Warrior Trading Review of eSignal Charting Software
Today we’re going to review eSignal. I’ve been actively using eSignal as my primary charting platform for about 2 years. TC2000 was my charting platform prior to eSignal, but I felt it was too laggy, unreliable, and crashed too often at critical moments. When I first made the switch I was immediately pleased with how fast, responsive, and stable the platform is. I currently use eSignal charts on 6 monitors while running our Day Trading Chat Room, broadcasting streaming audio/video, and running several other applications. Impressively, I’ve had zero issues with lag or crashing.
In addition to being a comprehensive charting platform, featuring hundreds of technical indicators, eSignal is also a trading platform. You can connect to 50+ different brokers and execute trades directly from inside the platform. For traders who like to have everything in 1 place, this is a huge advantage. I personally have never used this feature. Since I spent a lot of time programing my hotkeys inside my broker settings, I’m happy to continue using my broker application for trades. The main drawback to my preference is that I have to enter symbols twice, once in eSignal and once in Speedtrader, but I don’t mind that much.
Plans and Pricing
eSignal offers 3 subscription levels. Classic ($45/mo), Signature ($145/mo) and Elite ($295/mo). I personally have a hard time justifying $295/mo for charting, so I’m using the Signature plan at $145/mo, plus $25 for data fees. Since eSignal provides Level 2, you have to pay for that data. I subscribe to Nasdaq Total View quotes. The total cost is $170-$172/mo including the fees. Some traders might complain about getting charged more than once for data fees. In my case, Speedtrader also charges for Nasdaq Total View, but if I generate more then $495 in commissions/mo, they waive all data fees. Most brokers will waive fees extra fees based on how much you pay in monthly commissions. Since eSignal doesn’t profit from trades, they don’t have the profit margins to give away free data.
Options, Futures, Forex, AND Stocks
I’m sure that I’m only benefiting from a fraction of eSignal’s true potential. They offer options, Forex, Futures, and Stock trading, all inside 1 platform. They also feature dozens of predefined layouts for reviewing overall market conditions. One of my favorites is called “Sector City”. In Sector City you can review each sector leading or lagging in the market, and then sort stocks in each sector for leaders and losers. For this reason, eSignal is a popular platform among institutional traders who like to have their eyes on the big picture.
The most notable competitor to eSignal is TC2000. The biggest drawback to TC2000 is it runs off Microsoft Silverlight which is a very resource intensive method of running charting software. As a result, if you try to run 6 charts per monitor x 4 monitors, your computer will slow to a crawl. Esignal in contrast, has a much faster architecture and has no problem running dozens of charts at once. For traders on a budget or who don’t need 12+ simultaneous charts, TC2000 is still a good alternative.
Screen Shots of eSignal