Top Online Stock Brokers are constantly coming up with new and innovative tools to help traders combat the stock market.
Recently online brokers TD Ameritrade and Scottrade have developed new trading tools that can be used all us investors.
TD Ameritrade Pattern Matcher
According to TD Ameritrade with this free trading tool you can find stocks with specific technical chart patterns that use best match your trading style. Designed completely for technical traders, the tool allows you to save time while letting the tool do all the pattern searching for you.
The key benefits of the TD Ameritrade Pattern Matcher tool listed in the email I received are that you can:
- Identify stocks that match well-known, textbook trading patterns.
Enter stock symbols to find other stocks that have similar patterns.
Customize your preferences and filter data to create your own unique search.
Analyze the results of your pattern search in a table or chart.
Add or create a Watch List from the results to easily monitor potential trading opportunities.
This investment tool is free for all TD Ameritrade clients and only is available in Command Center 2.0. You can learn more about the tool and see more images of it on the TD Ameritrade site.
Scottrade NASDAQ Velocity and Forces
Scottrade has broken the ground as being the first online brokerage firm to offer a NASDAQ tool that helps traders identify trends and track market momentum.
From the press release I was sent (hat tip Patricia at Scottrade) the tool works as such:
NASDAQ Market Velocity® is a real-time visual representation of the level of market activity in individual stocks and exchange traded funds (ETFs) by measuring the frequency and share volume in aggressively-priced orders against historical averages. It can indicate changes in market direction, momentum or liquidity in each stock, enabling users to imply future price movements and trends. By measuring the intensity of the trading interest, traders can decide whether to execute their trading strategies before other traders by comparing the expected order activity in a stock with the current activity to detect surges in trading interest before the trade occurs.
Is that confusing? Just watch this video below and see the trading tool explained visually:
The downside to this investment tool? Sadly it is only available to Scottrade Elite clients.