What software do stock traders use? 1. LevelFields 2. Interactive Brokers 3. E*Trade 4. MetaTrader 5 5. TD Ameritrade 6. Ally Invest 7. Morningstar.
Trading Options with AI
November 20, 2024
Table of Contents
If you want to trade stocks successfully, you need the right software. Stock trading moves fast, and without powerful tools to track market data, execute trades, and manage risk, it’s almost impossible to compete.
The software you use will shape your trading experience. It helps you monitor price movements, automate trades, analyze trends, and stay connected to the market in real time.
Interested in using one?
In this guide, you’ll learn what software stock traders use, which features matter most, and how to choose the tools that fit your trading strategy.
Different types of trading software serve different purposes. The tools you choose should match your trading style, experience level, and goals.
Here are the most important categories to know.
A trading platform is where you’ll place trades, manage your account, and view real-time market data.
With a trading platform, you can place buy and sell orders, monitor stock prices, and track account balances. It also enables access to live market updates.
Some platforms offer simple layouts for beginners, while others provide advanced tools for active traders. The best platform is one that fits how you trade and the features you need.
If you’re day trading, you need software designed for speed and precision. This is because every second matters when entering and exiting multiple trades throughout the day.
Day trading software gives you:
The right day trading software will help you react quickly to price changes and stay ahead of the market.
Charting software helps you analyze price movements, identify patterns, and plan your trades.
Look for charting tools that offer technical indicators like the Relative Strength Index (RSI) and moving averages and customizable chart layouts. It's also good to opt for platforms with data overlays for comparing assets and drawing tools for trend lines and support/resistance levels.
Clear, customizable charts make it easier to spot trading opportunities and fine-tune your strategy.
Automated trading software (also called algorithmic trading) lets you set rules for trades, and then the system executes them automatically.
This software helps you analyze market data in real time and place trades without manual input. Plus it helps you test and refine trading strategies, while reducing emotional decision-making.
Automated tools save you time and allow you to trade multiple markets or strategies at once.
To stay competitive, you need access to accurate market data and breaking news.
Research tools help you:
These tools give you the information you need to make smart, informed trading decisions.
Risk management tools protect your trading capital and help you avoid costly mistakes.
Use these tools to calculate position sizes, analyze portfolio risk, and plan stop-loss levels.
Managing risk is essential if you want to stay in the game long term.
If you want to improve your skills, educational software gives you access to training resources and structured learning.
Look for platforms that offer video tutorials, webinars, trading simulations, and online courses.
Learning from trusted resources will help you trade with more confidence.
Mobile trading apps allow you to trade from anywhere. You’ll be able to monitor the market and manage your account directly from your smartphone or tablet.
These apps give you:
If you want flexibility, mobile trading apps keep you connected to the market at all times.
Social trading platforms connect you with other traders and give you access to shared knowledge.
With these platforms, you can join trading forums and chat rooms, share market insights, and copy trades from experienced traders.
If you like learning from others or trading as part of a community, these platforms offer a valuable network.
Every platform offers different features. Some are built for fast-paced day trading. Others focus on research, automation, or technical analysis. The key is finding software that matches your trading style and goals.
Here are seven of the best stock trading software platforms available, and what they offer.
LevelFields uses AI to help you spot market events that can drive stock price changes, like CEO changes, activist investors, or regulatory actions.
You can choose from dozens of event scenarios proven to impact markets and track opportunities as they happen. LevelFields shows how stocks have historically responded to similar events, helping you plan entry and exit points.
You’ll also get unlimited real-time alerts for events that match your strategy, along with watchlists to track company performance, financial metrics, and news, all in one dashboard.
LevelFields gives you access to over 100 event-driven trading strategies, plus weekly newsletters with trade ideas.
Key features:
Don't miss out on profitable investments with LevelFields. Sign up today!
Interactive Brokers connects you to over 200 free and premium research providers for market insights, company analysis, and economic trends.
You’ll have access to 90+ order types, including advanced algorithmic trading, to automate execution and react quickly to changing markets.
The platform provides real-time trade confirmations, margin details, and customizable layouts so you can create a workspace that fits your trading style.
Use the advanced screener to filter stocks based on price movements, market cap, dividend yield, volatility, and more. The MultiSort feature ranks securities based on multiple factors you choose.
Key features:
E*Trade simplifies options trading with customizable options chains and advanced multi-legged strategies, so you can execute complex trades like four-legged spreads in a single order.
The platform automatically identifies technical patterns, draws support and resistance lines, and offers over 145 chart studies to help you analyze trends.
Use preset scans in the Live Action tool to quickly filter for trade ideas and identify opportunities.
Key features:
MetaTrader 5 supports both netting and hedging systems, allowing you to manage multiple positions on the same asset.
You’ll have access to four order execution modes and multiple order types, including market, pending, and stop orders.
The platform includes over 80 built-in technical indicators and 44 analytical tools. You can view up to 100 charts simultaneously and analyze price movements across 21 timeframes.
MetaTrader 5 also supports automated trading with Expert Advisors so that you can create custom trading robots or subscribe to signals from experienced traders.
Key features:
TD Ameritrade offers commission-free trading for stocks and ETFs, with no account minimums or maintenance fees.
You can trade across multiple asset classes using Thinkorswim, the platform’s advanced trading tool that is available on desktop, web, and mobile.
Thinkorswim gives you customizable charts, powerful trading tools, and streaming Level 2 quotes. TD Ameritrade also provides robust research tools, portfolio performance tracking, and educational resources.
Key features:
Ally Invest offers flexible options for both self-directed traders and those who prefer automated investing.
For self-directed trading, there’s no minimum balance and no commission fees on most U.S.-listed securities. You’ll have access to charts, screeners, and expert market analysis.
