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Open-source (free) technical analysis softwares

Many veterans of the stock markets use the age-old method of pencil and paper. Much trades have happened since the times of Elliot and Gann. Today's trader rarely has time to spend time with his family, and charting using pencil and paper is virtually an impossible task. The computer and technology has been a great blessing for trader with its ease and efficiency of use.

Every chartist needs to have at-least one software to help him out in the major analysis. Many traders have more than one analysis tools meant for different needs. Since, these tools are very flexible to suit ones requirements they are more adaptive.

Free technical analysis softwares

A primary requirement for a technical analysis is an analysis tool. But for a beginner who is trying to find feet on the tricky trading floor, such a move is very difficult. I have been asked many times, if any packages were available for free. Apart from few trial versions and expensive subscriptions, it is very difficult for the new-trader to own one. They invariably turn to trial versions and illegal copies of the packages.

New traders have a choice of systems in the open-source environment. There are some exciting projects in place which work on the open source platform. These projects carry with them limitations. Because of these limitations the open source does not have the flexibility to match the development of the corporate/for-profit system.

Following is a brief note on some of the limitations of such development.

1. Perhaps the most important issue in developing the technical analysis, or perhaps any analysis software in open-source environment, is the lack of common ground. A common ground is very essential for the platform to come in place. For the group of developers to come in place. Since, analysis and its varied forms are unique, the common ground is rarely formed. And even if formed such common ground rarely holds up against constant deviant pulls for long time. I guess, most of the projects have broken down time and again due to this reason.

2. Another important limitations is the different requirements and priorities of each participant in an open-source project. And constantly shifting loyalties. And new and improved trading mechanisms. And not to mention the "proprietary" functions of the individual or the group.

To conclude, the development and sustaining of the stock-market related product in an open-source environment is very hard to come by, unless a vested-interest is evident. Hence, we do not have much development in these areas. But lot of work has been done in open-source environment.

The Project list is given below: http://ta-lib.org/hdr_lnk.html

:) Falkor
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