March 4, 2005

Free Charting Websites Compared
by John Brasher, CallWriter Publisher

One of the frequent questions we get at CallWriter is where to find a really good free charting site. The short answer is: there aren't any. The longer answer is the following article. Using free charting from any website is simply a matter of comparing them and deciding what you can best live without. If your requirements are high, the free charting on the web just won't cut it. But some aren't that bad. You decide.

I decided to do a thorough comparison of the free stock charting websites available. I looked at Stockcharts.com, Prophet.net, ClearStation, BigCharts, Quote.com, AskResearch and WallStreetTape. Virtually every charting site offers the basics, which include different chart styles (OHLC, candle, etc.), different durations and frequencies, a volume histogram (sometimes this is one of the available indicators), the ability to add multiple indicators to the chart and to choose from a strong selection of indicators, and the ability to adjust the chart size. Other, more subtle features, however, are what really separate the men from the boys so to speak, such as:

• Allows multiple moving averages, with ability to choose the type and set the period of each
• Allows the instant chart to be compared to one or more other charts
• Permits user to draw trendlines and even annotate the chart
• Offers Java charts with cursor tracking (one or more lines move with cursor) and daily data display
• Permits adding Dividends, Splits and Earnings to chart
• Ability to overlay moving averages or draw trendlines on the volume histogram or indicators
• User ability to store chart and indicator settings
• Will show multiple views (different charts) on the same page

Some of these features are picky, but if you use them, you want them. The ability to store settings is nice, also - a good time saver. The ability to look at multiple charts (ex: 60-minute, daily, weekly) on a single page also is a time saver. But it is not my business to tell others what they need in a chart package. So without further ado, here are some of the most salient features of the major free charting websites compared for you:

Regarding abbreviations, "MA" means moving average; "OHLC" means open/high/low/close; and "P&F" means point and figure charts. By "selection" of indicators, I am referring to the number and variety of types offered, not to the number of indicators available (which is stated). In preparing these comparisons, I did not consider really fine points, such as whether the chart allows you to select the color of each moving average - generally, the answer will be "no" for such fine flexibilities. I focused on the major features we all expect of charts. None of the free charts will chart options; this is not a feature I use, but one that some traders prefer. Some services, such as Wall Street Tape, give you more powerful and flexible charts if you register with them as a free user.

For me, there is no clear favorite. BigCharts generally is excellent and puts the dividends, earnings and splits in, but offers scant intraday charts and does not allow annotation, nor could I see any way to save settings. StockCharts.com, another good system, allows only two moving averages, does not give you dividends, earnings and splits, does not provide intraday charts and does not allow settings to be saved; yet it allows multiple chart views on one page. It also offers the best and easiest-to-use annotation with great cursor tracking. Prophet.net, an excellent free system overall, allows you to draw trendlines but does not appear to give dividends, earnings or splits. ClearStation allows dividends, splits and earnings, but does not allow you to select the sensitivity of indicators, it requires you to use preset MA periods, the indicators are cheesy looking, and it does not provide a way to draw trendlines. It is a matter of what you prefer in a chart. As I noted above, using free charts is a matter of what you are willing to live without.

The quality and usability of the free charts varies widely. The three most powerful free sites in my view are Stockcharts, BigCharts and Prophet.net. The above survey does not include all free charting sites, only the major ones offering enough usability and power to be worthwhile. Many (such as Yahoo), by comparison to the above charts, are limited and crude - not worth mentioning. If I missed a good one, please email me the information so that I can include it in future updates to this article.

Paid Charting

Some of these services (e.g., Prophet.net, Stockcharts.com) offer a paid charting service that offers far more power and flexibility than the charts available free. Expect to pay $9.95 to $19.95 a month for them. We don't recommend any particular service. Most web-based charting packages offer a free trial, so you can try them without risk. The more powerful services, such as TeleCharts and Quote.com's QCharts, offer great power and flexibility but are quite expensive - over $100 monthly with options data. Paid charts offer far more variety and power than most web-based ones (even the paid ones), but are slower to use, since selecting all those great things takes time. But once you have it set up and saved the way you prefer, you are set to go.

The other alternative is to buy and install charting software and then buy the monthly data to run the charts. There are many alternatives here. For many this is the way to go, since the charting software also usually will do scanning and screening and can be extensively customized. But this approach also is expensive.

Question:  What chart system does CallWriter use in its Research Page on the members site?

Answer:    AskResearch.com provides the charts used in CallWriter's Research Page. We didn't select them because they were the best, but because they were simple to use and offer intraday charts. Many traders use a charting package of their own choosing, usually not a free charting service, so the charts used on CallWriter are basic ones. While they are limited, they are good and let traders assess the stock's direction in light of moving averages and standard indicators, about as well as any. We are always looking for a better charting setup and, as always, welcome suggestions.

Good luck and good trading!