Dedicated advisors are also available if you want personalized financial guidance.
Key features:
Morningstar helps you evaluate and manage your investment portfolio with in-depth research and analysis tools.
Use the Portfolio X-Ray tool to assess risk across your entire portfolio, analyzing asset allocation, fees, sector weightings, and stock styles.
The Stock Intersection tool identifies overlapping holdings to help you improve diversification.
Morningstar also provides proprietary ratings, performance data, and reports to help you monitor your investments over time.
Key features:
Stock trading software gives you access to real-time data, advanced charting tools, and automated features that help you trade smarter and more efficiently.
Here’s why you should use trading software, and what features to look for.
Real-time data gives you the information you need to trade with precision.
With the right software, you can monitor:
Quick access to this data helps you time your trades better, especially in fast-moving markets. Many platforms also let you set alerts for price movements or major market events so you never miss important updates.
Trading software lets you customize your workspace so you can stay focused on what matters most.
You can resize charts, organize data widgets, and add specific indicators.
This flexibility allows you to set up your trading environment based on your workflow and strategy.
Charting tools help you analyze price trends and identify trading opportunities.
Look for trading software that provides moving averages, Bollinger bands, RSI, as well as drawing tools for trendlines, support, and resistance levels.
Detailed charts help you understand market behavior, plan trades, and manage risk more effectively.
Mobile trading apps let you stay connected to the market from anywhere.
With mobile access, you can monitor live price updates, place orders, and analyze charts.
This flexibility means you can manage your trades even when you're away from your desktop.
Built-in research tools help you analyze markets without switching between multiple platforms.
These features may include stock screeners, company financial analysis, and real-time stock news updates.
Having research tools integrated into your trading software saves time and helps you make informed decisions faster.
Your software needs to handle high trading activity without slowing down.
Look for platforms that offer quick order execution, stable performance during busy market sessions, and reliable data processing.
Fast, dependable software reduces errors and ensures you don’t miss trading opportunities.
Automated and AI trading features let you set rules for trades that execute without manual input.
With automated tools, you can save time, execute trades based on specific conditions, and remove emotion from trading decisions.
Automation is especially useful if you trade multiple markets or follow technical strategies.
Technical analysis tools help you identify trends, spot opportunities, and analyze market conditions.
Most trading software offers technical indicators, drawing tools, and chart pattern recognition.
These tools allow you to trade based on data, not guesswork.
Choosing stock trading software starts with understanding your goals, trading style, and the tools you need to trade effectively.
The right platform should match how you trade, whether you want basic analysis tools or advanced trading systems.
Follow these steps to find the best stock trading software for your needs.
Start by identifying what you want to accomplish with your brokerage account.
If you're an active trader or focus on day trading, you need trading platforms with:
If you’re investing long-term, look for analysis tools that help you:
The best trading platforms support your strategy and provide the tools you need to trade efficiently.
Free trading software is a good starting point for new traders or those who trade infrequently. It usually provides basic charting software and portfolio tracking features.
Paid platforms offer more advanced features, such as algorithmic trading tools and advanced charting software with customizable time frames. They also have in-depth market analysis tools and scanning software for stock screening.
Balance the cost of the platform with the value of the features based on how often you trade and what analysis tools you need.
Many brokers offer access to demo accounts so you can test a trading platform before committing real money.
Use a demo account to practice using charting software and drawing tools, order placement functions, and portfolio tracking dashboards.
This allows you to test the software in a risk-free, simulated environment, a smart move for both new traders and frequent traders looking for the right day trading software.
The design and usability of the software matter.
Look for:
If you’re a new trader, focus on platforms with guided processes and user-friendly layouts.
If you have more experience, choose software that lets you customize dashboards or integrate with other tools.
New traders should use trading platforms that provide educational resources and trading guides, as well as technical analysis tools with preset indicators. It's also a smart idea to opt for simple charting software with clear visualization of price action.
Advanced traders often look for the best tools, including detailed charting software with custom indicators, compatibility with multiple asset classes (like futures or options trades), and support for complex trading strategies across broker-dealers.
Using trading platforms that match your experience level makes sure you trade with confidence, while minimizing unnecessary complexity.
Ready to transform the way you trade?
LevelFields offers one of the best analytics tools to help traders find profitable investments 1,800 times faster.
Our platform analyzes over 1.8 million market events each month, making sure that you act on facts, not opinions.
Take control of your trading decisions and use the right tools to make informed decisions and create profitable and data-driven investments.
Sign up today and start turning market insights into profits.
Stock traders use a variety of trading platforms to analyze the stock market, execute trades, and manage portfolios.
The best trading platforms provide access to real-time market data, charting software, and advanced analysis tools.
Many broker-dealers also offer web-based or downloadable programs that support trading strategies across different asset classes, including stocks, ETFs, options trades, and futures.
Most day traders rely on day trading software that prioritizes speed, real-time data, and advanced order types.
The right day trading software offers access to features like scanning software, price action analysis tools, and customizable charting software to support fast decision-making during a trading day.
The 3-5-7 rule in trading is a guideline some day traders follow to manage risk and avoid overtrading. It suggests making no more than 3 trades per day, 5 trades per week, or 7 trades per month — depending on experience, trading strategy, and market conditions.
While not universally used, this rule helps new traders avoid emotional decision-making and overexposure in the stock market.
Keep in mind that investing involves risk, and there is no one-size-fits-all approach to trading strategies.
Wall Street traders often use institutional-grade trading platforms that offer access to global markets, advanced charting software, and real-time data feeds. These platforms are highly customizable and designed for large brokerage services and broker dealers.
Examples include Bloomberg Terminal, MetaTrader 5, Thinkorswim platforms, and proprietary systems developed by specific broker-dealers or hedge funds.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.
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