designed to allow for market analysis on not only individual stock charts, but also sectors & industries, and also provides analysis of company earnings reports.
The demo gives you access to analyzing Moving Average, Bollinger Bands and MACD. And your Scottrade account will also gives you access to the following indicators: Parabolic Sar, Price Channel, Slow Stochastics, Relative Strength, On Balance Volume, Williams % R, Directional Movement Indicator and Ultimate Oscillator. SmartText is integrated into the three areas of Scottrade’s quote & research section.
Example with Intel analysis
To get an idea of what how the tool works, here is what the tool said for Intel, which can also be found in the screenshot below,
“Intel Corp. INTC is trading below its 13 day moving average. However, this moving average is trending higher which suggest that there has been interest in this stock.”
An automated system for basic users
It is very simple to figure out the system is automated, meaning all the analysis is really just default sayings with fill in the blanks for company names and tickers.
Once you have used SmartText everyday for a month or so I imagine it would become pretty repetitive and you will have most responses memorized. After a while just by looking at an ordinary stock chart and performing your own technical analysis you should be able to distinguish its relative outlook.
A focus on education
I see Scottrade SmartText more as an education tool versus an actual trade idea tool. Any investor should seek more advice beyond a simple moving average comparison to determine whether or not a stock is a buy.
For new traders though SmartText could be very useful as it could help you figure out and perform simple technical analysis.
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That’s taking the fun out of good ol’ tehcnical analysis! It looks to be a neat tool to be honest. Just another tool in the toolbox I thik. If Scottrade were only more options fee friendly I’d like to use them.
Well I am still studying books for beginners. This might be a good help as well. Is will probably make it easier to remember the different indicators, when they are used over and over again. Right now I am a using E-trade, but I really don’t like their “market trader” platform. Furthermore, E-trade is not doing too well at the moment anyway. So it might be a good time to change to another company. I actually wanted to sign up with ameritrade, but they don’t allow people from Denmark to sign up. I guess Scottrade might be a good shot.
Scotchtrade do (or did at last) not alow custmers from EU.
Use Vector Vest for tracing stocks and Optionxpress for trading. RGDS. Magne
[...] recently mentioned their new SmartText Analyzer tool here on the blog as well. I am currently not a Scottrade client so I cannot give my personal [...]