I've tried many different software platforms for day trading; Think or Swim, TradeStation, Sterling Trader and Lightspeed Trader to name a few.
All platforms have their pros and cons, some can be highly customized in terms of tool panel size and layout while others are not as configurable. Day trading requires the ability to digest a flood of data along with split-second decision making.
It's imperative for day traders to have the right data and the right tools at their fingertips. Some of the most important tools are the timeframe, chart and the clock.
Why are charts and timeframes important in day trading?
Charts and timeframes are crucial for day traders because they provide essential information to help traders make informed decisions about when to enter and exit trades.
Charts display the price movements of an asset over time, allowing traders to analyze patterns and trends in the market. By studying charts, day traders can identify key levels of support and resistance, as well as potential entry and exit points for trades.
Timeframes, on the other hand, refer to the length of time that each bar or candle on the chart represents. Different timeframes provide different levels of detail about price movements. For example, a 5-minute chart provides more detail about price movements than a 1-hour chart. Day traders typically use short-term timeframes, such as 1-minute or 5-minute charts, to identify short-term trends and make quick trading decisions.
By using charts and timeframes, day traders can gain a better understanding of market movements and make more informed decisions about when to buy and sell assets.
What does the clock tell a trader?
The clock time tells a trader when each candle or bar on a chart begins and ends, allowing them to align their chosen timeframe with the market's activity. This is critical in helping traders make informed decisions about when to enter or exit trades.
For example, if a trader is using a 5-minute chart, each candle on the chart represents a 5-minute period. The trader needs to be aware of when each 5-minute period starts and ends in relation to the market's open and close times. This information allows them to accurately interpret the movements on the chart and make more informed trading decisions.
Additionally, the clock time can also help traders identify specific time periods when the market is likely to be more active or less active, depending on the trading session or time zone. This can help traders choose an appropriate timeframe and chart type to use for their analysis.
What is Chartclock?
Chartclock solves the most basic problem of all trading platforms; lack of a clock that not only tells standard time, but tells candle time. Chartclock is a custom built, ChatGPT-assisted Wordpress plugin that can be installed on any Wordpress site. The plugin uses Moment.js to get the current time and then performs time calculations to "countdown" the time remaining in 5 minute, 1 minute and 10 second time frames. Chartclock.com is a membership site built with PaidMembershipsPro and using the Chartclock plugin.
The product roadmap includes implementing a visual counter using a charting plugin for Wordpress and building on Electron.js for both web-based and downloadable, native app support.