Trainee Trader

In my search for a reliable trading platform for my trading system developments I have been testing eSignal OnDemand software. My main reason for testing eSignal OnDemand is their extensive data coverage of global markets. I should note that eSignal OnDemand offers delayed or snapshot data only. This means that eSignal OnDemand is most suitable for longer term portfolio monitoring or end-of-day based trading systems. 

eSignal OnDemand Software

After signing up at eSignal OnDemand you will then be able to download and install the software. After installation the first screen most of you will see is this:

Under Windows 7 it is simply a matter of allowing the eSignal data manger access through the firewall and you will be downloading historical data in no time. I really like the integrated browser within eSignal and the extensive getting started guide. The screenshot below shows the browser running in eSignal:

 

eSignals extensive documentation makes learning eSignal a less daunting process. I strongly recommend anyone starting out in eSignal to not skip this documentation.

eSignal onDemand Symbol Search

One of the first things you will want to do is find a stock, index, future or option contracts symbol. This is easily achieved using eSignal OnDemand symbol search window. The symbol search tool is very powerful and you will often need to narrow your search criteria. Once again eSignal OnDemand makes this an easy process through the use of drop down lists.  The search feature allows you to quickly add the symbol to the quote board, open up a chart or perform other analysis tasks with the click of a button. Below are some screenshots of eSignal OnDemand symbol search in action.

eSignal OnDemand Quote Window

The quote window allows you to gain a quick snapshot of how a financial instrument is performing. From the quote window you can quickly open charts and analysis tools by right clicking the instrument. You can also take a snapshot of the current quote window and save it as an image file locally or on a ftp server. The image below shows a brief snapshot of my current eSignal OnDemand quote window:

eSignal OnDemand Quote Board

The Quote Board is very similar to the quote window however it provides a little more data on individual financial instruments. You can very quickly visually track how a stock or financial instrument is travelling at a given point in time. The Quote Board is colour coded and shows the open, high, low, close and percent change of a given instrument. An example of my Quote Board is shown below:

 

eSignal OnDemand Advanced Chart

This is the area that eSignal OnDemand really advances in their charting. The charting features are so extensive it would take two maybe three post just to do them justice. Instead I will go over a quick run down of the features.

Chart Types

1. Bar Chart
2. Candle Stick Chart
3. Line Chart
4. Area Chart
5. PNF Chart
6. PB Chart
7. Renko Chart
8. Kagi Chart

Some of these Chart types shown below (Click to Enlarge):

Chart Drawing tools and Indicators

eSignal OnDemand has an extensive array of drawing tools and built-in chart studies, rather then go through them all the screenshots below show some of the available options.

eSignal OnDemand Page Layout

Using the page layout feature it is very easy to create a specific screen setup for a given workflow and then switch between layouts quickly. This allows for increased productivity and allows you to quickly change perspectives. The layout below is a simple one I created for quickly looking at stocks.

Other Excellent features include:

• The ability to export data to csv or html format.
• The ability to replay bars of a given security.
• The ability to back test trading strategies. (I will cover this in a future post as the features are so extensive).
• Price filtering of bars.
• Portfolio tools.
• Extensive keyboard customisation settings.

Bottom Line

I am very impressed with the range of features and data coverage at such a low monthly cost. I have found the software to be stable and after the initial learning curve fairly easy to use. The charting features and data coverage make this a truly fantastic package for a retail trader who only makes a few trades in a week or month. It is also a good starting point for someone who wishes to get into trading but might be at work during market hours. The bar replay feature allows for you to get a feel for some market dynamics.

In an upcoming post I will detail what eSignal OnDemand has to offer for the quant or algorithmic trader. Overall eSignal OnDemand allows you to start analysing the market at a low cost and when you are ready to move to a real time service you will be able to transfer skills learned. eSignal will also integrate with most brokers so you can make trades directly from eSignal.

A Final Note

eSignal OnDemand will not offer to much to the high frequency trader or day trader. For these practises real time data is essential. eSignal OnDemand does not have free market scanners and some advanced features are sold as an add on service.

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