The Scottrade 'Elite' trading platform is surprisingly competitive with similar software offered by industry icons Schwab, TD Ameritrade, and E*Trade. That, coupled with commissions and fees that are more competitive than most of the competition, makes the Scottrade trading software worth exploring.
Scottrade 'Elite' Overview
Over the past decade or so, trading platforms have become something of a commodity, as all brokerage firms are competing to deliver relatively basic information (stocks quotes, charts, and research) in a way that is (1) helpful and informative, but (2) not overwhelming when the end-user needs to navigate the software. Scottrade has found that balance nicely.
The Elite packages allows brokerage clients to establish and customize as many workspaces as necessary, each of which can be toggled using the tab systems at the bottom of the software's screen. Several suggested layouts will get traders started. The main menu appears at the top of each workspace, allowing users 'one click' access to new charts, account balances, quote grids, and more. The added windows can be saved in the workspace with a simple click of 'Save Layout'.
The navigation is not only intuitive, but toggling and adding windows is lighting fast.
Scottrade Elite Charts
As with most of Elite's features, adding and editing charts is intuitive and quick. The charts are also completely customizable in terms of size, font, and color. And, chart templates can be established for quick replication of the same chart for other tickers or other workspaces.
As for technical indicators, all the expected ones are available..... moving averages, stochastics, MACD, %R, and so on. This particular platform ups the ante, however, by also offering users the ability to 'draw' Gann lines and several Fibonacci analysis lines.
Better still, aside from the expected stock and nansatrean index tickers, Elite can chart the more obscure and esoteric data, including the obscure Dow Jones Industry indices, index internal barometers like the NYSE's up and down volume, and the CBOE Volatility Index.
Option Trading at Scottrade
As with all other windows built into Elite, option chains can be accessed with a simple click of the 'Option Chain' button. Simply type in the symbol, and the window will fetch - and provide quotes for - all the relevant puts and calls. Again, the speed and simplicity of the process is top-notch.
Other Features of Scottrade Elite
As is the case with most competitor's platforms, Scottrade Elite can track down the days biggest movers, new highs and lows, time and sales data, and the like. Though not novel, it's still convenient for traders looking for a moving stock.
And, like most trading software, trades can be placed simply by clicking on a chart or quote line (from the quote screen) of the ticker and entering a minimal amount of trade data in the pop-up window. For that matter, the same one-click option can open charts, detailed quite windows, and so on.
Scottrade's platform does offer one novel utility... called Velocity & Forces, which measures the intra-day buy/sell pressure and developing momentum for individual stocks.
What's Missing
While 'more' bells and whistles doesn't necessarily translate into 'better software', some investors may miss a sector-based ranking or sorting system. Such a feature is available on roughly half of comparable platforms. Those who don't specifically feel they need it to trade effectively, however, rarely (if ever) seem to wish they had it.
Also, the package lacks advanced option trade analysis tools, for those who need them.
Final Assessment of Scottrade Elite Software
While the two missing analytical tools would be nice, they don't hamper the platform's most attractive features - simplicity, and all around speed. The online tutorials also help users become familiar with Scottrade Elite, though the intuitive interface may not make them necessary. The most advanced option traders and the data/news-hungry market junkies may find Elite slightly shallow, but most traders should find it a robust trading tool.
Demo accounts are available.
Related Reading
- Review of TradeKing's Stock Trading Platform
- Review of Schwab's StreetSmart Pro Trading Software
- Review of thinkorswim's Stock Trading Software
James Brumley - As a former stock broker and analyst, turned writer, James Brumley can tell you what most advisors can't - or won't. His belief is that ...
